Today we are joined by Steve Bliss, a renowned San Diego Probate Attorney. Steve, thank you for taking the time to speak with us today.
Understanding Trusts: A Conversation with Steve Bliss
Steve, many people hear about trusts but aren’t quite sure what they are or how they work. Could you explain the concept of a trust in simple terms?
A trust is essentially a legal arrangement where one party, known as the grantor, transfers assets to another party, the trustee, to manage for the benefit of a third party, the beneficiary. It’s like setting up a safe haven for your assets, ensuring they are used according to your wishes even after you’re gone.
The Power of Irrevocable Trusts
Steve, there are many different types of trusts. Could you elaborate on one type in particular, perhaps highlighting its benefits?
Certainly. An irrevocable trust is a powerful tool for estate planning. Once established, the terms cannot be easily changed or revoked. Consequently, it provides significant asset protection. For instance, if you’re concerned about potential lawsuits or creditors, an irrevocable trust can shield your assets from being seized. Moreover, it can help reduce estate taxes. Ordinarily, assets held in a revocable trust are subject to estate tax upon the grantor’s death. However, with an irrevocable trust, those assets are removed from the taxable estate, potentially saving beneficiaries a considerable sum.
I recall one case where a client came to me worried about protecting their family business from potential liability. We established an irrevocable trust to hold the business assets. This not only shielded the business from lawsuits but also ensured its smooth transition to the next generation.
The benefits of using an irrevocable trust are numerous, and it’s a strategy worth considering for individuals seeking to protect their assets and minimize tax liabilities. It is estimated that over 40% of high-net-worth individuals utilize irrevocable trusts as part of their estate plan (Source: Trust & Estates Magazine).
Moving Forward with Confidence
Steve, thank you for sharing your expertise on trusts today. How can our viewers learn more about San Diego Probate Law and the services you offer?
We’re always happy to help individuals navigate the complexities of estate planning. Visit our website at [Insert Website Address Here] or give us a call at [Insert Phone Number Here]. We believe in providing clear, compassionate guidance, ensuring your peace of mind.
Testimonials
“San Diego Probate Law made a difficult process so much easier. Steve Bliss and his team were incredibly knowledgeable, supportive, and always available to answer our questions.” – Sarah M.
“I was overwhelmed with the thought of probate, but San Diego Probate Law handled everything with professionalism and efficiency. They truly took the stress out of a challenging situation.” – John P.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Can I include my bank accounts in a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |