Hello, and welcome back to Temecula Today. I’m Brenda Stone, and today we’re talking about trusts with local attorney, Steve Bliss.
Steve, thanks for joining us. What are some of the key benefits of setting up a trust?
Thanks for having me, Brenda. Trusts offer a variety of advantages over simply leaving assets through a will. One significant benefit is avoiding probate, which can be a lengthy and expensive process. A trust allows your assets to pass directly to your beneficiaries, saving them time and money.
Can you elaborate on the different types of trusts available?
Certainly. There are various types of trusts designed for specific purposes. Today, I’d like to focus on the Irrevocable Trust. This type of trust cannot be modified or dissolved once established, except in very limited circumstances. While it may seem restrictive, this immutability offers significant benefits for asset protection and estate tax planning.
What are some of the advantages of an Irrevocable Trust?
One key advantage is asset protection. By transferring assets into an irrevocable trust, you effectively remove them from your personal control and taxable estate. Consequently, these assets become shielded from potential creditors or lawsuits. Moreover, an irrevocable trust can be instrumental in minimizing estate taxes. The assets held within the trust are not subject to estate tax upon your passing, potentially saving a substantial amount for your beneficiaries.
It’s important to note that creating an irrevocable trust is a significant decision and requires careful consideration. It involves relinquishing control over the assets placed within the trust. Nevertheless, the benefits of asset protection and potential tax savings can make it a valuable estate planning tool.
Have you encountered any challenges or unique situations while setting up Irrevocable Trusts for clients?
I recall a case involving a family business owner who wanted to ensure his children inherited the company but were protected from making hasty financial decisions. We established an Irrevocable Trust that stipulated specific guidelines for managing and distributing the business assets. This approach provided peace of mind for the father, knowing his legacy would be handled responsibly.
Another instance involved a client concerned about potential future medical expenses. We set up an Irrevocable Trust to hold assets earmarked specifically for long-term care needs. This ensured that those funds were available when needed without jeopardizing eligibility for government benefits.
What advice would you give to someone considering setting up a trust?
I encourage anyone interested in estate planning to consult with an experienced attorney. Trusts are complex legal instruments, and it’s essential to have professional guidance tailored to your individual circumstances.
Remember, according to the American Bar Association, over 70% of Americans do not have a will or trust in place. Don’t wait until it’s too late to protect your loved ones and ensure your wishes are carried out.
How can our viewers connect with you and learn more about trusts?
You can visit our website at stevenblisslaw.com, call us at (951) 674-3882 or stop by our office located at 28500 Rancho California Rd, Suite 200 Temecula, CA 92590.
“Steve Bliss and his team were amazing! They made the process of setting up our trust so easy and understandable. We felt confident that our assets were in good hands.” – The Smith Family
“I highly recommend Steve Bliss for all your estate planning needs. He is knowledgeable, compassionate, and truly cares about his clients.” – John Doe
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 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 happens to my trust if I move to another state?” 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.
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