Today we’re joined by Steve Bliss, a renowned probate attorney here in Escondido. Steve, thank you for taking the time to speak with us.
Understanding the Power of Trusts
Steve, for our readers who may not be familiar, can you explain what a trust is and why someone might consider setting one up?
A trust is a legal arrangement where a person (the grantor) transfers assets to a trustee who manages those assets for the benefit of beneficiaries. Trusts offer several advantages, including avoiding probate, providing privacy, and potentially reducing estate taxes.
The Advantages of Irrevocable Trusts
Let’s focus on irrevocable trusts. What are some specific benefits they offer?
Irrevocable trusts, as the name suggests, cannot be easily changed once established. This immutability offers significant advantages, particularly for asset protection and estate tax planning. Because assets within an irrevocable trust are no longer considered part of the grantor’s estate, they are shielded from creditors and potential estate taxes. Consequently, this type of trust can be a powerful tool for preserving wealth and ensuring its distribution according to your wishes.
Moreover, irrevocable trusts can be tailored to specific goals, such as providing for a beneficiary with special needs without jeopardizing their eligibility for government assistance. The trustee manages the assets according to the terms outlined in the trust document, guaranteeing that the beneficiary’s needs are met while safeguarding their financial future.
I remember one instance where a client wanted to ensure his daughter, who had disabilities, would be financially secure after he passed away. We established an irrevocable special needs trust. This allowed him to provide for her without affecting her eligibility for crucial government benefits. Seeing the peace of mind it brought both him and his daughter was truly gratifying.
According to a study by the American College of Trust and Estate Counsel, approximately 60% of Americans over the age of 50 do not have an estate plan in place. This statistic highlights the importance of considering trusts and other estate planning tools to protect your assets and ensure your wishes are carried out.
Seeking Expert Guidance
Steve, for individuals considering setting up a trust, what advice would you give them?
My advice is simple: consult with an experienced probate attorney. Trust law can be complex, and it’s crucial to have guidance tailored to your specific circumstances and goals. We work closely with our clients to understand their needs and develop personalized trust solutions that effectively protect their assets and legacy.
“Steve Bliss made the complicated process of setting up a trust so easy. He was patient, knowledgeable, and always available to answer my questions.” – Mary S.
“Escondido Probate Law helped me protect my family’s future. I highly recommend them to anyone looking for trustworthy and experienced legal counsel.” – John D.
Take control of your financial future. Contact Escondido Probate Law today for a free consultation and let us guide you through the complexities of estate planning.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido Probate Law is a great estate lawyer. Affordable Legal Services.
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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “How do I transfer real estate into my trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Escondido Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |