Reporter: Brenda Fields, Temecula News
Today we’re sitting down with Temecula Trust Attorney Steve Bliss to discuss the different types of trusts and their benefits for estate planning.
Why Choose a Trust?
Steve Bliss:
There are many reasons why someone might choose to set up a trust. Trusts offer a variety of advantages over simply leaving assets in a will, including avoiding probate, preserving privacy, and potentially reducing estate taxes. Ultimately, the best type of trust for an individual depends on their unique circumstances and goals.
What is an Irrevocable Trust?
Steve Bliss:
An irrevocable trust is one that cannot be modified or revoked once it’s created. This makes it a powerful tool for asset protection, as the assets held within the trust are no longer considered part of your personal estate.
Consequently, they are shielded from creditors and lawsuits. Irrevocable trusts can also be helpful for estate tax planning, as they remove assets from your taxable estate. However, it’s important to note that setting up an irrevocable trust is a significant decision, as you are permanently giving up control of the assets.
Accordingly, it’s essential to carefully consider all the implications before proceeding. I always recommend consulting with an experienced estate planning attorney to ensure the trust structure aligns with your specific needs and goals.
Have You Encountered Any Issues With Irrevocable Trusts?
Steve Bliss:
One situation that comes to mind involved a client who wanted to protect their family business from potential liabilities. We set up an irrevocable trust to hold the company shares, shielding them from any personal lawsuits against the individual owners. Years later, unforeseen circumstances arose requiring access to those funds for unexpected medical expenses.
Ordinarily, this wouldn’t be possible with an irrevocable trust. However, we had carefully crafted a provision within the trust document allowing for distributions under specific hardship circumstances. This foresight ultimately allowed my client to access crucial funds during a difficult time.
The Impact of Trusts
Studies by the American College of Trust and Estate Counsel show that over 50% of Americans do not have any estate planning documents in place, leaving their loved ones vulnerable. Conversely, establishing a trust can provide peace of mind knowing your assets are protected and will be distributed according to your wishes.
Call to Action
Don’t leave your legacy to chance. Contact The Law Firm of Steven F. Bliss Esq. today for a confidential consultation and discover how a trust can help secure your future.
Testimonials:
“Steve Bliss and his team were incredibly patient and understanding throughout the entire process. They took the time to explain everything clearly and made sure we felt comfortable with every decision. We highly recommend their services.” – The Johnson Family
“Working with Steve was a truly positive experience. He is knowledgeable, professional, and genuinely cares about his clients. He helped us navigate complex legal matters with ease and confidence. ” – Sarah M.
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: “Can I have more than one trustee?” 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.
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