The phone rang, its insistent trill slicing through Sarah’s concentration. It was her sister, Anna, voice trembling with worry. Their mother, Margaret, had been diagnosed with a degenerative neurological condition. “What are we going to do?” Anna whispered, the fear palpable even across the miles.
Will I Need A Special Needs Trust?
This question often arises when a loved one faces a disability that may impact their ability to manage their finances and care. A special needs trust (SNT) is a legal instrument designed to safeguard assets for individuals with disabilities while preserving their eligibility for crucial government benefits, such as Supplemental Security Income (SSI) and Medicaid.
“Estate planning for someone with special needs requires careful consideration and specialized knowledge,” notes Steve Bliss, an experienced estate planning attorney in Temecula.
SNTs are generally established by parents, guardians, or other family members to ensure the individual’s long-term financial security. These trusts can be funded with a variety of assets, including inheritances, life insurance proceeds, and personal savings.
How Do I Choose The Right Type Of Trust?
There are two primary types of SNTs: first-party and third-party. First-party SNTs are funded with the beneficiary’s own assets and are subject to strict Medicaid “payback” provisions upon the beneficiary’s death. Conversely, third-party SNTs are funded by someone other than the beneficiary (e.g., a parent or grandparent) and do not have payback requirements.
The selection of the appropriate type of trust depends on various factors, including the individual’s age, disability severity, and anticipated future needs. Consequently, it is crucial to consult with an experienced estate planning attorney who can guide you through this complex process.
What Happens If I Don’t Have A Special Needs Trust?
Without a properly structured SNT, individuals with disabilities may face significant financial challenges. Direct inheritance or gifts could jeopardize their eligibility for essential government benefits. Imagine John, a young man with Down syndrome who received a substantial inheritance from his grandmother. Without an SNT in place, John’s newfound wealth triggered SSI disqualification, leaving him unable to afford the specialized care he needed.
Conversely, Sarah and Anna diligently worked with Steve Bliss to establish a third-party SNT for their mother. The trust ensured Margaret continued receiving Medicaid benefits while also providing funds for supplemental care, therapies, and adaptive equipment.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is Temecula Probate Law. 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 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.
● Estate Planning 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.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
estate planning attorney near me
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RL4LUmGoyQQDpNUy9
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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: “Do I need to plan differently if I’m part of a blended family?” Or “How does the probate process work?” or “How do I make sure all my accounts are included in my trust? and even: “Can bankruptcy eliminate credit card debt?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.