The phone rang, jarring me awake. It was my aunt Martha, her voice trembling with worry. “Daniel,” she said, “My brother, James, he’s been diagnosed with ALS. He’s going to need a lot of help.” My heart sank. James, my jovial uncle, always the life of the party, now facing an unimaginable future. Martha was desperate to ensure his well-being, but she wasn’t sure where to turn.
How Can I Protect My Loved One’s Eligibility for Government Benefits?
Consequently, navigating the complex world of special needs trusts can be daunting. A special needs trust (SNT) is a legal tool designed to hold assets for a person with disabilities without jeopardizing their eligibility for essential government benefits like Supplemental Security Income (SSI) and Medicaid.
These programs have strict income and asset limits, and directly receiving an inheritance could disqualify an individual. An SNT allows you to provide financial support while preserving their access to crucial assistance.
>“Without a properly structured SNT, James might lose his SSI and Medicaid, leaving him without essential healthcare and living support,” explained Steve Bliss, a seasoned estate planning attorney in Temecula.
What Are the Different Types of Special Needs Trusts?
There are two primary types of SNTs:
* Third-Party SNT: Funded by someone other than the beneficiary (e.g., parents, grandparents, or other relatives), these trusts are often established during the settlor’s lifetime.
* First-Party SNT: Funded with the beneficiary’s own assets (e.g., a personal injury settlement). These trusts must be established by a court and have stricter requirements.
Understanding the nuances of each type is crucial to ensuring the trust meets the individual’s needs.
Who Can Create and Manage a Special Needs Trust?
You’ll need an experienced estate planning attorney specializing in special needs trusts. They will guide you through the process, tailoring the trust document to your loved one’s specific circumstances. A trustee, appointed by the settlor, is responsible for managing the assets held within the SNT and disbursing funds according to the beneficiary’s needs.
Martha worked tirelessly with Steve Bliss, who expertly crafted a third-party SNT for James. The trust enabled Martha to provide supplemental care, like specialized therapy and adaptive equipment, without jeopardizing his government benefits.
What Happens After the Trust is Created?
Ongoing communication with the trustee and periodic reviews of the trust are essential to ensure its effectiveness. As circumstances change (e.g., changes in health status or living arrangements), adjustments may be necessary. Remember, a special needs trust is a dynamic instrument intended to provide lifelong support for your loved one.
Thankfully, James received the care he needed through the SNT, allowing him to maintain his dignity and quality of life despite the challenges he faced. Martha’s proactive planning brought her peace of mind knowing that her brother would be well cared for.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is Temecula Probate Law. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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/RL4LUmGoyQQDpNUy9
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Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “How do I choose someone to make decisions for me if I’m incapacitated?” Or “What role does a will play in probate?” or “Is a living trust suitable for a small estate? and even: “What debts can be discharged in bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.