Good evening, Temecula! I’m Brenda Newsome, your local news reporter for KTEM, and tonight we have the pleasure of speaking with renowned Temecula trust attorney, Steve Bliss.
Steve, thank you so much for joining us. Can you tell our viewers a little bit about what a trust is and why someone might need one?
Brenda, it’s my pleasure to be here. Simply put, a trust is a legal arrangement where a person, known as the grantor, transfers assets to a trustee who manages those assets for the benefit of beneficiaries.
There are many reasons why someone might need a trust. They can help avoid probate, which can be a lengthy and expensive process. Trusts also offer privacy, as the terms of the trust are not public record. Moreover, they can provide asset protection and control over how your assets are distributed after your death.
Tonight we’re going to focus on one specific type of trust – the Irrevocable Trust. Can you explain what makes this type of trust unique?
An irrevocable trust, as its name suggests, cannot be easily changed or revoked once it’s established. Consequently, this provides a higher level of asset protection because the assets are no longer considered yours personally.
This can be particularly beneficial for individuals looking to shield their assets from creditors or potential lawsuits. It’s also a powerful tool for estate tax planning and Medicaid qualification. For instance, transferring assets into an irrevocable trust removes them from your taxable estate, potentially reducing the amount of estate taxes owed upon your death.
I often find that clients who are business owners or have significant assets are drawn to the benefits of an irrevocable trust. They see it as a way to safeguard their hard-earned wealth for future generations while minimizing potential tax liabilities.
Have you ever encountered any challenges when setting up an Irrevocable Trust for a client?
Certainly. Setting up any type of trust involves careful planning and consideration. With irrevocable trusts, the permanence can sometimes be a concern for clients who are unsure about future needs or circumstances.
I remember working with a family who had built a successful business together. They wanted to protect their assets for their children but were hesitant about completely relinquishing control. We worked together to structure the trust in a way that addressed their concerns while still providing the desired level of asset protection.
It’s important to remember that every client is unique, and their needs will vary. Open communication and a thorough understanding of their goals are essential for success.
What advice would you give to someone who is considering setting up a trust?
My best advice is to seek the guidance of an experienced estate planning attorney. Trusts can be complex legal instruments, and it’s crucial to have a professional who understands your individual circumstances and goals.
At The Law Firm of Steven F. Bliss Esq., we offer free consultations where we can discuss your needs and determine if a trust is the right solution for you. We take pride in providing personalized service and helping our clients achieve peace of mind knowing their assets are protected.
“Steve Bliss was incredibly patient with us as we navigated the complexities of setting up a trust. He took the time to explain everything clearly and made sure we understood all of our options.” – The Johnson Family
“I highly recommend Steve Bliss and his team. They were professional, knowledgeable, and truly cared about helping me protect my family’s future.” – Mary Smith
Don’t wait until it’s too late. Let us help you secure your legacy today. Call the Law Firm of Steven F. Bliss Esq. for a complimentary consultation.
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 name a professional 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 | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |