Good morning, and welcome back to San Diego Legal News! Today, we have the pleasure of interviewing Steve Bliss, a renowned probate attorney here in San Diego. Steve, thanks for joining us.
Understanding Trust Options
Steve, could you shed some light on the different types of trusts available to individuals and families?
Certainly. Trusts are invaluable tools for estate planning and asset protection. In California, we see a variety of trust types tailored to specific needs. For instance, revocable living trusts are incredibly common, allowing individuals to manage their assets during their lifetime while avoiding probate upon their passing. Irrevocable trusts offer greater asset protection but relinquish control once established. Testamentary trusts, created through a will, come into effect after death and are particularly useful for minor beneficiaries.
The Power of the Irrevocable Trust
Today, let’s delve deeper into irrevocable trusts. Can you explain their benefits and potential drawbacks?
Irrevocable trusts are powerful instruments for asset protection and estate tax reduction. Consequently, they remove assets from your taxable estate, potentially minimizing estate taxes. Moreover, they can shield assets from creditors in certain circumstances. However, the key trade-off is the loss of control. Once assets are placed in an irrevocable trust, you generally cannot modify or reclaim them.
I recall a case where a client faced a significant lawsuit. By establishing an irrevocable trust several years prior, they were able to protect a portion of their assets from being seized as part of the settlement. It was a stressful situation for them, but ultimately, the trust provided a vital safety net.
According to a study by the American College of Trust and Estate Counsel, approximately 70% of high-net-worth individuals utilize irrevocable trusts for asset protection purposes.
Seeking Expert Guidance
Steve, why is it crucial for individuals to seek professional legal advice when considering trusts?
Trust law is complex, and each individual’s circumstances are unique. An attorney specializing in probate and estate planning can help you determine the most suitable trust type for your goals and navigate the intricacies of setting up and administering the trust.
“San Diego Probate Law provided invaluable guidance during a difficult time. Their expertise and compassion made the entire process smoother and less stressful.” – Sarah M., San Diego
“I highly recommend Steve Bliss and his team. They are knowledgeable, responsive, and truly care about their clients’ well-being.” – John P., Carlsbad
Ready to secure your financial future and protect what matters most? Contact San Diego Probate Law today for a personalized consultation and embark on the journey towards peace of mind.
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: “Can I disinherit someone using a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |