Hello Temecula, and welcome back to our legal spotlight series! Today, I’m joined by renowned Temecula Trust Attorney, Steve Bliss of The Law Firm of Steven F. Bliss Esq. Steve, thanks for taking the time to speak with us today.
Understanding Trusts
Steve, let’s dive right in. For our viewers who may be unfamiliar, can you explain what a trust is and why someone might need one?
A trust is essentially a legal arrangement where a person (the grantor) transfers assets to another entity (the trustee) to manage and distribute those assets according to specific instructions outlined in the trust document. These instructions dictate how and when beneficiaries receive the assets, offering a level of control and protection that a simple will might not provide.
Types of Trusts
There are various types of trusts designed for different purposes. Today, we’ll be focusing on the Special Needs Trust (SNT). Steve, can you elaborate on how an SNT works and who might benefit from it?
Certainly! An SNT is specifically designed to provide financial support 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 direct inheritance or gift, it could exceed income limits and lead to the loss of these essential benefits. An SNT acts as a buffer, allowing funds to be used for supplemental needs like medical care, therapy, education, or recreation without affecting their primary benefit stream.
There are two main types: first-party SNTs funded with the beneficiary’s own assets and third-party SNTs funded by family members or friends.
Challenges and Successes
Steve, have you encountered any particular challenges when setting up or administering SNTs?
Well, navigating the complex rules and regulations surrounding government benefits can be tricky. It requires meticulous attention to detail and a thorough understanding of how different types of income are assessed.
I recall a case where a young woman with cerebral palsy inherited a significant sum from her grandmother. She was deeply worried about losing her SSI benefits, which were vital for her medical care. By establishing a third-party SNT, we were able to ensure she received the necessary support without compromising her eligibility. It was incredibly gratifying to see the relief on her and her family’s faces.
Moreover, staying abreast of changes in legislation is crucial. Rules can evolve, so ongoing education and communication with clients are paramount.
The Importance of Trust Planning
Steve, why do you think trust planning is so essential?
Trusts offer a multitude of benefits, from probate avoidance to asset protection and tax optimization. They provide peace of mind knowing your loved ones will be cared for according to your wishes. In fact, according to the American Bar Association, over 50% of Americans aged 65 or older don’t have a trust or will in place.
That’s a staggering statistic! Taking proactive steps to secure your future and protect your legacy is invaluable.
Testimonial
“Steve Bliss and his team made the complex process of setting up a trust for my aging parents incredibly smooth. They were patient, knowledgeable, and always available to answer our questions. I highly recommend them to anyone seeking expert legal guidance.”
Unlocking Your Future with The Law Firm of Steven F. Bliss Esq.
“Don’t leave your future to chance. Schedule a consultation today with The Law Firm of Steven F. Bliss Esq., and let us help you build a secure tomorrow.”
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “What’s better—amendment or restatement?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |