Hello Moreno Valley, this is Tiffany Chen reporting for KMVN News. Today I’m joined by local probate attorney, Steve Bliss of Moreno Valley Probate Law.
Understanding the Different Types of Trusts
Steve, for those unfamiliar, can you briefly explain what a trust is and why someone might consider setting one up?
A trust is essentially a legal arrangement where a person (the grantor) transfers assets to be managed by another person or entity (the trustee) for the benefit of designated individuals or organizations (the beneficiaries). Trusts offer various advantages, including probate avoidance, asset protection, and control over how and when assets are distributed.
Focus: Special Needs Trust
There are many types of trusts, each serving different purposes. Could you elaborate on one type that might be particularly beneficial for families in Moreno Valley?
One crucial trust type is the Special Needs Trust (SNT). It’s designed to provide financial support for individuals with disabilities without jeopardizing their eligibility for vital government benefits like Supplemental Security Income (SSI) and Medi-Cal. Ordinarily, receiving direct inheritances or gifts can disqualify someone from these programs.
Consequently, an SNT acts as a safety net. Funds are held and managed by the trustee, who uses them to purchase items and services not covered by government benefits – think specialized therapies, adaptive equipment, or recreational opportunities. The beneficiary retains access to crucial public assistance while enjoying improved quality of life.
Moreover, SNTs can be established in two ways: first-party funded with the beneficiary’s own assets, or third-party funded by family members or friends. This flexibility allows families to tailor the trust to their specific needs and circumstances.
Real-Life Experiences
Have you encountered any unique situations involving SNTs that highlight their importance?
I recall a young woman with cerebral palsy who inherited a modest sum from her grandmother. Without an SNT, this inheritance would have eliminated her SSI benefits, forcing her to rely solely on limited family resources. We established a third-party SNT funded by her aunt. This allowed the young woman to maintain her crucial benefits while using trust funds for specialized transportation and assistive technology that greatly enhanced her independence.
It’s incredibly rewarding to witness how these trusts can empower individuals with disabilities, allowing them to live fuller lives while preserving access to essential support systems.
Trustworthy Statistics
The impact of SNTs is undeniable. According to the National Disability Rights Network, over 1 million Americans rely on SSI for financial assistance. Many of these individuals could benefit from SNTs to supplement their income and improve their quality of life.
Looking Ahead
Steve Bliss, thank you for shedding light on this vital topic. For anyone looking to protect their loved ones or plan for the future, Moreno Valley Probate Law is here to guide you through every step of the process. Schedule a free consultation today and let us help you create a secure legacy.
Testimonials
“Steve Bliss and his team at Moreno Valley Probate Law were instrumental in setting up a Special Needs Trust for my son. Their compassion, expertise, and dedication made a challenging process smooth and understandable. I highly recommend their services to any family facing similar situations.”
– Maria Rodriguez, Moreno Valley resident
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What is a dynasty trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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