Good afternoon, San Diego. Today we’re joined by esteemed probate attorney Steve Bliss of San Diego Probate Law. Steve, thank you so much for taking the time to chat with us.
Understanding Trusts in Estate Planning
Steve, could you explain why someone might consider setting up a trust as part of their estate plan?
“Trusts are incredibly versatile tools that can help individuals achieve various goals,” Steve explains. “They offer several advantages over simply leaving assets through a will. For instance, trusts allow for greater control over how and when your assets are distributed, even after you’re gone.”
The Benefits of Irrevocable Trusts
Steve, could you delve deeper into the benefits of an irrevocable trust?
“An irrevocable trust, as the name suggests, cannot be easily changed or dissolved once established,” Steve clarifies. “This inflexibility can be a significant advantage in certain situations.” He continues, “Firstly, it provides a powerful shield for assets against potential creditors or lawsuits. Consequently, if someone were to face financial challenges, the assets held within an irrevocable trust would typically be protected.
Moreover, irrevocable trusts are often utilized for estate tax planning. By removing assets from your taxable estate, you can potentially reduce the amount of estate taxes owed upon your passing.” He adds: “Ordinarily, this type of trust involves careful consideration and planning with a qualified attorney to ensure it aligns with your specific objectives.”
I recall working with a client who was deeply concerned about protecting their family business from potential liabilities,” Steve shares. “We established an irrevocable trust that shielded the business assets while still allowing for its continued operation by his children. It brought him immense peace of mind knowing his legacy was secure.”
Challenges and Considerations
Are there any challenges or potential downsides associated with irrevocable trusts?
“While incredibly beneficial, it’s crucial to understand that once an asset is placed in an irrevocable trust, you generally relinquish control over it,” Steve cautions. “This means you can’t easily access those funds for personal use.” He emphasizes: “Therefore, careful consideration and planning are essential before committing assets to such a trust.”
The Importance of Seeking Expert Advice
Steve, what advice would you give to someone considering setting up a trust?
“Estate planning is a highly personalized process,” Steve stresses. “It’s imperative to consult with an experienced probate attorney who can assess your unique circumstances and guide you towards the best solutions for your needs.”
He adds: “According to a study by the American Bar Association, nearly 60% of adults don’t have a will or trust in place. Don’t become part of that statistic. Take proactive steps to protect your loved ones and ensure your wishes are honored.”
Testimonials
“Steve Bliss and his team at San Diego Probate Law were lifesavers during a difficult time,” shares Margaret T. “They made the probate process smooth and understandable, providing compassionate support every step of the way.”
John S. adds: “I highly recommend Steve Bliss for his expertise in estate planning. He took the time to listen to my concerns and developed a trust strategy that met all my needs. His professionalism and dedication are exceptional.”
Secure your family’s future. Contact San Diego Probate Law today for a consultation and let us guide you through the complexities of estate planning.
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 I use a trust to pass on a business?” 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 Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Tax By-Pass Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |