Good afternoon San Diego and welcome back to our legal segment. Today we’re joined by San Diego Probate Attorney, Steve Bliss, to discuss the complexities of estate planning and trusts. Steve, thanks for joining us.
Understanding Trusts
Steve, can you tell our viewers a little bit about what a trust is and why someone might consider setting one up?
A trust is essentially a legal entity that holds assets for the benefit of another person or people. It’s created by a grantor, who transfers ownership of their assets into the trust. Those assets are then managed by a trustee, according to the instructions outlined in the trust document. The beneficiaries, who are designated by the grantor, receive the benefits from the trust.
There are many reasons why someone might consider setting up a trust. Primarily, it’s a powerful tool for estate planning, allowing individuals to control how their assets are distributed after they pass away. It can also help minimize estate taxes and protect assets from creditors.
Focusing on Special Needs Trusts
Steve, we hear a lot about different types of trusts. Could you elaborate on one type in particular – the special needs trust?
Special needs trusts are designed to provide for individuals with disabilities without jeopardizing their eligibility for government benefits like Supplemental Security Income (SSI) or Medi-Cal. These programs often have strict income and asset limits, so a special needs trust can help ensure that the beneficiary receives necessary support without affecting their access to crucial assistance.
There are two main types of special needs trusts: first-party and third-party. A first-party trust is funded with the beneficiary’s own assets, while a third-party trust is funded by someone else, such as a parent or grandparent. Both types operate under the same principles – safeguarding the beneficiary’s well-being while preserving their eligibility for government programs.
Consequently, these trusts play a vital role in ensuring that individuals with disabilities have access to the care and support they need throughout their lives. Moreover, special needs trusts can offer peace of mind to families who are concerned about their loved one’s future well-being.
Navigating Challenges
Steve, are there any particular challenges you’ve encountered when setting up special needs trusts?
One situation that comes to mind involved a young woman with cerebral palsy. Her family wanted to ensure she had ongoing support for specialized therapies and adaptive equipment, which weren’t fully covered by her government benefits.
We worked closely with them to establish a third-party special needs trust, carefully outlining the permissible uses of funds to align with SSI and Medi-Cal regulations. It was incredibly rewarding to see the relief on their faces knowing that their daughter’s future was secure.
The Impact of Special Needs Trusts
According to the National Disability Rights Network, over 50 million Americans have disabilities, highlighting the significant need for planning tools like special needs trusts.
These trusts empower individuals with disabilities to live more fulfilling lives while easing the financial burden on their families.
Taking the Next Step
Steve, thank you so much for sharing your expertise. For our viewers who are interested in learning more about trusts and estate planning, how can they get started?
“Understanding your individual needs and goals is crucial when it comes to estate planning,” explains Steve Bliss. “Our team at San Diego Probate Law offers personalized consultations to help you create a plan that meets your unique circumstances.”
“Let us guide you through the complexities of trusts and ensure your loved ones are protected. Contact us today for a free consultation and take control of your future.”
“Steve Bliss and his team at San Diego Probate Law were incredibly helpful during a very difficult time. They explained everything clearly, answered all my questions patiently, and made the entire process much less stressful.”
– Sarah M.
“I highly recommend San Diego Probate Law for anyone needing assistance with estate planning. Steve is knowledgeable, compassionate, and truly cares about his clients.”
– David L.
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: “How do I distribute trust assets to minors?” 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 Asset Protection Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Asset Protection Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Asset Protection Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |