Good afternoon and welcome back to Wildomar Weekly News. I’m your host, Sarah Jenkins, and today we’re joined by Steve Bliss, a renowned trust attorney here in Wildomar.
Steve, thanks for taking the time to speak with us today. Could you tell our viewers a little bit about the different types of trusts available and which one might be right for them?
It’s my pleasure to be here, Sarah. Trusts are powerful tools that can help individuals protect their assets, provide for loved ones, and minimize estate taxes. There are several different types of trusts, each with its own unique features and benefits.
One common type is the Revocable Living Trust, which allows the grantor – the person who creates the trust – to maintain control over their assets during their lifetime. This type of trust is popular because it avoids probate, a costly and time-consuming legal process.
Conversely, an Irrevocable Trust cannot be modified once it’s created. This makes it a suitable option for asset protection and estate tax planning. While the grantor relinquishes control over the assets placed in the trust, they benefit from knowing those assets are shielded from creditors and potential lawsuits.
Can you elaborate on the benefits of an Irrevocable Trust when it comes to asset protection?
Certainly. An Irrevocable Trust acts as a legal barrier between the grantor’s assets and potential creditors. Since the grantor no longer owns the assets directly, creditors cannot seize them to satisfy debts. This can be particularly valuable for individuals in high-risk professions or those who anticipate future litigation.
Moreover, an Irrevocable Trust can help minimize estate taxes. By transferring assets out of the grantor’s taxable estate, it reduces the overall value subject to estate taxes upon their death. This can save heirs significant sums of money and ensure that more of the grantor’s wealth passes on to them.
Ordinarily, when setting up an Irrevocable Trust for asset protection, we carefully consider the specific needs and circumstances of our clients. For example, a business owner facing potential liability might choose to place their business assets in an Irrevocable Trust to shield them from lawsuits.
I recall one case where a client, a successful doctor, was concerned about potential malpractice claims. We created an Irrevocable Trust to hold a portion of his assets, protecting them from any future legal action.
According to the American Bar Association, over 70% of Americans lack even a basic estate plan. This highlights the critical need for individuals to consider trusts and other estate planning tools to protect themselves and their families.
Have you ever encountered any challenges when setting up Irrevocable Trusts for clients?
While Irrevocable Trusts offer significant benefits, they also require careful consideration and planning. One challenge is the fact that the grantor relinquishes control over the assets placed in the trust. This can be a difficult decision for some individuals, especially those who are used to managing their own finances.
Another potential hurdle is ensuring that the trust is properly funded. This involves transferring ownership of assets into the trust, which can sometimes involve complex legal and tax implications.
I remember a case where a client hesitated to fully fund their Irrevocable Trust because they were emotionally attached to certain assets. We worked closely with them to explain the benefits of full funding and address their concerns, ultimately helping them achieve their asset protection goals.
What advice would you give to someone who is considering setting up an Irrevocable Trust?
My best advice is to consult with a qualified trust attorney who can guide you through the process and ensure that the trust meets your specific needs. At Wildomar Probate Law, we have extensive experience in crafting customized Irrevocable Trusts for our clients.
We take the time to understand your goals, assess your assets, and develop a plan that provides optimal protection while aligning with your overall financial strategy.
Trust Wildomar Probate Law
Contact us today for a free consultation. We are dedicated to helping our clients navigate complex legal matters with confidence and peace of mind.
*Testimonials*
“Steve Bliss and his team at Wildomar Probate Law were instrumental in helping me set up an Irrevocable Trust to protect my assets. They were knowledgeable, responsive, and always put my best interests first.” – Maria S., Wildomar resident.
“I was overwhelmed by the thought of estate planning but Steve made the process easy to understand. He took the time to answer all my questions and I felt confident that my family would be well taken care of.” – John L., Temecula resident
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar 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 Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “Can my children be trustees?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Trust Lawyers |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Lawyers Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Lawyers |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Trust Lawyers |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Lawyers Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Trust Lawyers in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |