Maria Sanchez Reporting for KVCR Moreno Valley
Today I’m joined by Steve Bliss, a leading probate attorney serving the Moreno Valley community. Steve, thank you for joining me.
Understanding Trusts: What are they and why are they important?
Steve: It’s my pleasure to be here, Maria. Trusts are powerful legal tools that can help individuals protect their assets, ensure their wishes are carried out after death, and potentially minimize estate taxes. They offer a level of control and customization that a simple will often lacks.
Focusing on Irrevocable Trusts:
Steve: An irrevocable trust is one where the terms cannot be easily changed or revoked once it’s established. While this may seem restrictive, it offers significant advantages. For instance, assets placed in an irrevocable trust are generally shielded from creditors and lawsuits. Moreover, they can be structured to minimize estate taxes. This is because the assets are no longer considered part of the grantor’s (the person who created the trust) taxable estate upon their death.
Conversely, a revocable living trust allows for more flexibility during the grantor’s lifetime. However, it doesn’t offer the same level of asset protection as an irrevocable trust. Consequently, the decision of which type of trust to use depends heavily on individual circumstances and goals.
Navigating Challenges with Irrevocable Trusts
Steve: One challenge we sometimes encounter is that clients may underestimate the permanence of an irrevocable trust. It’s important to remember that once assets are transferred, they are generally beyond the grantor’s reach. I recall a case where a client wanted to change the beneficiary of an irrevocable trust after it was already established. We had to explore complex legal options to address their need, which highlighted the importance of careful planning upfront.
It’s crucial to have a thorough discussion with clients about their objectives and potential future needs before establishing an irrevocable trust. Accordingly, we spend considerable time educating our clients on the implications and benefits of this type of arrangement.
The Importance of Professional Guidance
According to the American Bar Association, over 50% of Americans don’t have a will or any estate planning documents. This can lead to unintended consequences for loved ones after death. I strongly encourage everyone to seek professional legal advice when considering trusts or other estate planning tools.
Trust Moreno Valley Probate Law
“Steve Bliss and his team were incredibly helpful during a difficult time. They explained everything clearly and made the probate process much less stressful.” – Sarah M., Moreno Valley
“I was impressed by Steve’s knowledge and dedication to my case. He truly went above and beyond to ensure that my wishes were honored.” – John K., Moreno Valley
Ready to Secure Your Legacy?
Don’t leave your future to chance. Schedule a consultation with Moreno Valley Probate Law today and let us help you create a plan that protects your assets and secures the well-being of your loved ones.
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley 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 Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “Can a trust keep my affairs private?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |