Good evening, Moreno Valley and welcome back. I’m Trisha Bell with Channel 7 News. Tonight we are sitting down with local probate attorney, Steve Bliss, to discuss estate planning and the different types of trusts available.
Understanding Trusts
Steve, can you explain what a trust is and why someone might need one?
“A trust is essentially a legal arrangement where a person, known as the grantor, transfers assets to a trustee who manages them for the benefit of designated beneficiaries,” Steve explains. “Trusts offer numerous advantages, including probate avoidance, asset protection, and tax benefits.”
Choosing the Right Trust: The Irrevocable Trust
For our viewers who are unfamiliar with trusts, can you elaborate on one specific type?
“Certainly,” Steve says. “Let’s discuss irrevocable trusts. As the name suggests, these trusts cannot be easily modified or revoked once established. Consequently, they provide a high level of asset protection because the grantor relinquishes control over the assets placed within the trust.”
He continues, “Moreover, irrevocable trusts can be valuable tools for estate tax reduction and Medicaid planning. They effectively remove assets from the grantor’s taxable estate. This is particularly beneficial for individuals with substantial assets who wish to minimize potential estate taxes or qualify for government assistance programs like Medicaid.”
“While incredibly effective,” Steve notes, “irrevocable trusts require careful consideration as they involve permanently relinquishing control over assets. It’s crucial to consult with an experienced probate attorney to determine if this type of trust aligns with your specific goals and circumstances.”
I recall a client who wanted to ensure their grandchild inherited a portion of their estate despite concerns about potential mismanagement. We established an irrevocable trust, designating the grandchild as the beneficiary. This provided peace of mind knowing that the inheritance would be managed responsibly according to the client’s wishes.
Challenges and Successes
Have you encountered any challenges with implementing irrevocable trusts?
“Occasionally,” Steve admits. “Some clients hesitate due to the permanent nature of these trusts. They may worry about unforeseen circumstances arising where they need access to those assets. However, through thorough planning and open communication, we can address these concerns and design a trust structure that meets their needs while still providing the desired protection.”
He adds, “I remember working with a family business owner who wanted to protect their company from potential liabilities. We created an irrevocable trust holding the business assets. This not only shielded the company from creditors but also facilitated a smooth transition of ownership to the next generation.”
Studies by the American Bar Association indicate that roughly 40% of Americans die without a will or estate plan. This can lead to significant complications and legal expenses for their loved ones. Having a well-structured trust, such as an irrevocable trust, can help avoid these pitfalls.
Planning Your Future
Steve, what final message would you like to share with our viewers?
“Estate planning is not just for the wealthy,” Steve emphasizes. “Everyone, regardless of their assets, should have a plan in place to protect themselves and their loved ones. Contact Moreno Valley Probate Law today for a consultation and let us help you create a secure future.”
Testimonials
“Steve Bliss was incredibly knowledgeable and patient throughout the entire probate process. He guided me with compassion and made sure I understood every step.” – Mary S.
“Moreno Valley Probate Law provided exceptional service. They handled my complex estate matter efficiently and professionally, exceeding my expectations.” – John P.
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 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: “How often should I update my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |