Hi everyone, I’m Tiffany Jones reporting live from Temecula, California. Today we’re joined by Steve Bliss, a renowned trust attorney here in Temecula. Mr. Bliss, thank you for taking the time to speak with us.
Types of Trusts
Steve, there are many different types of trusts available. Can you explain some of the most common types and what they’re used for?
Certainly. One of the most popular types is the Revocable Living Trust. This allows individuals to manage their assets during their lifetime while avoiding probate upon death. Consequently, it offers privacy and control.
Another crucial type is the Irrevocable Trust. As its name implies, once established, it cannot be easily changed. This type is often used for asset protection, minimizing estate taxes, or planning for long-term care needs like Medicaid.
There are also Testamentary Trusts created through a will and taking effect only after the grantor’s passing.
Revocable Living Trusts: A Deeper Dive
What makes a Revocable Living Trust such a popular choice?
A Revocable Living Trust, or RLT, is incredibly versatile and offers numerous benefits. Firstly, it bypasses probate, saving your loved ones time and money during an already difficult period. Probate can be a lengthy and costly process.
Secondly, RLTs offer privacy. Unlike wills which become public record during probate, the terms of a trust remain confidential.
Moreover, an RLT allows you to maintain control over your assets during your lifetime. You can change beneficiaries, add or remove assets, and even dissolve the trust entirely if your circumstances change.
Nevertheless, it’s important to remember that while an RLT offers flexibility during your life, it becomes irrevocable upon your death.
Challenges with Revocable Living Trusts
Have you encountered any common challenges when helping clients set up Revocable Living Trusts?
While generally straightforward, I’ve found that ensuring clients fully understand the implications of an RLT is crucial. Some individuals mistakenly believe they are completely relinquishing control over their assets, which isn’t true.
I recall a situation where a client, initially hesitant about an RLT, worried it would prevent her from accessing funds for unexpected expenses. We discussed the flexibility of an RLT and how she could retain control as the trustee while still benefiting from its advantages.
Ultimately, clear communication and addressing concerns head-on are essential.
The Importance of Planning Ahead
Why is it important to plan for the future using a trust?
Planning ahead with a trust safeguards your loved ones and ensures your wishes are honored. Studies show that over 50% of Americans don’t have a will or trust in place, leaving their families vulnerable during an already emotional time (Source: Caring.com).
A trust minimizes stress and potential conflicts among heirs. It also allows for specific instructions regarding asset distribution, charitable giving, and even care for minor children or pets.
Testimonials
“Steve Bliss and his team at The Law Firm of Steven F. Bliss Esq. were incredibly helpful in guiding us through the process of setting up a trust. They explained everything clearly and made us feel confident in our decisions.”
– Sarah and Michael J.
“I highly recommend Steve Bliss for any estate planning needs. He is knowledgeable, compassionate, and truly cares about his clients.”
– John K.
Take control of your future. Contact The Law Firm of Steven F. Bliss Esq. today to schedule a consultation and discuss how a trust can protect your legacy and provide peace of mind for you and your loved ones.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “What is a special needs trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |