Hello everyone, and welcome back! Today we’re joined by Steve Bliss, a highly respected probate attorney right here in Escondido. Steve, thanks so much for joining us.
Understanding the Power of Trusts
Steve, can you tell our viewers why trusts are such an important part of estate planning?
Absolutely. Trusts are incredibly powerful tools that allow individuals to control how their assets are managed and distributed both during their lifetime and after they pass away. They offer a variety of benefits over simply having a will.
Choosing the Right Trust: The Irrevocable Trust
For this interview, let’s focus on irrevocable trusts. Can you explain what makes them unique?
Irrevocable trusts are designed to be permanent and unchangeable once they’re established. This permanence is a key advantage for several reasons. First, it removes assets from your taxable estate, potentially reducing estate taxes. Consequently, this can be especially beneficial for individuals with substantial wealth.
Moreover, irrevocable trusts can be structured to protect assets from creditors or lawsuits. Let’s say you’re concerned about potential liability in your profession; an irrevocable trust could safeguard your assets from being seized.
Conversely, the trade-off is that you relinquish control over the assets placed in the trust. Ordinarily, this wouldn’t be an issue if you’ve carefully planned and anticipated your future needs.
Navigating Challenges
Steve, have you ever encountered any challenges when setting up irrevocable trusts for clients?
Certainly. One situation that comes to mind involved a family business owner who wanted to protect his assets from potential litigation while ensuring the business could continue operating smoothly. We worked closely together to structure an irrevocable trust that met both of these objectives, but it required careful consideration of the intricacies of his particular business.
Another time, a client expressed concern about losing access to funds within the trust. I explained that while they couldn’t directly access those assets, they could designate beneficiaries who would receive distributions according to their wishes.
Trusts: A Vital Part of Estate Planning
It’s clear that trusts can be complex instruments. What advice would you give to someone considering using a trust in their estate plan?
My best advice is to consult with an experienced probate attorney like myself. We can help you determine if a trust is right for your situation and guide you through the process of setting one up.
- Remember, approximately 70% of Americans don’t have a will or estate plan in place.
Seeking Expertise
Steve, thank you for sharing your expertise with us today. How can our viewers get in touch with Escondido Probate Law?
You can reach us by phone at (760) 747-3931 or visit our website at EscondidoProbateLaw.com. We’re dedicated to helping individuals and families navigate the complexities of estate planning.
Testimonials
“Steve Bliss and his team were incredibly helpful in setting up a trust for my family. They made the process easy to understand and answered all of our questions with patience and clarity.” – Jennifer S.
“I was feeling overwhelmed trying to figure out how to protect my assets, but Steve put my mind at ease. He’s knowledgeable, compassionate, and truly cares about his clients.” – David M.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “Do I need a new trust if I move to California?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |