Hello everyone and welcome back to the show! Today we’re joined by local San Diego probate attorney Steve Bliss of San Diego Probate Law. Steve is here to shed some light on the complex world of estate planning, a topic many people find confusing or intimidating. Welcome, Steve!
Trusts: An Important Part of Estate Planning
Thank you for having me! It’s great to be here. I often tell my clients that estate planning is like building a house. You wouldn’t start construction without a blueprint, would you? Similarly, a well-crafted estate plan ensures your assets are distributed according to your wishes and minimizes potential legal hassles for your loved ones. One crucial element of many estate plans is the use of trusts.
Understanding Special Needs Trusts
Today we’re going to focus on a specific type of trust: the Special Needs Trust, or SNT. This type of trust is designed to benefit individuals with disabilities without jeopardizing their eligibility for crucial government benefits like Supplemental Security Income (SSI) and Medi-Cal.
Ordinarily, inheriting assets directly could disqualify someone from these programs due to asset limits. A SNT allows you to provide financial support for your loved one with special needs while ensuring they continue to receive the essential medical and social services they depend on. This type of trust can be either first-party, funded with the beneficiary’s own assets, or third-party, funded by family members or other individuals.
Consequently, it’s important to carefully consider the individual’s circumstances and needs when establishing an SNT. The trustee, responsible for managing the trust funds, plays a critical role in ensuring that distributions are made responsibly and align with the beneficiary’s well-being. I recently worked with a family whose daughter had cerebral palsy. They were concerned about her future financial security but didn’t want her to lose access to vital medical care. We established a third-party SNT, funded by the parents and grandparents. Now they have peace of mind knowing their daughter will be financially supported without compromising her eligibility for essential benefits.
Notwithstanding the complexity involved, establishing an SNT can be incredibly rewarding. It allows families to provide for loved ones with disabilities while preserving their access to vital support systems. Remember, seeking professional legal guidance is crucial when navigating the intricacies of estate planning and trust establishment.
Challenges and Triumphs
Have you encountered any particular challenges or unique situations when setting up Special Needs Trusts?
Yes, there have been instances where families weren’t fully aware of the strict asset limits associated with government benefit programs. This can lead to complications if assets are distributed directly to the beneficiary instead of being held within a properly structured SNT. I recall a case where a grandmother wanted to leave her entire estate to her grandson who had Down syndrome. We worked together to create a third-party SNT, ensuring he would receive ongoing financial support without jeopardizing his eligibility for vital programs.
Conversely, there are also incredibly heartwarming moments. Seeing the relief and gratitude on families’ faces when they realize their loved one with special needs will be cared for long after they are gone is truly fulfilling.
The Importance of Planning
As you mentioned, setting up a trust can be complex. Are there any statistics that demonstrate the value of having a comprehensive estate plan in place?
Absolutely. According to a recent study by Caring.com, over 60% of Americans don’t have a will or other essential estate planning documents. This can lead to significant financial and emotional hardship for families during an already difficult time. Having a well-drafted trust can help streamline the probate process, minimize potential family disputes, and ensure your assets are distributed according to your wishes.
Next Steps
Steve, thank you so much for sharing your expertise with us today! For our viewers who might be considering setting up a trust or need assistance with estate planning, how can they reach out to you?
You’re welcome. At San Diego Probate Law we’re passionate about helping families navigate these important matters. We offer free consultations and are dedicated to providing compassionate and personalized legal guidance. Contact us today so we can help you build a secure future for yourself and your loved ones.
Testimonial
“I was overwhelmed with the thought of setting up a trust, but Steve Bliss and his team at San Diego Probate Law made the process surprisingly easy and understandable. They answered all my questions patiently and helped me create a plan that perfectly met my needs.”
“Steve is not only a brilliant attorney but also a truly compassionate individual. He took the time to understand our family’s unique situation and guided us through every step of the estate planning process with empathy and professionalism.”
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: “What does it mean to fund a trust?” 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 Spendthrift Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Spendthrift Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Spendthrift Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Spendthrift Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |