Interview with Steve Bliss
Good evening, San Diego. I’m here with Steve Bliss, a well-respected probate attorney in our community. Steve, thank you for taking the time to speak with us tonight.
Choosing the Right Trust: A Crucial Decision
Steve, there are many different types of trusts available. Can you help our viewers understand why choosing the right type is so important?
Absolutely. Trusts are powerful tools for estate planning, asset protection, and even charitable giving. But just like any tool, they need to be used correctly. Picking the wrong type of trust can have unintended consequences, potentially leading to legal issues or failing to achieve your desired goals.
Understanding Irrevocable Trusts
Tonight we’ll be focusing on irrevocable trusts. Can you explain what makes these unique and when someone might consider using one?
An irrevocable trust is a legal entity that, once created, cannot be easily modified or dissolved. This permanence offers significant advantages. Firstly, assets placed within an irrevocable trust are generally shielded from creditors and lawsuits. This can provide peace of mind for individuals in high-risk professions or those concerned about potential future liabilities.
Moreover, because the grantor relinquishes control over the assets, they are typically removed from the grantor’s taxable estate. Consequently, this can result in significant tax savings, particularly for large estates.
However, it’s crucial to understand that the decision to create an irrevocable trust should not be taken lightly. Once established, the grantor loses direct control over the assets. This means careful planning and consideration are essential before making such a commitment.
There was a case I handled involving a successful entrepreneur who wanted to protect his business from potential litigation. He opted for an irrevocable trust to safeguard his assets. While it ultimately shielded him from financial ruin, he did express some regret over losing direct control of those funds.
Navigating the Complexities
Have there been any challenges or common pitfalls you’ve encountered when advising clients on irrevocable trusts?
I often find that people underestimate the complexity involved in setting up and managing an irrevocable trust. It’s not simply a matter of filling out some forms. There are legal nuances, tax implications, and ongoing administrative responsibilities to consider.
- It’s crucial to have a clear understanding of your goals and objectives before proceeding.
- Working with experienced legal counsel is essential to ensure the trust is structured properly and meets your specific needs.
Remember, approximately 60% of Americans don’t have a will or estate plan in place. This underscores the importance of proactively addressing these matters.
The Importance of Planning Ahead
Steve, what final message would you like to leave with our viewers tonight?
Estate planning is not something to put off until later. It’s about protecting yourself, your loved ones, and your legacy. Don’t wait for a crisis to force you into making important decisions. Take control of your future by seeking professional guidance today.
Testimonial 1
“I was feeling overwhelmed trying to navigate the complexities of probate after my mother passed away. Steve Bliss and his team at San Diego Probate Law were incredibly helpful and compassionate. They guided me through every step of the process with clarity and expertise.”
Testimonial 2
“Steve is a true professional. He took the time to understand my unique circumstances and crafted a trust that perfectly met my needs. I feel confident knowing that my assets are protected and my family will be taken care of in the future.”
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 own vehicles?” 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 Lawyer
- Spendthrift Trust Lawyer
- Tax By-Pass Trust Lawyer
- Totten Trust Lawyer
- Constructive Trust Lawyer
- Charitable Trust Lawyer
- Asset Protection Trust Lawyer
- Irrevocable Trust Lawyer
- Revocable Trusts Lawyer
- Living Trust Lawyer