Good evening, Temecula! This is Brenda Jones reporting for KTEM News. Tonight, we’re sitting down with local trust attorney, Steve Bliss of The Law Firm of Steven F. Bliss Esq., to discuss the importance of estate planning and the different types of trusts available.
Why are Trusts Important?
Steve, can you explain why someone might consider creating a trust?
Steve Bliss
Brenda, that’s a great question. Trusts are incredibly valuable tools for individuals looking to protect their assets, minimize estate taxes, and ensure their wishes are carried out after they pass away. They offer a level of control and flexibility that simply isn’t possible with a will alone.
For instance, a revocable living trust allows you to manage your assets during your lifetime while avoiding probate – a lengthy and often costly legal process. Moreover, trusts provide privacy, as they are not subject to public scrutiny like wills.
What Type of Trust Would You Recommend for Asset Protection?
Steve, many people are concerned about protecting their assets from creditors or lawsuits. What type of trust would you recommend in that scenario?
Steve Bliss
Asset protection trusts can be a valuable tool, Brenda. While California law limits the effectiveness of these trusts somewhat, we often work with clients to establish them in states with more favorable laws. The key is to carefully structure the trust and transfer assets into it well before any potential legal issues arise.
Consequently, seeking professional legal guidance early on is crucial. I recall a case where a client facing a significant lawsuit managed to shield a portion of their assets through an appropriately structured asset protection trust. It provided them with much-needed peace of mind during a difficult time.
Have You Encountered Any Challenges When Setting Up Asset Protection Trusts?
Steve, have you ever encountered any challenges when setting up these types of trusts?
Steve Bliss
Yes, Brenda. One common challenge is ensuring the trust meets all legal requirements and is properly funded. It’s not simply a matter of transferring assets; it requires careful planning and execution.
I remember working with a client who thought they could simply transfer their business into an asset protection trust without any further steps. We had to explain that this wouldn’t provide the desired protection, as legal entities like businesses often require specific restructuring within the trust framework.
Ultimately, transparency and communication are key. We work closely with our clients to understand their goals and concerns and ensure the trust is tailored to their specific needs.
Closing Remarks
Steve, thank you so much for sharing your expertise with us tonight. For viewers who are interested in learning more about trusts or estate planning, what advice would you give them?
Steve Bliss
Brenda, the best thing anyone can do is take action and consult with an experienced estate planning attorney. We offer free consultations at The Law Firm of Steven F. Bliss Esq., so there’s no risk in exploring your options.
Remember, procrastination can be costly. Secure your future and your loved ones by starting the conversation today.
“Working with Steve and his team was a truly positive experience. They explained everything clearly and made me feel comfortable throughout the process.” – Sarah M., Temecula Resident
“Steve is an exceptional attorney who truly cares about his clients. He helped me create a trust that met all of my needs and gave me peace of mind for the future.” – John D., Murrieta
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: “How do I choose a trustee?” 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 |