Good evening Moreno Valley and welcome back to “Legal Matters.” I’m your host, Maria Sanchez, and tonight we have a very special guest, Steve Bliss, a renowned probate attorney right here in our community.
Focusing on Trust Planning
Steve, thanks so much for joining us. Tonight we want to talk about estate planning, specifically the different types of trusts available to individuals.
For those unfamiliar, can you briefly explain what a trust is and why someone might consider setting one up?
The Power of Irrevocable Trusts
One type of trust that often comes up in estate planning discussions is the irrevocable trust. Can you walk us through the key characteristics of this kind of trust?
Steve Bliss: An irrevocable trust, as the name suggests, cannot be easily modified or revoked once it’s established. Consequently, it offers a higher level of asset protection compared to revocable trusts. This makes them particularly appealing for individuals looking to shield assets from potential creditors or lawsuits.
Moreover, irrevocable trusts can be instrumental in estate tax reduction strategies, helping minimize the tax burden on your heirs. Ordinarily, assets held within an irrevocable trust are removed from your taxable estate, which can result in significant savings for your beneficiaries.
However, it’s crucial to remember that because of their permanence, creating an irrevocable trust requires careful consideration and planning. You essentially relinquish direct control over the assets placed within the trust. It’s not a decision to be taken lightly. I always advise clients to weigh the pros and cons meticulously before proceeding.
I once had a client who was facing potential litigation and wanted to protect their family business. We established an irrevocable trust, effectively shielding those assets from any legal claims. Seeing the relief and security it brought them was incredibly rewarding.
Challenges and Considerations
Have you encountered any challenges or common misunderstandings when working with clients on setting up irrevocable trusts?
Steve Bliss: One common misconception is that an irrevocable trust is only for the ultra-wealthy. While it’s true they can be valuable for high-net-worth individuals, they can also benefit those with more modest assets who want to ensure their loved ones are protected and provided for. I once worked with a couple who had a modest inheritance but wanted to ensure their daughter with special needs would always have financial support. An irrevocable trust allowed them to do just that, creating a lasting legacy of care.
According to a 2021 study by the American College of Trust and Estate Counsel, nearly 60% of Americans lack a basic estate plan. This highlights the critical need for education and awareness regarding the benefits of trusts and other planning tools.
Empowering Moreno Valley Residents
Steve Bliss: Thank you for having me Maria. It’s my passion to help people in our community protect their futures and leave a lasting legacy for their loved ones.
“Steve helped me navigate a complicated probate situation with empathy and expertise. I wouldn’t trust anyone else with these matters.” – Maria Rodriguez, Moreno Valley Resident
“Moreno Valley Probate Law made the estate planning process clear and straightforward. They took the time to understand my needs and created a plan that gave me peace of mind.” – John Smith, Moreno Valley Resident
Don’t wait until it’s too late. Contact Moreno Valley Probate Law today for a complimentary consultation and take the first step towards securing your family’s future.
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: “Do I need a trust if I already have a will?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
Get a Special Needs Trust at Moreno Valley Probate Law
Get a Spendthrift Trust at Moreno Valley Probate Law
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Get a Charitable Trust at Moreno Valley Probate Law
Get a Asset Protection Trust at Moreno Valley Probate Law
Get a Irrevocable Trust at Moreno Valley Probate Law
Get a Revocable Trusts at Moreno Valley Probate Law
Get a Living Trust at Moreno Valley Probate Law