I’m Brenda Wilson, reporting for Wildomar News Today. Joining me is Steve Bliss, a renowned trust attorney here in Wildomar, specializing in guiding individuals and families through the complexities of estate planning.
Trusts: Protecting Your Legacy
Steve, thank you so much for taking the time to speak with me today. For our viewers who may be unfamiliar, could you explain what a trust is and why it’s such an important tool in estate planning?
Protecting Assets for Future Generations
Brenda, it’s a pleasure to be here. Essentially, a trust is a legal entity that holds and manages assets for the benefit of designated individuals, known as beneficiaries. It provides a framework for distributing those assets according to your wishes, even after you’re gone. Consequently, trusts offer a multitude of advantages. They allow you to avoid probate, a potentially lengthy and costly court process. Moreover, they provide privacy, as the terms of the trust are not publicly available.
Let me illustrate with an example: Imagine a parent wants to ensure their child receives financial support for college, but worries about them squandering the money unwisely. They could establish a trust that dictates specific distributions for educational expenses only, protecting the funds from impulsive spending.
Special Needs Trusts
Today, we’re going to focus on Special Needs Trusts (SNTs). These are particularly vital for families with loved ones who have disabilities. Could you elaborate on how SNTs work and their benefits?
Certainly. An SNT is designed to supplement government benefits like Social Security Income (SSI) or Medi-Cal without jeopardizing eligibility. Ordinarily, a direct inheritance could disqualify someone from receiving these crucial supports. However, with an SNT, the assets are held by a trustee who manages them for the beneficiary’s benefit.
The trustee makes disbursements for items and services not covered by government programs, such as specialized therapies, adaptive equipment, or recreational activities. This allows individuals with disabilities to enjoy a higher quality of life without compromising their essential support systems.
I recall working with a family whose daughter had Down syndrome. They were concerned about her long-term care and wanted to ensure she wouldn’t lose access to vital medical services. We established an SNT, funded by the parents’ life insurance policy. Now, their daughter can continue receiving the support she needs while enjoying enriching experiences beyond those typically provided.
The Impact of Special Needs Trusts
That’s a heartwarming story, Steve. It truly highlights the profound impact these trusts can have. Are there any common challenges or misconceptions you encounter when advising clients about SNTs?
One misconception is that only wealthy individuals need SNTs. In fact, even modest assets can benefit from this type of planning. For example, a life insurance policy with a death benefit of $50,000 could be used to fund an SNT and make a significant difference in the life of someone with disabilities.
According to the Arc, an organization advocating for people with intellectual and developmental disabilities, over 7 million Americans receive SSI benefits. Many families of these individuals could benefit from exploring SNTs as part of their overall financial plan.
Peace of Mind Through Planning
Steve, thank you for sharing your expertise on this critical topic. It’s clear that trusts offer invaluable peace of mind and protection for our loved ones. How can viewers connect with Wildomar Probate Law to learn more about their options?
Brenda, we encourage anyone interested in exploring the benefits of trusts or other estate planning strategies to contact us for a free consultation. Our team is dedicated to providing personalized guidance and helping families create a secure future.
Testimonials
“Steve Bliss and his team at Wildomar Probate Law were incredibly helpful and compassionate during a difficult time. They explained everything clearly and made the process so much easier.” – Maria S.
“I was initially overwhelmed by the thought of estate planning, but Steve put me at ease. He answered all my questions patiently and developed a plan that met my unique needs.” – John P.
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: “Can I be my own trustee?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Special Needs Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Special Needs Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Special Needs Trust Attorney in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |