Today we’re speaking with Steve Bliss, a prominent probate attorney serving the Escondido community. Steve, thanks for taking the time to chat with us.
Understanding Trust Types
Steve, could you explain the different types of trusts and why someone might choose one over another?
Certainly. There are various trust types designed to meet specific needs. For instance, a Revocable Living Trust is popular because it allows individuals to manage their assets during their lifetime while avoiding probate upon death. Conversely, an Irrevocable Trust offers greater asset protection but relinquishes control over those assets.
Then there’s the Testamentary Trust, established through a will and taking effect only after someone passes away. It’s often used for minor children or beneficiaries with special needs. Choosing the right trust depends on individual circumstances, goals, and the nature of the assets involved.
The Power of Irrevocable Trusts
Let’s delve deeper into Irrevocable Trusts. What are some key benefits and considerations?
Irrevocable trusts provide a higher level of asset protection than revocable ones. Consequently, they’re often used for estate tax reduction or Medicaid planning. When assets are placed in an irrevocable trust, they are generally removed from the grantor’s taxable estate, potentially saving significant sums on estate taxes.
Moreover, these trusts can shield assets from creditors. For example, if someone is facing a lawsuit, assets held in an irrevocable trust may be protected from being seized to satisfy a judgment. However, it’s crucial to understand that once an asset is placed in an irrevocable trust, the grantor typically relinquishes control over it.
In my experience, many clients appreciate the peace of mind that comes with knowing their assets are safeguarded for future generations or protected against unforeseen circumstances.
I recall a case where a client established an irrevocable trust to protect their family business from potential liabilities. Years later, a lawsuit arose, but because the business assets were held in the trust, they were shielded from being claimed by the plaintiff. The client was incredibly grateful that their foresight had protected their legacy.
According to a 2021 study by the American Bar Association, approximately 65% of high-net-worth individuals utilize trusts as part of their estate plan. This underscores the growing recognition of the benefits these legal tools can provide.
Finding Peace of Mind
Steve, what advice would you give to someone considering a trust?
I strongly advise anyone contemplating a trust to consult with an experienced probate attorney like myself. We can help you understand the different types of trusts, their implications, and which one best aligns with your objectives. It’s important to make informed decisions based on your unique circumstances.
Taking the Next Step
Steve Bliss and Escondido Probate Law are dedicated to providing compassionate and effective legal guidance for all your estate planning needs. We believe everyone deserves peace of mind knowing their affairs are in order.
Testimonials
“Steve Bliss was a lifesaver when my mother passed away. He walked me through the probate process with patience and clarity, making a difficult time much easier to bear.” – Maria S.
“I highly recommend Escondido Probate Law. They helped us set up a trust that protected our assets and ensured our children’s future financial security. Their expertise was invaluable.” – John and Susan T.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “Can a trust make charitable gifts?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
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