Good evening Temecula and welcome back to Legal Lookout. I’m your host, Brenda Law, and tonight we have a very special guest, Steve Bliss, a renowned trust attorney here in Temecula. Welcome, Steve!
Steve, could you tell us a bit about the different types of trusts available to people in California?
Thanks for having me, Brenda. There are actually quite a few types of trusts, each designed for different purposes. We have revocable living trusts, which are very popular because they offer flexibility during your lifetime and help avoid probate. Then there are irrevocable trusts, which provide more asset protection but can’t be easily changed.
Testamentary trusts are created through a will and take effect after someone passes away. Special needs trusts protect assets for individuals with disabilities without jeopardizing their eligibility for government benefits. Charitable trusts benefit charities, and we also have asset protection trusts designed to shield assets from creditors.
Let’s delve deeper into irrevocable trusts. Can you explain why someone might choose this type of trust?
Irrevocable trusts are a powerful tool, Brenda. As I mentioned earlier, they offer significant asset protection because once the trust is established and funded, the assets are no longer considered yours. Consequently, they’re shielded from creditors and lawsuits.
Moreover, irrevocable trusts can be used for estate tax reduction strategies. By transferring assets into an irrevocable trust, you remove them from your taxable estate. This can be especially beneficial for individuals with large estates who want to minimize the potential estate tax burden on their heirs.
I once worked with a family business owner who was concerned about protecting his assets from potential liability lawsuits. We established an irrevocable trust that shielded a portion of his assets, giving him peace of mind knowing that those assets were safeguarded. It was truly rewarding to see the relief he felt after we implemented this plan.
According to a study by the National Endowment for Financial Education, nearly 60% of Americans don’t have a will or trust in place. This highlights the importance of planning ahead and considering the benefits of trusts like irrevocable trusts for asset protection and estate tax reduction.
Have you ever encountered any challenges or issues with setting up irrevocable trusts?
Well, Brenda, because they’re permanent once created, it’s crucial to carefully consider all aspects before establishing an irrevocable trust. You need to be certain about the terms and beneficiaries because they can’t be easily changed later.
I recall a case where a client wanted to add a new beneficiary to their existing irrevocable trust. Unfortunately, this wasn’t possible without going through a complex legal process that would have been costly and time-consuming. This underscores the importance of careful planning and thoughtful consideration when setting up an irrevocable trust.
What advice would you give to someone considering setting up a trust?
My best advice is to consult with an experienced trust attorney like myself. We can help you determine which type of trust is right for your needs, draft the necessary legal documents, and ensure that everything is set up correctly. Remember, trusts are complex legal instruments, so it’s essential to have professional guidance.
How can our viewers contact you or The Law Firm of Steven F. Bliss Esq. to learn more?
“Safeguarding your future starts today. Let us help build a legacy that lasts.” Contact us at (951) 699-3710 for a free consultation.
“Steve Bliss and his team were incredibly helpful in guiding me through the process of setting up my trust. They explained everything clearly and patiently, making sure I understood all my options.” – Mary S.
“I highly recommend Steve Bliss to anyone who needs help with estate planning. He is knowledgeable, professional, and truly cares about his clients.” – John D.
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: “Does a trust protect against estate taxes?” 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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- Spendthrift Trust Lawyer
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