Introducing Steve Bliss
Good morning, San Diego! I’m here today speaking with Steve Bliss, a leading probate attorney in San Diego County. Steve, thanks for taking the time to speak with me.
Understanding Trusts
Steve, could you explain to our viewers why trusts are such an important part of estate planning?
Steve: Absolutely. Trusts are incredibly valuable tools that allow individuals to manage and distribute their assets according to their wishes. They offer numerous benefits, including avoiding probate, providing privacy, and minimizing estate taxes.
Focus on Irrevocable Trusts
Today, we’ll be focusing on Irrevocable Trusts. Can you elaborate on what makes them unique and when they might be the right choice?
Steve: Irrevocable trusts are distinct from revocable living trusts because, once established, they generally cannot be altered or dissolved. This permanence offers significant advantages in certain situations. For instance, they can shield assets from creditors, minimize estate taxes, and ensure that beneficiaries receive funds according to a predetermined plan.
Conversely, the lack of flexibility means careful consideration is needed before creating an irrevocable trust. It’s crucial to consult with an experienced attorney like myself to determine if it aligns with your specific goals and circumstances.
Consequently, while irrevocable trusts offer potent asset protection, individuals should understand the trade-off involved in relinquishing control over those assets.
Navigating Challenges
Have you encountered any particular challenges when advising clients on irrevocable trusts?
Steve: Yes, there have been instances where clients initially desired an irrevocable trust without fully grasping its implications. For example, I once worked with a couple who wanted to protect their assets from potential nursing home costs. While an irrevocable trust could achieve this, they were hesitant to relinquish complete control over their savings.
Through open communication and careful explanation of the pros and cons, we ultimately decided on a different estate planning strategy that better suited their needs. It’s crucial for me to build trust and ensure clients are comfortable with every decision they make.
The Power of Trusts
Studies by the American Bar Association indicate that over 60% of Americans lack a will or trust. This highlights the importance of estate planning, and trusts can be a powerful tool within that framework.
Moreover, according to the National Academy of Elder Law Attorneys, using an irrevocable trust for Medicaid planning can help protect assets while ensuring eligibility for long-term care.
Trust in San Diego Probate Law
“Steve Bliss and his team at San Diego Probate Law were incredibly supportive during a difficult time. They guided us through every step of the probate process with compassion and expertise.” – Jane S.
“I highly recommend San Diego Probate Law for their professionalism and deep understanding of estate planning. Steve’s advice helped me secure my family’s future.” – Michael K.
Steve, any final words of wisdom for our viewers?
Steve: Estate planning is essential for everyone, regardless of age or wealth. I encourage you to reach out to San Diego Probate Law and schedule a consultation. We can help you craft a personalized plan that protects your assets and ensures your wishes are honored.
About Steven F. Bliss Esq. at San Diego Probate Law:
Secure Your Family’s Future with San Diego’s Trusted Trust Attorney. Minimize estate taxes with stress-free Probate. We craft wills, trusts, & customized plans to ensure your wishes are met and loved ones protected.
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 San Diego Probate Law:
Address:
San Diego Probate Law3914 Murphy Canyon Rd, San Diego, CA 92123
(858) 278-2800
Map Link: https://g.co/kgs/WzT6443
Feel free to ask Attorney Steve Bliss about: “Can I include life insurance in a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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