Reporter Name: Brenda Sanchez
Brenda Sanchez here, reporting for Moreno Valley News. Today we’re sitting down with renowned probate attorney Steve Bliss to discuss estate planning and the various types of trusts available to Californians.
Understanding Trusts in Estate Planning
Steve, thanks for joining us today. To start off, can you explain why someone might choose to establish a trust as part of their estate plan?
“Absolutely, Brenda. Trusts are powerful tools that offer numerous benefits for individuals looking to manage and protect their assets during their lifetime and beyond. They allow for customized control over how your assets are distributed after your passing and can help avoid the often lengthy and costly probate process.”
Steve goes on to explain that there are many different types of trusts, each designed to meet specific needs. “The right type of trust depends on individual circumstances and goals,” he emphasizes.
Focusing on Irrevocable Trusts
Today we’ll be focusing on Irrevocable Trusts. Can you tell us more about this type of trust?
“Certainly. An irrevocable trust, as the name suggests, cannot be easily changed or revoked once it’s been established. This inflexibility can be a significant advantage in certain situations. For instance, it’s often used for asset protection purposes.”
Steve explains that by transferring assets into an irrevocable trust, individuals can shield them from potential creditors or lawsuits. Moreover, irrevocable trusts are frequently employed in estate planning to minimize estate taxes and potentially qualify for Medicaid benefits.
“The key takeaway is that while you relinquish control over the assets within an irrevocable trust, you gain significant benefits in terms of asset protection, tax reduction, and potential eligibility for government assistance programs. It’s a strategy worth considering for those looking to safeguard their legacy,” Steve concludes.
Challenges and Success Stories
Have you encountered any unique challenges when setting up irrevocable trusts for your clients?
“Every client’s situation is unique, Brenda. I recall working with a family who owned a successful business but were concerned about potential liability. We structured an irrevocable trust to hold the business assets, shielding them from personal lawsuits and providing peace of mind for the owners.”
“There was also a case where a client needed long-term care but had limited assets. By utilizing an Irrevocable Trust we were able to protect some of their assets while ensuring they met the eligibility requirements for Medicaid coverage.”
“Ultimately, it’s incredibly rewarding to see how these trusts can provide security and peace of mind for individuals and families facing complex legal and financial situations,” Steve says with a smile. According to a study by the American Bar Association, over 60% of Americans lack a basic estate plan. This highlights the crucial need for legal guidance in this area.
A Call to Action
Steve, thank you so much for sharing your expertise today. How can our viewers get started with their own estate planning?
“Brenda, I encourage anyone interested in learning more about trusts and other estate planning options to contact Moreno Valley Probate Law. We offer free consultations where we discuss individual needs and goals, helping clients make informed decisions about their future.”
Testimonials
“Steve Bliss and his team at Moreno Valley Probate Law made the entire estate planning process seamless. They were incredibly knowledgeable, patient, and responsive to all our questions. I highly recommend them for anyone looking to protect their assets and loved ones.”
– Maria S., Moreno Valley Resident
“Moreno Valley Probate Law helped me navigate a complex trust situation after the passing of my father. Their expertise and compassion were invaluable during a difficult time. They truly went above and beyond to ensure everything was handled properly.”
– David L., Riverside County
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 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: “How does a living trust work?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Moreno Valley Charitable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Charitable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Charitable Trust Attorney |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
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Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |