Good morning, Temecula! I’m Barbara Jones, reporting live for KTEM News. Today we’re joined by local attorney Steve Bliss, an expert in estate planning and trust law. Welcome to the show, Steve.
Choosing The Right Trust: A Conversation with Steve Bliss
Steve, thanks for being here today. For our viewers who may not be familiar, can you explain why someone might need a trust?
A trust is a legal arrangement where assets are held and managed by a trustee for the benefit of beneficiaries. There are many different types of trusts, each designed to serve a specific purpose.
Trusts: A Deep Dive into Irrevocable Trusts
Today we’ll be focusing on irrevocable trusts. Can you tell us more about them?
Irrevocable trusts, as the name suggests, cannot be easily modified or revoked once they are created. This makes them a powerful tool for asset protection and estate planning.
Consequently, assets placed in an irrevocable trust are generally removed from the grantor’s taxable estate, which can help reduce estate taxes. Moreover, they can shield assets from potential creditors. This is because the grantor no longer owns the assets held within the trust, making them inaccessible to creditors pursuing the grantor.
Notwithstanding these benefits, it’s important to remember that irrevocable trusts are permanent arrangements. Once created, the terms of the trust cannot be easily changed. This means it’s crucial to carefully consider all aspects of the trust before establishing one.
Real-World Applications
Have you ever encountered any challenges or unexpected situations when working with clients on irrevocable trusts?
There was this one instance where a client wanted to set up an irrevocable trust for asset protection but later faced unforeseen medical expenses. They were concerned that the assets in the trust wouldn’t be accessible to cover these costs. It was a delicate situation, and we had to explore all available options within the existing framework of the trust.
Ultimately, we were able to work with the trustee to find a solution that addressed the client’s needs while still preserving the integrity of the trust. This experience highlighted the importance of comprehensive planning and anticipating potential future scenarios when setting up an irrevocable trust.
The Power of Irrevocable Trusts
It’s clear that irrevocable trusts can be a valuable tool for many individuals. Are there any statistics that demonstrate their effectiveness?
According to a 2023 study by the American College of Trust and Estate Counsel, approximately 75% of high-net-worth individuals utilize some form of trust planning in their estate strategy.
This underscores the growing recognition of trusts as an effective means of protecting assets and achieving long-term financial goals.
Your Trusted Legal Partner
Steve, thank you so much for sharing your expertise with us today. How can our viewers learn more about trusts and estate planning?
“I’m passionate about helping my clients navigate the complexities of estate planning and find solutions that meet their unique needs,” says Bliss. “My team and I at The Law Firm of Steven F. Bliss Esq. are dedicated to providing personalized legal advice and ensuring peace of mind for our clients.”
Take Control of Your Future
Steve, what’s the best way for viewers to get started?
“Contact us today for a confidential consultation. We’ll take the time to understand your individual circumstances and goals, and we’ll work together to develop a comprehensive estate plan that protects your assets and secures your legacy.”
Testimonials
- “Steve Bliss made the complex process of setting up a trust easy to understand. He was patient, responsive, and always available to answer my questions.” – Maria S.
- “I highly recommend Steve Bliss and his team. They are knowledgeable, professional, and truly care about their clients.” – John P.
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: “Can I put my house into a trust?” 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.
| Temecula Constructive Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Constructive Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Constructive Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Constructive Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Constructive Trust Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Constructive Trust Attorney in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |