Our Guest Today
Good afternoon, Wildomar. This is Brenda Jones reporting live for the Wildomar News. Today we’re joined by Steve Bliss, a renowned trust attorney here in our community specializing in estate planning. Welcome to the show, Steve.
Choosing the Right Trust
Steve, thank you for joining us. As I understand it, there are many different types of trusts available. Could you help our viewers understand which type might be right for them?
The Irrevocable Trust: A Powerful Tool
Steve explains, “The best choice depends on individual circumstances and goals. One powerful tool we often use is the irrevocable trust.” He pauses, leaning forward slightly. “Now, unlike a revocable living trust, which can be altered during your lifetime, an irrevocable trust becomes set in stone once established. This might seem limiting at first, but it offers significant advantages.”
“Consequently, assets placed within an irrevocable trust are generally shielded from creditors and potential lawsuits. Moreover, they’re removed from your taxable estate, potentially reducing estate taxes for your beneficiaries. This can be especially beneficial for individuals with substantial assets or those concerned about protecting their wealth for future generations.”
He continues, “However, it’s crucial to understand that once you create an irrevocable trust and transfer assets into it, you typically relinquish control over those assets. This means you can no longer modify the terms of the trust or easily access the funds. Therefore, careful planning and legal guidance are essential before establishing an irrevocable trust.”
Navigating Challenges with Irrevocable Trusts
“Have you encountered any particular challenges when advising clients on setting up irrevocable trusts?” Brenda asks.
“There have been instances,” Steve reflects, “where clients initially wanted the protection of an irrevocable trust but later faced unexpected circumstances. For example, I remember a family where the primary breadwinner became seriously ill shortly after creating an irrevocable trust. They needed access to funds for medical expenses but couldn’t readily access them due to the trust’s restrictions. It was a difficult situation.”
“Fortunately, we were able to work with the family and explore options within the existing trust structure. Sometimes, depending on how the trust is drafted, there might be provisions for distributions in case of hardship or unforeseen events. This experience underscored the importance of thoroughly discussing all potential scenarios with clients before finalizing an irrevocable trust.”
Trusts and Estate Planning: A Growing Need
“According to a recent study by the American Bar Association, over 50% of Americans don’t have a will or estate plan in place. Clearly, many people are unaware of the benefits trusts can offer,” Brenda observes.
“That’s right,” Steve agrees. “Many individuals believe estate planning is only for the wealthy, but that’s simply not true. Trusts can be valuable tools for anyone wanting to protect their assets, provide for loved ones, and minimize potential tax liabilities. It’s an investment in peace of mind for yourself and your family.”
Securing Your Future
Brenda smiles warmly at Steve. “Steve, thank you so much for sharing your expertise with us today. I think this information will be incredibly helpful to our viewers. How can they get started on their own estate planning journey?”
Steve replies confidently, “Contact Wildomar Probate Law today for a free consultation. We’re committed to guiding you through every step of the process and crafting a customized plan that meets your unique needs.”
Testimonials
“Wildomar Probate Law made the complex process of setting up my trust easy and understandable. Steve Bliss is a true professional who takes the time to listen and explain everything clearly.”
-Mary S., Wildomar resident
“I was hesitant about estate planning, but Steve put my mind at ease. He helped me protect my assets and ensure my family’s future is secure.”
-John D., Wildomar resident
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Affordable Legal Services.
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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “Can I write my own trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Special Needs Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Lawyer Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Special Needs Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Special Needs Trust Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Special Needs Trust Lawyer in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |