A properly drafted trust preserves government benefits, provides for supplemental needs, and can avoid guardianship or court oversight while giving caregivers clear instructions. The arrangement offers financial stability, reduces risk of program disqualification, and supports a dignified quality of life for family members who rely on support.
Holistic planning considers medical, financial, and personal needs to ensure resources support daily living, education, and future care. It minimizes disruption if caregiving changes and helps families maintain consistent support for the beneficiary.
We combine thoughtful planning with practical approach to protect benefits and support care needs. Our Maryland team coordinates with families, trustees, and professionals to implement robust, adaptable plans that stand the test of time.
Life events such as marriage, birth, or changes in disability can require updates. We assist with amendments and reassessments to keep the plan aligned with goals and legal requirements.
A special needs trust is a vehicle that holds assets for a beneficiary while preserving eligibility for means tested government programs. It allows for supplemental care without disqualifying benefits. The trust is managed by a trusted individual or institution and must follow specific rules.
Families with a person who relies on government benefits, or with future care needs, should consider a trust. It helps preserve eligibility while providing funds for everyday supports, medical needs, and education. A tailored plan offers control and peace of mind for caregivers.
In most cases funds in a properly designed special needs trust do not count toward the beneficiarys eligibility for means tested programs. However careful drafting is required to ensure distributions comply with program rules and avoid unintended disqualifications.
A first party trust holds assets belonging to the beneficiary and may have different tax and eligibility implications than a third party trust funded by others. Each type provides benefits and limitations, so family goals and program requirements guide the choice.
A trustee should be trustworthy, organized, and comfortable with financial matters. A family member, a professional fiduciary, or an institution can fill this role. Clear expectations, fee structures, and communication plans help prevent conflicts.
Setting up a trust typically takes several weeks to a few months, depending on the complexity, funding, and responsiveness of involved parties. Early preparation can shorten timelines, while careful review ensures accuracy and compliance before activation.
Amendments are possible if life circumstances change or laws evolve. Some trusts allow modifications with court approval or trustee consent. Regular reviews help ensure the document remains aligned with goals and government program requirements.
Costs vary with complexity and assets. Common components include legal fees for drafting, trust administration fees, and occasional filing or consultation costs. A clear initial estimate and ongoing communication help families plan financially.
If the beneficiary dies, the trust may terminate or pass remaining assets to contingent beneficiaries according to the trust terms. Careful planning ensures that remaining funds are directed appropriately and within applicable program rules.
To start, contact our office for an initial consultation. We will review goals, explain options, and outline the steps to create and fund a special needs trust. Our team provides clear guidance and supports you through the planning journey.
