Meet Steve Bliss
Hello, everyone, and welcome back. I’m Jenny Parker reporting live from sunny San Diego. Today we have the pleasure of speaking with local probate attorney Steve Bliss. Steve, thanks for joining us.
Understanding Trust Basics
Steve, for those unfamiliar, can you explain what a trust is and why someone might consider setting one up?
Thanks for having me, Jenny. A trust is essentially a legal entity that holds assets for the benefit of designated individuals or entities. It’s created by a grantor who transfers ownership of assets to the trust. These assets are then managed by a trustee according to the grantor’s instructions outlined in the trust document.
There are numerous reasons why someone might choose to create a trust. One common reason is to avoid probate, which can be a lengthy and expensive legal process. Trusts also offer privacy, as the details of the trust’s assets are not made public during probate. Moreover, trusts can provide for loved ones with special needs or ensure that assets are distributed according to the grantor’s wishes.
The Benefits of a Special Needs Trust
Today, we’re going to focus on Special Needs Trusts (SNTs). Can you elaborate on what these are and who they benefit?
Certainly. A Special Needs Trust is specifically designed to provide for individuals with disabilities without jeopardizing their eligibility for crucial government benefits like Supplemental Security Income (SSI) or Medi-Cal.
Ordinarily, if a person with disabilities receives a large inheritance or gift, it could disqualify them from receiving these vital benefits. However, assets held in a Special Needs Trust are not considered the beneficiary’s income or resources for the purposes of benefit eligibility.
There are two types of SNTs: first-party and third-party. A first-party SNT is funded with the assets of the individual with disabilities. Conversely, a third-party SNT is funded by someone else, such as a family member or friend.
The trustee of an SNT manages the funds and uses them to purchase goods and services that enhance the beneficiary’s quality of life, such as medical care, education, recreation, and housing.
Navigating Challenges
Steve, have you encountered any challenges or complexities when setting up Special Needs Trusts?
You know, Jenny, working with families to establish SNTs is incredibly rewarding. I recall a situation where a young woman with cerebral palsy inherited a significant sum from her grandmother. Her parents were worried about losing her SSI benefits if they simply deposited the inheritance into her account.
We worked closely with them to create a third-party Special Needs Trust, ensuring she could benefit from her inheritance without jeopardizing her crucial healthcare coverage. Seeing the relief on their faces and knowing we helped secure her future was truly gratifying.
It’s important to remember that SNTs are subject to strict legal requirements, so it’s essential to work with an experienced attorney who understands the nuances of these trusts.
The Power of Planning
According to a study by the American College of Trust and Estate Counsel, over 60% of adults do not have a will or trust in place. That means their assets could be subject to probate and distributed according to state law, potentially not aligning with their wishes.
Steve, what’s your advice for viewers who might be considering setting up an estate plan?
Jenny, the best time to start planning is now. Don’t wait for a life event to force your hand. An estate plan gives you peace of mind knowing that your assets will be distributed according to your wishes and that your loved ones are protected.
It’s important to consult with an experienced probate attorney who can assess your individual needs and goals and recommend the best course of action. At San Diego Probate Law, we take pride in providing compassionate and personalized guidance throughout the estate planning process.
San Diego Probate Law: Trusted Guidance
“Steve Bliss and his team at San Diego Probate Law made the entire probate process so much easier for me during a difficult time. They were always available to answer my questions and kept me informed every step of the way.”
– Sarah M., satisfied client
“I was impressed with Steve’s knowledge and professionalism. He explained everything clearly and helped me create an estate plan that met my specific needs. I highly recommend San Diego Probate Law to anyone looking for trustworthy legal advice.”
– John K., satisfied client
Take control of your future. Contact San Diego Probate Law today for a free consultation and discover how we can help you protect what matters most.
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 are the rights of a surviving spouse under California law?” 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 Charitable Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Charitable Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Charitable Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Charitable Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Charitable Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Charitable Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |