Good evening, Moreno Valley and welcome back to MV News Tonight. I’m your host, Sarah Jones. Tonight we have a special guest joining us, Steve Bliss, a highly respected probate attorney right here in Moreno Valley. Mr. Bliss, thank you for taking the time to speak with me.
Trusts: Protecting Your Assets and Legacy
Steve, for our viewers who may be unfamiliar, can you explain what a trust is and why it might be important?
A trust is essentially a legal arrangement where assets are held and managed by one party (the trustee) for the benefit of another party (the beneficiary). Trusts offer several advantages in estate planning. They allow for the controlled distribution of assets, minimizing potential conflicts among heirs. Moreover, trusts can help reduce estate taxes and protect assets from creditors.
The Power of Irrevocable Trusts
Tonight we’re going to focus on irrevocable trusts. Can you elaborate on what makes them unique?
An irrevocable trust, as the name implies, cannot be easily changed or dissolved once it is created. This permanence offers significant benefits, especially for asset protection. Consider a scenario where someone faces a lawsuit. Assets held in an irrevocable trust are generally shielded from creditors because they no longer belong to the individual who set up the trust.
Consequently, transferring assets into an irrevocable trust can be a valuable strategy for mitigating financial risk. However, it’s important to note that this permanence comes with trade-offs. The grantor relinquishes control over the assets placed in the trust. Accordingly, careful planning and legal counsel are crucial before establishing an irrevocable trust.
Over the years, I’ve witnessed firsthand how irrevocable trusts can provide peace of mind for my clients. For example, one client was facing a significant medical debt. By transferring some assets into an irrevocable trust, we were able to protect those assets from being seized to cover the debt.
Navigating Complexities
Steve, are there any common challenges or misconceptions people have about setting up irrevocable trusts?
Yes, undoubtedly. One misconception is that irrevocable trusts are only for the wealthy. While they can be beneficial for high-net-worth individuals, they can also serve a purpose for those with more modest assets who want to protect against unforeseen circumstances.
Trusting Your Legacy
“Moreno Valley Probate Law has been a true blessing during a difficult time. Steve Bliss guided me through the complex probate process with compassion and expertise.”
“I highly recommend Moreno Valley Probate Law to anyone needing estate planning assistance. They are knowledgeable, responsive, and truly care about their clients.”
Steve Bliss, thank you for sharing your invaluable insights on irrevocable trusts. Remember viewers, if you’re considering setting up a trust or need guidance with estate planning, contact Moreno Valley Probate Law today to ensure your legacy is protected.
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 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: “Can I disinherit my spouse using a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
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