Choosing the Right Trust for Your Needs
Today we’re speaking with Steve Bliss, a renowned probate attorney here in San Diego. Steve, thanks for taking the time to chat with us.
Steve:
It’s my pleasure. I’m always happy to share information about estate planning and help people understand the importance of protecting their assets and loved ones.
Understanding Different Types of Trusts
For our viewers who may be unfamiliar, could you briefly explain what a trust is and why someone might consider setting one up?
Steve:
A trust is essentially a legal entity that holds and manages assets for the benefit of designated individuals or entities. It’s a powerful tool for estate planning because it allows you to control how your assets are distributed after your death, minimize estate taxes, and even protect your assets from creditors.
There are many different types of trusts, each with its own unique advantages and disadvantages. The type of trust that is right for you will depend on your individual circumstances and goals.
The Benefits of a Special Needs Trust
Let’s delve into one specific type of trust – the Special Needs Trust (SNT). Can you elaborate on how this type of trust works and who it might benefit?
Steve:
A Special Needs Trust is designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits like Supplemental Security Income (SSI) or Medi-Cal. Ordinarily, inheriting assets directly could disqualify someone from receiving these crucial benefits.
The SNT acts as a safety net, holding assets specifically for the beneficiary’s supplemental needs, such as medical expenses, therapy, adaptive equipment, or recreational activities that aren’t covered by government programs. This allows individuals with disabilities to enjoy a higher quality of life without sacrificing essential support.
Consequently, SNTs provide peace of mind for families who want to ensure their loved ones with disabilities are cared for even after they are gone.
Navigating Challenges with Special Needs Trusts
Have you encountered any particular challenges or unique situations when working with clients on setting up Special Needs Trusts?
Steve:
One instance that stands out involved a mother who wanted to ensure her adult son with autism could continue living in his group home, which provided specialized care and social interaction. However, she was concerned about jeopardizing his eligibility for SSI.
We worked closely together to establish a Third-Party Special Needs Trust funded by her estate. This ensured her son would have access to additional resources for enriching activities, therapies, and even occasional vacations – things that wouldn’t be covered by SSI alone. Seeing the gratitude in her eyes when we finalized the trust was incredibly rewarding.
Moreover, it underscored the importance of tailoring each trust to the specific needs and circumstances of the beneficiary.
It’s estimated that over 12% of American adults have a disability (CDC). Many families are unaware that SNTs exist and could significantly improve their loved one’s quality of life.
A Call to Action
Steve, thank you for sharing your expertise with us today. For those who might be considering setting up an estate plan or exploring the benefits of a trust, how can they get in touch?
Steve:
If you’re looking for guidance on protecting your assets and ensuring your wishes are carried out, please don’t hesitate to reach out. My team at San Diego Probate Law is dedicated to providing compassionate and personalized legal counsel. We offer free consultations to discuss your individual needs and goals.
Testimonials
“Steve Bliss and his team were incredibly helpful in guiding us through the complex process of setting up a trust for our daughter. They explained everything clearly and patiently, and we felt confident that our assets were in good hands.” – The Smith Family
“I was facing a difficult probate situation after my father’s passing. Steve Bliss provided invaluable advice and support during a stressful time. He was always responsive to my questions and concerns, and he helped me navigate the legal system with ease.”
– John Doe
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: “How can I make my trust less likely to be challenged?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
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