Good evening, Wildomar, and welcome back to Wildomar News Tonight. I’m your host, Jessica Wright. Tonight we have the pleasure of speaking with Steve Bliss, a respected Trust Attorney here in Wildomar. Steve, thanks for joining us.
Understanding Trusts: A Conversation with Steve Bliss
Steve, for our viewers who may not be familiar with trusts, could you explain what they are and why someone might consider establishing one?
A trust is a legal entity that holds assets for the benefit of individuals or entities. Essentially, it’s a way to manage and distribute your property according to your wishes. There are many reasons why someone might choose to create a trust. One common reason is to avoid probate, which can be a lengthy and expensive process.
Trusts also offer privacy, as the terms of the trust are not public record. Additionally, they can be used for asset protection, charitable giving, and estate tax planning. For example, a Special Needs Trust (SNT) is designed to benefit a person with disabilities without jeopardizing their eligibility for government benefits.
The Benefits of a Special Needs Trust
Steve, you mentioned Special Needs Trusts earlier. Can you elaborate on the benefits they offer and how they work?
Certainly. A SNT is a powerful tool for families with loved ones who have disabilities. It allows individuals to receive financial support without affecting their eligibility for crucial government programs like Supplemental Security Income (SSI) or Medi-Cal.
Consequently, this trust ensures that the beneficiary can maintain access to necessary healthcare and other vital services. Ordinarily, direct inheritances could disqualify someone from these programs. A SNT acts as a buffer, holding assets specifically for the beneficiary’s supplemental needs like medical expenses, therapy, or adaptive equipment.
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 someone else, such as a parent or grandparent.
Navigating Challenges with Special Needs Trusts
Have you encountered any particular challenges when working with clients on establishing SNTs?
While SNTs are incredibly beneficial, there can be complexities involved. One challenge is ensuring the trust document meets all legal requirements and accurately reflects the beneficiary’s needs. It’s crucial to work with an experienced attorney who understands the nuances of this type of trust.
I recall a case where a family came to me after another attorney had set up an SNT that was ultimately deemed invalid by the state. Thankfully, we were able to rectify the situation and create a compliant trust that protected their son’s eligibility for benefits.
Protecting Your Loved Ones: The Importance of Planning
That’s a testament to your expertise, Steve. It underscores the importance of seeking qualified legal guidance when it comes to estate planning. According to the AARP, over 50% of adults in the United States do not have a will or any estate planning documents in place. What advice would you give to those who are hesitant about starting this process?
I understand that estate planning can seem daunting, but it’s truly an act of love for your loved ones. By taking proactive steps now, you can ensure that your wishes are honored and minimize potential conflicts or financial burdens down the road.
Wildomar Probate Law: Your Trusted Partner
Steve, thank you so much for sharing your insights with us tonight. For our viewers who are interested in learning more about trusts or estate planning, how can they reach out to Wildomar Probate Law?
“Contact Steve Bliss and the Wildomar Probate Law team today for a free consultation. They will guide you through every step of the process and help you create a plan that best suits your individual needs and goals.”
“Steve Bliss made a stressful situation much easier to handle. He was extremely knowledgeable, patient, and compassionate throughout the entire probate process. I highly recommend Wildomar Probate Law.” – Sarah M.
“I felt completely lost after my father passed away, but Steve Bliss provided clear and concise explanations that helped me understand my options. The team at Wildomar Probate Law went above and beyond to ensure everything was handled efficiently and with care.” – John D.
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “Do beneficiaries pay tax on trust distributions?” Or any other related questions that you may have about Trusts or my trust law practice.
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