Good evening, Moreno Valley, and welcome back to our legal segment. I’m Tiffany Parker with Channel 7 News. Tonight, we have the pleasure of speaking with Steve Bliss, a prominent probate attorney here in Moreno Valley. Mr. Bliss, thank you for joining us.
Understanding Trusts
Steve, let’s start with something many people find confusing: trusts. For our viewers unfamiliar with them, can you explain what a trust is and why someone might consider creating one?
A trust is essentially a legal arrangement where you transfer assets to a trustee who manages those assets for the benefit of designated beneficiaries. It’s a valuable tool for estate planning because it allows you to control how your assets are distributed after your passing, potentially avoiding probate and minimizing estate taxes.
Focusing on Irrevocable Trusts
Tonight, we’ll be focusing on irrevocable trusts. Can you explain what makes them unique and why someone might choose this type of trust over others?
An irrevocable trust, as the name suggests, cannot be easily changed or dissolved once it’s established. Consequently, it offers a higher level of asset protection because the assets are no longer considered yours. This can be beneficial for shielding assets from creditors or potential lawsuits.
Moreover, irrevocable trusts are often used for estate tax planning, as they can remove assets from your taxable estate. This can be particularly advantageous for individuals with substantial assets who want to minimize the inheritance tax burden on their heirs.
However, it’s important to note that transferring assets into an irrevocable trust is a permanent decision. You relinquish control over those assets. Accordingly, careful consideration and legal advice are crucial before establishing such a trust.
Real-World Challenges with Irrevocable Trusts
Have you encountered any specific challenges or issues when working with clients who opt for irrevocable trusts?
Yes, there have been instances where individuals didn’t fully grasp the permanence of an irrevocable trust. I recall a case involving a successful entrepreneur who established an irrevocable trust to protect his assets. However, unforeseen circumstances arose, and he needed access to some of those funds for a business opportunity. Unfortunately, because the trust was irrevocable, he couldn’t access them.
That experience highlighted the importance of thorough client education and ensuring they understand the implications of their decisions. It’s crucial to have open and honest conversations about their needs, goals, and potential future scenarios to help them make informed choices.
The Importance of Planning
It’s estimated that over 70% of Americans do not have a will or estate plan in place, according to the AARP. Why is it so important for people to prioritize estate planning?
Estate planning isn’t just about wealthy individuals; it’s essential for everyone. Having a comprehensive plan ensures your wishes are respected and your loved ones are protected after you’re gone. Without proper planning, your assets may be distributed according to state law, which might not align with your intentions.
Moreno Valley Probate Law: A Trusted Resource
Steve, how can Moreno Valley residents get in touch with you and learn more about the estate planning services you offer?
We encourage anyone interested in learning more about trusts or other aspects of estate planning to contact our firm. We offer free consultations to discuss individual needs and goals. Our team is dedicated to providing compassionate and knowledgeable legal guidance.
Testimonials
“Steve Bliss and his team at Moreno Valley Probate Law were incredibly helpful and supportive during a difficult time. They explained everything clearly, answered all my questions, and made the probate process much less stressful.”
– Sarah M., Moreno Valley
“I highly recommend Steve Bliss for any estate planning needs. He is a true expert in his field and takes the time to understand your specific situation. I felt confident knowing that my affairs were in good hands.”
– John D., Moreno Valley
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 is a trust?” 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 Revocable Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Revocable Trust Lawyer Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Revocable Trust Lawyer |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |
| Moreno Valley Revocable Trust Lawyer |
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 |
| Credible Revocable Trust Lawyer in Moreno Valley |
Moreno Valley Probate Law 23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553 (951) 363-4949 |