Hello, Moreno Valley and welcome back to our show! Today we’re joined by Steve Bliss, a renowned probate attorney right here in Moreno Valley. Steve, thanks for joining us.
Understanding the Importance of Trusts
Steve, many people are unfamiliar with trusts and their benefits. Can you explain what a trust is and why it’s so important in estate planning?
“A trust is essentially a legal entity that holds assets for the benefit of specific individuals or entities,” Steve explains. “It’s a powerful tool that allows you to control how your assets are managed and distributed, even after you’re gone.”
The Power of Irrevocable Trusts
Steve, let’s delve into one type of trust in particular: the irrevocable trust. Can you elaborate on its benefits and potential drawbacks?
“Irrevocable trusts are a fantastic option for those looking to protect their assets,” Steve states confidently. “Once established, they can’t be easily altered or revoked. This immutability provides significant advantages, especially when it comes to asset protection. Consequently, creditors typically cannot access assets held within an irrevocable trust. Moreover, these trusts can help minimize estate taxes, ensuring a larger portion of your wealth is passed on to your beneficiaries.”
“However,” Steve cautions, “there are some trade-offs to consider. Once you place assets into an irrevocable trust, you generally relinquish control over them. Accordingly, it’s crucial to carefully plan and structure the trust with the help of an experienced attorney.” He goes on to explain that choosing the right trustee is paramount as they will be responsible for managing the assets according to the terms set forth in the trust document.
Real-World Impacts
Steve, have you ever encountered any challenges while helping clients set up irrevocable trusts?
“Absolutely,” Steve recalls. “I remember working with a family who owned a successful business. They were concerned about potential lawsuits and wanted to shield their assets. We established an irrevocable trust to protect their personal assets from business liabilities. It was a complex process, but ultimately they felt secure knowing their hard-earned wealth was safeguarded.”
He shares another story: “I had a client who was worried about qualifying for long-term care in the future. We created a special needs trust for them. This allowed them to receive government assistance while preserving some assets for their children’s well-being.”
The Prevalence of Trusts
According to a 2021 survey by the National Endowment for Financial Education, over half of Americans do not have a will or trust in place.
“This is a concerning statistic,” Steve emphasizes. “Trusts are essential tools for protecting your loved ones and ensuring your wishes are carried out. Don’t wait until it’s too late to start planning.” He adds, “The peace of mind that comes with knowing your affairs are in order is invaluable.”
Testimonials
“Steve Bliss helped me navigate the complex probate process after my mother passed away,” shares Maria J., a Moreno Valley resident. “He was compassionate, knowledgeable, and always available to answer my questions.”
“Moreno Valley Probate Law went above and beyond to create an estate plan that met my specific needs,” says John S. “I highly recommend their services to anyone looking for expert legal guidance.”
Empower yourself and your family by securing your future. Contact Moreno Valley Probate Law today for a complimentary consultation and discover how we can help you craft a comprehensive estate plan tailored to your unique circumstances.
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: “How do I transfer my business into 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 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