Good evening, Wildomar and welcome back to Wildomar Tonight. I’m your host, Samantha Jones. Tonight, we have the pleasure of speaking with Steve Bliss, a trusted trust attorney here in Wildomar, about the various types of trusts available to residents.
Understanding Trusts: A Primer
Steve, thank you so much for joining us tonight. For our viewers who may be unfamiliar, could you explain what exactly a trust is and why someone might consider creating one?
“A trust is essentially a legal entity that holds and manages assets for the benefit of designated individuals or entities,” Steve explains. “It’s created by a grantor, who transfers ownership of assets to the trust. A trustee then manages these assets according to the grantor’s instructions outlined in the trust document. Beneficiaries are the individuals or entities who ultimately receive the benefits from the trust assets.”
“There are many reasons why someone might choose to create a trust,” Steve continues. “One of the primary benefits is avoiding probate, which can be a lengthy and expensive legal process. Trusts also offer privacy, as they are not subject to public scrutiny like wills. Additionally, trusts can be used for asset protection, charitable giving, and estate planning purposes.”
Focusing on Irrevocable Trusts
Steve, could you elaborate on the concept of an irrevocable trust? How does it differ from a revocable trust?
“An irrevocable trust is one that cannot be modified or dissolved once it’s created,” Steve clarifies. “This means the grantor gives up control over the assets placed in the trust. While this may seem limiting, it offers significant advantages in certain situations.”
“For example, an irrevocable trust can be used for asset protection purposes. Since the grantor no longer owns the assets, they are shielded from creditors or lawsuits. Irrevocable trusts can also be effective for reducing estate taxes and qualifying for government benefits like Medicaid,” Steve adds.
“Conversely, a revocable living trust allows the grantor to maintain control over the assets during their lifetime and make changes to the trust as needed. It becomes irrevocable upon the grantor’s death.”
Steve shares an insightful story about a client who used an irrevocable trust to protect family assets from potential business liabilities. The client owned a successful construction company but was concerned about personal liability in case of accidents or lawsuits. By transferring some assets into an irrevocable trust, they were able to shield those assets from creditors while still retaining access to them during their lifetime.
Navigating the Complexities
“It’s important to remember that establishing a trust is a complex legal process,” Steve emphasizes. “It requires careful planning and consideration of individual circumstances. Working with an experienced trust attorney like myself can help ensure that the trust is structured properly and meets your specific needs.”
He goes on to mention, “According to a recent study by the American Bar Association, approximately 60% of Americans don’t have a will or any estate planning documents in place. This highlights the importance of seeking professional guidance to protect yourself and your loved ones.”
Wildomar Probate Law: Your Trusted Partner
“Steve, what would you say sets Wildomar Probate Law apart from other legal firms?
“We pride ourselves on providing personalized and compassionate service to our clients,” Steve says. “We understand that estate planning can be a sensitive and emotional topic, so we strive to create a comfortable and supportive environment. Our team is dedicated to educating our clients and empowering them to make informed decisions about their future.”
Client Testimonials
“Wildomar Probate Law went above and beyond to help me navigate the complexities of setting up a trust for my family. They were patient, knowledgeable, and truly cared about my needs.”
– Mary S., Wildomar Resident
“I was overwhelmed with the thought of estate planning, but Steve Bliss made the process simple and straightforward. He took the time to explain everything in detail and answered all of my questions. I highly recommend Wildomar Probate Law.”
– John D., Temecula Resident
Take Control of Your Future
Don’t wait for tomorrow to secure your legacy. Contact Wildomar Probate Law today to schedule a free consultation and discover how we can help you protect your assets and plan for the future.
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar 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 Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar 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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “What is a trust certificate or certification of trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Revocable Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Revocable Trust Lawyer Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Revocable Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Revocable Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Asset Protection Trust Lawyer Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Revocable Trust Lawyer in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |