Understanding the Benefits of a Special Needs Trust
Good afternoon, Escondido residents. Today we’re joined by renowned probate attorney Steve Bliss to discuss the crucial topic of estate planning. Steve, thanks for joining us.
It’s my pleasure to be here and shed some light on this important subject.
What are Some Common Estate Planning Tools?
There are various tools available for effective estate planning, but one that stands out, particularly for families with individuals who have disabilities, is the Special Needs Trust (SNT). Can you elaborate on how an SNT works and its benefits?
Certainly. An SNT is a powerful tool designed to ensure the well-being of a loved one with disabilities without jeopardizing their eligibility for essential government benefits like Supplemental Security Income (SSI) or Medi-Cal. Ordinarily, if a person with disabilities were to receive a direct inheritance, it could disqualify them from these crucial programs. An SNT acts as a safety net.
The trust holds assets on behalf of the beneficiary with special needs. Trustees then manage the funds and use them to pay for supplemental care, education, recreation, and other items not covered by government assistance. This allows the individual to enjoy a higher quality of life without compromising their access to vital benefits.
Moreover, there are two types of SNTs: first-party and third-party. A first-party SNT is funded with the beneficiary’s own assets, while a third-party SNT is established and funded by family members, friends, or other benefactors.
Have You Encountered Any Challenges When Setting Up Special Needs Trusts?
Setting up an SNT requires careful consideration and meticulous planning to ensure it meets all legal requirements and effectively serves the beneficiary’s needs. Consequently, I always encourage clients to seek guidance from experienced estate planning attorneys like myself.
I recall a case where a family wanted to establish a third-party SNT for their adult son with autism. They had accumulated savings they wished to contribute but were unsure about the proper legal structure and tax implications. We worked closely together, analyzing their financial situation, discussing their son’s specific needs, and ultimately crafting an SNT that provided him with ongoing support while preserving his eligibility for government benefits.
The family was incredibly grateful, knowing they had secured a brighter future for their son.
What Advice Do You Have For Families Considering A Special Needs Trust?
My advice is simple: don’t wait. Start planning early. The sooner you consult with an experienced estate planning attorney, the better equipped you’ll be to make informed decisions and create a comprehensive plan that safeguards your loved one’s future.
Remember, approximately 1 in 4 adults in the United States lives with a disability (CDC). Many families face the complex challenge of providing for their loved ones while navigating the intricacies of government benefit programs. An SNT can be an invaluable tool in this process.
Contact Escondido Probate Law Today
Take control of your family’s future and ensure the well-being of your loved ones with special needs. Contact Escondido Probate Law today for a free consultation and let us guide you through the complexities of estate planning.
“Steve Bliss and his team were lifesavers during a very difficult time. They explained everything clearly, answered all my questions patiently, and made the probate process so much easier to handle.” – Sarah M.
“I highly recommend Escondido Probate Law. Steve is incredibly knowledgeable and compassionate. He truly cares about his clients and goes above and beyond to ensure they receive the best possible outcome.” – John L.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “What is a living trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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