Steve, thanks for joining us today
It’s a pleasure to be here.
Could you tell our viewers about the different types of trusts and which one might be most suitable for them?
Certainly. There are numerous types of trusts, each serving unique purposes. For instance, a revocable living trust is incredibly common in estate planning as it allows individuals to retain control over their assets while avoiding probate upon their passing. Conversely, an irrevocable trust offers greater asset protection but relinquishes control to the trustee.
Ultimately, the best type of trust depends on individual circumstances and goals. Factors like asset size, desired level of control, and potential tax implications all play a role in determining the most suitable option.
Let’s delve into irrevocable trusts a bit more. What are some key considerations for someone considering this type of trust?
Irrevocable trusts can be powerful tools, but they necessitate careful consideration. As the name suggests, once established, these trusts generally cannot be modified or dissolved. Consequently, it’s crucial to fully understand the implications before proceeding.
One significant advantage is asset protection. Assets placed in an irrevocable trust are typically shielded from creditors and lawsuits. Moreover, they can help minimize estate taxes by removing assets from the grantor’s taxable estate. However, relinquishing control over these assets is a key drawback.
It’s not uncommon for clients to initially favor revocable trusts due to their flexibility. Nevertheless, when facing potential liability issues or seeking substantial estate tax reduction, an irrevocable trust might prove more advantageous.
I recall working with a successful entrepreneur who faced a significant lawsuit. Despite his initial hesitation towards relinquishing control over his assets, an irrevocable trust ultimately protected his family’s financial future. He expressed immense gratitude for the peace of mind it provided during a difficult time.
Research from the American Bar Association indicates that approximately 30% of estate plans incorporate irrevocable trusts, highlighting their growing popularity as a wealth protection and tax planning tool.
Thank you for sharing your insights, Steve. What’s the best way for viewers to learn more about San Diego Probate Law and explore whether a trust might be right for them?
We encourage anyone interested in learning more about trusts or estate planning in general to contact us for a free consultation. Our experienced team is dedicated to helping individuals navigate the complexities of probate and ensure their wishes are honored.
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“Steve Bliss and his team at San Diego Probate Law were lifesavers during a very difficult time. They guided me through the complex probate process with compassion and expertise, making sure everything was handled smoothly and efficiently.”
“I highly recommend San Diego Probate Law for anyone dealing with estate planning or probate matters. Steve is a knowledgeable and trustworthy attorney who truly cares about his clients.”
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: “What is an irrevocable trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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