What is a self-settled trust?
A self-settled trust is a type of trust used in Maryland for disability planning law. This trust allows an individual with a disability to set aside funds for their own benefit. The trust can be created by either the individual or someone else, such as a parent or guardian. The trust is then managed by a trustee, who is responsible for managing the trust assets for the benefit of the individual with a disability. To be eligible for a self-settled trust, an individual must meet certain criteria established by Maryland disability planning laws. The individual must have a physical or mental disability that is expected to last for at least six months. The individual must also demonstrate that they require assistance with daily activities such as eating, bathing, dressing, or communication. The individual must also be able to manage their finances and demonstrate the ability to make sound decisions. The funds in the self-settled trust are used for the benefit of the individual with a disability. This may include payment of medical bills, paying for living expenses, purchasing necessary items, and providing for their financial security. The trust is managed by a trustee to ensure that all funds are used for the benefit of the individual with a disability. Self-settled trusts are an important part of Maryland disability planning law. They provide individuals with a disability a way to set aside their own funds for their own benefit. This helps to ensure their financial security and helps to provide for their long-term care needs.
Related FAQs
What is a HIPP program?What is a disability review?
What is a functional capacity evaluation (FCE)?
What are reasonable accommodations for a disability?
What is a special needs trust?
What is the Americans with Disabilities Act (ADA)?
What is a Nursing Home Care Plan?
How does the Social Security Administration assess disability?
What is Disability Planning Law?
What is Social Security Disability Insurance (SSDI)?
Related Blog Posts
Explaining the Basics of Disability Planning Law - July 31, 2023Preparing a Comprehensive Estate Plan with Disability Planning Law in Mind - August 7, 2023
Creating an Estate Plan to Provide Financial Security for Individuals with Disabilities - August 14, 2023
Important Considerations When Drafting a Disability Planning Document - August 21, 2023
The Advantages of Working with a Disability Planning Lawyer - August 28, 2023