Hello and welcome back to Temecula Today! I’m your host, Brenda Thompson, and today we have the pleasure of speaking with Steve Bliss, a renowned trust attorney here in Temecula. Mr. Bliss, thank you so much for joining us.
Trusts: Protecting Your Legacy
What types of trusts do you typically help your clients establish?
Well Brenda, there are many different kinds of trusts, each serving a unique purpose. However, one of the most common I help clients with is the Irrevocable Trust. As you know, an irrevocable trust, unlike a revocable living trust, cannot be modified or dissolved once it’s been created. Consequently, this type of trust offers significant advantages for asset protection.
Let me explain. Say someone wants to shield assets from potential creditors or lawsuits. An irrevocable trust can help achieve that goal because the assets are legally owned by the trust, not the individual. Moreover, it can be a valuable tool for estate tax reduction, as it removes assets from the grantor’s taxable estate.
There are some nuances to consider though. Setting up an irrevocable trust requires careful planning and legal guidance. Ordinarily, I advise clients to consult with financial advisors and tax professionals to ensure the trust aligns with their overall financial goals.
Challenges and Solutions
Have you ever encountered any challenges while setting up Irrevocable Trusts?
You know Brenda, every client’s situation is unique, and sometimes those situations can present unexpected hurdles. I remember one case where a client was concerned about losing control over their assets entirely. They had built a successful business and were understandably hesitant to relinquish complete control.
We worked together closely to address their concerns. It turned out they needed access to some funds for unforeseen expenses. By incorporating specific provisions into the trust agreement, we were able to balance asset protection with the client’s need for flexibility.
Trust Planning: A Lifelong Journey
Can you share any insights about the importance of trust planning?
Brenda, I truly believe that estate planning is a crucial aspect of financial well-being. According to a recent study by the American Bar Association, over 60% of Americans do not have a will or trust in place. That’s a staggering statistic considering the peace of mind and security these documents can provide.
Trust planning is not just for the wealthy; it’s essential for anyone who wants to protect their loved ones and ensure their wishes are carried out after they’re gone.
Testimonials
“Steve Bliss helped us navigate a complex estate planning process with empathy and expertise. His clear explanations and personalized advice made all the difference.”
– John and Susan M., Temecula Residents
Ready to Secure Your Future?
Contact The Law Firm of Steven F. Bliss Esq today for a complimentary consultation. Let us help you craft a comprehensive trust plan that protects your legacy for generations to come.
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 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: “Who should be my successor trustee?” 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.
- Special Needs Trust Attorney
- Spendthrift Trust Attorney
- Tax By-Pass Trust Attorney
- Totten Trust Attorney
- Constructive Trust Attorney
- Charitable Trust Attorney
- Asset Protection Trust Attorney
- Irrevocable Trust Attorney
- Revocable Trusts Attorney
- Living Trust Attorney