Good evening, Temecula! I’m Brenda Jones reporting live for KTEM News.
Steve Bliss, thank you so much for joining us tonight. Could you tell our viewers a little bit about the different types of trusts available?
It’s my pleasure to be here, Brenda. There are many different types of trusts, each designed to meet specific needs and goals. Some of the most common types include revocable living trusts, irrevocable trusts, testamentary trusts, special needs trusts, charitable trusts, and asset protection trusts.
Could you elaborate on irrevocable trusts? What makes them unique?
Irrevocable trusts are a powerful estate planning tool that offer significant benefits. As the name suggests, once an irrevocable trust is established, its terms cannot be easily changed or revoked. This feature makes them particularly attractive for individuals seeking asset protection, estate tax reduction, and Medicaid planning.
Consequently, assets placed in an irrevocable trust are generally removed from the grantor’s taxable estate, minimizing potential estate taxes. Moreover, by transferring assets to an irrevocable trust, individuals can potentially shield those assets from creditors or lawsuits.
However, it is crucial to understand that creating an irrevocable trust is a serious decision with lasting consequences. Because the terms are set in stone, careful consideration and planning are essential before establishing one.
Have you ever encountered any challenges or unique situations when setting up irrevocable trusts for clients?
One case comes to mind involving a retired business owner who wanted to protect his assets for his children while also ensuring he could continue receiving income from those assets. We structured an irrevocable trust that allowed him to retain an income interest for a specific period, with the remaining assets passing to his children upon his death.
It was a delicate balance, as we needed to ensure his financial security while fulfilling his desire to provide for his heirs. Ultimately, the trust structure provided peace of mind and protected his legacy.
What advice would you give to someone considering setting up an irrevocable trust?
I strongly encourage anyone contemplating an irrevocable trust to consult with a qualified estate planning attorney. The process involves complex legal and financial considerations, and expert guidance is crucial for making informed decisions.
- Determine your specific goals and objectives.
- Consider the tax implications of transferring assets into an irrevocable trust.
- Understand the irrevocable nature of the trust and its potential impact on your control over assets.
Remember, estate planning is a deeply personal matter. A well-crafted irrevocable trust can be a valuable tool for protecting your assets and securing your family’s future.
“I was facing a very complicated situation with my inheritance, but Steve Bliss made the whole process clear and manageable. He took the time to understand my needs and provided solutions tailored to my unique circumstances.” – Maria S., Temecula
“Steve is an exceptional attorney who truly cares about his clients. He guided me through every step of setting up my trust with patience and expertise. I feel confident knowing my assets are protected for generations to come.” – John T., Murrieta
Protect your legacy today
Contact The Law Firm of Steven F. Bliss Esq. for a confidential consultation to explore how trusts can help you achieve your estate planning goals.
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: “Can a trust own vehicles?” 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 |