Good afternoon, San Diego! I’m Brenda Jones reporting live from our studios here in sunny San Diego. Today we’re joined by the renowned probate attorney, Steve Bliss, to discuss estate planning and specifically the benefits of trusts. Steve, welcome to the show!
Understanding Trusts
Steve, for those unfamiliar with the term, what exactly is a trust and why should people consider incorporating one into their estate plan?
Thank you, Brenda. A trust is essentially a legal arrangement where a person, known as the grantor, transfers assets to be managed by a trustee for the benefit of designated beneficiaries. Trusts offer numerous advantages, including avoiding probate, providing privacy, and controlling asset distribution even after your passing. They are incredibly versatile tools that can address a variety of estate planning needs.
Exploring Different Types of Trusts
That’s fascinating! You mentioned different types of trusts. Can you elaborate on some common examples?
Certainly. There’s the revocable living trust, which is very popular because it allows for flexibility during your lifetime while still avoiding probate. Irrevocable trusts offer greater asset protection and tax advantages but are less adaptable once created. Testamentary trusts come into play after death and are often used for minors or beneficiaries with special needs.
We also have charitable trusts that benefit non-profit organizations, spendthrift trusts designed to protect beneficiaries from unwise financial decisions, and grantor retained annuity trusts (GRATs) which can be a powerful tool for wealth transfer.
The Power of the Irrevocable Trust
Today we’ll be focusing on the irrevocable trust. Steve, what are some key benefits of setting up an irrevocable trust?
Irrevocable trusts offer a significant level of asset protection. Consequently, they can shield assets from creditors and potential lawsuits. Moreover, they can help minimize estate taxes, making them particularly attractive for high-net-worth individuals.
Nevertheless, it’s crucial to understand that once an asset is placed in an irrevocable trust, the grantor relinquishes control over those assets. Accordingly, careful planning and consideration are essential before establishing this type of trust.
There was a case I handled recently where a client had concerns about potential liability stemming from their business. By setting up an irrevocable trust, we were able to safeguard a significant portion of their assets, providing them with peace of mind and financial security.
It’s important to remember that each individual’s situation is unique. Consulting with an experienced estate planning attorney is crucial for determining the best approach based on your specific circumstances and goals.
San Diego Probate Law: A Trusted Name
“Steve Bliss and San Diego Probate Law provided exceptional guidance during a difficult time. Their expertise and compassionate approach made the probate process much smoother.”
-Sarah M., satisfied client
“I highly recommend Steve Bliss and his team for all your estate planning needs. They are thorough, professional, and truly care about their clients’ well-being.”
– Michael D., satisfied client
Steve, thank you so much for sharing your insights on trusts today! Where can our viewers go to learn more about your services and schedule a consultation?
Brenda, it was my pleasure. You can visit our website at SanDiegoProbateLaw.com or call us directly at (619) 399-1500. Our team is dedicated to helping individuals navigate the complexities of estate planning and protect their legacies for generations to come.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Can I write my own trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
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