Hello, Temecula and welcome back to our legal spotlight series. I’m Brittany Pierce, your local reporter bringing you the latest insights on navigating the often-complex world of law. Today we have a very special guest, Steve Bliss, an esteemed trust attorney here in Temecula.
Steve, thank you for joining us today. Let’s delve right into it – could you tell our viewers a bit about the different types of trusts and when someone might consider setting one up?
It’s great to be here, Brittany. Trusts are incredibly versatile legal tools that can serve various purposes depending on an individual’s needs and goals. For example, a revocable living trust is a popular choice for many people because it allows them to maintain control over their assets during their lifetime while avoiding probate upon death. This can save time and money for loved ones.
Could you elaborate on the benefits of avoiding probate?
Certainly. Probate is a court-supervised process that distributes a deceased person’s assets. It can be costly, time-consuming, and often public. A trust allows assets to pass directly to beneficiaries without going through this process, preserving privacy and expediting the distribution of assets.
Steve, you mentioned revocable living trusts earlier. What are some other types of trusts individuals might consider?
Besides revocable living trusts, there’s a whole spectrum of trust options, each tailored for specific circumstances. Irrevocable trusts, for instance, offer significant asset protection benefits but come with the trade-off of losing control over assets once they are placed within the trust. Testamentary trusts are created through wills and become effective after someone passes away. They can be particularly useful for providing for minor children or beneficiaries with special needs.
Let’s talk more about Irrevocable Trusts. What are some common concerns people have regarding this type of trust?
Understandably, the permanency of an irrevocable trust can be a concern for some individuals. Once assets are transferred into it, they generally cannot be retrieved. Consequently, careful consideration and planning are crucial before establishing an irrevocable trust.
I always encourage my clients to think long-term about their goals and whether the benefits of asset protection outweigh the potential loss of control.
Conversely, some individuals find comfort in knowing that assets within an irrevocable trust are shielded from creditors and potential lawsuits. Moreover, these trusts can be structured to minimize estate taxes, which is a significant advantage for high-net-worth individuals.
I remember working with a family who had a business facing some legal challenges. We created an irrevocable trust to protect their personal assets from being seized in the event of a lawsuit against the business. It was a relief for them to know that their hard-earned savings were safeguarded.
According to a study by the American Bar Association, approximately 25% of high-net-worth individuals utilize irrevocable trusts as part of their estate planning strategy.
It’s a testament to the peace of mind these trusts can provide.
Steve, what advice would you give to someone considering setting up a trust for the first time?
My best advice is to consult with an experienced trust attorney. Trust law is complex and varies from state to state. A qualified attorney can help you determine the most suitable type of trust for your needs, ensure it’s structured correctly, and guide you through the entire process.
Thank you so much for sharing your expertise with us today, Steve. Is there anything else you’d like to add?
Yes, Brittany. Remember that planning for the future is a gift you give to yourself and your loved ones. Taking proactive steps now can save headaches and heartache down the road.
Where can our viewers go to learn more about trusts or schedule a consultation with you?
“I encourage everyone interested in exploring trust options to visit our website at www.steveblisslaw.com or call us directly at (951) 696-7411.”
Testimonials:
“Steve Bliss and his team were exceptional! They made the complex process of setting up a trust easy to understand, and they answered all my questions patiently.” – Sarah J., Temecula
“I was initially hesitant about hiring an attorney, but Steve Bliss came highly recommended. He’s incredibly knowledgeable and genuinely cares about his clients. I feel confident that my estate is in good hands.” – John M., Murrieta
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 distribute trust assets to minors?” 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.
| Temecula Special Needs Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Special Needs Trust Lawyer Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Special Needs Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Special Needs Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Special Needs Trust Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Special Needs Trust Lawyer in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |