Ellicott City Special Needs Trusts Lawyer

Special Needs Trusts Attorney in Ellicott City

If you have a loved one with a disability, you may want to take extra precautions to ensure that they are taken care of. There’s nothing wrong with preparing for every eventuality. One such way to preserve your loved one’s independence without jeopardizing their potential need for additional governmental assistance is by establishing a special needs trust in their name. To help you accomplish this, you should reach out to an Ellicott City special needs trusts lawyer.

The legal team at Liberty Legacy Law Group understands how complex these kinds of trusts can be, especially if you have never set one up before. That’s one of many reasons why you should consider consulting with an Ellicott City trusts attorney before moving forward with a trust. Having someone by your side who understands Maryland’s special needs trust laws and has experience with special needs trusts cases can only benefit you in the long run.

Why Hire a Special Needs Trusts Lawyer?

There are many vital reasons to hire a special needs trusts lawyer. Above all, you want to ensure your trust is established with minimal difficulty or interruption. The right lawyer by your side can make the whole process easier to handle. When it comes to your estate or something you’re leaving behind, you shouldn’t take any chances. At Liberty Legacy Law Group, we’ve built a foundation of trust with a mutual goal of helping you protect what matters. We can help.

According to recent data gathered by the Maryland Department of Planning, the number of people living in Howard County with a disability is less than 10%. Additional information indicates that the median household income in Ellicott City was nearly $158,000 per year as of 2023. If you have a substantial estate and wish to develop a special needs trust for someone with a disability, you should consider seeking legal assistance to ensure no costly mistakes are made.

Living with a disability or taking care of someone with a disability can be difficult, regardless of whether your disability is physical or mental. As you put together the special needs trust, you may want to consider reaching out to local groups for additional special needs support, such as The Arc of Howard County on Homewood Road.

Key Elements of a Special Needs Trust

A special needs trust is a way to provide a loved one who is living with a disability with financial care and support, while also ensuring they are still able to receive additional governmental benefits like Medicaid or Social Security. Generally, a special needs trust is put together by an experienced legal professional. Here are some of the key elements of a special needs trust that can be established in Maryland:

• Discretionary trustee. One of the most important elements of a special needs trust is a trustee to manage the assets. The trustee has complete control over the trust, as well as total discretion regarding the funds. The designated beneficiary cannot demand funds. If they could, that could jeopardize their governmental benefits.
• Supplemental income. Basic food, clothing, and shelter are covered by Medicaid and Social Security. The funds in a special needs trust must pay for the beneficiary’s needs that are not already covered by governmental assistance. The trust pays for additional expenses like education, medical needs, transportation, and even personal care.
• Irrevocable status. In order to protect governmental benefits, the special needs trust must be made irrevocable. This means that the funds in the trust cannot be easily taken back. Any funds that are put in the trust by the grantor cannot be removed by them. The beneficiary themselves cannot control the assets in the trust.

FAQs

How Much Money Can Be Put in a Special Needs Trust?

In Maryland, there is no legal limit on how much money one can put into a special needs trust. However, some private trusts may have high minimums, while pooled trusts can accept any size of funds. The entire point of a special needs trust is to give someone access to significant funds while still allowing them to receive government benefits.

Can I Set Up a Special Needs Trust Without a Lawyer?

Yes, you can set up a special needs trust without a lawyer. However, attempting to establish a special needs trust on your own is risky and could result in additional problems you are not prepared to handle alone. In addition, small mistakes can lead to significant tax consequences or even prevent the trust from being legally enforceable. You should consult with an Ellicott City estate planning lawyer to see what your options are for a special needs trust.

Who Is the Ideal Trustee for a Special Needs Trust?

The ideal trustee for a special needs trust is relative to the case at hand. Everyone’s situation is different, since every case is different. In a perfect situation, you would want the trustee to be both a trusted family member and someone who has experience and knowledge of Maryland estate planning laws, as well as financial acumen. Anyone you trust can be a trustee. Just make sure you vet this individual before giving them power over the trust.

What Is the Alternative to a Special Needs Trust?

The primary alternative to a special needs trust is an ABLE (Achieving a Better Life Experience) account. An ABLE account is a low-cost savings account for someone with a disability who was diagnosed before the age of 26. This account allows them to save for expenses related to their disability but doesn’t interfere with government assistance.

Reach Out to a Special Needs Trust Lawyer

Being in a position to help a disabled loved one by putting a trust together can be beneficial in many different ways. At Liberty Legacy Law Group, we can assist you in building this trust and determining the right course of action for your estate. Reach out to our office right away to speak to someone about your case and learn how we can help your family.