Hello Moreno Valley and welcome back to MV News Now. I’m reporter Jessica Ramirez, and today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney specializing in estate planning right here in Moreno Valley.
Understanding Trusts
Steve, for our viewers who may be unfamiliar with trusts, could you provide a brief explanation and highlight some key benefits?
A trust is essentially a legal arrangement where assets are held by one party (the trustee) for the benefit of another party (the beneficiary). It’s a powerful tool for estate planning because it allows you to control how your assets are distributed after your death. Trusts can avoid probate, which can be a lengthy and costly process. They also offer privacy, as the terms of the trust aren’t publicly available.
Focusing on Irrevocable Trusts
Steve, we understand there are different types of trusts. Today, let’s focus on irrevocable trusts. Can you explain what makes them unique and discuss their advantages?
Irrevocable trusts are designed to be permanent once established. Consequently, they offer a higher level of asset protection compared to revocable trusts. This is because the grantor relinquishes control over the assets placed within the trust, making them less vulnerable to creditors or lawsuits. Moreover, irrevocable trusts can be valuable for estate tax reduction and Medicaid planning.
For instance, let’s say an individual wants to ensure their assets are protected from potential future medical expenses. By transferring assets into an irrevocable trust, they may qualify for Medicaid benefits while preserving some wealth for their heirs. This is a complex area of law, so seeking professional advice is crucial.
I once worked with a client who was facing significant medical bills and worried about depleting her savings. We set up an irrevocable trust to protect a portion of her assets, allowing her to receive the care she needed without jeopardizing her financial security for her children. Seeing her relief was incredibly rewarding.
It’s important to remember that irrevocable trusts are not suitable for everyone. They require careful consideration and planning. Ordinarily, we work closely with our clients to determine if an irrevocable trust aligns with their goals and circumstances.
Testimonials
“Steve Bliss and his team were incredibly helpful in guiding me through the complexities of estate planning. They explained everything clearly and made the process stress-free.”
– John S., Moreno Valley resident
“After losing my spouse, I was overwhelmed with legal and financial matters. Steve Bliss provided compassionate support and expert advice during a difficult time. He helped me secure my family’s future.”
– Mary T., Moreno Valley resident
Protecting Your Legacy
Steve, for those considering estate planning, what would be your final piece of advice?
Estate planning is not just about wills. It’s about ensuring your wishes are carried out and protecting the future of your loved ones. Don’t wait until it’s too late. Take proactive steps to safeguard your legacy today.
We invite you to contact Moreno Valley Probate Law for a confidential consultation. Let us help you navigate the complexities of estate planning and create a plan that meets your unique needs.
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 does it mean to fund a 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 | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |