A parent's concern for his or her child's future is somewhat different when that child is disabled in some way. These parents have to not only consider how to best leave their children their inheritances but also how the inheritances will be handled on behalf of their disabled children. A special needs trust is a good way for Maryland parents to protect their special needs children after they are gone.
It is a good idea to have a clear overall strategy when making estate planning decisions. This strategy should play a role when making decisions regarding forming a trust in Maryland or elsewhere. This strategy should consider the questions of who, what and why.
The United States legal system can be quite complicated at times, especially when it comes to jurisdiction. First, there is Federal law and then each state also has their own laws. This can create some ambiguity when it comes to taxation rules, which becomes especially relevant when planning an estate in Maryland or in any other state. If the beneficiary to a trust decides to move to another state, this could have significant taxation ramifications, which one should keep in mind.