Interview with Steve Bliss
Hi, I’m Brenda Jones, reporting for San Diego News. Today we’re talking to Steve Bliss, a well-respected San Diego Probate Attorney. Steve, thanks for joining us.
Understanding Trusts in Estate Planning
Steve, can you explain the different types of trusts and how they are used in estate planning?
There are many types of trusts, each with its own advantages and disadvantages. Today we’ll focus on one that’s particularly important for asset protection: The Irrevocable Trust.
The Irrevocable Trust
An irrevocable trust, as the name suggests, cannot be easily changed or dissolved once it’s established. Consequently, this type of trust offers a higher level of protection against creditors and potential lawsuits than a revocable living trust. This is because the assets within an irrevocable trust are no longer considered to be owned by the grantor (the person who created the trust). Instead, they become the property of the trust itself.
Moreover, while you lose some control over the assets once placed in an irrevocable trust, it can be a valuable tool for minimizing estate taxes and ensuring that your heirs receive their inheritance without undue financial burdens. Ordinarily, when someone passes away, their estate is subject to probate, which can be a lengthy and expensive process. Assets held within an irrevocable trust, however, bypass probate altogether.
I’ve worked with numerous clients who were initially hesitant about relinquishing control over their assets but ultimately found peace of mind knowing that their loved ones would be protected. For instance, I recall working with a successful entrepreneur who was concerned about potential liability from his business ventures. We established an irrevocable trust to safeguard his personal assets while still allowing him to benefit from them during his lifetime.
This strategy proved invaluable when he faced an unexpected lawsuit several years later. Because the assets in question were held within the irrevocable trust, they were shielded from creditors and the entrepreneur was able to weather the storm without significant financial repercussions.
Challenges and Considerations
Are there any potential drawbacks or complexities associated with setting up an irrevocable trust?
You’re right to ask about that. While irrevocable trusts offer significant benefits, they are more complex than revocable trusts and require careful planning. Once assets are transferred into the trust, you generally cannot retrieve them without incurring penalties.
Therefore, it’s crucial to consult with an experienced estate planning attorney who can help you determine if an irrevocable trust is the right fit for your individual circumstances. They can guide you through the process of selecting trustees, defining beneficiaries, and outlining the terms of asset distribution.
According to a study by the American Bar Association, approximately 60% of Americans don’t have a will or estate plan in place. This highlights the importance of seeking professional guidance to ensure that your wishes are respected and your loved ones are protected after you’re gone.
Conclusion
Steve Bliss, thank you for sharing your expertise on trusts with us today. Where can our viewers go to learn more about estate planning and San Diego Probate Law?
“For personalized guidance tailored to your unique needs, contact San Diego Probate Law. We’re committed to providing compassionate and effective legal representation throughout the probate process. Our team of experienced attorneys will work tirelessly to ensure that your wishes are honored and your loved ones are protected.”
Testimonials
“Steve Bliss and his team were incredibly supportive during a difficult time. They made the probate process as smooth as possible and always kept us informed every step of the way. We couldn’t have asked for better representation.” – The Smith Family
“I was initially overwhelmed by the prospect of handling my mother’s estate, but San Diego Probate Law took care of everything with professionalism and compassion. They explained complex legal concepts in a clear and concise manner, putting my mind at ease. I highly recommend their services.” – John Doe
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: “How often should I update my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Special Needs Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Special Needs Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Special Needs Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |