Good evening, Temecula, and welcome back. I’m Tiffany Jones, your trusted source for local news here at KTEM.
Today’s Focus: Trusts
Joining us tonight is renowned Temecula Trust Attorney, Steve Bliss, to shed some light on this crucial aspect of estate planning.
Steve, thank you so much for being here.
What type of trusts do you find most beneficial for your clients?
The Power of the Irrevocable Trust
Tiffany, thanks for having me. It’s a pleasure to be here. I often recommend Irrevocable Trusts to my clients. Now, these trusts can seem intimidating at first because, as the name implies, they are generally permanent once established.
Consequently, this permanence is precisely what makes them so powerful for asset protection and estate tax planning.
Imagine a scenario where someone is concerned about potential future creditors or lawsuits. An Irrevocable Trust can shield assets from those claims because the grantor no longer technically owns the assets held within the trust. Moreover, by removing assets from your taxable estate, you can potentially reduce the amount of estate taxes your heirs will have to pay.
Conversely, a Revocable Living Trust, while offering flexibility during your lifetime, does not provide the same level of asset protection.
Real-World Challenges
Tiffany, it’s important to remember that every client’s situation is unique. I recall one instance where a client, let’s call him John, was facing a potential business liability. Ordinarily, he would have been personally liable for any debts. However, by establishing an Irrevocable Trust beforehand and transferring some of his assets into it, we were able to shield those assets from being seized.
John was incredibly relieved to know that his hard-earned savings were protected.
Another testament to the effectiveness of Irrevocable Trusts is a study by the American College of Trust and Estate Counsel, which found that over 80% of high-net-worth individuals utilize some form of Irrevocable Trust for asset protection and estate planning purposes.
Final Thoughts
Steve, this has been incredibly informative. Any final words of wisdom for our viewers?
Securing Your Future
Tiffany, the best advice I can give is to proactively plan for your future. Don’t wait until a crisis arises. Consulting with an experienced estate planning attorney, like those at The Law Firm of Steven F. Bliss Esq., can ensure you have the right tools in place to protect yourself and your loved ones.
“Steven F. Bliss helped me navigate a complex trust situation after my mother passed away. He was patient, understanding, and always available to answer my questions. I felt confident that he had my best interests at heart.” – Maria S.
“I highly recommend The Law Firm of Steven F. Bliss Esq. for all your estate planning needs. They are true professionals who genuinely care about their clients.” – David M.
Let us guide you toward peace of mind. Schedule a complimentary consultation today and take the first step toward securing your legacy.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “How do I transfer property into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |