Focusing on Asset Protection Trusts
Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in San Diego. Steve, thank you for taking the time to speak with us today.
Steve: It’s my pleasure. I’m always happy to discuss estate planning and how it can benefit individuals and families.
You specialize in many areas of probate law, but we’d like to focus on asset protection trusts today. Can you tell our viewers a bit about what these trusts are and how they work?
Steve: Absolutely. Asset protection trusts are designed to safeguard your assets from potential creditors or lawsuits.
Now, it’s important to understand that California law offers limited protection for these types of trusts, so they aren’t as common here. Consequently, individuals looking for strong asset protection often consider establishing them in states with more favorable laws.
Nevertheless, the basic concept remains the same: you transfer ownership of your assets into a trust managed by a trustee. You, as the grantor, relinquish direct control but maintain certain benefits depending on how the trust is structured. The trustee then manages the assets according to the terms outlined in the trust agreement.
Ordinarily, creditors can’t access assets held within a properly constructed asset protection trust because they are no longer considered your personal property. This can be incredibly valuable for individuals in high-risk professions or those who have concerns about potential litigation.
Steve: I recall one case where a client, a successful entrepreneur, was facing a substantial lawsuit.
He had worked tirelessly to build his business, and the thought of losing everything he’d worked for was devastating. We established an asset protection trust in a state with strong creditor protection laws. This ultimately shielded his assets from the lawsuit’s reach, allowing him to continue his life’s work without fear.
While these trusts can be incredibly effective, it’s crucial to remember that they need to be set up correctly and well in advance of any potential claims. Procrastination can significantly weaken their effectiveness.
Closing
Steve, thank you for sharing your expertise on asset protection trusts. This information is invaluable for anyone looking to safeguard their financial future.
To learn more about how Steve Bliss and San Diego Probate Law can help you with your estate planning needs, contact them today for a complimentary consultation.
Testimonials
“Steve Bliss made the entire probate process so much easier than I expected. He was patient, understanding, and always available to answer my questions.” – Mary S.
“I highly recommend San Diego Probate Law. They are true professionals who genuinely care about their clients.” – John T.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “What is an AB trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |