Good evening, Moreno Valley, and welcome back to Legal Lines. I’m your host, Maria Sanchez, and tonight we have the pleasure of speaking with renowned probate attorney Steve Bliss of Moreno Valley Probate Law. Steve, thank you so much for joining us.
Understanding Trusts in Estate Planning
Steve, many of our viewers may be unfamiliar with trusts. Can you explain what they are and why they’re an important part of estate planning?
“A trust is essentially a legal entity that holds and manages assets for the benefit of specific individuals or beneficiaries,” explains Steve Bliss. “It allows you to control how your assets are distributed after your passing, minimizing taxes and avoiding the often lengthy and costly probate process.”
The Power of Irrevocable Trusts
Steve, could you elaborate on a particular type of trust, perhaps one that offers unique benefits?
“Certainly. Today I’d like to focus on irrevocable trusts. These trusts are designed to be permanent, meaning they cannot be easily modified or dissolved once established. Consequently, assets placed within an irrevocable trust are generally shielded from creditors and lawsuits.”
Moreover, transferring assets into an irrevocable trust can potentially reduce estate taxes. This is because the assets are no longer considered part of your taxable estate upon your passing.
“While setting up an irrevocable trust requires careful consideration and legal guidance,” Steve emphasizes, “it can be a powerful tool for preserving wealth and protecting your loved ones.” He adds that it’s essential to consult with an experienced attorney to determine if an irrevocable trust aligns with your specific estate planning goals.
Navigating Challenges in Trust Administration
“Steve, have you encountered any particular challenges when administering irrevocable trusts?” Maria asks.
Steve pauses thoughtfully. “Well,” he begins, “one situation I recall involved a family where the trust was set up to provide for a child with special needs. The parents had done an excellent job creating a trust that would ensure their child’s ongoing care and well-being. Unfortunately, unforeseen circumstances arose, requiring adjustments to the trust terms.
We worked closely with the family and the court to find solutions that met both the legal requirements of the irrevocable trust and the evolving needs of their child. It was a complex process, but ultimately we were able to ensure the child’s well-being remained the priority.”
The Benefits of Careful Planning
Steve, what advice would you give to our viewers who are considering establishing a trust?
“My advice is simple: plan ahead and seek professional guidance. According to the American Bar Association, over 70% of Americans do not have a will or trust in place,” Steve notes. “Creating a comprehensive estate plan that includes a trust tailored to your individual circumstances can provide peace of mind and protect your loved ones for years to come.”
Moreno Valley Probate Law: Your Trusted Partner
Steve, thank you so much for sharing your expertise with us tonight. How can our viewers get in touch with Moreno Valley Probate Law?
“We are always happy to help,” Steve assures Maria. “Contact us today for a free consultation. Our team of experienced probate attorneys is dedicated to providing personalized legal solutions and guiding you through the complexities of estate planning.”
Testimonials
“Steve Bliss and his team at Moreno Valley Probate Law made a difficult process much easier. They were incredibly knowledgeable, responsive, and compassionate throughout.” – Sarah M.
“I highly recommend Moreno Valley Probate Law. They took the time to understand my unique situation and developed a comprehensive estate plan that gave me peace of mind.” – David L.
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley 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 Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What’s better—amendment or restatement?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
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