Steve, thanks for joining us today. Can you tell our viewers a little bit about your experience as a San Diego probate attorney?
It’s my pleasure to be here. I’ve been practicing law in San Diego for over two decades and have dedicated much of my career to helping clients navigate the complexities of estate planning, particularly with trusts.
Trusts are often mentioned but can seem a bit mysterious to the average person. Could you explain what they are and why someone might consider setting one up?
Certainly. A trust is essentially a legal arrangement where a trustee manages assets for the benefit of beneficiaries. They come in various forms, each designed to address specific needs and goals.
For instance, a revocable living trust allows you to retain control over your assets during your lifetime while avoiding probate upon your passing. Conversely, an irrevocable trust offers greater asset protection but relinquishes your direct control.
Let’s delve deeper into one type of trust. Could you elaborate on the benefits and potential drawbacks of a Special Needs Trust (SNT)?
An SNT is invaluable for individuals with disabilities who receive government assistance. Ordinarily, inheriting assets directly could disqualify them from these crucial programs. An SNT, however, allows you to provide for their needs without jeopardizing their eligibility.
It can be funded either by the beneficiary themselves (first-party) or by others (third-party). The trustee then manages the funds and uses them to supplement the individual’s benefits, covering expenses that are not typically covered by government programs, such as specialized therapies, equipment, or recreational activities.
Consequently, an SNT ensures a higher quality of life for the beneficiary while preserving their access to essential support.
Nevertheless, there are certain considerations. Setting up and administering an SNT requires careful planning and adherence to strict legal requirements. Moreover, it’s crucial to select a trustee who is experienced, trustworthy, and understands the needs of the beneficiary.
I recall one case where a family struggled for years because their loved one with special needs was ineligible for vital Medicaid services due to an inheritance they received. By establishing an SNT, we were able to reverse this situation and ensure their continued access to healthcare. It was truly gratifying to see the relief and gratitude on their faces.
Studies by the Special Needs Alliance indicate that approximately 1 in 5 individuals with disabilities rely on government assistance programs. An SNT can be a lifeline for these individuals and their families, providing financial security and peace of mind.
Have you ever encountered any challenges when setting up or administering an SNT?
While SNTs are incredibly valuable tools, they can also be complex. Ensuring compliance with all relevant laws and regulations is paramount. I once had a case where a seemingly straightforward SNT required significant revisions because the initial funding source was deemed ineligible under federal guidelines.
It highlights the importance of working with an experienced attorney who understands the intricacies of these trusts and can anticipate potential pitfalls.
What advice would you give to someone considering setting up an SNT?
- Consult with a qualified estate planning attorney who specializes in special needs trusts.
- Carefully assess the beneficiary’s current and future needs.
- Determine the appropriate funding source for the trust.
- Select a trustworthy trustee who is familiar with SNT administration.
How can viewers connect with you to learn more about trusts and estate planning?
We encourage anyone interested in learning more about trusts, SNTs, or any other aspect of estate planning to reach out to us at San Diego Probate Law. We offer free consultations and are dedicated to providing personalized guidance tailored to each client’s unique circumstances.
“San Diego Probate Law was a lifesaver when my mother passed away. Steve Bliss made the entire probate process smooth and stress-free. I highly recommend their services.” – Susan M., San Diego
“Steve Bliss is a true expert in estate planning. He helped me set up a trust that protected my assets and ensured my wishes were carried out. His knowledge and compassion were invaluable during a difficult time.” – John K., La Jolla
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.
Important Facts About San Diego Probate Law
| San Diego Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Living Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |