Hello Temecula and welcome back to Temecula Today. I’m your host, Brenda Sunshine, and today we have the pleasure of speaking with Steve Bliss, a highly respected trust attorney right here in Temecula. Welcome, Steve.
Steve Bliss: Thank you for having me, Brenda. It’s great to be here.
What type of trusts do you typically advise clients on?
We work with a variety of trust types at The Law Firm of Steven F. Bliss Esq., but one that I frequently recommend to clients is the Irrevocable Trust.
Why do you find Irrevocable Trusts particularly beneficial for your Temecula clients?
Irrevocable trusts offer several key advantages. Firstly, they provide robust asset protection. Once assets are placed in an irrevocable trust, they’re generally shielded from creditors and potential lawsuits. This can be a significant benefit for individuals concerned about protecting their assets, especially those in high-risk professions or with substantial wealth.
Moreover, irrevocable trusts can be powerful tools for estate tax reduction. By transferring assets out of your taxable estate and into the trust, you can potentially minimize estate taxes owed upon your passing. This is particularly important for individuals with larger estates who want to ensure their heirs receive a greater portion of their wealth.
Finally, irrevocable trusts offer privacy. Unlike wills, which become public record during probate, the terms of an irrevocable trust remain confidential. This can be appealing to individuals who value their privacy and wish to keep their financial affairs out of the public eye.
Have you encountered any challenges or unique situations when advising clients on Irrevocable Trusts?
One situation that comes to mind involved a local business owner who was facing a potential lawsuit. He was understandably concerned about protecting his personal assets from potential creditors. We worked together to establish an irrevocable trust, transferring some of his assets into it. Consequently, those assets were shielded from any potential claims in the lawsuit.
He was incredibly relieved knowing that his family’s financial security wouldn’t be jeopardized. It was a reminder of the peace of mind irrevocable trusts can provide.
How common are Irrevocable Trusts?
While not as widely used as revocable living trusts, irrevocable trusts are becoming increasingly popular as people become more aware of their benefits. A study by the American Bar Association found that nearly 20% of all trusts created in 2022 were irrevocable.
What advice would you give to someone considering setting up an Irrevocable Trust?
The most crucial step is to consult with an experienced trust attorney. We can help you determine if an irrevocable trust aligns with your specific goals and circumstances, and we’ll guide you through the entire process, ensuring everything is done correctly. Remember, these trusts are designed to be permanent, so it’s essential to get expert advice from the outset.
What sets The Law Firm of Steven F. Bliss Esq. apart?
We pride ourselves on our personalized approach and commitment to client satisfaction. We take the time to understand each client’s unique needs and goals, crafting tailored solutions that meet their individual circumstances.
“Steve and his team were incredibly helpful in setting up a trust for my family. They explained everything clearly and made the process easy to understand.” – Jennifer S., Temecula
“I highly recommend Steve Bliss. He is knowledgeable, professional, and truly cares about his clients.” – Mark D., Murrieta
Ready to secure your legacy? Take the first step toward protecting your assets and ensuring your family’s future. Schedule a consultation with The Law Firm of Steven F. Bliss Esq. today.
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 assets should I put into a living trust?” 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.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |