Create A Special Needs Trust Or Contribute To An ABLE Account For Your Peace Of Mind And Your Loved One’s Security
A special needs trust is a powerful estate planning tool that can protect your vulnerable spouse, child, grandchild or other loved one. It is a way by which you can make financial gifts during your lifetime as well as leave assets through your will to provide for the beneficiary’s needs. Used correctly, a special needs trust can preserve the person’s eligibility for public assistance such as Supplemental Security Income (SSI), Medicaid or subsidized housing.
You may create a special needs trust or contribute to an ABLE account for a child, grandchild, ward or third party. It may be created as a living trust or a testamentary trust (created by a will). Part of the beauty of a special needs trust is that, once it is created, others who care can also give or leave assets directly to the trust at any time.
Understanding Rules And Processes For Accessing Assets In A Special Needs Trust
When creating a special needs trust, an attorney’s counsel is vital, both for the task of drafting the document and ensuring that family members understand the rules of use of the trust. For example,
- Funds from the special needs trust can be used for other things besides food and shelter, including basic utilities.
- Purchases from the special needs trust need to be for the primary use of the beneficiary.
- The trustee has the authority to approve expenses.
Our firm’s years of experience and our attorneys’ attentive, professional approach to advising clients in need of estate planning tools inspire confidence in our clients.
For Assistance With Creating A Special Needs Trust
Turn to our established estate planning law firm for help with special needs planning for your child or spouse or another family member or special person with disabilities. A special needs trust is a powerful tool that can make a great difference in your loved one’s quality of life. Contact us in Lutherville by ohone at 410-337-8900 or by email through this website. We serve clients throughout the Baltimore Metro area. We are here for you.