Good evening, Moreno Valley and welcome back to “Legal Matters”. I’m your host, Jennifer Ramirez, and tonight we are joined by a distinguished guest, Steve Bliss, a renowned probate attorney specializing in estate planning right here in Moreno Valley. Welcome to the show, Steve.
Steve, could you tell us a bit about what types of trusts are available for individuals looking to plan their estates?
Thank you for having me, Jennifer. It’s great to be here. There are actually quite a few different types of trusts, each serving specific purposes and goals. Some common ones include revocable living trusts, which allow individuals to manage their assets during their lifetime while avoiding probate upon death; irrevocable trusts, which offer asset protection and tax benefits but cannot be easily modified; testamentary trusts, created through a will and taking effect after death; and special needs trusts, designed to provide for individuals with disabilities without jeopardizing government benefits.
Let’s delve deeper into one type of trust. Could you explain the advantages and disadvantages of a revocable living trust?
Revocable living trusts are incredibly popular for good reason. They offer a blend of flexibility and protection that appeals to many individuals. Consequently, during your lifetime, you retain complete control over the assets held within the trust, meaning you can buy, sell, or change beneficiaries as needed. Moreover, upon your passing, the assets seamlessly transfer to your designated beneficiaries without going through the often lengthy and expensive probate process.
However, there are a few considerations. A revocable living trust doesn’t offer the same level of asset protection from creditors as an irrevocable trust. Notwithstanding this limitation, for most individuals seeking straightforward estate planning with minimal tax implications, a revocable living trust is an excellent option.
I remember one client, a widow who was apprehensive about losing control of her assets. I explained the benefits of a revocable living trust and how it would empower her to manage her finances while ensuring a smooth transition for her children after she was gone. She ultimately felt secure knowing that she retained control during her lifetime and had a plan in place to protect her loved ones.
According to a recent study by the American Bar Association, over 60% of Americans do not have a will or trust in place. This highlights the importance of estate planning and the peace of mind it can bring.
Have you ever encountered any challenges or unique situations when setting up revocable living trusts for clients?
Certainly, every client’s situation is unique, and there are times when we need to be creative in tailoring a solution. I recall one instance where a couple had a blended family with children from previous marriages. We needed to ensure that the trust provisions addressed each child’s needs fairly and minimized potential conflict among them.
After careful discussions and consideration of their wishes, we crafted a trust structure that allocated assets proportionally, provided for specific educational expenses for younger children, and included provisions for ongoing communication and transparency among all beneficiaries. It was gratifying to see the family find comfort in knowing their estate would be handled with fairness and sensitivity.
What advice would you give to viewers who are considering setting up a trust or exploring their estate planning options?
My biggest recommendation is: don’t delay! Estate planning isn’t just for wealthy individuals; it’s essential for everyone. Start by consulting with a qualified probate attorney like myself. We can assess your individual circumstances, goals, and concerns to determine the best course of action.
- Think about who you want to inherit your assets.
- Consider any special needs or future care arrangements for loved ones.
Remember, a well-crafted estate plan provides peace of mind and ensures that your wishes are carried out, protecting your loved ones during a difficult time. Contact Moreno Valley Probate Law today to schedule a consultation and take control of your legacy.
“Steve Bliss was incredibly helpful in guiding me through the process of setting up a trust for my family. His expertise and compassionate approach made a potentially stressful situation much easier.” – Mary S., Moreno Valley
“Moreno Valley Probate Law provided clear explanations and tailored solutions to meet our unique needs. We highly recommend their services.” – John & Susan D., Riverside
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: “What if my trustee dies or becomes incapacitated?” 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 Trust Attorneys |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Trust Attorneys Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Trust Attorneys |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Trust Attorneys |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Trust Attorneys Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Credible Trust Attorneys in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |