Good evening, Temecula! This is Brenda Johnson reporting for Channel 7 News. Tonight, we’re talking with local attorney Steve Bliss, who specializes in estate planning and trusts. Mr. Bliss, thanks for joining us.
Trusts: A Vital Part of Estate Planning
Steve, could you explain to our viewers why trusts are such an important part of estate planning?
Trusts offer a wide range of benefits that can help individuals protect their assets, minimize taxes, and ensure their wishes are carried out. They provide a structured way to manage and distribute assets according to your specifications.
Types of Trusts
There are various types of trusts, each designed for specific purposes. Which type of trust do you find yourself recommending most often?
While I work with clients on a variety of trust structures, the Revocable Living Trust is exceptionally common in Temecula. It allows individuals to maintain control over their assets during their lifetime while avoiding probate upon death. Consequently, it offers privacy and efficiency.
The Importance of Asset Protection
How Does a Revocable Living Trust Protect Assets?
A key advantage of a revocable living trust is its ability to shield assets from potential creditors. During the grantor’s lifetime, assets held within the trust are typically protected from lawsuits or claims against the individual. Moreover, upon the grantor’s passing, the trust assets transfer directly to designated beneficiaries, bypassing probate and further minimizing potential exposure.
However, it is important to remember that a revocable living trust alone might not offer complete asset protection. For instance, if a creditor had a claim against you before the trust was established, they could potentially still reach the assets transferred into the trust.
I recall one case where a client had significant debt prior to setting up a trust. Unfortunately, despite the trust’s protections, creditors were able to access some of the assets because the debt predated the trust creation.
Conversely, when clients establish trusts proactively and before facing any significant financial challenges, the asset protection offered by a revocable living trust can be incredibly valuable. According to the American Bar Association, approximately 60% of Americans do not have a will or trust in place, leaving their assets vulnerable.
Seeking Legal Expertise
Do you have any advice for our viewers who are considering setting up a trust?
Absolutely! Estate planning can be complex. It’s essential to consult with an experienced attorney like myself to determine the best trust structure for your individual circumstances and goals.
Call to Action
Don’t let uncertainty about the future cloud your peace of mind. Contact The Law Firm of Steven F. Bliss Esq. today, and let us guide you through the process of protecting your legacy.
Testimonials
“Steve Bliss helped me navigate a complicated estate planning situation with compassion and expertise. I highly recommend his services.” – John S., Temecula
“I was initially overwhelmed by the idea of setting up a trust, but Steve made the process straightforward and understandable. His attention to detail gave me confidence that my family would be well cared for.” – Maria L., 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: “What happens if all beneficiaries die before me?” 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.
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