Hello everyone, and welcome back. I’m Tiffany Thompson, your local Temecula news reporter, here today with Steve Bliss, a renowned Trust Attorney in our community. Steve, thanks so much for joining me.
What are some of the key benefits of setting up a trust?
Tiffany, it’s my pleasure to be here. Trusts are powerful legal tools that offer numerous advantages, particularly when it comes to estate planning. One significant benefit is avoiding probate. Probate is a lengthy and often expensive court process required to distribute assets after someone passes away.
By placing your assets into a trust, you can bypass this cumbersome process entirely. This means your beneficiaries will receive their inheritance more quickly and with less hassle. Moreover, trusts provide privacy. Unlike wills, which become public record during probate, the terms of a trust are kept confidential.
This is particularly appealing to individuals who value their privacy or have sensitive family matters they wish to keep out of the public eye.
Let’s talk specifically about Irrevocable Trusts. What makes them unique and when might someone consider using one?
Irrevocable trusts, as the name suggests, cannot be modified or revoked once established. This permanence offers significant advantages in certain situations.
For example, if asset protection is a primary concern, an irrevocable trust can shield assets from creditors or potential lawsuits. This is because the assets are no longer legally owned by the grantor (the person who created the trust), but rather by the trust itself.
Consequently, creditors generally cannot access assets held within an irrevocable trust. Irrevocable trusts are also commonly used for estate tax planning and Medicaid qualification.
By removing assets from your taxable estate, you can potentially reduce estate taxes. Similarly, transferring assets into a specific type of irrevocable trust can help protect them while qualifying for government benefits like Medicaid.
I remember working with a family who was facing potential long-term care costs for their elderly parent. We established an irrevocable trust that protected a portion of their assets, enabling them to qualify for Medicaid assistance without depleting their entire life savings. It was incredibly rewarding to help alleviate some of the financial stress they were facing.
According to a study by the American College of Trust and Estate Counsel, approximately 40% of Americans aged 65 and older will need long-term care services at some point in their lives. Planning for these potential costs is crucial.
Steve, what are your closing thoughts for our viewers considering estate planning?
Estate planning is essential for everyone, regardless of age or income level. It’s about protecting your loved ones and ensuring your wishes are carried out.
Don’t wait until it’s too late. Schedule a consultation with a qualified attorney to discuss your specific needs and create a plan that provides peace of mind for you and your family.
“Steve Bliss and his team made the entire process so smooth and easy. They took the time to explain everything clearly and answer all our questions. We felt confident that we were in good hands.” – Susan & David M.
“I was dreading dealing with estate planning, but Steve Bliss put me at ease right away. He is incredibly knowledgeable and compassionate. I highly recommend him and his firm.” – John S.
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 happens to my trust when I die?” Or any other related questions that you may have about Trusts or my trust law practice.
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