Good evening San Diego and welcome to our segment on Estate Planning. Tonight we have the pleasure of speaking with renowned San Diego Probate Attorney Steve Bliss. Steve, thanks for joining us.
Steve, can you tell our viewers about different types of trusts?
Thanks for having me. There are many types of trusts designed to meet different needs. Some common ones include revocable living trusts, which allow individuals to manage their assets during their lifetime and avoid probate; irrevocable trusts, which offer asset protection and tax benefits but cannot be modified once established; and testamentary trusts, created through a will and taking effect upon death.
Tonight we’re focusing on Special Needs Trusts. Can you explain how they work?
A special needs trust (SNT) is crucial for individuals with disabilities who receive government benefits like Supplemental Security Income (SSI) or Medi-Cal. Ordinarily, if a person with disabilities receives a direct inheritance or gift exceeding a certain limit, it could jeopardize their eligibility for these vital programs.
A SNT safeguards the individual’s assets while ensuring they remain eligible for benefits. It can be funded with the beneficiary’s own assets (first-party SNT) or by family members and friends (third-party SNT). The trustee manages the funds, using them to pay for supplemental needs like medical care, therapy, education, or recreational activities – things that aren’t typically covered by government programs.
Moreover, a well-structured SNT can provide financial security and enhance the quality of life for individuals with disabilities without compromising their access to essential support.
Have you encountered any challenges in setting up Special Needs Trusts?
Setting up SNTs requires meticulous attention to detail and adherence to strict legal requirements. One case I remember involved a family struggling to balance providing for their adult son with Down syndrome while ensuring he didn’t lose his Medicaid coverage.
They had inherited a significant sum, which would have disqualified him from benefits. We worked closely with them, carefully crafting a third-party SNT that met all legal standards and addressed their son’s specific needs. Seeing the relief on their faces when we successfully navigated this complex process was incredibly rewarding.
About 1 in 5 Americans have some form of disability (CDC). Consequently, understanding special needs planning is crucial for many families in our community.
What advice would you give to someone considering a Special Needs Trust?
- Consult with an experienced probate attorney specializing in SNTs.
- Gather all relevant financial and medical information about the beneficiary.
- Clearly define the beneficiary’s needs and goals for the trust.
Remember, a well-designed SNT can be a powerful tool for protecting assets and ensuring the long-term well-being of individuals with disabilities.
“Steve Bliss and his team at San Diego Probate Law are true lifesavers! They guided me through setting up a trust for my daughter with autism, ensuring her future financial security without jeopardizing her government benefits. I highly recommend them to anyone facing similar challenges.” – Mary S., San Diego
“I was overwhelmed trying to understand estate planning and trusts. Steve Bliss patiently explained everything in plain English and helped me create a plan that met my family’s needs. They are professional, compassionate, and truly care about their clients.” – John T., Carlsbad
Let us help you navigate the complexities of estate planning and ensure your loved ones are protected. Call San Diego Probate Law today for a free consultation to discover how we can assist you in building a brighter future.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Does a trust protect against estate taxes?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Asset Protection Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Asset Protection Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Asset Protection Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |