Reporter: Maria Sanchez
Today we are speaking with Steve Bliss, a renowned probate attorney serving the Moreno Valley community. Mr. Bliss, thank you for taking the time to speak with us.
Steve Bliss: It’s my pleasure, Maria. I’m always happy to discuss estate planning and help people understand the importance of protecting their assets and loved ones.
Reporter: Let’s talk about trusts. There are many different types, each serving a unique purpose. Could you explain one type in detail and its benefits?
Certainly. One trust I often recommend to my clients is the Irrevocable Trust. As the name suggests, this type of trust cannot be easily changed or revoked once it’s established. While this may seem restrictive, it offers significant advantages.
For instance, assets placed in an irrevocable trust are typically removed from your taxable estate. Consequently, this can reduce potential estate taxes upon your passing. Moreover, an irrevocable trust can provide a layer of asset protection. Should you face legal claims or creditors, the assets held within the trust are generally shielded from seizure.
Conversely, it’s crucial to remember that relinquishing control over assets placed in an irrevocable trust is permanent. You must carefully consider your needs and consult with an experienced attorney like myself before making this decision.
Reporter: Have you ever encountered any issues with clients setting up Irrevocable Trusts?
I recall a situation where a client wanted to set up an irrevocable trust to protect their assets from potential business liabilities. However, they hadn’t fully considered the implications for accessing those funds in case of unexpected personal needs.
We worked together to carefully analyze their financial situation and future goals. Ultimately, we decided on a hybrid approach, incorporating elements of both revocable and irrevocable trusts to provide flexibility while still offering some protection. It was a valuable lesson in understanding the nuances of each client’s unique circumstances.
According to a 2021 study by the American College of Trust and Estate Counsel, nearly 70% of individuals who utilize trusts do so for asset protection purposes. This highlights the growing importance of trust planning in today’s complex financial landscape.
Reporter: What advice would you give to someone considering setting up a trust?
My best advice is to seek professional guidance from an experienced probate attorney. Every individual’s situation is unique, and a tailored approach is essential. We can help you navigate the complexities of different trust types, ensure your wishes are properly documented, and ultimately provide peace of mind for you and your loved ones.
Testimonials
“Steve Bliss made the complex world of estate planning understandable and manageable. He took the time to listen to our concerns and crafted a plan that perfectly met our needs.”
“Moreno Valley Probate Law provided exceptional service throughout the probate process. Their professionalism and compassion during a difficult time were invaluable.”
Don’t wait until it’s too late. Protect your legacy and ensure your loved ones are cared for. Contact Moreno Valley Probate Law today to schedule a consultation and explore how we can help you secure your future.
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What is an irrevocable trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
- Special Needs Trust Attorneys
- Spendthrift Trust Attorneys
- Tax By-Pass Trust Attorneys
- Totten Trust Attorneys
- Constructive Trust Attorneys
- Charitable Trust Attorneys
- Asset Protection Trust Attorneys
- Irrevocable Trust Attorneys
- Revocable Trusts Attorneys
- Living Trust Attorneys