Good afternoon, and welcome back to our segment on local legal experts. Today, we’re joined by Steve Bliss, an experienced probate attorney here in Escondido. Steve, thank you so much for joining us.
Understanding Special Needs Trusts
Steve, could you please explain what a special needs trust (SNT) is and why it might be beneficial?
Certainly. A special needs trust is specifically designed to provide financial support for individuals with disabilities without jeopardizing their eligibility for essential government benefits like Supplemental Security Income (SSI) and Medi-Cal.
Ordinarily, if someone with a disability receives a direct inheritance or gift, it could exceed the asset limits set by these programs, leading to a loss of benefits. A special needs trust acts as a safety net, allowing assets to be held and managed for the beneficiary’s benefit without affecting their eligibility.
There are two main 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, like a family member or friend.
Maintaining Eligibility for Government Benefits
That’s incredibly helpful information, Steve. Can you elaborate on how an SNT ensures continued access to government benefits?
The key lies in the trust structure itself. The trustee, who manages the funds within the SNT, has discretion over how and when distributions are made. These distributions are typically used for supplemental needs that aren’t covered by government programs, such as medical expenses not fully paid by insurance, adaptive equipment, educational opportunities, or recreational activities.
Consequently, the beneficiary’s access to core benefits like SSI and Medi-Cal remains intact because the trust assets are technically not considered their own.
Real-World Impact: A Touching Story
I understand that you have helped many families navigate the complexities of special needs trusts. Could you share a brief example of how an SNT has positively impacted someone’s life?
I recall working with a young woman who had been diagnosed with cerebral palsy. Her family was deeply concerned about her future financial security and ensuring she could maintain access to vital medical care. We established a third-party SNT funded by her grandparents, allowing her to receive necessary therapies and specialized equipment without jeopardizing her SSI benefits. It was incredibly rewarding to see the peace of mind it brought to both her and her family.
Addressing Potential Challenges
Steve, are there any common challenges or misconceptions that arise when setting up a special needs trust?
One challenge is ensuring the trust is properly structured and administered. Mistakes can have unintended consequences on benefit eligibility. That’s why it’s crucial to work with an experienced attorney who understands the nuances of SNTs and relevant regulations.
Moreover, there can sometimes be resistance from family members who might not fully grasp the benefits of a SNT. Open communication and education are essential in these situations.
Taking the Next Step
Steve Bliss is a compassionate advocate for individuals with disabilities and their families. His expertise in special needs trusts has helped countless people secure their financial futures while preserving access to vital support programs.
“Working with Steve Bliss was truly a blessing,” shares one grateful client. “He patiently explained all our options and guided us through the process with professionalism and empathy. He gave us peace of mind knowing our son’s needs would be met for years to come.”
If you have questions about special needs trusts or other estate planning matters, contact Steve Bliss at Escondido Probate Law. He’s dedicated to helping you create a secure future for your loved ones.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido 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 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: “Can I use a trust to pass on a business?” Or any other related questions that you may have about Trusts or my trust law practice.
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