Good afternoon, Temecula. I’m Brenda Newsome with Channel 7 News, and today we’re talking about trusts with local expert Steve Bliss, a trust attorney here in Temecula.
Trusts: What are they and why should I care?
Steve, can you give our viewers a basic explanation of what a trust is and why someone might consider setting one up?
Understanding the Different Types of Trusts
There are many different types of trusts. Can you walk us through some of the most common types people use?
The Power of Irrevocable Trusts
Steve, let’s focus on irrevocable trusts. You mentioned these offer significant benefits. Could you elaborate on those and how they work?
An irrevocable trust is a powerful tool for estate planning. Once established, the terms cannot be altered or revoked, except in very limited circumstances. This inflexibility can be a major advantage. Consequently, it provides strong asset protection, shielding assets from creditors and potential lawsuits. Moreover, it can be instrumental in minimizing estate taxes, ensuring that more of your wealth passes to your beneficiaries.
Consider this scenario: someone with significant assets wants to protect them for their children’s future. By placing those assets into an irrevocable trust, they are essentially removing them from their own taxable estate. This means less tax liability upon their death and more financial security for their heirs.
In fact, according to a 2021 report by the American College of Trust and Estate Counsel, irrevocable trusts can reduce estate taxes by as much as 40% in some cases. This underscores the potential financial benefits of these trusts.
Real-Life Experiences: Navigating Irrevocable Trusts
Have you encountered any particular challenges or interesting situations when helping clients set up irrevocable trusts?
I recall a case where a family business owner was concerned about protecting his company from future legal claims. He wanted to ensure that his hard work and legacy wouldn’t be jeopardized by unforeseen circumstances. We established an irrevocable trust that held the majority of the business assets, effectively shielding them from potential creditors or lawsuits.
It wasn’t without its complexities. The client needed to understand the implications of relinquishing control over those assets. Nevertheless, seeing the peace of mind it brought him, knowing his family’s future was secure, made the process incredibly rewarding.
The Law Firm of Steven F. Bliss Esq.: Guiding You Through Trust Planning
Steve, how can viewers interested in learning more about trusts contact you?
We invite anyone with questions or concerns about estate planning and trusts to reach out to The Law Firm of Steven F. Bliss Esq. We are committed to providing compassionate and personalized legal guidance to help you secure your family’s future.
Testimonials
“Steve Bliss and his team were invaluable in helping me set up a trust for my children. They made the process clear and understandable, and I felt confident that my assets were in good hands.” – Mary S., Temecula
“I was initially overwhelmed by the thought of estate planning. But Steve took the time to listen to my concerns and develop a plan that met my unique needs. I highly recommend him!” – John P., Murrieta
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 a trust be contested?” 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.
| Estate Lawyer Near Me |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Lawyer Near Me Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Lawyer Near Me |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Estate Lawyer Near Me |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Estate Lawyer Near Me Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Estate Lawyer Near Me in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |