Good afternoon, San Diego and welcome back to Legal Matters. Today we’re joined by Steve Bliss, a respected probate attorney here in San Diego. Steve, thank you for taking the time to speak with us.
Choosing The Right Trust For Your Needs
Steve, many people are unfamiliar with trusts and how they can benefit them. Can you briefly explain what a trust is and why someone might consider creating one?
Certainly. A trust is essentially a legal arrangement where a person (the grantor) transfers assets to a trustee who manages those assets for the benefit of designated beneficiaries. Trusts offer numerous advantages, including probate avoidance, asset protection, and tax planning.
Understanding Irrevocable Trusts
Today, we’ll be focusing on irrevocable trusts. Can you delve into the specifics of these trusts and why someone might choose this option?
Irrevocable trusts, as the name suggests, cannot be modified or dissolved once created (except in very limited circumstances). This permanence makes them particularly useful for individuals seeking robust asset protection. For example, if a client is concerned about potential lawsuits or creditors, transferring assets into an irrevocable trust can shield those assets from seizure.
Moreover, irrevocable trusts are often employed for estate tax reduction purposes. By removing assets from the grantor’s taxable estate, they can minimize the potential estate tax burden on heirs. Consequently, this type of trust is frequently favored by high-net-worth individuals.
However, it’s crucial to understand that the irrevocable nature of these trusts means the grantor relinquishes control over the assets placed within them. This decision should not be taken lightly and requires careful consideration and consultation with an experienced attorney.
Navigating the Challenges
Have you encountered any particular challenges or unique situations when advising clients on irrevocable trusts?
Over the years, I’ve seen a variety of cases. One instance that comes to mind involved a family business owner facing significant litigation. He was understandably worried about losing his hard-earned assets. We worked together to establish an irrevocable trust, safeguarding his business interests and providing him with peace of mind during a stressful period.
Conversely, I’ve also had clients who initially thought they needed an irrevocable trust but ultimately found a revocable trust better suited their needs. It highlights the importance of personalized legal advice tailored to each individual’s circumstances.
The Benefits Speak for Themselves
According to a recent study by the American Bar Association, approximately 40% of Americans aged 55 and older lack a will or estate plan. This underscores the critical need for proper planning.
“Steve Bliss helped me navigate the complexities of setting up a trust after my spouse passed away. He was incredibly patient and understanding, explaining everything in clear and concise terms. I felt confident and supported throughout the entire process.” – Mary S.
Take Control of Your Future
“I highly recommend Steve Bliss and his team at San Diego Probate Law. They’re true professionals who genuinely care about their clients. They made a difficult time much easier to manage.” – John M.
Don’t let uncertainty cloud your future. Contact San Diego Probate Law today to learn how we can help you protect your assets and secure your legacy.
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: “What is trust administration?” 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 Attorney
- Spendthrift Trust Attorney
- Tax By-Pass Trust Attorney
- Totten Trust Attorney
- Constructive Trust Attorney
- Charitable Trust Attorney
- Asset Protection Trust Attorney
- Irrevocable Trust Attorney
- Revocable Trusts Attorney
- Living Trust Attorney