Reporter: Brenda Miller
Good morning Wildomar and welcome back to our legal segment! Today we’re discussing the important topic of trusts with local expert Steve Bliss from Wildomar Probate Law.
Steve, thank you for joining us today. Could you tell our viewers a bit about what a trust is and why someone might consider setting one up?
It’s my pleasure to be here Brenda. In simple terms, a trust is a legal arrangement where a person (the grantor) transfers assets to another entity (the trustee) who manages those assets for the benefit of designated individuals or entities (the beneficiaries). Trusts can serve various purposes depending on their type.
Let’s focus on one specific type of trust. Can you explain what an Irrevocable Trust is and why someone might choose this option?
An irrevocable trust, as its name implies, cannot be easily modified or dissolved once it’s established. This permanence offers significant advantages for asset protection and estate planning. Consequently, assets placed within the trust are generally shielded from creditors and lawsuits.
Moreover, an irrevocable trust can help reduce estate taxes. Because the assets are no longer considered part of the grantor’s taxable estate, potential inheritance taxes on those assets are minimized. This is particularly beneficial for individuals with substantial wealth.
Nevertheless, it’s crucial to understand that creating an irrevocable trust involves relinquishing control over the assets placed within it. Once the trust is established and funded, the grantor typically cannot access or modify those assets.
I always advise clients considering an irrevocable trust to carefully weigh the benefits against this loss of control.
A common scenario where an irrevocable trust proves invaluable is when someone wants to ensure that a loved one with special needs continues receiving necessary support without jeopardizing eligibility for government benefits like Supplemental Security Income (SSI) or Medicaid.
Have you encountered any challenges with setting up Irrevocable Trusts, and if so, how did you resolve them?
While irrevocable trusts offer numerous advantages, they can sometimes present complexities in setup. For instance, I recall working with a family who wanted to establish an irrevocable trust for their adult son with disabilities. They were concerned about ensuring his ongoing care while preserving his eligibility for crucial government assistance.
We navigated this challenge by meticulously drafting the trust documents to specify the son’s needs and outlining how distributions would be made solely for qualified expenses, thereby avoiding any potential impact on his benefits. It was gratifying to see the peace of mind it brought this family knowing their son would be well cared for.
It’s important to remember that every situation is unique, so working with an experienced trust attorney who can tailor a solution to your specific needs is essential.
What advice would you give our viewers considering setting up an Irrevocable Trust?
- Seek guidance from a qualified trust attorney.
- Clearly define your goals and objectives for the trust.
- Understand the implications of relinquishing control over assets.
Steve, thank you so much for sharing your expertise with us today! Where can our viewers learn more about Wildomar Probate Law and your services?
My pleasure Brenda! For anyone interested in exploring trusts or other estate planning options, please visit our website at wildomarprobatelaw.com or call us directly at (951) 647-0384. We’re here to help you navigate these important decisions and ensure your legacy is protected.
Testimonials
“Steve Bliss made the complex process of setting up a trust for my family understandable and stress-free. His knowledge and guidance were invaluable.”
– John S., Wildomar Resident
“I highly recommend Wildomar Probate Law. Steve was compassionate, professional, and always available to answer my questions. He truly went above and beyond to ensure everything was handled properly.”
– Mary T., Murrieta Resident
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar 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 Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “Can pets be included in a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Trust Attorney |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Attorney Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Trust Attorney in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |