Good evening, Temecula! This is Tiffany Jones reporting for Channel 7 News. Tonight, we’re speaking with Steve Bliss, a renowned trust attorney here in Temecula, about the vital role trusts play in estate planning.
Understanding Trusts
What exactly is a trust and how does it benefit individuals?
Steve explains that a trust is a legal entity that holds assets for the benefit of designated beneficiaries. It’s essentially a contract outlining how those assets should be managed and distributed, even after the creator (the grantor) passes away.
He emphasizes that trusts offer several advantages, including probate avoidance, privacy protection, and potential tax savings. “Probate can be a lengthy and expensive process,” Steve notes. “By placing assets in a trust, you can bypass probate altogether, ensuring your loved ones receive their inheritance more quickly and efficiently.”
The Power of Irrevocable Trusts
Can you elaborate on the different types of trusts available and which one might be most suitable for certain situations?
Steve delves into the world of trusts, highlighting various options like revocable living trusts, testamentary trusts, and special needs trusts. He ultimately focuses on irrevocable trusts, explaining their unique benefits.
“Irrevocable trusts offer a higher level of asset protection,” Steve clarifies. “Once assets are transferred into an irrevocable trust, they are generally shielded from creditors and lawsuits. This can be particularly valuable for individuals concerned about protecting their wealth.”
He further elaborates on the permanency of irrevocable trusts: “Unlike revocable trusts which can be amended or dissolved during the grantor’s lifetime, irrevocable trusts are, as the name suggests, generally permanent. Consequently, careful consideration and planning are essential before establishing one.”
Steve recounts a situation where an individual facing potential litigation used an irrevocable trust to safeguard their assets. “It was a complex case,” he recalls, “but by transferring assets into an irrevocable trust beforehand, we were able to protect a significant portion of their wealth from being seized as part of the lawsuit.”
According to a study by the American Bar Association, approximately 40% of Americans over the age of 50 do not have a will or estate plan in place. This alarming statistic underscores the importance of seeking professional guidance on trust planning.
Seeking Expert Guidance
What are some common challenges people face when setting up trusts and how can your firm help them navigate those complexities?
“Trusts can seem daunting, especially for individuals unfamiliar with legal jargon,” Steve acknowledges. “That’s where our expertise comes in.” He emphasizes the importance of working with an experienced trust attorney to ensure the trust document is properly drafted and tailored to the individual’s specific needs and goals.
Steve’s firm provides comprehensive guidance throughout the entire process, from initial consultations and document preparation to ongoing trust administration. “We believe in building strong relationships with our clients,” he states. “Our goal is to empower them with knowledge and confidence so they can make informed decisions about their future.”
Testimonials
“Steve Bliss and his team were incredibly helpful in setting up a trust for my family. They made the process easy to understand and answered all of our questions patiently.”
– Jennifer S.
“I highly recommend The Law Firm of Steven F. Bliss Esq. for their expertise in estate planning. Steve’s guidance was invaluable in protecting my assets and ensuring my wishes are carried out.”
– David M.
Call to Action
Take control of your financial future and secure the well-being of your loved ones. Schedule a consultation with The Law Firm of Steven F. Bliss Esq. today.
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: “What is an irrevocable trust?” 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 Estate Attorneys |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Attorneys Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Attorneys |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Estate Attorneys |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Attorneys Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Estate Attorneys in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |