Good morning, San Diego! Today we’re joined by renowned probate attorney Steve Bliss of San Diego Probate Law to discuss the complex world of estate planning.
Understanding Trusts
Steve, for our viewers who may not be familiar with trusts, could you explain what they are and why they’re an important part of estate planning?
“A trust is essentially a legal arrangement where a person, known as the grantor, transfers assets to a trustee who manages those assets for the benefit of designated beneficiaries,” explains Bliss. “Trusts offer numerous advantages in estate planning, such as avoiding probate, reducing estate taxes, and providing asset protection.”
Special Needs Trusts
Today we’ll be focusing on Special Needs Trusts (SNTs). Can you elaborate on how these trusts work and who they benefit?
Bliss nods. “Special Needs Trusts are designed to provide financial support for individuals with disabilities without jeopardizing their eligibility for vital government benefits like Supplemental Security Income (SSI) or Medi-Cal.” He goes on to explain that SNTs can be funded in two ways: first-party, using the beneficiary’s own assets, or third-party, funded by family members or other concerned individuals.
“Consequently, a properly structured SNT ensures that the beneficiary receives necessary financial assistance while maintaining access to essential government programs,” Bliss emphasizes.
He further clarifies that there are strict rules governing SNTs, and it’s crucial to work with an experienced probate attorney to ensure compliance. “I recall one instance where a family tried to set up an SNT on their own, but they inadvertently structured it in a way that disqualified the beneficiary from receiving benefits,” Bliss shares. “Fortunately, we were able to correct the situation and protect the individual’s access to crucial support.”
Bliss underscores the importance of seeking professional guidance: “More than 60% of individuals with disabilities rely on government assistance programs,” he notes (source: National Disability Rights Network). “A misstep in setting up an SNT can have devastating consequences for their financial security and well-being.”
Seeking Expert Guidance
Steve, what final advice would you give to our viewers regarding estate planning and trusts?
“Estate planning can seem daunting, but it’s essential for protecting your assets and ensuring your wishes are carried out,” Bliss concludes. “Don’t wait until it’s too late. Contact us today for a free consultation. We’ll help you navigate the complexities of estate planning and create a plan that meets your unique needs.”
Testimonials
“Steve Bliss made the probate process so much easier to understand. He was patient, compassionate, and always available to answer my questions.”
– Maria G.
“I highly recommend San Diego Probate Law. They are true professionals who handled my case with expertise and integrity.”
– David S.
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: “Can I write my own trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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