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Home Control through Estate and Financial Planning

A 60 page booklet on understanding government benefits, preserving eligibility for government benefits through estate planning, and planning for residential options for persons with developmental disabilities, “HOME CONTROL” was originally commissioned by and funded through a grant from the Illinois and Missouri Planning Councils on Developmental Disabilities.
The 2004 revised edition is currently available. To request a copy of “Home Control Through Estate and Financial Planning” please send request (plus $15.00 S&H) to:

SPAIN, SPAIN & VARNET P.C.
33 N. Dearborn #2220
Chicago, IL 60602
(312) 220-9112

215 ILCS 5/356b

Spain, Spain & Varnet P.C. rewrote this section pertaining to health insurance to liberalize the standard for continued coverage for children over the limiting age, typically graduation from college/age 22, on their parents’ medical insurance, if the child has a disability which prevents the child from obtaining gainful employment.

Full Text of Statute

760 ILCS 5/15.1

Spain, Spain & Varnet P.C. rewrote this section on trusts for a beneficiary with a disability to include the then new OBRA ’93 federal legislation. That legislation authorizes the creation of a special needs trust funded with assets belonging to an individual under the age of 65 with a disability, as long as the state receives any money remaining in the trust at the individual’s death up to the amount of Medicaid benefits received by the beneficiary. The OBRA ’93 legislation also authorizes certain other trusts and transfers. These provisions are in addition to special needs trusts created with funds from a third party, which trusts do not generally require reimbursement to the state at the beneficiary’s death.

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Illinois Tax Law Changes Effective January 2009

Abstract Articles

In 2003, Illinois enacted estate tax rules which, beginning January 1, 2009, do not parallel the federal fules for decedents dying after December 31, 2008. On January 1, 2009, the federal estate tax exclusion amount increases to $3.5 million. As part of the same legislation, Congress phased out the credit that had been allowed for state estate taxes (sometimes referred to as “death” taxes)….For more, click link:

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2009 ESTATE TAX CHANGES
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Providing for a Person With Special Needs

Abstract Articles

An irrevocable special-needs trust is the best way to provide for a disabled or mentally retarded adult or child who needs to retain government benefits. Done properly, such a trust can ensure that the beneficiary will have the things that enrich his or her life now and after you are gone and still qualify for essential government benefits such as Social Security and health care.

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Kiplinger’s Retirement Report, November 2000 archived article OR check with your public library