Hello Temecula and welcome back to our legal spotlight series. I’m Brenda Jones, your local reporter for KTEM News, and today we have the pleasure of speaking with esteemed trust attorney, Steve Bliss, from The Law Firm of Steven F. Bliss Esq. Steve, thank you so much for joining us.
Why Do People Choose to Create Trusts?
Steve, can you help our viewers understand why someone might choose to create a trust instead of just having a will?
Benefits Beyond Probate
Thanks for having me Brenda. Many people are familiar with wills, but trusts offer some distinct advantages. Primarily, trusts help avoid the often lengthy and costly probate process. When assets are held in a trust, they can be distributed to beneficiaries more quickly and privately.
Moreover, trusts provide greater control over how and when your assets are distributed. You can specify conditions for inheritance, such as requiring beneficiaries to reach a certain age or meet educational milestones before receiving funds. This level of customization isn’t typically possible with a will alone.
Choosing the Right Trust: Irrevocable Trusts
Steve, you mentioned different types of trusts. Can you elaborate on one specific type and its benefits?
Protection and Planning
Certainly. Today I want to highlight irrevocable trusts. As their name suggests, these trusts cannot be easily modified or dissolved once created. This immutability can be a powerful tool for asset protection and estate tax planning.
For instance, if someone is concerned about potential lawsuits or creditors, transferring assets into an irrevocable trust can shield them from claims. The assets legally belong to the trust, not the individual, making them less accessible in legal proceedings.
Conversely, irrevocable trusts can also be instrumental in minimizing estate taxes. By removing assets from your taxable estate while you’re alive, you can potentially reduce the tax burden on your heirs later on. It’s important to note that setting up an irrevocable trust requires careful consideration and planning, as it involves permanently relinquishing control over the transferred assets.
Navigating Challenges
Steve, have there been any instances where the immutability of irrevocable trusts presented challenges for your clients?
Lessons Learned
There was a case I recall where a client created an irrevocable trust to protect assets from potential business liabilities. Unfortunately, unforeseen circumstances arose, and they needed access to those funds for unexpected medical expenses. Because the trust was irrevocable, accessing those funds proved incredibly difficult.
This experience underscored the importance of thorough planning and considering all contingencies before establishing an irrevocable trust. While they offer significant benefits, it’s crucial to understand the limitations and potential downsides.
Trust Statistics
According to a recent study by the American Bar Association, nearly 50% of Americans aged 65 or older have not created any estate planning documents, including trusts.
Testimonial Time
“Steve Bliss and his team were incredibly helpful in guiding us through the complex process of setting up a trust for our family. They explained everything clearly and patiently answered all of our questions. We felt confident that our assets were in good hands.” – The Smiths, Temecula Residents
“I was hesitant about creating a trust at first, but Steve made it understandable and manageable. He helped me identify my goals and choose the right type of trust for my situation. I highly recommend him to anyone looking for trustworthy legal advice.” – Maria Jones, Temecula Resident
Ready to Secure Your Future?
Steve, how can our viewers take the next step towards securing their financial future?
Expert Guidance Awaits
Brenda, it’s crucial to remember that estate planning is a personal journey. The best way to determine if a trust is right for you and which type would be most beneficial is to consult with an experienced attorney. We invite viewers to contact us at the Law Firm of Steven F. Bliss Esq. for a complimentary consultation. We are committed to empowering individuals and families in Temecula with comprehensive estate planning solutions tailored to their unique needs.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. 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.
● 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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
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: “Can a trust protect my home from Medi-Cal recovery?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Temecula Asset Protection Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Asset Protection Trust Lawyer Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Asset Protection Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Asset Protection Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Asset Protection Trust Lawyer Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Asset Protection Trust Lawyer in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |