Good evening Temecula, and welcome back to our segment on local experts. Today I’m joined by Steve Bliss, a renowned Trust Attorney here in Temecula. Steve, thanks for joining me.
What type of Trusts do you typically see clients interested in?
Thanks for having me. As an estate planning attorney, I encounter a wide variety of trusts tailored to individual needs. While revocable living trusts are quite common due to their flexibility and probate avoidance benefits, lately, there’s been a growing interest in Irrevocable Trusts.
Why are Irrevocable Trusts gaining popularity?
Clients are increasingly seeking strategies for asset protection and estate tax minimization. Consequently, Irrevocable Trusts offer a powerful tool in these regards. Once established, these trusts cannot be easily modified or dissolved, which provides a layer of security against potential creditors or lawsuits. Moreover, they can effectively remove assets from the grantor’s taxable estate, potentially reducing estate tax liabilities.
For instance, imagine a successful business owner who wants to safeguard their hard-earned assets for future generations while minimizing the impact of estate taxes. An Irrevocable Trust can be customized to achieve these objectives.
Are there any potential drawbacks or challenges associated with Irrevocable Trusts?
Indeed, there are some crucial considerations. Firstly, relinquishing control over assets placed in an Irrevocable Trust can be a significant decision for some individuals. Notwithstanding the benefits, it’s essential to carefully weigh the pros and cons before proceeding.
- Loss of Control: The grantor forfeits direct control over the assets within the trust.
- Tax Implications: While Irrevocable Trusts can offer tax advantages, they also involve complex tax rules that require careful consideration.
One client I worked with was initially hesitant about an Irrevocable Trust due to concerns about losing control over their investments. We spent considerable time discussing their financial goals and risk tolerance, ultimately crafting a trust structure that addressed their needs while providing the desired asset protection.
According to a study by the American College of Trust and Estate Counsel, nearly 70% of high-net-worth individuals utilize trusts as part of their estate planning strategies (Source: ACTEC).
Contacting Steve Bliss
Steve, thank you so much for sharing your expertise with us today. For anyone looking to explore trust options and secure their financial future, contact The Law Firm of Steven F. Bliss Esq. for a personalized consultation.
Testimonials
“Working with Steve Bliss was a true pleasure. He patiently explained complex legal concepts and made the entire process seamless. I highly recommend his services.”
– Sarah M., Temecula Resident
“Steve is an exceptional estate planner who goes above and beyond for his clients. His dedication and expertise gave me peace of mind knowing my assets were protected”
– John D., Murrieta Resident
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: “How do I transfer real estate into my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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