The Law Offices of Scott Alan Morrison, P.A.
Frederick
Location
301-694-6262
Hagerstown
Location
301-293-0010

Establishing a special needs trust

During the last several years, it seems as though more individuals are classified as having special needs. As a result, many Maryland families may be considering establishing a special needs trusts. These trusts are intended to supplement the income individuals with special needs may receive through government programs.

A special needs trust can be set up by either the individual that the trust is intended for or by a parent, legal guardian, grandparent or the court. These are referred to as either first party or third party trusts. In both cases, the disabled individual that the trust is intended for should be under the age of 65. Trusts that are established by a third party are expected to also be funded by a third party and not the individual that the trust is intended for. 

However, if a person wishes to establish a trust on his or her own behalf, then that individual must first prove that he or she is capable of making financial decisions. After this has been established, the individual is expected to fund the trust with his or her personal assets. These funds may come from an injury settlement or from a family inheritance. 

Disabled individuals and their families may find it comforting to have a special needs trust in place. Maryland residents who are considering establishing a trust for a family member or for their own benefit may wish to consider speaking with a professional. An attorney may be able to help families decide when it is best to start a trust and how best to fund it.

Source: lexology.com, "Understanding the Special Needs Trust Fairness (SNTF) Act", Danna McKitrick PC, Sept. 27, 2017

No Comments

Leave a comment
Comment Information
  • Best Of The Best The Frederick News Post
  • Bar Association Of Frederick County, Maryland
  • NAELA National Academy Of Elder Law Attorneys, Inc.
  • Maryland State Bar Association Inc.
  • Washington County Bar Association , DC Bar
Form Submit Button

Schedule Your Free Consultation Today

For more information and a free consultation with a Maryland estate planning attorney, call us at 301-694-6262 or fill out the form below. We provide clients with the estate services they need.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

We have offices in Frederick and Hagerstown, Maryland, to serve you.

Evening, weekend and off-site appointments are available upon request. Free parking is available at our Frederick office.

Our office will follow the same closing & delays as Frederick County Public Schools for both offices due to inclement weather.

Frederick Office
141 W Patrick Street
Suite 300
Frederick, MD 21701

Phone: 301-694-6262
Fax: 301-668-8884
Map & Directions
Frederick Law Office Map

Hagerstown Office
Cornerstone Wealth Center
19833 Leitersburg Pike
Suite 1
Hagerstown, MD 21742

Toll Free: 866-220-5185
Phone: 301-293-0010
Map & Directions
Hagerstown Law Office Map

Contact This Office Contact This Office