Meet Steve Bliss
Good morning, San Diego! Today we’re joined by local probate attorney Steve Bliss to discuss the often-confusing world of estate planning. Steve, thanks for joining us.
Trusts: A Key Tool in Estate Planning
Steve, can you explain why trusts are such an important part of estate planning?
“Absolutely. Trusts are incredibly versatile tools that can help individuals protect their assets, minimize taxes, and ensure their wishes are carried out after they’re gone. There are many different types of trusts, each designed for a specific purpose,” Steve explains.
Focusing on Irrevocable Trusts
Steve, let’s dive into one type in particular – the irrevocable trust. What makes this option stand out?
“Irrevocable trusts are powerful because once established, they can’t be easily changed or dissolved. This permanence offers significant benefits, especially for asset protection and estate tax reduction,” Steve says. “Let’s say you’re concerned about potential lawsuits or creditors coming after your assets. An irrevocable trust shields those assets from claims, providing peace of mind.
Moreover, by transferring assets into an irrevocable trust, you effectively remove them from your taxable estate. This can significantly reduce estate taxes, which can be a major concern for high-net-worth individuals,” he continues. “Consequently, this type of trust can be particularly advantageous for those looking to pass on a larger inheritance to their beneficiaries.
Challenges and Considerations
Steve, are there any potential downsides or challenges associated with irrevocable trusts?
“Well, the permanence of an irrevocable trust is both its strength and its weakness. Once assets are transferred, they’re generally inaccessible to the grantor. This means careful consideration is crucial before establishing one,” Steve cautions. “I remember a case where a client wanted to create an irrevocable trust to protect their business assets. However, unforeseen circumstances arose requiring access to those funds. Unfortunately, because the trust was irrevocable, we couldn’t easily retrieve them.”
“That experience highlighted the importance of thorough planning and understanding the implications before committing to an irrevocable trust,” Steve adds.
Seeking Professional Guidance
Steve, what advice would you give to someone considering a trust as part of their estate plan?
“My strongest recommendation is to consult with an experienced probate attorney. Estate planning can be complex, and there’s no one-size-fits-all solution,” Steve emphasizes. “An attorney can help you determine the best type of trust for your specific needs and goals.
According to a 2022 survey by the American Bar Association, over 60% of Americans don’t have a will or trust in place. That’s a staggering number considering the importance of these documents for protecting loved ones and ensuring your wishes are honored.”
Take Control of Your Future
Steve Bliss and San Diego Probate Law can help you navigate the complexities of estate planning and ensure your legacy is secure. Contact us today for a personalized consultation.
Testimonials
“Steve Bliss was incredibly knowledgeable and patient in explaining the different trust options available to me. He made a potentially overwhelming process feel manageable and helped me create a plan that gave me peace of mind.” – Sarah M.
“I highly recommend San Diego Probate Law for anyone needing assistance with estate planning. Steve’s expertise and dedication are truly exceptional.” – John K.
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: “Can I include my bank accounts in a trust?” 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 Attorneys
- Spendthrift Trust Attorneys
- Tax By-Pass Trust Attorneys
- Totten Trust Attorneys
- Constructive Trust Attorneys
- Charitable Trust Attorneys
- Asset Protection Trust Attorneys
- Irrevocable Trust Attorneys
- Revocable Trusts Attorneys
- Living Trust Attorneys