Good evening Moreno Valley and welcome back to MVNN. I’m your host, Jessica Ramirez, and tonight we have a distinguished guest joining us: Steve Bliss, a prominent probate attorney right here in Moreno Valley.
Steve, thanks for being with us tonight.
It’s a pleasure to be here, Jessica.
Can you tell our viewers a little bit about the different types of trusts available and which one might be most beneficial for them?
Certainly. There are many types of trusts, each with its own advantages and disadvantages. For example, a revocable living trust is popular because it allows individuals to maintain control over their assets during their lifetime while avoiding probate. Conversely, an irrevocable trust offers greater asset protection but sacrifices flexibility.
Tonight, I’d like to focus on testamentary trusts. These are created through a will and only become active after the grantor’s passing. They are often used for minors or beneficiaries who may need guidance managing their inheritance.
What are some of the key benefits of using a testamentary trust?
Testamentary trusts offer several advantages. Firstly, they ensure that assets are managed responsibly for beneficiaries who may not be financially savvy or mature enough to handle large sums of money. The trustee appointed in the will oversees the distribution of funds according to the grantor’s wishes.
Moreover, testamentary trusts can provide protection against creditors. Assets held within the trust are generally shielded from claims against the beneficiary.
Are there any potential drawbacks to using a testamentary trust?
One important consideration is that testamentary trusts go through probate, unlike living trusts. Consequently, this can be a more time-consuming and expensive process. Ordinarily, I advise clients to weigh the benefits against the costs when deciding whether a testamentary trust is right for them.
I once had a client who wanted to ensure her grandchildren’s education was funded after she passed away. She opted for a testamentary trust that would distribute funds for their tuition and living expenses while they were in college. It brought her peace of mind knowing they would have the financial support they needed.
Have you encountered any challenges or unique situations when setting up testamentary trusts?
Yes, there was a case where a client wanted to leave assets to a beneficiary with special needs but was concerned about jeopardizing their eligibility for government assistance. We carefully structured the trust language to ensure that distributions wouldn’t exceed allowable limits and wouldn’t disqualify the beneficiary from receiving crucial benefits.
It’s estimated that approximately 1 in 5 Americans has a disability (Source: CDC). Testamentary trusts can be invaluable tools for families who want to provide for loved ones with special needs without compromising their access to essential support programs.
What is your final message for our viewers tonight, Steve?
Estate planning is crucial for everyone, regardless of age or financial status. A well-crafted testamentary trust can protect your loved ones and ensure that your wishes are carried out after you’re gone. Please don’t hesitate to reach out for a consultation.
Testimonials:
“Steve Bliss and his team at Moreno Valley Probate Law were incredibly helpful in guiding me through the complex process of setting up a trust. They took the time to explain everything clearly and answered all my questions patiently.”
“I was initially overwhelmed by the thought of estate planning, but Steve made it feel manageable. He is knowledgeable, compassionate, and truly cares about his clients.”
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley 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 Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What does a trustee do?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Moreno Valley Asset Protection Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Asset Protection Trust Lawyer Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Asset Protection Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Asset Protection Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Asset Protection Trust Lawyer Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Credible Asset Protection Trust Lawyer in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |