A Conversation with Local Expert Steve Bliss
Hello everyone, and welcome. Today we are speaking with Steve Bliss, a prominent probate attorney right here in Escondido. Steve, thank you for taking the time to speak with us.
Understanding the Role of Trusts in Estate Planning
Steve, for our viewers who might be unfamiliar, can you explain what a trust is and how it fits into estate planning?
A trust is a legal entity that holds and manages assets for the benefit of designated individuals or organizations. It’s a powerful tool in estate planning because it allows individuals to control how their assets are distributed after they pass away, avoid probate, and potentially minimize estate taxes.
Focusing on Irrevocable Trusts
Today, we’d like to delve into a specific type of trust: the irrevocable trust. Can you tell us more about this option?
An irrevocable trust is one that cannot be modified or dissolved once it is created. This permanence offers significant advantages, particularly for asset protection and estate tax reduction. Consequently, when assets are placed within an irrevocable trust, they are generally removed from the grantor’s taxable estate. Moreover, creditors typically cannot access assets held within an irrevocable trust.
It’s important to remember that creating an irrevocable trust is a serious decision, as it involves relinquishing control over the assets. Accordingly, individuals considering this option should carefully consult with an experienced estate planning attorney like myself to ensure it aligns with their specific goals and circumstances.
Real-World Experiences
Steve, have you encountered any particular challenges or unique situations when working with clients on irrevocable trusts?
I recall a case involving a successful entrepreneur who wanted to protect his business assets from potential future liabilities. He was concerned about lawsuits and the impact they could have on his family’s financial security. We worked together to establish an irrevocable trust that shielded his business interests while still allowing him to benefit from them during his lifetime. It was a complex process, but ultimately, it provided him with peace of mind knowing his family was protected.
In another instance, I helped a client minimize estate taxes by transferring significant assets into an irrevocable trust. This strategy saved her heirs hundreds of thousands of dollars in potential tax liabilities, allowing them to inherit a larger portion of her estate.
The Value of Planning
Studies indicate that approximately 70% of Americans do not have a will or any estate planning documents in place (Source: Caring.com). This highlights the crucial need for individuals to proactively address their estate planning needs.
Steve, what advice would you give to our viewers who are considering setting up a trust?
My advice is simple: don’t wait! Estate planning is not just for the wealthy; it’s essential for everyone. An irrevocable trust can be a valuable tool for protecting your assets, minimizing taxes, and ensuring your loved ones are cared for according to your wishes. Contact us today for a free consultation.
Testimonials
“Steve Bliss was incredibly patient and understanding throughout the entire probate process. He explained everything clearly and made sure I felt comfortable every step of the way.”
– Mary S., Escondido
“I highly recommend Steve Bliss and his team. They are knowledgeable, professional, and truly care about their clients.”
– John D., San Marcos
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido 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 Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “How do beneficiaries get assets from a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Escondido Living Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Living Trust Attorney Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Living Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Escondido Living Trust Attorney |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Living Trust Attorney Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |
| Credible Living Trust Attorney in Escondido |
Escondido Probate Law 3914 Murphy Canyon Rd Suite A202, Escondido, CA 92123 (760) 884-4044 |