Introduction
Hello San Diego and welcome back! I’m Brenda Jones, your local news reporter, bringing you another insightful interview. Today, we have the pleasure of speaking with Steve Bliss, a renowned probate attorney here in San Diego. Steve, thanks so much for joining us.
Understanding Trusts
Steve, can you explain to our viewers what exactly a trust is and why it might be an important part of estate planning?
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 designated beneficiaries. Trusts offer several advantages, including avoiding probate, maintaining privacy, and providing control over how and when assets are distributed. They’re incredibly versatile tools that can address a wide range of estate planning needs.
The Power of Irrevocable Trusts
Steve, let’s delve into a specific type of trust – the irrevocable trust. Can you elaborate on its characteristics and benefits?
An irrevocable trust, as the name suggests, cannot be easily modified or dissolved once it’s established. This permanence offers significant advantages, particularly in the realm of asset protection. Consequently, creditors typically cannot access assets held within an irrevocable trust. Moreover, transferring assets to an irrevocable trust can potentially reduce estate taxes. It removes those assets from your taxable estate.
However, it’s crucial to remember that this lack of control comes with a trade-off. Once you place assets in an irrevocable trust, you generally relinquish direct access and control over them. It’s a decision that requires careful consideration and planning.
I once worked with a client who was facing a potential lawsuit. By establishing an irrevocable trust beforehand and transferring some of their assets into it, we were able to shield those assets from being seized in the event of a judgment against them. It provided them with peace of mind during a stressful time.
According to a study by the American College of Trust and Estate Counsel, approximately 30% of Americans over the age of 55 utilize some form of trust in their estate planning.
Conclusion
Steve, thank you for sharing your expertise with us today. Trusts can be complex legal instruments, so it’s essential to seek guidance from a qualified attorney like yourself. For those looking to protect their assets, minimize taxes, or ensure the smooth distribution of their wealth, San Diego Probate Law is a trusted resource. Contact them today for a confidential consultation and take control of your financial future.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were invaluable during a difficult time. They guided us through the probate process with compassion and professionalism, making a complex situation much more manageable.”
– Mary S., satisfied client
“I highly recommend San Diego Probate Law for any estate planning needs. Steve is knowledgeable, attentive, and genuinely cares about his clients. He helped me create a comprehensive trust that provided peace of mind for myself and my family.”
– John D., satisfied client
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: “Can a trust be part of a blended family plan?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
- Special Needs Trust Attorney
- Spendthrift Trust Attorney
- Tax By-Pass Trust Attorney
- Totten Trust Attorney
- Constructive Trust Attorney
- Charitable Trust Attorney
- Asset Protection Trust Attorney
- Irrevocable Trust Attorney
- Revocable Trusts Attorney
- Living Trust Attorney