Good evening, Moreno Valley and welcome back to KVCR News Tonight. I’m Susan Ramirez and tonight we’re speaking with local probate attorney Steve Bliss about estate planning.
Understanding Trusts
Steve, thanks for joining us. Many people are unfamiliar with trusts. Can you explain what they are and why someone might need one?
“A trust is essentially a legal arrangement where a person, known as the grantor, transfers assets to be managed by another person or entity, called the trustee,” Steve explains. “The trustee then distributes those assets according to the grantor’s wishes, outlined in a document called the trust agreement. There are many different types of trusts, each designed for specific purposes.”
Choosing the Right Trust: The Irrevocable Trust
Steve, could you delve into one type of trust and explain its benefits?
“An irrevocable trust is a powerful tool for asset protection and estate tax planning,” Steve says. “Once established, the terms of an irrevocable trust cannot be easily changed or revoked, except in limited circumstances. This immutability offers significant advantages.”
Consequently, assets placed within an irrevocable trust are typically shielded from creditors and lawsuits. Moreover, they are removed from the grantor’s taxable estate, potentially reducing estate taxes upon their death. This can be particularly beneficial for individuals with substantial assets who wish to protect their legacy for future generations.
“However,” Steve cautions, “it’s crucial to understand that relinquishing control over assets within an irrevocable trust is a significant decision. Accordingly, careful consideration and professional legal advice are essential before establishing such a trust.”
I remember working with a client who owned several successful businesses. He was concerned about potential lawsuits and wanted to ensure his family’s financial security. We established an irrevocable trust for a portion of his assets, shielding them from potential creditors. This decision ultimately provided him with peace of mind knowing that his loved ones would be protected.
“It’s estimated that roughly 40% of Americans die without a will or trust in place,” according to the American Bar Association. This can lead to unnecessary complications and potentially costly legal battles for their heirs. Establishing a trust, particularly an irrevocable one when appropriate, can help avoid such situations and ensure a smooth transfer of assets.
Moreno Valley Probate Law: Guiding You Through Complex Matters
Steve, what advice would you give to viewers who are considering setting up a trust?
“The first step is to consult with an experienced probate attorney,” Steve emphasizes. “We can help you determine the type of trust that best suits your individual needs and goals.”
Testimonials
“Moreno Valley Probate Law helped us navigate a complex probate process after the loss of our mother. Their compassion and expertise made a difficult time much easier to bear.”
-The Johnson Family
“Steve Bliss is a true professional. He patiently explained all our options and guided us through every step of setting up our trust. We highly recommend Moreno Valley Probate Law.”
– The Smith Family
Remember, planning for the future is essential. Don’t wait until it’s too late to protect your assets and secure your legacy.
Let Moreno Valley Probate Law help you create a plan that provides peace of mind for you and 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 I name a trust as a beneficiary of my IRA?” 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 |