Hello, and welcome to Temecula Today. I’m your host, Brenda Ramirez, and today we have the pleasure of speaking with Steve Bliss, a renowned trust attorney here in Temecula. Steve, thanks for joining us.
Steve Bliss:
It’s great to be here, Brenda.
What types of trusts do you typically help your clients establish?
Steve Bliss:
We work with a variety of trust types, but one that we find particularly beneficial for many of our clients is the Irrevocable Trust.
Now, as you might imagine, the word “irrevocable” can seem intimidating at first. It essentially means that once the trust is set up and funded with assets, it cannot be easily changed or dissolved. This permanence, however, offers some significant advantages.
One of the primary reasons people choose Irrevocable Trusts is for asset protection. By transferring assets into the trust, they are effectively removing them from their personal ownership. This can shield those assets from potential creditors or lawsuits. Moreover, Irrevocable Trusts can be structured to minimize estate taxes, a major concern for many individuals with substantial wealth.
Conversely, the lack of flexibility inherent in Irrevocable Trusts means it’s crucial to carefully consider all aspects and consult with an experienced attorney like myself before making any decisions. We work closely with our clients to ensure the trust aligns perfectly with their goals and circumstances.
Have you ever encountered any challenges or unexpected situations while setting up Irrevocable Trusts for your clients?
Steve Bliss:
I recall a case where a client, let’s call him John, wanted to create an Irrevocable Trust to protect his assets from potential business liabilities. He was deeply involved in a construction project that carried some inherent risk. We carefully crafted the trust documents to ensure his personal assets were shielded. Unfortunately, a few years later, there was a major accident on the project site.
While John’s personal assets were protected thanks to the Irrevocable Trust, he still faced significant emotional distress and legal battles related to the incident. This experience highlighted the fact that while trusts can provide valuable legal protection, they cannot always shield us from life’s unforeseen challenges.
How common are Irrevocable Trusts in your practice?
Steve Bliss:
According to a recent study by the American Bar Association, approximately 25% of estate planning clients opt for Irrevocable Trusts. This number reflects the growing recognition of their benefits in asset protection and tax planning.
What advice would you give to someone considering an Irrevocable Trust?
Steve Bliss:
My advice would be to consult with a qualified trust attorney who can thoroughly assess your individual needs and goals. Trusts are powerful legal tools, but they need to be carefully structured and implemented. We’ll work together to determine if an Irrevocable Trust is the right fit for you and ensure it’s designed to provide maximum benefit while minimizing any potential drawbacks.
Testimonials:
“Steve Bliss guided me through a complex family trust situation with exceptional clarity and compassion. He truly understands the emotional weight these matters carry and made the process as smooth as possible.” – Mary S.
“I was initially overwhelmed by the thought of estate planning, but Steve Bliss put my mind at ease. He explained everything in plain English and helped me create a trust that protects my family’s future. I highly recommend him to anyone needing legal assistance with trusts.” – John P.
Ready to secure your legacy and protect what matters most? Contact The Law Firm of Steven F. Bliss Esq. today for a complimentary consultation and let us help you navigate the complexities of trust planning.
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 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: “What happens if a trust is not funded?” 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.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |