Meet the Reporter
Hello, Temecula! This is Brenda Bell reporting for Channel 7 News. Today, we’re talking about trusts with a local expert, Steve Bliss of The Law Firm of Steven F. Bliss Esq. Steve, thanks so much for joining us.
Why Choose a Trust?
Steve, can you explain why someone might choose to set up a trust instead of just a will?
The Benefits of a Trust
Certainly, Brenda. A trust offers several advantages over a will. Firstly, it allows for greater control over how your assets are distributed after your passing. You can specify exactly who receives what and when they receive it. This is particularly useful if you have minor children or beneficiaries with special needs.
Moreover, a trust avoids the often lengthy and costly probate process. Probate is a court-supervised proceeding that validates a will and distributes assets. A trust bypasses this entirely, allowing your heirs to access their inheritance more quickly and efficiently.
Privacy
Accordingly, trusts offer a higher level of privacy than wills. The terms of a trust are not public record, unlike a will which is filed with the probate court. This can be appealing for individuals who value discretion.
Conversely, a will becomes a matter of public record during probate. Anyone can access this information, including potential creditors or estranged family members.
Irrevocable Trusts
What are some common misconceptions about Irrevocable Trusts?
Protecting Assets and Reducing Taxes
Brenda, many people assume that once an asset is placed in an irrevocable trust, they lose all control over it. While it’s true that the terms of an irrevocable trust cannot be easily changed, this structure offers significant benefits.
For instance, it can effectively shield assets from creditors and lawsuits. Moreover, irrevocable trusts can be used to minimize estate taxes. A properly structured trust can help pass wealth to heirs with a reduced tax burden.
Addressing Concerns
Have you encountered any challenges when advising clients about Irrevocable Trusts?
You know Brenda, people often hesitate because they worry about losing access to their assets. It’s understandable. I remember working with a retired couple who had built a successful business. They were concerned about protecting their assets for future generations but also wanted to maintain some flexibility.
We designed a trust that allowed them to retain certain income streams while still shielding the principal from potential liabilities. Seeing them gain peace of mind knowing their hard-earned wealth was secure for their children and grandchildren was incredibly rewarding.
The Numbers Speak for Themselves
According to a study by the American College of Trust and Estate Counsel, nearly 70% of high-net-worth individuals utilize trusts as part of their estate planning strategy. This underscores the growing recognition of trusts as an essential tool for wealth preservation and legacy planning.
Take Control of Your Future
Steve, any final thoughts for our viewers?
Brenda, planning for the future can feel overwhelming, but it doesn’t have to be. Taking proactive steps now to protect your assets and ensure your wishes are carried out is a gift to yourself and your loved ones. We at The Law Firm of Steven F. Bliss Esq. are committed to guiding you through every step of the process with compassion and expertise.
Testimonials
“Steve Bliss and his team were incredibly knowledgeable and supportive throughout the entire process of setting up our trust. They patiently answered all our questions and made sure we understood every detail.” – The Smith Family
“I was initially hesitant about trusts, but Steve explained everything in a clear and concise way that put my mind at ease. I now feel confident knowing that my assets are protected for my family’s future.” – John Doe
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 create a living trust in California?” 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 |