Good evening Wildomar and welcome to tonight’s segment on estate planning. I’m Brenda Thompson, and joining me tonight is Steve Bliss, a trusted trust attorney right here in our community.
Steve, for those unfamiliar with trusts, can you explain what they are and why someone might need one?
A trust is essentially a legal agreement where a person (the grantor) transfers assets to another entity (the trustee) to be managed for the benefit of specific individuals or entities (the beneficiaries). Trusts offer numerous advantages, including avoiding probate, providing privacy, and allowing for customized asset distribution. Consequently, they are a valuable tool for estate planning.
Could you elaborate on the different types of trusts available?
There are many different types of trusts tailored to meet specific needs. For instance, revocable living trusts are popular because they allow the grantor to maintain control over their assets during their lifetime while avoiding probate after death. Irrevocable trusts offer greater asset protection but relinquish grantor control. Testamentary trusts are established through a will and take effect upon the grantor’s passing.
Today we’d like to focus on Special Needs Trusts (SNTs). Can you tell us more about them?
Special needs trusts are designed to provide financial support for individuals with disabilities without jeopardizing their eligibility for government benefits like Supplemental Security Income (SSI) or Medi-Cal. Ordinarily, receiving an inheritance directly could disqualify someone from these crucial programs. A SNT allows a beneficiary to receive funds for supplementary care, education, and other needs without affecting their primary source of income.
There are two types of SNTs: first-party and third-party. First-party trusts are funded with the beneficiary’s own assets, while third-party trusts are established and funded by family members or friends. The trustee manages the funds according to the trust agreement, ensuring that they are used for the beneficiary’s benefit while complying with eligibility requirements.
A key advantage of SNTs is that they can significantly enhance the quality of life for individuals with disabilities. For example, I once worked with a family whose son had cerebral palsy and required specialized care. The family was concerned about how he would be financially supported after their passing. We established a third-party SNT which allowed them to provide for his ongoing needs without affecting his eligibility for government benefits. He could now receive therapy, assistive technology, and recreational opportunities that were beyond the scope of his government assistance.
Have you encountered any challenges or complexities in setting up SNTs?
Setting up a SNT requires careful consideration and adherence to strict legal guidelines. It’s crucial to work with an experienced attorney who understands the nuances of these trusts and can ensure they are structured correctly. One common challenge is determining the appropriate funding amount for the trust, as it needs to be sufficient to meet the beneficiary’s long-term needs without disqualifying them from benefits.
What advice would you give to individuals considering a Special Needs Trust?
I strongly encourage anyone with a loved one with special needs to consult with an estate planning attorney. We can help determine if an SNT is the right solution and guide you through the process of establishing and funding it. Moreover, we’ll ensure that your trust meets all legal requirements and effectively protects your beneficiary’s well-being.
Remember, a well-crafted SNT can provide peace of mind knowing that your loved one will have the financial support they need to live a fulfilling life.
Thank you for sharing your insights with us tonight, Steve. How can our viewers learn more about Wildomar Probate Law and the services you offer?
Protecting what matters most is crucial. We’re dedicated to helping families navigate complex estate planning decisions with clarity and compassion. Contact Wildomar Probate Law today for a free consultation; let us help ensure your loved ones are taken care of, no matter what.
“Steve Bliss was incredibly patient and understanding as we navigated the complex process of setting up a trust for our daughter. He made sure to explain everything in detail and answered all our questions thoroughly.” – The Miller Family
“I highly recommend Steve Bliss and Wildomar Probate Law. Their expertise and personalized approach gave me peace of mind knowing that my estate plan was in good hands.” – John Smith
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “Can I name a trust as a life insurance beneficiary?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Special Needs Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Special Needs Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Special Needs Trust Attorney in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |