Howard County Special Needs Trusts Lawyer

Special Needs Trusts Attorney in Howard County

It is vital to be prepared when it comes to estate planning. Estate planning can take many different forms, including drafting a will or establishing some sort of trust. If you have a loved one with a disability and want to help them become financially secure or stable, you may want to consider putting together a special needs trust. That way, your help does not impact their government assistance. A Howard County special needs trusts lawyer can help you.

The legal team at Liberty Legacy Law Group is prepared to guide you through the process of establishing a special needs trust and ensuring that said trust is enforceable. A Howard County trusts attorney can inform you of your options. Our attorneys understand Maryland’s special needs trusts laws and have significant experience dealing with special needs trusts cases similar to yours. Our firm can offer you knowledgeable help.

Why Hire a Special Needs Trusts Lawyer?

You should never take any chances when your financial security, or your loved one’s, is on the line. The most important choice you can make for your case is to hire a Howard County special needs trusts attorney to oversee every aspect of your Howard County estate planning needs. That way, you know your case is being handled by the right people.

The skilled legal team at Liberty Legacy Law Group is committed to honesty and empathy in every case. We are committed to excellence in legal representation for regular families in Maryland like yours.

Recent statistical data from the Maryland Department of Planning details that the number of individuals living with a disability in Howard County is less than 10%. Additional data shows that the median household income throughout Howard County is a little less than $147,000 per year as of 2023.

It’s important to be prepared for significant life changes if you develop a disability or have to care for someone who has a disability. There’s nothing wrong with being as informed as you can be. In addition to setting up a special needs trust, you may want to think about contacting a local disability support group like the Athelas Institute on Red Branch Road in Columbia.

Common Elements of a Special Needs Trust

Not all trusts are the same. Special needs trusts, like most trusts, are developed in accordance with the grantor’s instructions and needs. But a special needs trust specifically provides financial assistance to a disabled loved one while not affecting that loved one’s eligibility for government assistance benefits. Here are some of the most vital elements of a special needs trust:

• A dependable trustee. One of the most important elements of a sound special needs trust is someone to oversee the trust. Choosing the right trustee can be difficult, but it’s vital to choose someone who respects your wishes as the grantor. The only person you can’t legally choose is the beneficiary, as that would turn the trust into available income and impact their government benefits.
• Supplemental income. Another significant element of a special needs trust is the funds. The assets in a special needs trust cannot be used for anything. There are specific rules in place regarding usage. The beneficiary’s basic necessities are generally covered by Social Security and Medicaid. The trust can cover additional needs like education, transportation, and medical needs.

FAQs

Do I Need to Hire a Lawyer to Set Up a Trust?

No, you are not legally required to hire a lawyer to set up a trust. If you are familiar with the process and know what you’re doing, you can set up the trust yourself. However, most people need to hire a lawyer whenever they are dealing with any kind of legal trouble. Setting up a trust, particularly a special needs trust, can be complex. If you leave out a step, you could compromise the entire trust.

Why Are Special Needs Trusts Constructed to Avoid Government Benefits?

Special needs trusts are constructed to preserve government benefits because disabled individuals must have considerably low assets to qualify for government assistance in the first place. Additional financial help, including inheritances or gifts, can often disqualify them from that support and make their lives difficult. A special needs trust holds certain assets separately from income, allowing them to use them to pay for extras that can enrich their life.

Can Rent Be Paid from a Special Needs Trust?

Yes, you can use the funds from a special needs trust to pay the rent in some situations, but it can be tricky. A special needs trust is intended to cover non-basic needs, and rent is considered a basic need. Using funds from a special needs trust in unintended ways can reduce the beneficiary’s eligibility for SSI and other government programs. Ask your lawyer about any situation you aren’t sure how to handle when it is related to a trust.

How Much Money Should You Put in a Special Needs Trust?

There is no universal amount of money you should put in a special needs trust. The amount can vary widely and depends on the needs of the beneficiary, the finances of the grantor, and other specific details of the trust. In short, you should put whatever amount you feel covers the beneficiary’s lifetime needs. You can put a lump sum in there from the start or pay into it gradually over time.

Reach Out to a Special Needs Trust Lawyer Today

If you are in a strong financial position, you may want to set up a trust to provide for loved ones. A special needs trust can be a great way to take care of a disabled loved one’s financial security while not hurting their benefits, which they may be reliant on. For most people, a lawyer’s help can make sure that a trust meets the needs of the beneficiary, as well as all legal criteria.

At Liberty Legacy Law Group, we can help you figure out a path forward for your trust. Contact us to speak to a knowledgeable team member about your case.