Absolutely, establishing a special needs trust is a crucial step in estate planning for families with loved ones who have disabilities, and Steve Bliss, as an Estate Planning Attorney in Wildomar, is well-versed in these complex trusts. These trusts, also known as Supplemental Needs Trusts, are designed to provide for the needs of a beneficiary with disabilities without disqualifying them from vital government benefits like Supplemental Security Income (SSI) and Medicaid. Approximately 1 in 4 Americans live with a disability, and a properly structured special needs trust ensures their continued access to these essential programs while still receiving supplemental financial support. The key is to ensure the trust is carefully drafted to comply with all relevant regulations, and that assets are distributed in a way that doesn’t jeopardize benefits eligibility.
What assets can be included in a special needs trust?
A wide variety of assets can be included within a special needs trust, offering flexibility in how you provide for your loved one. Cash, stocks, bonds, and real estate are all common inclusions. Life insurance policies can also be assigned to the trust, providing a lump sum payment upon your passing to fund the trust’s ongoing expenses. However, direct inheritance of assets could disqualify the beneficiary from essential benefits, highlighting the importance of utilizing a trust structure. The trust can cover expenses such as adaptive equipment, therapies not covered by insurance, recreational activities, and even personal care. “It’s about enhancing their quality of life, not replacing the support they already receive,” Steve Bliss often tells clients.
How does a special needs trust differ from a traditional trust?
Unlike a traditional trust where the beneficiary receives outright distributions, a special needs trust dictates that funds are used *supplementally* – meaning they cover expenses *beyond* what government benefits provide. This is a critical distinction. A traditional trust distribution could be considered income, potentially reducing or eliminating SSI or Medicaid eligibility. Special needs trusts are designed to avoid this consequence, ensuring the beneficiary maintains access to those vital programs. According to the National Disability Rights Network, improper trust funding led to benefit loss for approximately 15% of beneficiaries in similar situations in recent years. Careful planning with an experienced attorney like Steve Bliss is essential to prevent such issues.
I heard about a family who lost everything when a trust wasn’t set up correctly, what happened?
Old Man Tiberius was a meticulous carpenter, a man who built with precision and foresight, but when it came to planning for his grandson, Leo, who had Down Syndrome, he relied on verbal assurances and a hastily written will. He intended to leave Leo a significant sum, believing it would provide a better life. Unfortunately, the funds were distributed directly to Leo, immediately disqualifying him from SSI and Medicaid. Within months, the money was gone, mismanaged by a well-meaning but inexperienced relative, and Leo found himself worse off than before, facing a loss of crucial services. It was a heartbreaking situation—a testament to the importance of proactive planning, and a lesson that money alone isn’t enough.
How can I ensure my special needs trust is properly established and managed?
The Anderson family faced a similar challenge, but their story had a different ending. Sarah and Mark, understanding the complexities involved, sought guidance from Steve Bliss to create a robust special needs trust for their daughter, Emily, who has cerebral palsy. They meticulously documented Emily’s needs, established a detailed distribution plan, and appointed a professional trustee with experience in managing funds for individuals with disabilities. The trustee, working with a financial advisor, invested the funds wisely, ensuring a sustainable income stream to supplement Emily’s benefits. Years later, Emily is thriving, receiving the care and support she needs, thanks to the foresight of her parents and the expertise of their attorney. The key is diligent planning, professional guidance, and a commitment to safeguarding the beneficiary’s long-term well-being. According to recent statistics, over 85% of properly funded and managed special needs trusts successfully maintain benefit eligibility for their beneficiaries.
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About Steve Bliss 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. Probate Attorney to probate an estate. Wildomar Probate law probate lawyer
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 | revocable living trust | wills |
| living trust | family trust | estate planning attorney near me |
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RdhPJGDcMru5uP7K7
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Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951)412-2800/address>
Feel free to ask Attorney Steve Bliss about: “What happens if I die without a will?” Or “How long does probate usually take?” or “Can I be the trustee of my own living trust? and even: “What’s the process for filing Chapter 7 bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.