Columbia Special Needs Trusts Lawyer

Special Needs Trusts Attorney in Columbia

It can be difficult and overwhelming to live with a disability or to care for a loved one with a disability. If you have a substantial estate and wish to take care of the ones you love, you may want to consider putting a trust together for those loved ones. A special needs trust can be an effective and reliable way to preserve financial security for your disabled loved one. To help establish a trust, contact a Columbia special needs trusts lawyer right away.

The legal team at Liberty Legacy Law Group can provide you with the resources you need to put your special needs trust together and ensure that no legal or financial entity can interfere with it. Having a special needs trusts lawyer can make a considerable difference. Our Columbia trusts lawyers have extensive experience handling special needs trusts cases for hardworking families and a vast knowledge of Maryland’s special needs trusts laws.

Why Hire a Special Needs Trusts Lawyer?

There are multiple reasons why you should hire a Columbia special needs trusts attorney. First and foremost, you want to make sure that your case is being handled by someone who knows what they’re doing. Your lawyer should be able to help you anticipate setbacks, provide you with consistent updates, and advocate for you when necessary.

At Liberty Legacy Law Group, we have built our reputation on a foundation of shared values and community leadership. We know what Maryland families need to protect what matters most.

Recent data from the Maryland Department of Planning shows that the number of individuals living with a disability in Howard County is less than 10%. Additionally, the median household income in Columbia was roughly $129,000 a year as of 2023.

While providing your loved one with financial support through a trust, it may also be helpful to reach out to a local disability support group like Emerge INC on Rumsey Street for additional support.

Important Elements of a Special Needs Trust

Putting together a special needs trust is a reliable way to give a loved one living with a disability some financial security that does not impact their government benefits, such as Social Security, Medicaid, or others. The trust is wholly separate from those benefits. It’s important to recognize the various elements and key factors of a special needs trust so you are better prepared when you consult with a lawyer and start establishing one. Those elements include:

• A reliable trustee. Above all, you want to put the trust in the hands of somebody you can depend on to fulfill your wishes, respect your conditions, and treat the beneficiary with care. The person you choose to manage the special needs trust has power over it in many ways, so you should choose a trusted family member or friend. Trustees have legal and fiduciary responsibility for their actions.
• An irrevocable status. For the trust to be entirely separate from government benefits, you need to make the special needs trust irrevocable. In an irrevocable trust, the funds in the trust cannot be removed easily. Any funds put in the trust by the grantor, which means the person who starts the trust, cannot then be taken back by the grantor or the beneficiary.

FAQs

Who Cannot Be Appointed as a Trustee for a Special Needs Trust?

Generally, the only person who can never be appointed as the trustee for a special needs trust is the beneficiary themselves. This would give the beneficiary total control over the trust, which would turn the assets into available resources and thus disqualify the beneficiary from getting government assistance. The trustee should be a competent adult who respects the grantor’s wishes. Your lawyer can help you determine the right person to preside over the trust.

How Much Does It Cost to Set Up a Trust in Maryland?

How much it costs to set up a trust in Maryland can vary from case to case. Every trust is different, and every grantor’s needs for that trust are different as well. The more complex the trust is, the more it generally costs to set up. Some contributing factors that influence the total cost include your attorney’s fee, potential filing fees, notarization, and possible ongoing trustee fees you may have to pay. Your lawyer can help you work out the total cost.

Is It Better to Have a Will or a Trust in Maryland?

While neither a will nor a trust is inherently better than the other, when it comes to providing for an individual with a disability, you should choose a special needs trust. When you leave your disabled loved one something in a will, that could change their income level and affect their government assistance. The main appeal of a special needs trust is that it does not affect government benefits.

What Are the Negatives of a Special Needs Trust?

While a special needs trust can be a solid way to protect your loved one’s financial security, it does have some negative aspects. Setting one up can be complicated and costly. The beneficiary lacks any control over the trust and relies on the trustee to access funds. There are strict rules about what the trust can cover, and breaking those rules can have lasting impacts on the beneficiary’s government benefits.

Do You Have to Hire a Lawyer for a Special Needs Trust?

You are not legally required to hire a lawyer for a special needs trust. However, setting up a trust takes a deep knowledge of special needs trust laws to make sure the trust is legally enforceable. Without the help of an attorney who has experience with special needs trusts cases, your trust could actually create problems for the beneficiary, such as reducing the amount of SSI or other government benefits they qualify for.

Reach Out to a Lawyer Today

At Liberty Legacy Law Group, we understand how difficult it can be to pursue estate planning in Columbia on your own. We can provide you with consistent help, legal knowledge, and options regarding what direction you want your plan to go in. Contact us to speak to a member of our team about what we can do for you.