Hi everyone, this is Kendra Jones reporting live from San Diego. Today I’m joined by renowned San Diego probate attorney Steve Bliss. Steve, thanks for joining me.
Trusts: A Powerful Tool in Estate Planning
Steve, many people are unfamiliar with trusts and how they can benefit them. Could you tell us a bit about trusts and their role in estate planning?
“Certainly Kendra,” Steve says leaning forward. “Trusts are incredibly versatile legal tools that allow individuals to manage and distribute their assets according to their wishes, even after they’re gone. They offer several advantages over simply leaving property through a will.
One key benefit is avoiding probate, which can be a lengthy and expensive process. When assets are held in a trust, they pass directly to the beneficiaries named in the trust document, bypassing probate court altogether. This not only saves time and money but also keeps financial matters private, unlike probate proceedings which become public record.”
Steve continues, “Think of a trust as a safe container for your assets. You decide who gets what, when they get it, and even under what conditions. This level of control is invaluable, especially if you have young children or beneficiaries with special needs.”
Diving Deep into Irrevocable Trusts
Steve, could you elaborate on a specific type of trust, perhaps one that’s commonly used for asset protection or estate tax reduction?
“An excellent question Kendra,” Steve responds. “Let’s talk about irrevocable trusts. As the name suggests, these trusts cannot be easily changed or revoked once they are established. This inflexibility, however, comes with significant advantages.
For instance, assets placed in an irrevocable trust are generally shielded from creditors and lawsuits. They are also removed from your taxable estate, which can potentially reduce estate taxes. Think of it as a secure vault for your assets – once they’re inside, they’re protected from outside forces.”
“However,” Steve cautions, “irrevocable trusts are complex legal instruments and require careful consideration. You permanently relinquish control over the assets placed in them. It’s crucial to consult with an experienced estate planning attorney to determine if an irrevocable trust aligns with your specific goals and circumstances.”
Navigating Challenges
Steve, have you encountered any unique challenges when advising clients on setting up irrevocable trusts? Could you share a story about how you helped someone navigate those complexities?
“Certainly. I recall working with a client who owned a successful business but was concerned about potential future liabilities,” Steve says, his voice softening. “He wanted to protect his assets for his family’s future while still retaining some control over the business operations. We crafted an irrevocable trust that allowed him to transfer ownership of certain assets while retaining limited managerial rights.
“It was a delicate balance, but ultimately we created a solution that provided both asset protection and continued involvement in the business. He was relieved knowing his family would be secure even if unforeseen circumstances arose.”
The Power of Planning
According to a 2021 study by the AARP, over 60% of Americans do not have a will or estate plan. That’s a significant number!
Steve, what advice would you give to those who haven’t yet taken steps to protect their assets and loved ones?
“Kendra, it’s never too early – or too late – to start planning,” Steve assures me. “Estate planning is not just for the wealthy. Everyone, regardless of their financial situation, can benefit from having a will, trust, or other legal documents in place.
Doing so provides peace of mind knowing that your wishes will be honored and your loved ones are protected. Moreover, it can save your family significant time, stress, and expense down the road.”
Embarking on Your Estate Planning Journey
“Take the first step,” Steve encourages viewers with a warm smile. “Contact San Diego Probate Law for a free consultation. We’re here to guide you through every aspect of estate planning and help you create a plan that meets your unique needs.”
Testimonials
“Working with San Diego Probate Law was a truly positive experience. Steve Bliss was incredibly knowledgeable, patient, and understanding of my concerns. He made the process seamless and gave me confidence that my family is well-protected.”
“I highly recommend San Diego Probate Law for all your estate planning needs. Their team is professional, compassionate, and dedicated to providing exceptional service.”
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: “What powers does a trustee have?” 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 Asset Protection Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Asset Protection Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Asset Protection Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Asset Protection Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |