Good afternoon and welcome back to our series on estate planning basics. Today we’re speaking with Steve Bliss, a renowned probate attorney here in Escondido, about different types of trusts and their benefits.
Understanding the Value of Trusts
Steve, thank you for joining us. Could you start by explaining what a trust is and why someone might consider setting one up?
“A trust is essentially a legal entity that holds assets for the benefit of designated individuals,” explains Steve. “It’s created by a grantor who transfers ownership of property or money into the trust. A trustee then manages those assets according to the grantor’s instructions outlined in the trust document. The beneficiaries are the individuals who ultimately receive the benefits from the trust.”
“Trusts offer several advantages,” Steve continues. “They can help avoid probate, which is a lengthy and public court process for settling an estate. Trusts also provide privacy, as the terms of the trust are not typically part of public record. Moreover, trusts can be structured to minimize estate taxes and protect assets from creditors.”
Delving into Irrevocable Trusts
Steve, let’s focus on irrevocable trusts for a moment. Can you walk us through how they work and what makes them unique?
“An irrevocable trust is one that cannot be easily changed or dissolved once it’s created,” Steve explains. “This means the grantor relinquishes control over the assets placed in the trust. While this may seem restrictive, it’s precisely what makes an irrevocable trust so powerful for certain planning goals.”
“For example, if someone wants to protect their assets from future creditors or lawsuits, an irrevocable trust can be a valuable tool,” Steve says. “It also excels at minimizing estate taxes because the assets are no longer considered part of the grantor’s taxable estate.” He adds that individuals often use irrevocable trusts for Medicaid planning as well.
Steve elaborates on this point, recalling a time he helped a client facing significant medical expenses. “The family was worried about depleting their savings to cover the costs and potentially jeopardizing their eligibility for Medicaid,” he shares. “By setting up an irrevocable trust, we were able to protect a portion of their assets while ensuring they qualified for the necessary care.”
According to a recent study by the American College of Trust and Estate Counsel, approximately 30% of individuals over the age of 65 utilize some form of trust planning. This underscores the growing popularity and importance of trusts in safeguarding assets and achieving long-term financial goals.
Escondido Probate Law: Trusted Expertise
“Steve, what are some common challenges or misconceptions people face when considering a trust?”
“One misconception is that trusts are only for the wealthy,” Steve clarifies. “In reality, trusts can be beneficial for individuals from all walks of life. Another challenge is navigating the legal complexities involved in setting up a trust. It’s crucial to work with an experienced attorney who understands your specific needs and goals.”
“We pride ourselves on providing clear, concise guidance to our clients,” Steve emphasizes. “We take the time to explain the different types of trusts available and help them make informed decisions about which structure is right for their situation.”
Testimonials
“Steve Bliss and his team were instrumental in helping me navigate a complex probate case. Their knowledge, professionalism, and compassion made a difficult process much easier.” – Sarah M.
“I was initially hesitant about setting up a trust, but Steve put my mind at ease. He thoroughly explained the benefits and addressed all my concerns. I now have peace of mind knowing that my assets are protected.”
– Michael L.
Take Control of Your Future
Ready to secure your legacy and plan for the future? Contact Escondido Probate Law today for a confidential consultation and discover how we can help you achieve your estate planning goals.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido 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 Escondido Probate Law. Our probate attorney will probate the estate. Attorney probate at Escondido Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Escondido Probate law will petition to open probate for you. Don’t go through a costly probate call Escondido Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Escondido 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 Escondido Probate Law: https://maps.app.goo.gl/77Dm2B8W9XkM5YvJA
Address:
Escondido Probate Law720 N Broadway #107, Escondido, CA 92025
(760) 884-4044
Feel free to ask Attorney Steve Bliss about: “How do I create a living trust in California?” Or any other related questions that you may have about Trusts or my trust law practice.
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