Good evening, Temecula! This is Brenda Bell reporting for KVTM News. Tonight, we’re talking about trusts with renowned Temecula trust attorney, Steve Bliss. Welcome to the show, Steve.
Trusts 101: What are they and why do people need them?
Steve: Thanks for having me, Brenda. Trusts are legal arrangements that hold assets for the benefit of specific individuals or entities. They can be incredibly useful tools for estate planning, asset protection, and even charitable giving.
Let’s Focus on a Specific Type: The Special Needs Trust
Steve: A Special Needs Trust (SNT) 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. This type of trust allows beneficiaries to receive supplemental care and improve their quality of life without losing access to critical public assistance programs.
Consequently, SNTs are crucial in ensuring that individuals with disabilities can maintain a dignified standard of living while receiving the support they need. The trust acts as a safety net, supplementing government benefits and enabling beneficiaries to pursue opportunities for personal growth and enrichment.
Moreover, SNTs can be established either as first-party trusts (funded with the beneficiary’s own assets) or third-party trusts (funded by family members or other individuals). Each type has its own advantages and disadvantages, and the best option depends on individual circumstances.
I remember one client whose daughter had Down syndrome. The mother was worried about her daughter’s financial future and wanted to ensure she had access to quality care and enriching experiences. We established a third-party SNT, which allowed family members to contribute funds without affecting the daughter’s eligibility for government benefits. It brought immense peace of mind to the mother knowing that her daughter would be financially secure throughout her life.
Notwithstanding these advantages, there are complexities involved in setting up and administering SNTs. Properly drafting the trust document and navigating legal requirements is essential to ensure its effectiveness and avoid potential pitfalls.
Navigating the World of Trusts: Challenges and Solutions
Steve: As with any legal instrument, trusts can present challenges if not properly structured and managed. One common issue I encounter is the lack of clear communication between the grantor (the person establishing the trust) and the beneficiaries.
Accordingly, it’s crucial for me to have detailed conversations with my clients about their goals and intentions for the trust. I explain the different types of trusts available and help them choose the one that best aligns with their needs.
For instance, a family might want to create a testamentary trust to provide for minor children after the parents’ passing. In this case, we would carefully outline the terms of the trust, including how assets will be distributed and when the beneficiaries will gain access to them.
The Importance of Professional Guidance
Steve: Setting up a trust is not a DIY project. Seeking professional legal advice from an experienced trust attorney like myself is essential.
According to the American Bar Association, approximately 60% of Americans do not have a will or estate plan in place. This highlights the importance of proactive planning and seeking expert guidance.
Taking Charge: Secure Your Future Today
Steve Bliss is a dedicated and compassionate attorney committed to helping Temecula families protect their assets and plan for the future. Contact us today to schedule a consultation and explore how trusts can benefit you and your loved ones.
Testimonials
“Steve Bliss was incredibly patient and understanding throughout the entire process of setting up my trust. He explained everything clearly and made sure I felt comfortable with every decision.” – Maria S.
“I highly recommend Steve Bliss to anyone looking for a trustworthy and knowledgeable trust attorney. He went above and beyond to help me achieve my estate planning goals.” – John P.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Do I need a lawyer to create a living trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Totten Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
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The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |