Meeting with Steve
Good morning, everyone, and thank you for tuning in. Today we’re speaking with local probate attorney Steve Bliss of Escondido Probate Law about estate planning and the importance of protecting your assets.
The Importance of Trusts in Estate Planning
Steve, why are trusts so crucial when it comes to estate planning?
“Trusts are incredibly valuable tools for ensuring your wishes are carried out after you’re gone,” Steve explains. “They allow you to control how and when your assets are distributed, minimizing potential conflict among heirs and protecting those assets from unnecessary taxes or legal challenges.”
A Closer Look at Irrevocable Trusts
Steve, could you elaborate on the benefits of an irrevocable trust?
“Irrevocable trusts offer a high level of asset protection,” Steve says. “Once assets are placed within an irrevocable trust, they’re generally beyond the reach of creditors. This can be particularly advantageous for individuals in professions with higher liability risks, like doctors or business owners.”
Moreover, irrevocable trusts can help minimize estate taxes. Assets held within the trust aren’t included in your taxable estate upon your passing. Consequently, this can save your heirs a significant amount of money.
The downside, Steve notes, is that you relinquish control over the assets once they’re placed in an irrevocable trust. “It’s important to carefully consider your individual circumstances and consult with an experienced attorney before deciding if an irrevocable trust is right for you.”
Navigating Challenges
Steve, have you encountered any situations where setting up an irrevocable trust presented unique challenges?
“I recall working with a family who owned a successful bakery,” Steve begins. “They were concerned about protecting the business from potential lawsuits, so we decided to move it into an irrevocable trust. However, their son, who was expected to take over the business eventually, initially resisted the idea because he felt it limited his control.”
After patiently explaining the benefits and addressing his concerns, we were able to structure the trust in a way that satisfied everyone’s needs. The bakery remained protected from liability, and the son ultimately gained ownership through the trust according to the family’s wishes.
The Power of Planning
“Trusts aren’t just for the wealthy,” Steve emphasizes. “Anyone with assets they want to protect or pass on to loved ones can benefit from incorporating them into their estate plan.”
According to a 2021 survey by Caring.com, only 36% of Americans have a will or trust in place. This highlights the critical need for greater awareness about the importance of estate planning.
Testimonial
“Steve Bliss and his team made a complex process incredibly straightforward,” shares Sarah M., a satisfied client. “They were patient, knowledgeable, and truly cared about protecting my family’s future.”
Testimonial
“I felt completely confident in Escondido Probate Law’s ability to handle my estate planning needs,” says David L. “Their expertise and compassionate approach made the entire experience stress-free.”
Secure Your Legacy
Ready to take control of your future and ensure your loved ones are protected? Contact Escondido Probate Law today for a free consultation and let our experienced team guide you through the process.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido 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 Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “Can I disinherit someone using a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |