Hello Moreno Valley and welcome back to Moreno Valley News Tonight. I’m your host, Jessica Ramirez, and today we are joined by a local expert in estate planning, Steve Bliss of Moreno Valley Probate Law.
Steve, thanks for joining us today.
It’s my pleasure to be here, Jessica.
Today we want to talk about trusts. There are many different types and it can be confusing to know which one is right for you. Could you shed some light on that?
Absolutely. Trusts are a powerful tool for protecting your assets and ensuring they are distributed according to your wishes after you’re gone. One type of trust that is becoming increasingly popular is the Irrevocable Trust.
As its name suggests, an Irrevocable Trust cannot be easily changed or dissolved once it’s created. This provides a significant level of asset protection because the assets within the trust are no longer considered yours personally. Consequently, they are generally shielded from creditors and lawsuits. Moreover, Irrevocable Trusts can be beneficial for estate tax planning, as they can help remove assets from your taxable estate.
I recently worked with a client who was concerned about protecting their family business from potential future liabilities. We established an Irrevocable Trust to hold the shares of the company. Notwithstanding some initial hesitation about relinquishing control, my client ultimately felt secure knowing the business was protected and that their legacy would be preserved for future generations.
Studies by the American College of Trust and Estate Counsel show that approximately 60% of high-net-worth individuals utilize trusts as part of their estate planning strategy. This highlights the growing recognition of the benefits trusts offer in safeguarding assets and minimizing tax burdens.
That’s really insightful, Steve. Are there any potential downsides to using an Irrevocable Trust?
While Irrevocable Trusts offer significant advantages, it’s important to understand they are not without some drawbacks. The primary downside is the loss of control over the assets placed within the trust. Once transferred, you generally cannot access or modify those assets. Conversely, with a Revocable Living Trust, you retain complete control during your lifetime.
It’s crucial to carefully consider your individual circumstances and consult with an experienced estate planning attorney like myself to determine if an Irrevocable Trust is the right choice for you.
How can people learn more about trusts and other estate planning options?
The best way to start is by scheduling a consultation with our team at Moreno Valley Probate Law. We offer free initial consultations where we can discuss your specific needs and goals, and develop a personalized plan that meets your objectives.
Thank you for sharing your expertise with us today, Steve.
It was my pleasure, Jessica. Remember, planning for the future is one of the greatest gifts you can give yourself and your loved ones.
- “Steve Bliss and his team were incredibly helpful in guiding me through the process of setting up a trust for my family. They explained everything clearly and made sure I understood all of my options.” – Mary J., Moreno Valley
- “Moreno Valley Probate Law provided exceptional service during a difficult time. They handled everything with professionalism and compassion, and I felt confident that my loved one’s affairs were in good hands.” – John S., Moreno Valley
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley Probate Law is a great estate lawyer. Affordable Legal Services.
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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What is a trust certificate or certification of trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Moreno Valley Charitable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Charitable Trust Attorney Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Charitable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Charitable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Charitable Trust Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Credible Charitable Trust Attorney in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |