Steve, thanks for joining us today. Can you explain what a Special Needs Trust is and who might benefit from it?
Certainly! A Special Needs Trust (SNT) is a powerful legal tool designed to protect the financial well-being of individuals with disabilities while preserving their eligibility for crucial government benefits like Supplemental Security Income (SSI) and Medi-Cal.
These trusts are often essential because direct ownership of assets can disqualify someone from receiving these vital programs. With an SNT, funds are managed by a trustee who uses them to pay for supplemental needs, such as medical expenses, education, recreation, or assistive devices, that are not covered by government benefits.
There are two primary 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 funded by family members or friends.
That sounds incredibly important. Are there any potential challenges with setting up or managing an SNT?
You’re right, it’s crucial work. While SNTs are invaluable for protecting the financial security of individuals with disabilities, navigating the legal complexities involved can be challenging.
Accordingly, it’s essential to work with an experienced probate attorney who understands the intricacies of these trusts and the eligibility requirements for government benefits. The trustee also plays a critical role in ensuring that funds are used appropriately and that reporting obligations are met.
I recall one instance where a family had set up a third-party SNT but hadn’t carefully considered the beneficiary’s specific needs and preferences. Consequently, the trust assets weren’t being utilized effectively. We worked with them to restructure the trust, ensuring that it aligned with their loved one’s goals and enhanced their quality of life.
What advice would you give to families considering a Special Needs Trust?
My advice is threefold: first, seek guidance from an attorney specializing in special needs planning. They can assess your unique situation, explain the different types of SNTs, and help you make informed decisions.
Second, involve your loved one with disabilities in the process to the extent possible. It’s their life, after all, and their preferences should be respected. Third, remember that SNTs are not “set it and forget it” arrangements. Ongoing communication with the trustee and periodic reviews are crucial to ensure that the trust continues to meet your loved one’s evolving needs.
The impact of SNTs can be profound. Research by The Arc shows that over 70% of adults with intellectual or developmental disabilities rely on SSI for essential income support (The Arc, 2023).
How can people reach out to learn more about San Diego Probate Law’s services?
We are dedicated to providing compassionate and effective legal counsel for individuals and families navigating the complexities of estate planning and probate. Our team understands that these matters often involve sensitive personal issues, and we strive to create a supportive environment where our clients feel heard and understood.
“Steve Bliss was incredibly patient and understanding throughout the entire probate process. He took the time to explain everything clearly and made me feel confident that my mother’s wishes were being honored.” – Mary S., San Diego
“I highly recommend San Diego Probate Law for anyone dealing with estate planning or trust issues. Steve is a true expert in his field and he genuinely cares about his clients.” – John P., La Jolla
Don’t hesitate to reach out for a free consultation to discuss your individual needs and learn how we can help you plan for the future.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “What is a grantor trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
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