Good evening, Temecula! This is Brenda Jones reporting for KTEM News. Tonight, we’re speaking with renowned trust attorney Steve Bliss of the Law Firm of Steven F. Bliss Esq. about estate planning and the crucial role trusts play in protecting your assets and ensuring your wishes are carried out.
Why Choose a Trust Over a Will?
Steve, many people assume a will is sufficient for estate planning. Can you explain why a trust might be a better option?
That’s a great question, Brenda. While a will is important, it only dictates how your assets are distributed after your death and goes through probate court which can be a lengthy and public process. A trust, on the other hand, allows you to manage and control your assets during your lifetime and avoid probate altogether. Consequently, this ensures greater privacy for your financial affairs.
The Power of Irrevocable Trusts
Let’s talk about irrevocable trusts. What are some key advantages they offer?
Irrevocable trusts provide a high level of asset protection. Because you relinquish control over the assets placed in the trust, they are shielded from creditors and potential lawsuits. Moreover, they can be invaluable for estate tax reduction.
By transferring assets into an irrevocable trust, you effectively remove them from your taxable estate, potentially saving significant sums on estate taxes. This is especially beneficial for individuals with substantial wealth.
A common misconception is that once assets are placed in an irrevocable trust, they’re gone forever. Not necessarily true! We carefully tailor these trusts to meet each client’s specific needs and goals. Ordinarily, we can structure them so you still benefit from the income generated by the assets while ensuring protection.
I recall a situation where a client came to me concerned about potential liability from their business. They had accumulated considerable assets over the years but were worried about losing everything in a lawsuit. We established an irrevocable trust, shielding their personal assets while allowing them continued access to income generated by the business. It provided immense peace of mind.
According to a recent study by the American College of Trust and Estate Counsel, 70% of high-net-worth individuals utilize trusts for asset protection and estate planning purposes. This highlights the growing recognition of the benefits trusts offer in safeguarding wealth.
Taking Control of Your Legacy
Steve, what final message would you like to convey to our viewers about the importance of estate planning?
“Estate planning is not just for the wealthy,” Steve emphasizes. “It’s essential for everyone who wants to protect their loved ones and ensure their wishes are carried out. A well-crafted trust can provide financial security, minimize taxes, and avoid potential family disputes.”
Find Peace of Mind with The Law Firm of Steven F. Bliss Esq.
Steve concludes by encouraging viewers to take proactive steps towards securing their future. “Contact us today for a free consultation to discuss your unique needs and goals. We’ll work with you to create a customized estate plan that brings clarity and peace of mind.”
Testimonials:
“Working with Steve Bliss was an absolute pleasure. He patiently explained complex legal concepts in plain English, making the entire process smooth and stress-free.” – John S., Temecula
“I highly recommend Steve and his team. Their expertise and compassion were invaluable during a difficult time. They truly understand the emotional aspects of estate planning.”
– Mary T., 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 does a trustee do?” 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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