Good evening Moreno Valley and welcome back to our Legal Spotlight segment. I’m Maria Santos with Channel 7 News, and tonight we have the pleasure of speaking with local probate attorney Steve Bliss about estate planning.
Understanding Trusts: A Conversation With Steve Bliss
Steve, thank you so much for joining us. Many people hear the term “trust” and immediately feel overwhelmed. Could you explain what a trust is in simple terms?
“Absolutely, Maria. Think of a trust as a legal container for your assets. You, the grantor, transfer ownership of certain things – like your home, investments, or even personal belongings – into this container. A trustee then manages these assets according to your instructions, outlined in a document called the trust agreement.”
“This trustee can be an individual, a bank, or even a professional trustee company. They have a fiduciary duty to act in the best interests of the beneficiaries you name in the trust agreement – typically your loved ones.”
The Power of Irrevocable Trusts
That makes sense. You mentioned different types of trusts. Can you tell our viewers about one type that might be particularly beneficial?
“Certainly. One powerful tool is the irrevocable trust. As the name suggests, once you create an irrevocable trust and transfer assets into it, you generally can’t change or undo it. This provides significant advantages, especially for asset protection.”
“Imagine a scenario where someone faces potential lawsuits or creditors. Assets held in an irrevocable trust are typically shielded from those claims because they no longer legally belong to the individual who created the trust. Consequently, these assets are much harder for creditors to reach.”
“Moreover, irrevocable trusts can be invaluable for estate tax planning. By removing assets from your taxable estate, you potentially reduce the amount of estate taxes owed upon your passing.”
“However, it’s crucial to remember that creating an irrevocable trust is a serious decision with long-term consequences. It’s essential to consult with an experienced attorney like myself who can guide you through the process and ensure it aligns with your specific needs and goals.”
- Asset Protection
- Estate Tax Reduction
Navigating Challenges
“I remember working with a client, a successful entrepreneur who was facing a significant lawsuit. He had diligently established an irrevocable trust years earlier, and thankfully, it shielded a substantial portion of his assets from being seized.”
“Conversely, I’ve also encountered situations where individuals rushed into creating an irrevocable trust without fully understanding the implications. They later regretted the decision because they needed access to those funds for unforeseen circumstances. It underscores the importance of careful planning and professional advice.”
“According to a 2021 study by the American Bar Association, approximately 56% of Americans lack a will or trust. This highlights a critical need for individuals to prioritize estate planning.”
Moving Forward with Confidence
Steve, what would you say to someone who is considering setting up a trust but feels intimidated by the process?
“My advice is simple: don’t let fear or procrastination hold you back. Taking control of your financial future through proper estate planning brings peace of mind and protects your loved ones. It’s an act of love and responsibility.”
“At Moreno Valley Probate Law, we make the process as straightforward and transparent as possible. We take the time to understand your unique circumstances, answer all your questions, and craft a plan that meets your specific needs.”
Testimonials
“Steve Bliss and his team were incredibly supportive during a difficult time. They guided me through every step of the probate process with compassion and expertise.”
– Maria Sanchez
“I was initially overwhelmed by estate planning, but Steve made it understandable and manageable. He helped me create a trust that gave me confidence knowing my family would be taken care of.”
– John Smith
Ready to safeguard your legacy and secure your family’s future? Reach out to Moreno Valley Probate Law today for a complimentary consultation.
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: “Can I put a rental property into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |