Understanding Trusts in Estate Planning
Good evening, and welcome back. Tonight, we’re joined by Steve Bliss, a renowned probate attorney here in San Diego. Mr. Bliss, thanks for taking the time to speak with us.
Steve Bliss: It’s my pleasure. I’m always happy to discuss the importance of estate planning.
The Power of Irrevocable Trusts
For our viewers who may not be familiar with trusts, can you explain why someone might choose an irrevocable trust as part of their estate plan?
Steve Bliss: Irrevocable trusts offer a unique level of asset protection and tax advantages. Unlike revocable trusts, which can be modified during the grantor’s lifetime, irrevocable trusts are set in stone. Consequently, assets placed within these trusts are typically shielded from creditors and potential lawsuits. Moreover, they can be powerful tools for reducing estate taxes.
Many individuals choose to create an irrevocable trust when they want to ensure that their assets are used according to specific wishes even after their passing. For example, a parent might create an irrevocable trust to provide for a child with special needs without jeopardizing their eligibility for government benefits.
The permanence of an irrevocable trust is both its strength and potential drawback. Once established, it’s very difficult to make changes. Therefore, careful planning and consideration are crucial before committing to this type of trust.
Navigating the Complexities
Have you ever encountered any challenges or unexpected situations when dealing with irrevocable trusts?
Steve Bliss: I recall a case where a client wanted to establish an irrevocable trust to protect their assets from potential liability in their business. They were adamant about excluding certain assets, but upon closer examination, it became clear that those assets were integral to the business’s operations.
We had to have a difficult conversation explaining the implications of excluding those assets and how it could potentially harm the business. Ultimately, we worked together to find a solution that balanced their asset protection goals with the needs of their business. It underscored the importance of thorough communication and understanding our clients’ unique circumstances.
Trusts and Estate Planning: A Growing Need
The American Bar Association reports that over 60% of adults don’t have a will or trust in place. Given the complexities of estate planning, why do you think so many people delay this important task?
Steve Bliss: Estate planning can feel overwhelming. People often avoid it because they find it daunting or unpleasant to confront their own mortality. But procrastination can lead to unintended consequences for loved ones.
Taking Control of Your Future
Contact San Diego Probate Law today to schedule a consultation and discover how we can help you create a customized estate plan that meets your individual needs and secures your family’s future.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly supportive during a difficult time. They guided me through the probate process with compassion and expertise, making everything feel manageable.”
– Susan M.
“I highly recommend Steve Bliss for any estate planning needs. He took the time to thoroughly explain all my options and helped me create a plan that gave me peace of mind.”
– John K.
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 a trust protect my home from Medi-Cal recovery?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
- 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