Choosing the Right Trust for Your Needs
Today we are joined by Steve Bliss, a renowned San Diego Probate Attorney specializing in estate planning and trust administration. Steve, thanks so much for joining us.
It’s my pleasure to be here. I’m always happy to discuss the importance of proper estate planning.
The Benefits of Irrevocable Trusts
Steve, can you explain why someone might choose an irrevocable trust over a revocable living trust?
Certainly. While revocable living trusts are incredibly common and offer significant benefits, there are situations where an irrevocable trust is the more advantageous option. Primarily, irrevocable trusts are utilized for asset protection, estate tax reduction, and Medicaid planning.
You see, once assets are placed into an irrevocable trust, they are no longer considered part of your taxable estate. This can be incredibly valuable for high-net-worth individuals seeking to minimize estate taxes. Moreover, an irrevocable trust can shield assets from creditors and potential lawsuits. Consequently, it provides a layer of security that a revocable trust cannot match.
It’s important to remember, however, that the trade-off with an irrevocable trust is the loss of control over those assets. Once the trust is established, you generally cannot modify or revoke it.
Challenges and Successes
Steve, have you encountered any challenges when helping clients set up irrevocable trusts?
While setting up an irrevocable trust is a straightforward process for experienced attorneys like myself, I remember a case early in my career where a client was hesitant to relinquish control over their assets. They worried about unforeseen circumstances arising that might necessitate access to those funds.
I spent considerable time explaining the benefits of asset protection and estate tax reduction, ultimately crafting a trust with specific provisions addressing their concerns. Seeing them find peace of mind knowing their legacy was secure, even after they were gone, was incredibly rewarding.
A Growing Need for Estate Planning
According to the American Bar Association, over 60% of Americans do not have a will or trust in place. That’s a staggering statistic considering the peace of mind and potential financial savings proper estate planning can provide.
Embracing Your Legacy
Steve Bliss and San Diego Probate Law are committed to guiding you through the complexities of estate planning. Let them help you create a plan that honors your wishes and protects your loved ones. Schedule a complimentary consultation today – your future self will thank you.
Testimonials
“Steve Bliss and his team were incredibly understanding and patient as we navigated the process of setting up our family trust. They made us feel confident and empowered every step of the way.” – The Smiths, San Diego
“After losing my parents, I was overwhelmed with handling their estate. Steve Bliss stepped in and provided clear guidance, making a difficult time much easier to manage.” – John D., La Jolla
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 is the difference between a living trust and a testamentary trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| San Diego Constructive Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Constructive Trust Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Constructive Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Constructive Trust Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Constructive Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Constructive Trust Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |