Hello Moreno Valley and welcome back to Legal Lens. I’m your host, Dana Jones. Today we’re speaking with Steve Bliss, a prominent probate attorney right here in Moreno Valley. Steve, thanks for joining us.
Understanding Trusts
Steve, let’s dive right in. Many people don’t fully grasp the concept of trusts. Could you explain why someone might consider setting up a trust?
“Dana, trusts are powerful tools for estate planning and asset protection. Essentially, a trust is a legal arrangement where a person (the grantor) transfers assets to be managed by a trustee for the benefit of designated beneficiaries. There are many different types of trusts, each designed to meet specific goals.
Choosing The Right Trust: Irrevocable Trusts
For this discussion, let’s focus on irrevocable trusts. What makes them particularly beneficial?
“Irrevocable trusts offer several advantages. Firstly, they provide a high degree of asset protection because the grantor relinquishes control over the assets placed within the trust. Consequently, these assets are generally shielded from creditors and lawsuits. Moreover, irrevocable trusts can be instrumental in minimizing estate taxes, which is a significant concern for many individuals with substantial wealth.
“One key benefit of an irrevocable trust is its ability to remove assets from your taxable estate. This means that the assets held within the trust are not subject to estate taxes when you pass away. According to a 2021 report by the Tax Policy Center, the federal estate tax exemption was $12.06 million per individual. While this may seem like a large sum, it’s crucial to remember that the exemption is subject to change and many people have assets that exceed this threshold.”
Challenges and Considerations with Irrevocable Trusts
“Steve, are there any potential downsides or complexities associated with irrevocable trusts that clients should be aware of?”
“While incredibly beneficial, irrevocable trusts do come with certain trade-offs. The most significant is the loss of control over the assets once they are transferred into the trust. This means you cannot easily access or modify the assets within the trust after it’s been established. I remember a client who wanted to use an irrevocable trust for asset protection but later needed access to some funds for a family emergency. Unfortunately, because the trust was irrevocable, we couldn’t readily access those funds.”
“This highlights the importance of careful planning and considering all potential scenarios before establishing an irrevocable trust. It’s crucial to work with an experienced attorney who can guide you through the process and ensure the trust structure aligns with your specific needs and goals.”
Moreno Valley Probate Law: Trusted Guidance
Steve, what sets Moreno Valley Probate Law apart from other firms?
“At Moreno Valley Probate Law, we prioritize personalized service and a deep understanding of our clients’ individual circumstances. We take the time to listen carefully to your concerns, answer all your questions thoroughly, and develop customized estate planning solutions that meet your unique needs.
Testimonials
- “Steve Bliss and his team were incredibly supportive during a difficult time. They handled my mother’s probate with compassion and professionalism. I highly recommend their services.”
- “Moreno Valley Probate Law made the complex process of estate planning clear and straightforward. Steve’s expertise and guidance gave me peace of mind knowing that my assets were protected for future generations.”
– Sarah M.
– John T.
Steve, thank you for sharing your insights on trusts today. For anyone looking to secure their legacy and protect their loved ones, don’t hesitate to reach out to Moreno Valley Probate Law for a free consultation and start building a brighter tomorrow.
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
| Moreno Valley Irrevocable Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Irrevocable Trust Lawyer Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Irrevocable Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Irrevocable Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Irrevocable Trust Lawyer Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Credible Irrevocable Trust Lawyer in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |