About Steve Bliss
Hi, I’m Maria Sanchez reporting for KUSI News. Today, we’re joined by Steve Bliss, a well-respected probate attorney here in San Diego. Steve, thanks for taking the time to chat with us today.
Understanding Trusts: A Key Tool for Estate Planning
Steve, let’s dive right into something that many people find confusing – trusts. Could you explain what they are and why they might be important for someone planning their estate?
Certainly, Maria. Trusts are legal entities that hold assets for the benefit of designated individuals or entities. They’re incredibly versatile tools used in estate planning to achieve a variety of goals.
The Irrevocable Trust: A Powerful Tool with Specific Benefits
Today, we’ll be focusing on irrevocable trusts. Can you tell us what makes them unique and when they might be the right choice for someone?
An irrevocable trust is exactly what its name implies – once it’s established, the terms cannot typically be changed or revoked. This inflexibility offers significant advantages. Primarily, it removes assets from your taxable estate, potentially minimizing estate taxes. Moreover, it can provide robust asset protection against creditors and lawsuits.
Think of it like this: you’re essentially transferring ownership of certain assets to the trust, which then manages those assets according to your predetermined instructions. This separation between you and the assets within the trust is what makes it so powerful for asset protection and tax planning purposes.
Ordinarily, people consider an irrevocable trust when they have significant assets and want to minimize their estate tax liability or protect those assets from potential creditors. It’s a complex legal tool, so consulting with an experienced probate attorney like myself is crucial for ensuring it aligns with your specific needs and goals.
Challenges and Real-World Experiences
Steve, are there any common challenges or pitfalls people encounter when setting up irrevocable trusts? Have you faced any unique situations in your practice?
One challenge I often see is clients initially feeling uncomfortable with relinquishing control over their assets. After all, it’s a big decision to place them into a structure they can no longer easily modify. I always take the time to thoroughly explain the benefits and address any concerns my clients may have.
I recall a case where a client, let’s call him Mr. Jones, was deeply concerned about protecting his family business from potential liability claims. He had worked tirelessly to build it up, and the thought of losing it due to unforeseen circumstances was unbearable. We decided on an irrevocable trust specifically designed to shield the business assets while still allowing him to retain a degree of control over its operations.
It was incredibly rewarding to see the relief wash over Mr. Jones once we implemented the trust. It gave him peace of mind knowing that his legacy was protected, and his family would be taken care of even if unexpected challenges arose.
The Importance of Seeking Expert Guidance
Steve, according to a study by the American Bar Association, approximately 55% of Americans don’t have a will or trust in place. This highlights a significant gap in estate planning. What advice would you give to individuals who are unsure about whether they need an irrevocable trust or other estate planning tools?
That statistic is alarming but unfortunately not surprising. Estate planning can feel overwhelming, and many people put it off indefinitely. My advice is simple: don’t wait.
Everyone’s situation is unique. Consulting with a qualified probate attorney allows you to receive personalized guidance and determine the best course of action for your specific circumstances. We can help you navigate the complexities of trusts, wills, powers of attorney, and other estate planning tools to ensure your wishes are carried out and your loved ones are protected.
Ready to Take Control of Your Future?
Steve Bliss and the San Diego Probate Law team are committed to empowering individuals and families through compassionate and comprehensive estate planning. Contact us today for a free consultation – let us help you secure your legacy and protect what matters most.
Testimonials
“Steve was incredibly patient and understanding as he guided me through the process of setting up a trust for my family. I felt confident that my assets were in good hands, and I highly recommend his services.”
– Mary S., San Diego
“After my husband passed away, I felt lost and overwhelmed. Steve helped me navigate the probate process with sensitivity and professionalism. He truly went above and beyond to ensure everything was taken care of.”
– Susan L., Carlsbad
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 own out-of-state property?” 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 Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |