The umask setting will mask out some of the permissions bits. For ownership and permissions of new subfolders and files, look at using acls.
facl -m u:<username>:rwx
facl -m d:u:<username>:rwx
You need to do both the user and default user. The first gives permissions to access the directory, the second causes new files and directories to inherit the ownership/group/permissions of the parent.
To do the same for group ownership/permissions, use `g' instead of 'u' in the command.
One note: The filesystem needs to be a Linux filesystem that supports ACLs, and you need to add "acl" to the mount options.