Hello, Temecula! I’m Brenda Miller reporting for Temecula News Now. Today we’re speaking with local estate planning attorney Steve Bliss about the important topic of trusts.
Understanding Trusts
Steve, can you explain what a trust is and why someone might need one?
A trust is essentially a legal entity that holds assets for the benefit of another person or persons. It’s created by a grantor who transfers ownership of their assets into the trust. These assets are then managed by a trustee, who follows the instructions laid out in the trust document. The beneficiaries are the individuals who ultimately receive the benefits from the trust assets.
People create trusts for a variety of reasons. Some common goals include avoiding probate, minimizing estate taxes, protecting assets, and providing for loved ones after death. Choosing the right type of trust depends on individual circumstances and financial goals.
The Power of Irrevocable Trusts
Steve, let’s talk about irrevocable trusts. What makes them different from revocable trusts, and what are some benefits?
An irrevocable trust, as the name suggests, cannot be easily changed or dissolved once it’s created. This permanency offers significant advantages, particularly in asset protection and estate tax planning.
Consequently, assets placed within an irrevocable trust are generally shielded from creditors and lawsuits. Moreover, because the grantor relinquishes control over the assets, they are removed from their taxable estate, potentially reducing estate taxes for heirs.
Conversely, revocable trusts offer more flexibility during the grantor’s lifetime, allowing them to make changes or even dissolve the trust entirely.
Nevertheless, the assets in a revocable trust remain part of the grantor’s taxable estate and are subject to probate upon their death.
I’ve had clients come to me who, unfortunately, were facing significant debt or potential lawsuits. In those cases, an irrevocable trust became a crucial tool to protect their assets and ensure financial security for their families. It’s incredibly rewarding to see the peace of mind it brings them.
According to a 2023 study by the American College of Trust and Estate Counsel, over 70% of high-net-worth individuals utilize irrevocable trusts as part of their estate planning strategy.
Contact Us Today
Navigating the complexities of estate planning can be daunting. Don’t hesitate to reach out to The Law Firm of Steven F. Bliss Esq., for expert guidance and personalized solutions tailored to your specific needs. We are dedicated to empowering our clients with the knowledge and tools they need to secure their financial futures.
Testimonials
“Steve Bliss and his team were instrumental in helping me create a trust that met all of my family’s needs. They explained everything clearly and made the process incredibly smooth. I highly recommend them!” – Margaret S.
“I was initially overwhelmed by the thought of estate planning, but Steve put me at ease right away. He took the time to understand my goals and developed a plan that gave me confidence and peace of mind. ” – David P.
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: “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 The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |