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Special Needs Trusts Cecil & Harford County Maryland
Planning for the future is important for everyone, but it is especially vital for families of persons with developmental impairments or special needs..
What exactly is a Special Needs Trust?
A Supplemental Needs Trust (also known as a Special Needs Trust) is a legal document that allows you to transfer a gift or inheritance to a fund rather than directly to a family member. This fund can be utilized to improve quality of life and prevent benefit cuts.
Should I set up a Supplemental Needs Trust for a disabled family member?
Some government benefits such as SSI and Medicaid are given based on income and assets. If a person receiving this type of government funding directly receives money or other assets through a gift or inheritance, these benefits can be lost. When this occurs, the person must spend the assets until they are below the asset limit and then re-apply for benefits. Because people with developmental disabilities often have high medical and housing expenses, the additional money is spent very quickly.
A contribution made to a supplementary needs trust rather than an individual can prevent benefits from being lost. The donation can then be used to pay for assistive technology not covered by insurance, personal necessities, recreation, and other things that improve the person's quality of life.
How can I set up a Special Needs Trust?
Schedule a consultation today with our Maryland Special Needs Attorney. You may act as trustee of your family member's funds, but if you die, the trustee will take over management and supervision of the finances. You can submit explicit instructions to govern your trustees' operations, which are legally required. This is crucial when obtaining settlement money from a personal injury lawsuit, or while assisting your disabled dependent.
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The Law Office of Chelsea M. Sadler, LLC. has vast experience in handling cases pertaining to Last Will and Testament, Trusts, Preparation, and Business Succession Plans. We excel in personally guiding you through these complex legal processes, explaining each step. Whether you need legal advice or action, We are here to represent you and your unique needs. Schedule a consultation today to see how we can Protect What's Important!