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You might know that there are systems in place that provide a safety net for people living with disabilities. But you might not know that the most vulnerable individuals only qualify for that safety net if they have less than $2,000 in total assets. You read that right. If at any point a person receiving certain disability benefits has more than two grand to their name, they’re cut off. No more assistance. No more safety net. Just uncertainty, frustration, and fear.
First Maryland Disability Trust, Inc. (FMDT) is a nonprofit that was formed by a group of disability and elder law attorneys in 2005 whose mission is to improve the quality of life, dignity, and independence of Marylanders of all ages living with disabilities. They knew that public benefits alone could never meet all the needs of an individual with disabilities. The average Supplemental Security Insurance (SSI) payment in 2022 is only $841 per month. Try covering basic bills on $900, much less the additional costs that might be associated with managing a disability.
Different trusts suit different needs, but the core concept is the same—rather than spending down income and assets to meet public program requirements, a trust can help an individual protect their assets while preserving their eligibility for benefits. A first-party disability trust is funded by an individual’s own assets, and is often used when a person with a disability comes into a windfall such as an inheritance or a court settlement. A third-party trust is a supplemental needs trust created by family or friends of an individual with disabilities, and can be funded by any source except the individual themselves. FMDT even offers pooled trusts, which improve access to benefits and create more efficient trustee services.
Funds in an individual beneficiary’s account can cover all sorts of expenses that are essential to maintaining a certain quality of life but that would quickly exceed a tight budget. This is everything from clothing to home improvement, travel accommodations to cable TV, even healthcare that isn’t covered by public or private insurance—the list goes on. With significant expertise and years of experience, FMDT seeks to empower people living with disabilities to live life to the fullest.
FMDT is open to any individual, regardless of age or disability, and can help you plan for your own needs or those of a loved one, now and into the future. Participants must be individuals with disabilities as defined by the Social Security Administration, and they must be willing to place their assets in trust for their lifetime.
The nonprofit accepts new beneficiaries referred by attorneys, state and local courts, advocacy groups, and more—even this magazine can count as a referral! FMDT does advise all clients to meet first with a special needs attorney, as they don’t offer legal services. But don’t hesitate to ask FMDT to connect you with one of their trusted, experienced partners. After nearly two decades, they know who to call. In fact, in addition to referring potential clients to attorneys, FMDT is on-hand to assist attorneys in all areas of practice.
Bringing a dedicated personal touch to their trust management services, FMDT partners with legal experts, financial planners, and disability advocates to create comprehensive plans that support the well-being of the whole individual. So while the benefits of a basic safety net may or may not be enough to get by, let FMDT help you reclaim control of your assets—and your life. Go to www.firstmdtrust.org/ to get started.
