Understanding Trusts
Hello, and welcome back to our show. Today, we have a very special guest joining us: Steve Bliss, an experienced probate attorney right here in Escondido. Steve, thank you so much for being with us today.
Steve’s Expertise
It’s great to be here. I’m always happy to discuss the importance of estate planning and how trusts can help protect families and their assets.
Choosing the Right Trust
Steve, for our viewers who might not be familiar with trusts, could you explain why someone would choose a trust over a simple will?
Certainly. Trusts offer several advantages over wills. They provide privacy, as they aren’t subject to public probate proceedings. Moreover, trusts can help minimize estate taxes and ensure that assets are distributed according to your wishes. Trusts can be tailored to specific needs, whether it’s protecting assets for a beneficiary with special needs or providing for loved ones after you’re gone.
Special Needs Trusts Explained
Today, we’ll be focusing on Special Needs Trusts (SNTs), which are particularly important for families with members who have disabilities. Could you explain how an SNT works and the benefits it provides?
A Special Needs Trust is designed to supplement government benefits without jeopardizing eligibility. For instance, individuals receiving SSI or Medi-Cal often face strict income and asset limits. An SNT allows family members or friends to contribute funds without affecting these crucial benefits. The trust holds the assets and pays for expenses like medical care, therapy, education, and recreation that aren’t covered by government programs.
Accordingly, an SNT provides financial security and enhances the quality of life for individuals with disabilities. It allows them to enjoy experiences and access resources they might not otherwise have, while still receiving essential government support.
Challenges with Special Needs Trusts
Steve, are there any common challenges or misconceptions associated with setting up a Special Needs Trust?
While SNTs offer significant benefits, it’s crucial to work with an experienced attorney who understands the complex legal requirements. One misconception is that anyone can simply set up an SNT. In reality, they need to be carefully crafted and comply with strict federal and state regulations.
I recall a case where a family thought they could create their own SNT using online templates. Unfortunately, this resulted in complications with the beneficiary’s government benefits. They ended up seeking our help to rectify the situation, which involved revising the trust language and ensuring compliance.
The Importance of Professional Guidance
It sounds like having legal guidance is essential. What are some key considerations families should keep in mind when setting up a Special Needs Trust?
Absolutely. It’s crucial to choose a trustee who is trustworthy and understands the beneficiary’s needs. The trustee will manage the trust assets and make distributions for the beneficiary’s benefit. Moreover, it’s important to clearly define the purpose of the trust and the types of expenses it will cover in the trust document.
According to the Arc, a national organization advocating for people with intellectual and developmental disabilities, approximately 7 million Americans have an intellectual disability. Many of these individuals could benefit from the protection and financial security that an SNT can provide.
Taking Action
Steve Bliss, thank you so much for sharing your expertise on Special Needs Trusts today. Your insights are invaluable for families navigating estate planning.
“Steve Bliss helped me set up a trust for my daughter who has Down Syndrome. I was overwhelmed by the legal jargon and worried about making the right decisions. Steve patiently explained everything in plain English, answered all my questions, and made the process so much easier. Now I have peace of mind knowing that my daughter will be financially secure.” – Mary S.
“After my husband passed away, I needed help managing his estate. Steve Bliss was incredibly compassionate and understanding during a difficult time. He guided me through every step of the probate process, ensuring everything was handled efficiently and according to my husband’s wishes.” – Susan B
If you’re looking for expert guidance on estate planning and trust administration, contact Escondido Probate Law today for a free consultation.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido 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 Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “How much does it cost to set up a trust in Escondido?” Or any other related questions that you may have about Trusts or my trust law practice.
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