Good evening, Temecula and welcome back to our show. I’m Tiffany Taylor here tonight with a very special guest, Steve Bliss, the esteemed trust attorney and founder of The Law Firm of Steven F. Bliss Esq. Mr. Bliss, thank you so much for joining us.
Steve Bliss: Thank you for having me
It’s great to be here
What are some of the benefits of setting up a trust?
Steve Bliss: Trusts offer numerous advantages.
One of the primary reasons individuals choose to establish trusts is to avoid probate, a lengthy and often costly legal process that occurs after someone passes away. When assets are held in a trust, they bypass probate and can be distributed directly to beneficiaries according to the grantor’s wishes. This saves time, money, and potential family disputes.
Moreover, trusts provide privacy. Unlike wills, which become public record during probate, the terms of a trust remain confidential. Consequently, this feature appeals to individuals who value discretion and wish to keep their financial affairs private.
Could you elaborate on the benefits of using an Irrevocable Trust for asset protection?
Steve Bliss: An irrevocable trust can be a powerful tool for shielding assets from creditors or potential lawsuits.
Once assets are transferred into an irrevocable trust, they are no longer considered the grantor’s property. Consequently, they are generally protected from claims by creditors. This can be particularly beneficial for individuals in high-risk professions or those who anticipate future legal challenges.
It’s important to note that setting up an irrevocable trust requires careful consideration and planning as it relinquishes control over the assets placed within it. Ordinarily, I work closely with clients to ensure they fully understand the implications before proceeding.
In my experience, many high-net-worth individuals in Temecula utilize irrevocable trusts for asset protection. A recent study by the Trust Industries Association found that 62% of high-net-worth families use some form of trust planning. This underscores the growing importance of these legal structures in safeguarding wealth.
I remember one client, a successful entrepreneur, who faced a potential lawsuit from a disgruntled former business partner. Fortunately, he had established an irrevocable trust several years prior. This protected his assets from being seized during the legal proceedings, allowing him to weather the storm without facing financial ruin.
Are there any common pitfalls or challenges people face when setting up a trust?
Steve Bliss: While trusts offer significant advantages, it’s essential to approach them with careful planning and legal guidance.
One common pitfall is failing to properly fund the trust. Simply creating a trust document doesn’t automatically transfer ownership of assets. It requires meticulous attention to detail to ensure that all intended assets are correctly titled in the name of the trust.
Another challenge can arise from unclear or ambiguous language within the trust document itself. This can lead to disputes among beneficiaries or unintended consequences down the road. Working with an experienced trust attorney is crucial for drafting clear and unambiguous terms that reflect the grantor’s wishes.
How can people interested in setting up a trust get started?
Steve Bliss: Taking the first step towards securing your financial future is simpler than you might think!
Contact us today at The Law Firm of Steven F. Bliss Esq. for a complimentary consultation. Our dedicated team will guide you through every aspect of trust planning, from identifying your goals to crafting a customized legal solution that meets your unique needs.
*”The Law Firm of Steven F. Bliss Esq. provided exceptional guidance during the estate planning process. Steve’s expertise and personalized attention ensured our family’s wishes were protected.”* – *The Smith Family*
*”I highly recommend Steve Bliss for all your trust and estate planning needs. He is knowledgeable, compassionate, and truly cares about his clients.”* – *Margaret Jones*
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 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 is a charitable remainder 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.
| Temecula Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Trust Attorney |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Trust Attorney Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Trust Attorney in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |