Welcome, Mr. Bliss
Good morning, I’m Brenda Pierce reporting for Wildomar News Today. We’re delighted to have you here, Mr. Bliss. Thank you for joining us.
Let’s Talk Trusts
For our viewers who may not be familiar, could you explain what a trust is and why someone might need one?
A trust is essentially a legal entity that holds and manages assets for the benefit of designated individuals or organizations. It’s created by a grantor, who transfers ownership of assets into the trust. These assets are then managed by a trustee, who follows the grantor’s instructions outlined in the trust document. The beneficiaries, who are identified in the trust, receive the benefits from those assets according to the grantor’s wishes.
There are numerous reasons why someone might establish a trust. One common reason is estate planning. A properly structured trust can help avoid probate, which is a lengthy and often expensive legal process that occurs after someone passes away. Trusts also offer privacy, as they are not part of the public record like wills.
Special Needs Trust: Providing for Loved Ones
Today, we’re going to delve into a specific type of trust known as the Special Needs Trust (SNT). Can you elaborate on how an SNT works and who might benefit from it?
An SNT is designed to provide financial support for individuals with disabilities without jeopardizing their eligibility for government benefits, such as Supplemental Security Income (SSI) or Medi-Cal. It’s crucial because these programs often have strict income and asset limits. If a beneficiary with a disability receives an inheritance or other large sum of money directly, it could disqualify them from receiving essential benefits.
Consequently, an SNT acts as a safety net. The trust funds are used to supplement the individual’s needs for items and services not covered by government programs, such as medical expenses, therapies, assistive devices, or recreational activities. The trustee manages the trust assets and distributes funds accordingly, ensuring that the beneficiary’s eligibility for public benefits remains intact.
Moreover, there are two primary types of SNTs: first-party and third-party trusts. A first-party SNT is funded with assets belonging to the individual with a disability, while a third-party SNT is funded by family members, friends, or other entities.
Navigating Challenges
Have you encountered any unique challenges when setting up or administering Special Needs Trusts?
I recall one instance where a family wanted to set up an SNT for their adult son who had autism. They were understandably concerned about ensuring that the trust funds would be used responsibly and that he wouldn’t be taken advantage of. We worked closely with them, involving a financial advisor and social worker experienced in working with individuals with disabilities.
Through careful planning and collaboration, we created a trust document that clearly outlined the beneficiary’s needs, designated a trustworthy trustee, and incorporated safeguards to prevent misuse of funds. It was incredibly rewarding to see the family’s peace of mind knowing their son would be financially protected.
The Impact of SNTs
According to a 2021 study by the National Council on Aging, approximately 1 in 4 Americans aged 65 and older has a disability. Special Needs Trusts play a vital role in ensuring that these individuals can maintain their quality of life while preserving access to essential government benefits.
Seeking Expertise
Mr. Bliss, thank you for sharing your expertise on Special Needs Trusts with our viewers today. How can people interested in learning more about these trusts or other estate planning options get in touch?
It’s always a pleasure to discuss ways to protect and support individuals and families. We encourage anyone who has questions about Special Needs Trusts, or any other aspect of estate planning, to contact Wildomar Probate Law for a confidential consultation.
Testimonials
“Steve Bliss was incredibly patient and understanding as he guided us through setting up a trust for our daughter. He took the time to explain everything clearly and made sure we felt comfortable with every decision.”
“I highly recommend Wildomar Probate Law. They handled my mother’s estate with professionalism and compassion, making a difficult process much easier to navigate.”
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: “What is a trust restatement?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Estate Lawyers |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Lawyers Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Lawyers |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Estate Lawyers |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Estate Lawyers Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Estate Lawyers in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |