As March is National Developmental Disabilities Month, many Maryland parents may find themselves considering many aspects of their disabled children's lives. Further still, parents may be considering their own lives and what will happen to their children when those lives come to an end. Luckily, individuals can utilize estate planning tools like a special needs trust to create helpful plans for their children's futures.
A special needs trust can be particularly useful as it allows parents to leave funds and other assets to their special needs children without jeopardizing any government benefits those children may be receiving. As a result, the children can continue to receive much-needed benefits as well as gain funds that can help them take care of other living expenses. Because there are several different trusts of this type, individuals can determine which best suits their needs.
If a trust is set up, parties will need to name a trustee. This individual will be in charge of the trust and has the authority to use the funds in the appropriate manner. A trustee should be a responsible individual who has the ability to take on such a role.
A special needs trust could be the answer many concerned Maryland parents are looking for. By gaining more information on the different options for this type of trust, individuals may be better able to move forward with their plans. Speaking with experienced attorneys could help interested parties determine which planning tools could best suit their particular circumstances and needs.
Source: hamlethub.com, "Providing a Secure Future for a Child with Special Needs", Alisa Gaudiosi, March 14, 2017