Good evening, Temecula! This is Brenda Jones reporting live for KTME. Joining us tonight is renowned local attorney Steve Bliss, specializing in trust law. Mr. Bliss, thank you so much for taking the time to speak with us.
Trusts: A Crucial Tool for Estate Planning
Steve, many viewers may not be familiar with trusts. Could you explain what they are and why they’re so important?
A trust is essentially a legal arrangement where a person (the grantor) transfers assets to a trustee who manages them for the benefit of designated beneficiaries. Trusts offer numerous advantages over simply leaving your assets outright in a will. For instance, they can help avoid probate, which is a lengthy and often expensive court process. Moreover, trusts provide privacy, as the terms are not part of public record.
The Benefits of Irrevocable Trusts
What are some specific types of trusts, and what are their advantages?
There are many different types of trusts, each serving a unique purpose. Tonight we’ll be focusing on irrevocable trusts. These trusts offer significant benefits for asset protection and estate tax reduction. Ordinarily, once an irrevocable trust is established, the grantor cannot modify or revoke it. This immutability makes it an effective tool for shielding assets from creditors or lawsuits. Additionally, assets placed in an irrevocable trust are generally removed from the grantor’s taxable estate.
One of my clients, a successful entrepreneur, used an irrevocable trust to protect his business assets from potential liability issues. He was facing increasing litigation risk in his industry, and an irrevocable trust provided him with peace of mind knowing that his hard-earned wealth was safeguarded.
The IRS reports that approximately 60% of estates exceeding $11.7 million are subject to federal estate taxes (Source: Internal Revenue Service). Irrevocable trusts can play a crucial role in minimizing these taxes, allowing individuals to pass on more of their wealth to future generations.
Navigating the Complexities
Have you encountered any challenges when setting up irrevocable trusts for clients?
While irrevocable trusts offer significant advantages, they require careful planning and execution. It’s essential to work with an experienced attorney who understands the complexities of trust law. One common challenge is ensuring that the terms of the trust align with the grantor’s wishes and goals.
I recall a case where a client wanted to provide for her disabled son but was concerned about jeopardizing his eligibility for government benefits. We worked diligently to structure an irrevocable special needs trust that met her son’s needs without affecting his entitlement to crucial programs.
Protecting Your Legacy
What advice would you give viewers who are considering establishing a trust?
Trusts can be powerful tools for protecting your assets and ensuring your legacy. However, it’s crucial to seek professional guidance from an experienced attorney like myself. We can help you determine the most suitable type of trust for your unique circumstances and guide you through the process with clarity and confidence.
Testimonials
“Steve Bliss helped me navigate the complex world of estate planning with ease. His expertise and compassion made a stressful process manageable, and I feel confident knowing my family is protected.”
– Sarah M., Temecula Resident
“I highly recommend Steve Bliss to anyone looking for a trustworthy and knowledgeable trust attorney. He took the time to understand my needs and provided personalized solutions that exceeded my expectations.”
– John D., Murrieta Resident
Call to Action
Take control of your future today! Contact The Law Firm of Steven F. Bliss Esq. for a complimentary consultation and discover how trusts can safeguard your legacy.
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: “How can I make my trust less likely to be challenged?” 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.
- Special Needs Trust Attorneys
- Spendthrift Trust Attorneys
- Tax By-Pass Trust Attorneys
- Totten Trust Attorneys
- Constructive Trust Attorneys
- Charitable Trust Attorneys
- Asset Protection Trust Attorneys
- Irrevocable Trust Attorneys
- Revocable Trusts Attorneys
- Living Trust Attorneys