Good morning, Escondido. Today we’re speaking with Steve Bliss, a well-known probate attorney here in our community. Steve, thanks for joining us.
Steve, what are some of the key advantages of estate planning, particularly focusing on trusts?
It’s a pleasure to be here. Estate planning is crucial for anyone who wants to ensure their assets are distributed according to their wishes and minimize potential complications for their loved ones after they pass away. Trusts offer several significant benefits.
Can you elaborate on those benefits, specifically for someone considering a Special Needs Trust (SNT)?
Certainly. A Special Needs Trust is designed to provide financial support for individuals with disabilities without jeopardizing their eligibility for essential government benefits like Supplemental Security Income (SSI) or Medi-Cal.
Consequently, these trusts allow beneficiaries to receive supplemental care and resources without affecting their access to crucial public assistance programs. This can significantly enhance the quality of life for individuals with disabilities and provide peace of mind for their families.
Moreover, SNTs can be structured as either first-party or third-party trusts. A first-party trust is funded with the beneficiary’s own assets, while a third-party trust is established and funded by family members or other individuals.
I recall one case where a young woman with Down syndrome inherited a substantial sum from a relative. We set up a third-party SNT to ensure she could access the funds for supplemental care and enriching experiences without losing her eligibility for SSI benefits. It was incredibly rewarding to see how this trust empowered her to live a fuller life.
According to the Special Needs Trust Alliance, nearly 1 in 5 Americans has a disability. This highlights the widespread need for planning tools like SNTs to safeguard the financial well-being of individuals with special needs and their families.
Have there ever been any challenges or complexities you’ve encountered when setting up SNTs?
While SNTs are incredibly valuable, they do require careful planning and adherence to specific legal requirements. One common challenge is ensuring the trust document clearly outlines the beneficiary’s needs and how funds can be used without jeopardizing their benefit eligibility.
For example, a trust might specify that funds can be used for medical expenses, assistive technology, or recreational activities but not for housing or food costs, as those are typically covered by government benefits. Navigating these intricacies requires a deep understanding of both estate planning and disability law.
Thank you for sharing your expertise, Steve. What final advice would you give to our viewers regarding estate planning?
Estate planning is not just for the wealthy; it’s essential for everyone who wants to protect their loved ones and ensure their wishes are honored. Don’t hesitate to consult with an experienced probate attorney like those at Escondido Probate Law to create a plan that meets your unique needs.
Connect with Escondido Probate Law Today
“Steve Bliss and his team were incredibly supportive and knowledgeable during a difficult time. They made the probate process much smoother than I anticipated.” – Sarah M., Escondido
“I highly recommend Escondido Probate Law for their professionalism, attention to detail, and compassionate approach. They truly care about their clients.” – David L., San Marcos
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
My skills are as follows:
● Probate Law: Efficiently navigate the court process.
● Probate Law: Minimize taxes & distribute assets smoothly.
● Trust Law: Protect your legacy & loved ones with wills & trusts.
● Bankruptcy Law: Knowledgeable guidance helping clients regain financial stability.
● Compassionate & client-focused. We explain things clearly.
● Free consultation.
Map To Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “What taxes apply to trusts in California?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |