Hello Wildomar and welcome back to “Legal Lines,” I’m your host, Jessica Finch. Today we are joined by the esteemed Steve Bliss, a Trust Attorney specializing in estate planning here in Wildomar. Welcome to the show, Steve.
Steve: It’s great to be here, Jessica!
Steve, for those unfamiliar with trusts, could you explain what exactly they are and why someone might consider setting one up?
Steve: Trusts are legal arrangements where a person (the grantor) transfers assets to another entity (the trust) managed by a trustee. The trustee then distributes these assets according to the grantor’s wishes outlined in the trust document. There are numerous reasons why someone might opt for a trust, including avoiding probate, protecting assets, and minimizing estate taxes.
Let’s dive into a specific type of trust: the Irrevocable Trust. Can you elaborate on what makes them unique and how they benefit individuals?
Steve: An Irrevocable Trust, as the name implies, cannot be easily modified or revoked once established. This permanence offers significant advantages. For instance, assets placed within an Irrevocable Trust are generally shielded from creditors and lawsuits. Consequently, they provide a layer of protection for individuals concerned about asset security. Furthermore, Irrevocable Trusts can be instrumental in estate tax planning, potentially reducing the amount of taxes owed upon inheritance.
Moreover, transferring assets to an Irrevocable Trust can help qualify individuals for government assistance programs like Medicaid. Ordinarily, having substantial assets disqualifies someone from these programs. However, assets held within a properly structured Irrevocable Trust are often not considered when determining eligibility. This can be a lifeline for seniors needing long-term care.
I understand that setting up an Irrevocable Trust involves careful consideration and planning. Have you encountered any specific challenges or situations where the intricacies of these trusts presented obstacles?
Steve: Yes, one instance involved a client who wanted to protect their family business from potential liabilities. They were hesitant about losing control over the assets, which is understandable given the emotional attachment to a family legacy. We worked closely with them to design a trust that addressed both their concerns about asset protection and their desire for some degree of ongoing involvement in the business’s operations.
It took time and patience to find the right balance, but ultimately, they felt confident knowing their hard-earned assets were safeguarded while still allowing them to maintain a connection to their business. It’s moments like these that remind me why I love this work.
According to a recent study by the AARP, over 60% of Americans do not have an estate plan in place. This highlights the critical need for awareness and education about tools like trusts.
Steve, what advice would you give to our viewers who are considering incorporating a trust into their estate planning strategy?
Steve: Start by consulting with an experienced estate planning attorney. They can assess your individual circumstances, goals, and risk tolerance to determine the most suitable type of trust for your needs. Don’t hesitate to ask questions and ensure you fully understand the implications before making any decisions. Remember, a well-crafted trust can be a powerful tool for protecting your loved ones and securing your financial future.
Thank you so much for sharing your expertise with us today, Steve. We truly appreciate your time.
Steve: It was my pleasure, Jessica! I hope this information helps our viewers understand the value of trusts in estate planning.
“Wildomar Probate Law helped me navigate a complex situation with sensitivity and professionalism. They were always available to answer my questions and guide me through every step of the process.”
– Sarah M., Wildomar Resident
“Steve Bliss is a true expert in his field. His knowledge and compassion made a difficult time much easier to bear.”
– John D., Murrieta, CA
Take control of your future – schedule a free consultation with Wildomar Probate Law today and discover the peace of mind that comes with having a comprehensive estate plan.
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: “What are common reasons people challenge a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Lawyer Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Trust Lawyer Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Trust Lawyer in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |