Special Needs Trusts Attorneys in Annapolis, MD
If you or someone you love has a disability or another condition that may require long-term care, setting up a special needs trust can provide peace of mind and financial security. However, knowing how to establish a trust and managing it as needed is difficult. You do not have to handle these matters alone. Turn to Hartman - Attorneys at Law for dedicated support and guidance.
For more than 90 years, families throughout Maryland have depended on our firm. We have earned the confidence of so many by providing personalized estate planning services that preserve our clients' legacies and allow them to take care of themselves and the people they love most.
Speak with one of our Annapolis special needs trust lawyers in a complimentary consultation. Schedule yours by calling (443) 335-9661 or contacting us online.
What Is a Special Needs Trust?
A special needs trust is a legal arrangement allowing a person with disabilities to receive assets without risking their eligibility for government benefits, including Medicaid, Supplemental Security Income (SSI), and other programs. The assets in the trust are not counted towards the individual's income and cannot be used for anything that would jeopardize their government benefits. Special needs trusts are also effective tools for protecting assets.
Types of Special Needs Trusts
First Party
This type of trust is funded with an individual's own assets, such as an inheritance or personal injury settlement. Assets in it are not considered part of the individual's financial resources, which enables them to qualify for government benefits. Strict rules apply to first-party special needs trusts. For instance, they must be irrevocable and created when the beneficiary is younger than 65. It is important to note that after a trust's beneficiary has passed, its funds must generally be used to reimburse the government for the benefits it provided.
When to Create a Special Needs Trust
Anyone can create a special needs trust at any time. However, there are some important considerations to keep in mind:
- Age of the beneficiary: As previously mentioned, first-party trusts must be created before the beneficiary turns 65.
- Potential future inheritance: If an individual with special needs is set to inherit money or property, it may be beneficial to establish a third-party trust beforehand to protect their government benefits.
- Changes in health or financial status: If someone's health or financial situation changes and they become eligible for government benefits, creating a special needs trust can help them maintain those benefits while still having access to additional assets.
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How Our Annapolis Special Needs Lawyers Can Serve You
Do you have questions about establishing a trust, such as what kind is most beneficial and what you must do to prepare? Are you concerned about an existing trust and want to ensure it complies with relevant laws? Our team at Hartman - Attorneys at Law has the answers.
We can help you with the following and more:
- Creating trusts for children and adults with special needs
- Drafting and reviewing trust documents to make certain their details adhere to estate laws and align with your goals
- Guiding grantors and administrators on their roles and responsibilities
- Managing existing trusts to ensure their continued compliance with laws and effectiveness for beneficiaries
- Representing administrators when disputes arise among co-trustees, beneficiaries, or others
- Assisting with all other estate law matters that may impact the trust
Our firm provides highly personalized services that underscore our investment in our clients' well-being, financial security, and peace of mind. To learn how we can serve you specifically, arrange a complimentary consultation. We can conduct these meetings in person or virtually, making it possible for you to partner with us regardless of where you are in Anne Arundel County or any other part of Maryland.
For guidance in all things to do with special needs trusts, call (443) 335-9661 or connect with us online.