Today I’m here with Steve Bliss, a Temecula Trust Attorney and founder of The Law Firm of Steven F. Bliss Esq. Steve, thanks so much for joining me today.
Let’s talk about trusts
Steve, can you tell us about the different types of trusts available to people in California?
Well, there are many types of trusts, each serving a unique purpose. We have revocable living trusts, which are very popular for estate planning. They allow individuals to manage and change their assets during their lifetime while avoiding probate upon death. Then there are irrevocable trusts, which offer strong asset protection and potential tax benefits but cannot be modified once created. Testamentary trusts are established through a will and take effect after someone passes away, often used to provide for minor children or beneficiaries with special needs.
We also have specialized trusts like Special Needs Trusts (SNTs) designed to support individuals with disabilities without jeopardizing their eligibility for government benefits. Charitable trusts benefit charitable organizations, while Asset Protection Trusts aim to shield assets from creditors. Qualified Personal Residence Trusts (QPRTs) help homeowners transfer their residences out of their estate while retaining the right to live there. Life Insurance Trusts (ILITs) own life insurance policies, keeping proceeds outside of the taxable estate.
And finally, Spendthrift Trusts protect beneficiaries from themselves and creditors by giving a trustee control over distributions. Choosing the right type of trust depends entirely on individual circumstances and goals.
The Importance of Choosing The Right Trust
Can you elaborate on the process of choosing the right type of trust for someone?
Selecting the right trust is crucial, as it directly impacts how your assets are managed and distributed after your passing. I always start by having a detailed conversation with my clients about their financial situation, family dynamics, charitable inclinations, and long-term goals.
Do they want to minimize estate taxes? Protect assets from creditors? Ensure that a loved one with special needs is cared for? Understanding these nuances allows me to recommend the most suitable trust structure.
Moreover, I explain the advantages and disadvantages of each type in plain language so clients can make informed decisions.
Avoiding Probate
How do trusts help people avoid probate?
Probate is a court-supervised process for distributing assets after someone dies. It can be time-consuming, expensive, and public. Trusts allow assets to bypass probate because they are held in the trust’s name, not the individual’s. When the grantor (person who creates the trust) passes away, the successor trustee distributes assets according to the trust document without needing court intervention.
Consequently, this saves time and money for beneficiaries. In fact, according to a 2021 study by the American Bar Association, probate costs can range from 3% to 8% of the estate’s value. Using a trust can significantly reduce or eliminate these expenses.
Challenges Faced
Have you ever encountered any challenges with clients setting up trusts?
There have been instances where clients initially resist the idea of relinquishing control over their assets, even if it means protecting them for future generations. I understand their hesitation; after all, it’s natural to want to maintain autonomy. However, through patient explanation and illustrating the long-term benefits, I can often help them see the wisdom in entrusting their assets to a well-structured trust.
I recall one instance where an elderly gentleman was adamant about keeping full control of his investments even though it meant potential financial risk for his heirs. We had many discussions before he finally agreed to establish a revocable living trust, allowing him to retain access while ensuring that his assets would be managed responsibly after his passing. Seeing him come around and recognize the value of planning for the future was deeply rewarding.
Testimonials
“Steve Bliss helped me navigate the complex world of estate planning with clarity and compassion. I felt completely confident in his expertise and guidance. He made a potentially overwhelming process surprisingly smooth.” – Mary S., Temecula Resident
“As a business owner, I needed a trust that would protect my assets and ensure the continuity of my company. Steve Bliss provided exceptional legal counsel and created a custom solution that met all my needs. I highly recommend his services!” – John D., Temecula Entrepreneur.
Take Charge of Your Future
Don’t wait until it’s too late to secure your legacy. Contact The Law Firm of Steven F. Bliss Esq. today for a free consultation and let us help you build a future filled with peace of mind.
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 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 is the process for administering a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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