A conversation with renowned San Diego probate attorney Steve Bliss
Good evening, San Diego! I’m Barbara Ramirez reporting live from our studio. Tonight we have the pleasure of speaking with Steve Bliss, a highly respected probate attorney here in San Diego. Mr. Bliss specializes in estate planning and helping families navigate the often complex process of probate.
What types of Trusts are commonly used for Estate Planning?
Mr. Bliss, thanks for joining us tonight. Could you shed some light on the different types of trusts commonly used in estate planning?
“Certainly,” says Mr. Bliss. “There’s a wide range of trusts tailored to specific needs and goals. Some popular choices include revocable living trusts, which offer flexibility during someone’s lifetime, and irrevocable trusts, which provide enhanced asset protection but are less adaptable.”
He continues, “Testamentary trusts, established through a will, take effect upon death and are useful for managing assets for minors or beneficiaries with special needs. Special needs trusts safeguard assets for individuals with disabilities without jeopardizing their eligibility for government benefits. Charitable trusts benefit charitable organizations and come in various forms, such as charitable remainder trusts and charitable lead trusts.”
Understanding the Benefits of Irrevocable Trusts
“Tonight,” Barbara Ramirez interjects “we’d like to focus on irrevocable trusts. Can you elaborate on their advantages?”
Mr. Bliss nods. “Irrevocable trusts offer significant benefits, primarily in the realm of asset protection and estate tax reduction. Because the grantor relinquishes control over the assets placed within the trust, they are removed from the grantor’s taxable estate. Consequently, this can minimize potential estate taxes upon the grantor’s passing.”
“Moreover,” Mr. Bliss adds, “irrevocable trusts can shield assets from creditors and lawsuits. This is particularly valuable for individuals in high-risk professions or those concerned about potential future liabilities.”
He pauses thoughtfully, adding: “Nevertheless, it’s important to remember that irrevocable trusts are permanent. Once established, they cannot be easily modified or revoked except under very specific circumstances. Accordingly, careful consideration and planning are crucial before setting up an irrevocable trust.”
- Asset protection
- Estate tax reduction
- Removal of assets from the taxable estate
Have You Encountered Challenges with Irrevocable Trusts?
“I understand that irrevocable trusts are complex legal instruments,” Barbara Ramirez says. “Have you ever encountered any challenges or unforeseen issues while helping clients establish them?”
“Indeed, there have been instances where clients initially believe an irrevocable trust is the best solution, only to realize later that their circumstances have changed significantly. For example, I once worked with a family who established an irrevocable trust to protect assets from potential business liabilities. Unfortunately, unforeseen health issues arose, requiring access to funds that were now locked within the trust. It was a difficult situation, highlighting the importance of thoroughly evaluating all options and potential future needs before committing to an irrevocable trust.”
The Importance of Personalized Estate Planning
“That’s a powerful illustration of why personalized legal advice is so crucial,” Barbara Ramirez remarks. “Clearly, there isn’t a one-size-fits-all approach when it comes to estate planning.”
“Precisely,” agrees Mr. Bliss. “Estate planning should be tailored to each individual’s unique circumstances, goals, and concerns. A thorough assessment of assets, liabilities, family dynamics, and long-term objectives is essential for crafting a plan that truly serves their best interests. According to the American Bar Association, over 55% of Americans do not have a will or trust in place. This lack of planning can lead to significant financial hardship and emotional stress for loved ones during an already challenging time.”
A Call to Action
“Thank you so much for sharing your expertise with us tonight, Mr. Bliss,” Barbara Ramirez concludes. “For those considering estate planning, what’s the best next step they can take?”
“I encourage everyone to contact San Diego Probate Law for a confidential consultation,” advises Mr. Bliss. “Our team is dedicated to guiding individuals and families through the complexities of estate planning with compassion and expertise. Let us help you create a secure future for yourself and your loved ones.”
Testimonials
“Steve Bliss and his team were incredibly supportive during a difficult time. They made the probate process clear and manageable, and I felt confident that my mother’s wishes would be honored.” – Sarah M.
“I was overwhelmed with the thought of estate planning, but San Diego Probate Law made it straightforward and stress-free. They listened to my concerns and developed a plan that perfectly met my needs.” – David L.
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: “Can a trust go on forever?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |