About Your Practice
Hello, and welcome. Today I’m speaking with Steve Bliss of San Diego Probate Law about the benefits of estate planning for individuals and families in San Diego.
Understanding Trusts
Steve, many people find the topic of trusts confusing. Can you simplify what a trust is and why it might be beneficial to someone?
Certainly! A trust is essentially a legal arrangement where a person (the grantor) transfers assets to another entity (the trustee) to manage those assets for the benefit of designated individuals or organizations (the beneficiaries). There are various types of trusts, each serving different purposes. Trusts offer several advantages, including avoiding probate, providing privacy, and potentially minimizing estate taxes.
Special Needs Trust
Today we’re going to focus on Special Needs Trusts. Can you explain how these trusts work and who they might benefit?
A Special Needs Trust (SNT) is specifically designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits like Supplemental Security Income (SSI) or Medi-Cal. Consequently, these trusts are crucial for ensuring the beneficiary’s financial well-being while maintaining access to essential support programs.
Ordinarily, if a person with disabilities receives direct inheritances or gifts exceeding certain limits, it can impact their eligibility for government assistance. A SNT allows loved ones to contribute funds without triggering these limitations. The trustee manages the assets and uses them to supplement the beneficiary’s needs, such as medical expenses, therapy, adaptive equipment, or recreational activities.
Moreover, there are two primary types of SNTs: first-party and 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, friends, or other individuals.
Challenges and Triumphs
Have you encountered any specific challenges when setting up Special Needs Trusts for your clients?
While setting up SNTs is generally straightforward, there are sometimes complex situations that require careful consideration. I recall one instance where a family wanted to establish a first-party SNT for their adult child with autism. The challenge was ensuring the trust language adequately addressed the individual’s specific needs and preferences while adhering to the strict requirements of government benefit programs.
We worked closely with the family, the beneficiary’s caseworker, and a qualified disability attorney to meticulously craft the trust document. The result was a comprehensive plan that not only protected the individual’s eligibility for crucial benefits but also provided for their unique interests and aspirations. Witnessing the relief and gratitude of the family after successfully navigating this complex process was incredibly rewarding.
The Impact of Special Needs Trusts
According to the National Alliance on Mental Illness (NAMI), nearly 1 in 5 adults in the United States experiences mental illness each year. Many individuals with disabilities face significant financial challenges and rely on government assistance programs for essential support.
Special Needs Trusts play a vital role in bridging the gap between available benefits and unmet needs. They empower families to provide supplemental care and enrichment without jeopardizing their loved one’s access to critical programs.
Taking Control of Your Future
Steve, what is your final message for our viewers who are considering estate planning?
Estate planning is not just about wealthy individuals. It’s about protecting yourself and your loved ones, regardless of your financial circumstances. By working with a qualified attorney, you can create a plan that meets your unique needs and goals. Don’t wait for a crisis to arise – take control of your future today.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly compassionate and understanding during a difficult time. They guided us through the complexities of setting up a trust for our daughter with Down syndrome, ensuring her financial security for years to come.”
“I highly recommend San Diego Probate Law. Steve’s expertise and personalized approach gave me peace of mind knowing that my estate plan is in good hands.”
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: “Do I need a new trust if I move to California?” 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 Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Living Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |