Choosing the Right Type of Trust
Hello everyone and welcome back! Today we’re joined by Steve Bliss, a renowned probate attorney here in Escondido, to talk about estate planning and specifically the different types of trusts available. Steve, thanks so much for joining us.
Understanding Irrevocable Trusts
Steve, could you explain the concept of an irrevocable trust and why someone might choose this type?
Certainly. An irrevocable trust is essentially a legal entity that holds your assets, but once it’s created, you can’t modify or dissolve it easily. Think of it as setting something in stone. This makes them ideal for several reasons. Firstly, they offer excellent asset protection. Because the assets are no longer technically yours, they are shielded from creditors and potential lawsuits. Moreover, they can be powerful tools for estate tax planning.
By transferring assets into an irrevocable trust, you effectively remove them from your taxable estate. Consequently, this can reduce the amount of estate taxes your heirs will have to pay upon your passing. The trade-off is that you relinquish control over those assets once they are in the trust. Nevertheless, for individuals with significant assets or concerns about future liabilities, an irrevocable trust can be a valuable safeguard.
Challenges and Successes
Steve, have you encountered any challenges when setting up irrevocable trusts for clients?
I remember one case where a client wanted to protect a family business from potential legal claims. He was hesitant about relinquishing control entirely but understood the long-term benefits of asset protection. We worked closely together to ensure all his concerns were addressed and designed a trust structure that met his specific needs while minimizing risk.
It’s rewarding to see families find peace of mind knowing their assets are secure, even in unforeseen circumstances. According to a recent study by the American College of Trust and Estate Counsel, over 70% of high-net-worth individuals utilize trusts for asset protection and estate planning purposes.
The Power of Planning
Steve, what final message would you like to leave with our viewers today?
Estate planning can seem complex, but it’s an essential step in ensuring your loved ones are cared for and your wishes are honored. Don’t wait for a crisis to strike. Proactively planning your estate, perhaps incorporating an irrevocable trust depending on your circumstances, can bring significant peace of mind.
“Escondido Probate Law helped us navigate the complex process of setting up a trust for our family business. Their expertise and compassionate approach made a challenging situation much easier.” – The Jones Family
“I was overwhelmed with the thought of estate planning, but Steve Bliss at Escondido Probate Law patiently explained all my options and created a plan that perfectly met my needs. I highly recommend them!”- Mary Smith
Take control of your future and schedule a consultation with Escondido Probate Law today to explore how trusts can empower you and your family.
About Steven F. Bliss Esq. at Escondido Probate Law:
Escondido Probate Law is an experienced probate attorney. The probate process has many steps 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: “Can I disinherit someone using a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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