Good evening, Temecula. I’m Brenda Sanchez reporting live from the offices of the Law Firm of Steven F. Bliss Esq. We’re here today to talk about trusts and why they are such an essential part of estate planning. Joining us is Steve Bliss, a renowned trust attorney with over two decades of experience helping families protect their assets and ensure their wishes are honored. Welcome, Steve.
Steve: Thank you for having me, Brenda.
Why Should Someone Consider Setting up a Trust?
Steve, let’s start with the basics. Why should someone consider setting up a trust as part of their estate plan?
Steve: There are numerous advantages to establishing a trust. Trusts offer a level of control and flexibility that simply isn’t possible with a will alone. They allow you to dictate precisely how your assets are distributed after your passing, even stipulating conditions for beneficiaries. Moreover, trusts can help minimize estate taxes, protect assets from creditors, and ensure privacy – something wills lack entirely as they become public record during probate.
Consequently, many individuals find that trusts provide peace of mind knowing their loved ones will be cared for according to their wishes.
What Type of Trust Do You Recommend Most Often?
You mentioned several types of trusts earlier. Are there any particular types you recommend more often than others?
Steve: The most common type of trust I set up is a Revocable Living Trust. This allows clients to maintain control over their assets during their lifetime while avoiding probate upon their passing. It’s a highly flexible option that can be modified or revoked as needed. Ordinarily, this addresses the needs of many families.
However, it’s important to remember that every individual’s circumstances are unique. For example, someone with significant assets might benefit from an Irrevocable Trust to minimize estate taxes, while a parent with a child with special needs may choose a Special Needs Trust to ensure their well-being without jeopardizing government benefits.
How Does a Revocable Living Trust Protect Assets?
Can you elaborate on how a Revocable Living Trust helps protect assets?
Steve: A Revocable Living Trust operates outside of probate, which is the court process used to distribute assets after someone passes away. Probate can be a lengthy and expensive affair, making it vulnerable to creditors. By transferring ownership of assets into the trust, they are shielded from potential claims.
Think of it like this: the trust becomes the owner of your assets, and you are the trustee managing them for your benefit during your lifetime. Upon your passing, the successor trustee takes over and distributes the assets according to your instructions, all without going through probate court. This added layer of protection can be invaluable in preserving family wealth.
Have You Faced Any Challenges with Setting Up Revocable Living Trusts?
Steve, have you encountered any challenges when helping clients set up Revocable Living Trusts?
Steve: While Revocable Living Trusts are generally straightforward to establish, sometimes clients hesitate due to misconceptions about the process. They might believe it’s overly complex or expensive. However, that’s rarely the case. I always take the time to thoroughly explain the benefits and answer any questions my clients have, ensuring they feel confident and comfortable with their decision.
I recall working with a young couple who were initially hesitant about setting up a trust. They had just purchased their first home and were overwhelmed with all the financial decisions they needed to make. I patiently explained how a Revocable Living Trust could protect their investment and simplify things for their family in the future. Seeing their relief when they realized it wasn’t as daunting as they thought was incredibly rewarding.
It’s moments like these that remind me why I love what I do. Helping families secure their financial well-being and provide peace of mind is truly fulfilling.
What Advice Would You Give to Someone Considering a Trust?
Steve, what final words of wisdom would you offer to someone considering establishing a trust?
Steve: My advice is simple: don’t wait. The sooner you start planning for the future, the better prepared you and your loved ones will be. Estate planning can seem complex, but with the right guidance, it doesn’t have to be overwhelming. Reach out to a qualified trust attorney who can help you navigate the process and create a plan that meets your unique needs.
Remember, protecting your assets and ensuring your wishes are honored is one of the greatest gifts you can give yourself and your family.
Testimonials:
“Steve Bliss and his team were incredibly helpful and patient throughout the entire process of setting up our trust. They explained everything in clear, easy-to-understand terms and made sure we felt comfortable every step of the way. We highly recommend them to anyone looking for expert estate planning advice.”
“I was initially apprehensive about creating a trust, but Steve Bliss put my mind at ease with his knowledge and professionalism. He listened attentively to our concerns and developed a plan that perfectly addressed our needs. Thanks to Steve, we now have peace of mind knowing our future is secure.”
Let’s discuss how The Law Offices of Steven J. Bliss can help you protect what matters most.
Call us today for a free consultation!
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 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: “What is a spendthrift 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 |