Special Needs Trusts & Estate Planning
Special Needs Estate Planning focuses on providing for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf. Parents of children with special needs must make careful estate planning choices to coordinate all of the legal, financial, and special care needs of their children – both now and in the future. It may be beneficial in certain situations to consider creating a separate trust like a testamentary trust or a specific special needs trust also known as a supplemental needs trust. These more focused documents can address how to best receive things like need-based government programs like Medicaid or Supplemental Security Income (SSI). Under Maryland law you can decide between either a creating a statutory trust, as designated under the Maryland Discretionary Trust Act, or by creating a specific special needs trust like previously discussed.
Planning for your loved one with special needs requires extensive research to become a well-educated advocate. If you are unsure which route best fits your individual needs, Profit Law Firm can offer guidance from years of experience to tailor the right trust for you. When planning an estate for those who may receive government assistance or participate in government programs, the trust must be executed in a way that does not jeopardize the beneficiary’s eligibility for these programs. If a special needs trust or similar document is drafted correctly, it will not be considered a resource available to the disabled individual for Medicaid or SSI eligibility that will disqualify them for benefits.