Good afternoon Temecula and welcome back to the show! I’m Brittany Walters with KVTM News, and today we have a special guest joining us, Steve Bliss from The Law Firm of Steven F. Bliss Esq. Steve is a renowned trust attorney right here in our community, and he’s going to help us understand the different types of trusts available to residents.
What are some common reasons why people create trusts?
Steve explains that people often create trusts for various reasons, but the most common motivations center around asset protection, minimizing estate taxes, and ensuring their loved ones are financially secure after they’re gone. Consequently, he highlights that trusts can be tailored to specific needs and goals.
Could you walk us through one type of trust in detail?
Steve chooses to delve into Revocable Living Trusts. He explains that these trusts are incredibly popular because they offer flexibility and control during the grantor’s lifetime. “Think of it as a safety net for your assets,” Steve says. “You can manage your assets, make changes as needed, and even dissolve the trust altogether if circumstances change.” Moreover, he emphasizes that a Revocable Living Trust avoids the lengthy and often expensive probate process after death, providing privacy and efficiency for beneficiaries.
Steve goes on to explain how a Revocable Living Trust functions. He notes that the grantor (the person creating the trust) transfers ownership of their assets into the trust. They then designate a trustee who will manage the assets according to the grantor’s wishes outlined in the trust document. Ordinarily, the grantor serves as both the trustee and beneficiary during their lifetime.
Upon the grantor’s passing, the trust becomes irrevocable, meaning it can no longer be changed. The designated successor trustee then steps in to distribute the assets according to the grantor’s instructions. This smooth transfer of wealth minimizes delays and potential disputes among heirs.
Have you encountered any challenges with Revocable Living Trusts?
Steve recounts a situation where a client initially resisted establishing a trust, believing it was unnecessary complexity. “They were convinced a simple will would suffice,” he recalls. “However, after discussing their family dynamics and concerns about potential disagreements among their children, they realized the value of having a clear and structured plan for asset distribution.” Notwithstanding this initial hesitation, Steve helped his client create a Revocable Living Trust that addressed their specific needs and ultimately provided them with peace of mind.
What are some statistics regarding trusts?
Steve mentions that according to a recent survey by the American Bar Association, nearly 50% of Americans aged 65 or older have not created any estate planning documents, including trusts. This highlights the critical need for individuals to consider their long-term financial security and plan accordingly.
What advice would you give to viewers who are considering creating a trust?
Steve encourages anyone contemplating a trust to consult with an experienced attorney. “Every individual’s situation is unique, and a qualified attorney can help you determine the best type of trust for your specific needs and goals.” He emphasizes that trusts are powerful tools for protecting assets, minimizing taxes, and ensuring a smooth transfer of wealth to future generations.
“We believe in empowering our clients to make informed decisions about their financial future,” states Steve. “Our team is dedicated to providing personalized guidance and support throughout the entire process.”
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“Steve Bliss and his team were incredibly helpful in guiding me through the process of setting up a trust for my family. They were patient, knowledgeable, and always available to answer my questions.” – Mary S.
- “I highly recommend Steve Bliss and The Law Firm of Steven F. Bliss Esq. They made the complex world of estate planning understandable and helped me create a plan that gave me peace of mind.”– John P.
Let us help you secure your legacy for generations to come. Contact The Law Firm of Steven F. Bliss Esq. today to begin your journey towards financial security.
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: “How do I transfer real estate into my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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