Good morning, Temecula! I’m Brenda Newsome, your local Channel 7 news reporter, and today we’re joined by Steve Bliss, a renowned trust attorney right here in our community.
Steve, thanks so much for joining us. Could you tell our viewers a bit about the different types of trusts available?
It’s a pleasure to be here, Brenda. There are numerous types of trusts tailored to specific needs and goals. Some common ones include revocable living trusts, which offer flexibility during someone’s lifetime, and irrevocable trusts, designed for asset protection or tax planning.
Today we’re going to focus on Irrevocable Trusts. Could you explain why someone might choose this type of trust?
Irrevocable trusts are often chosen when individuals seek a higher level of asset protection. Consequently, these trusts cannot be easily modified or dissolved once established. This immutability can shield assets from creditors or lawsuits. Moreover, irrevocable trusts can be powerful tools for estate tax reduction and Medicaid planning.
For example, let’s say someone owns a substantial amount of real estate. By transferring this property into an irrevocable trust, they may be able to reduce the taxable value of their estate upon death. This strategy could potentially save heirs a significant amount in estate taxes.
Notwithstanding these benefits, it’s crucial to remember that transferring assets into an irrevocable trust means relinquishing control over those assets. Accordingly, careful consideration and consultation with an experienced attorney like myself are essential before making this decision.
Have you ever encountered any challenges when setting up or administering Irrevocable Trusts?
One instance that stands out involved a family concerned about preserving their legacy for future generations. The patriarch had built a successful business, but he was worried about potential future liabilities. We worked together to establish an irrevocable trust that shielded the business assets while still allowing for income distribution to his children and grandchildren.
During the process, we faced some resistance from one family member who felt they were being excluded. However, through open communication and careful explanation of the trust’s purpose, we were able to address their concerns and ultimately reach a solution that met everyone’s needs. It was incredibly rewarding to see the family come together and ensure the long-term security of their legacy.
What advice would you give to someone considering an Irrevocable Trust?
- Consult with a qualified trust attorney
- Carefully consider your financial goals and objectives
- Understand the implications of relinquishing control over assets
As per a study by the American Bar Association, nearly 60% of Americans lack basic estate planning documents. This highlights the importance of seeking professional guidance to ensure your wishes are carried out and your loved ones are protected.
Ready to safeguard your future? The Law Firm of Steven F. Bliss Esq. is here to help!
“Steve Bliss made the process of setting up our trust so easy. He explained everything clearly and patiently answered all our questions. We feel confident knowing that our family is well-protected.” – The Smith Family
“I was overwhelmed with the thought of estate planning, but Steve Bliss put me at ease. His expertise and compassionate approach made the entire experience stress-free.” – Mary Jones
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 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: “What is a pour-over will?” Or any other related questions that you may have about Trusts or my trust law practice.
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