Glen Burnie Special Needs Trusts Lawyer

Special Needs Trusts Attorney in Glen Burnie

There’s nothing wrong with being prepared, especially when it comes to your estate, your finances, and taking care of your loved ones. If you have a loved one with a disability and wish to give them a financial advantage, you should consider setting up a special needs trust. Special needs trusts can provide your loved one with financial help while also not affecting their government assistance. A Glen Burnie special needs trusts lawyer can help you set it up.

The legal team at Liberty Legacy Law Group can provide you with the resources you need to set up a special needs trust. If you decide to try to set up the trust without legal help, you could make a costly mistake that could impact your estate and your loved one’s benefits. A Glen Burnie trusts lawyer can make quite a difference to your situation. They should have experience with special needs trusts cases and a knowledge of special needs trusts laws.

Hire a Special Needs Trusts Lawyer

Whenever your estate is involved, it is essential to make sure the trust is legally enforceable, so you should always hire a Glen Burnie special needs trusts attorney. Above all, you want to make sure everything is handled correctly. A good lawyer can provide you with peace of mind as well as consistent legal help.

At Liberty Legacy Law Group, we prioritize our clients’ needs and have considerable experience helping those clients with their Glen Burnie estate planning & trusts needs. We can help you, too.

According to recent information gathered by the Maryland Department of Planning, the number of individuals in Anne Arundel County living with a disability is around 12%. Additionally, the median household income for a family living in Glen Burnie was nearly $89,000 a year in 2023.

It can be hard to live with a disability or to care for someone with a disability. There’s nothing wrong with asking for help. If you’re in Glen Burnie, you may want to consider speaking with a local special needs support group like Bello Machre or Accessible Resources for Independence.

Different Types of Special Needs Trusts

The overall purpose of a special needs trust is to provide resources for someone living with a disability. It gives them additional financial benefits that do not interfere with their governmental benefits, such as Social Security, Medicaid, or Subsidized HUD Housing. Special needs trusts are tailored to the individual needs of the grantor, the trustee, and the beneficiary. There are many different forms that a special needs trust can take. Some of them include:

• Self-funded trust. A self-funded SNT is established using property, funds, and other assets that belong to the person with the disability. It can be set up by the individual, their parent, their grandparent, or a court-appointed guardian. Upon the disabled beneficiary’s death, the state may be reimbursed for any medical assistance paid under Medicaid.
• Third-party trust. A third-party SNT is funded by someone other than the disabled beneficiary. This form of trust may benefit a disabled individual as long as it is set up as a special needs trust. This kind of trust is ideal for individuals who want to leave something for their disabled loved one but are afraid of affecting eligibility for government assistance. Extended family members may contribute to this trust.
• Pooled special needs trust. A pooled SNT is managed by a non-profit organization and allows for funds from many disabled individuals to be pooled for investment. This can lower fees and protect ongoing government benefits. This can be an ideal choice for people with modest assets, but it does often provide less individual control over the investments.

FAQs

When Should a Special Needs Trust Be Established?

It is entirely up to you to decide when you want to establish a special needs trust. The general recommendation is to establish the trust no later than the beneficiary’s 65th birthday. However, if the beneficiary is chronically ill, you may want to establish the trust as soon as possible or when the beneficiary is younger. Throughout their life, you and others can contribute to the trust without interfering with their government benefits.

How Long Does It Take to Get a Special Needs Trust?

How long it takes to get a special needs trust can vary. Every case is different, and every SNT has different factors that need to be considered before the trust can be approved. Establishing a trust can take anywhere from a few days to several months, depending on the complexity of the trust and how quickly you can provide funding to the trust. However, there is generally no mandated waiting period or other specific legal factors that delay the process.

What Is the Biggest Mistake Parents Make When Setting Up a Special Needs Trust?

While there are many mistakes that parents can make when setting up a special needs trust, the one that can have the biggest consequences is failing to fund the trust properly and leaving assets directly to the child in question. This can result in disqualifying the child from government assistance, as the child is not benefiting from the trust but from a direct inheritance that can change their income level. A trusted attorney can make sure your trust does what you need it to.

What Are the Requirements for a Trust?

The requirements for a trust are as follows:

• Intention. The person creating the trust must provide clear intentions to create said trust and leave explicit instructions regarding the duties of the trustee.
• Property. The grantor must specifically list the funds, property, or other assets that are included in the trust.
• Beneficiaries. The grantor must name the specific person who is to benefit from the trust.

Reach Out to Liberty Legacy Law Group Today

At Liberty Legacy Law Group, our knowledgeable legal team in Maryland can help you put together your special needs trust with minimal difficulty. Reach out to our office today to discuss your family’s needs and how we can help.