Choosing a Trust for Your Needs
Hello and welcome back to our legal segment here on Channel 7 News San Diego. Today we have the pleasure of speaking with Steve Bliss, a renowned probate attorney in San Diego County. Mr. Bliss, thank you so much for joining us today.
Types of Trusts Explained
Steve, could you help our viewers understand the different types of trusts available and perhaps guide them on which one might be most suitable for their situation?
There are a variety of trust options available, each serving distinct purposes. The most common type is the Revocable Living Trust, which allows individuals to manage and modify their assets during their lifetime while avoiding probate upon their passing. Consequently, this provides privacy and streamlines the distribution process for beneficiaries.
Delving Deeper into Irrevocable Trusts
Could you elaborate on Irrevocable Trusts and when they might be a better choice?
Irrevocable trusts, as the name suggests, cannot be altered once established. This feature makes them suitable for asset protection strategies, estate tax reduction, and Medicaid planning. By transferring assets into an irrevocable trust, individuals can remove them from their taxable estate, potentially minimizing estate taxes. Moreover, it can safeguard assets from potential creditors.
Real-Life Impact of Irrevocable Trusts
Have you encountered any unique situations where an irrevocable trust proved particularly beneficial?
Yes, I recall a case involving a successful entrepreneur who wanted to protect his assets for future generations while minimizing estate taxes. We structured an Irrevocable Trust that not only shielded his wealth from potential liabilities but also ensured its efficient transfer to his children and grandchildren. Seeing the peace of mind it brought him and his family was truly rewarding.
The effectiveness of irrevocable trusts is highlighted by a study conducted by the American College of Trust and Estate Counsel, which found that approximately 60% of high-net-worth individuals utilize them for asset protection and estate planning purposes.
Next Steps: Seeking Expert Advice
Mr. Bliss, what’s your advice to our viewers who are considering setting up a trust?
I strongly recommend consulting with an experienced probate attorney. Trust laws can be complex, and personalized guidance is essential to ensure the trust aligns with your specific goals and circumstances. We offer free consultations at San Diego Probate Law where we can thoroughly assess your needs and create a customized plan.
“Steve Bliss and his team were incredibly knowledgeable and supportive throughout the entire process of setting up my trust. They made complex legal concepts easy to understand and always prioritized my best interests.”
– Sarah M., San Diego Resident
“I was initially overwhelmed by the thought of estate planning, but Steve Bliss’s expertise and compassionate approach put me at ease. I now have peace of mind knowing that my assets are protected and my family is taken care of.”
– John D., La Jolla Resident
Let us guide you through the complexities of estate planning. Contact San Diego Probate Law today for a free consultation and secure your future.
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: “What are common reasons people challenge a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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