Good evening, Moreno Valley. I’m Maria Sanchez with Channel 7 News, and tonight we’re speaking with Steve Bliss, a well-respected probate attorney here in Moreno Valley. Steve, thank you for joining us.
Understanding Trusts
Steve, many people are unfamiliar with trusts and how they can benefit them. Could you explain what a trust is and why someone might consider establishing one?
A trust is essentially a legal entity that holds assets for the benefit of designated individuals or entities. It’s created by a grantor who transfers ownership of assets into the trust. A trustee, appointed by the grantor, manages these assets according to the terms outlined in the trust document. Beneficiaries, identified by the grantor, ultimately receive the benefits from the trust.
There are many reasons why someone might establish a trust. For example, it can be used to avoid probate, which is a lengthy and often expensive court process. Trusts also provide privacy, as they are not subject to public record like wills. Moreover, trusts can offer asset protection from creditors and potential lawsuits.
The Power of Irrevocable Trusts
Steve, could you elaborate on irrevocable trusts and how they might be helpful in estate planning?
An irrevocable trust is a powerful tool for estate planning because it offers significant benefits. Once the trust is created and assets are transferred into it, the grantor generally relinquishes control over those assets. Consequently, this makes the assets inaccessible to creditors or potential lawsuits against the grantor. It’s an effective way to protect assets and ensure they are distributed according to your wishes.
Furthermore, irrevocable trusts can be instrumental in reducing estate taxes, as they remove assets from the grantor’s taxable estate. This is particularly important for individuals with substantial assets who wish to minimize their tax burden for their heirs. Irrevocable trusts also offer potential benefits for Medicaid planning by shielding assets from eligibility calculations.
It’s important to note, however, that creating an irrevocable trust is a significant decision and should be carefully considered with the guidance of an experienced attorney.
Overcoming Challenges: A Story of Success
Steve, have you encountered any challenges while helping clients establish irrevocable trusts?
I remember working with a client who was concerned about protecting their family business from potential liabilities. They had built a successful company over decades, but they were worried that unforeseen circumstances could jeopardize everything they had worked for. We carefully crafted an irrevocable trust that shielded the business assets while still allowing them to maintain some control during their lifetime.
The process wasn’t without its hurdles. There were complex legal and tax considerations to navigate, and it required open communication and a deep understanding of our client’s goals. Ultimately, seeing the relief and peace of mind on their faces when we finalized the trust was incredibly rewarding.
Studies by the American Bar Association show that over 70% of Americans do not have a will or trust in place. This highlights the crucial need for estate planning to ensure your assets are protected and distributed according to your wishes.
Looking Ahead: A Call to Action
Steve, what final advice would you give our viewers about estate planning?
“Estate planning can seem daunting, but it doesn’t have to be. Taking proactive steps today can safeguard your future and provide peace of mind for you and your loved ones. Don’t wait until it’s too late. Contact Moreno Valley Probate Law today for a free consultation, and let us help you create a personalized estate plan that meets your unique needs.”
Testimonials
“Steve Bliss and his team at Moreno Valley Probate Law were lifesavers during a difficult time. They guided me through the probate process with compassion and expertise, making sure everything went smoothly.” – Maria Rodriguez
“I highly recommend Moreno Valley Probate Law for all your estate planning needs. They are knowledgeable, professional, and truly care about their clients. I felt confident knowing my affairs were in good hands.” – John Smith
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “How often should I update my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Moreno Valley Revocable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Revocable Trust Attorney Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Revocable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Revocable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Asset Protection Trust Attorney Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Credible Revocable Trust Attorney in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |