Legal Question in Wills and Trusts in Maryland
whats better everything in a special needs trust for mom or having accounts in both her and dads name with beneficiarys
1 Answer from Attorneys
The answer to your question will depend on the specific facts. What type of "special needs?" -- typically a special needs trust is designed for a situation where the planner's dependent has a chronic and serious disability for which they depend on governmental benefits. Usually one cannot give their own assets into a special needs trusts and then automatically qualify for governmental need-based benefits -- the government will view the assets as still belonging to the planner who put them into trust.
There are a variety of trusts and a variety of different estate planning tools (ranging from simple to very complex) and which to use depend heavily on the particular facts.
Your family is encouraged to consult with an estate planning attorney who can sit down and evaluate your parent's goals and the best way to accomplish those goals in light of their assets, needs and other issues. Please note that the general legal information in this post neither offers legal advice nor does it create an attorney/client relationship.