Meet Steve Bliss
Hello everyone, and welcome back to San Diego Legal News. I’m your host, Jennifer Carter, and today we have a pleasure of speaking with local probate attorney Steve Bliss. Steve is the founder of San Diego Probate Law and has been helping families navigate complex legal matters for over two decades.
Estate Planning: Trusts Explained
Steve, thanks so much for joining us today. Let’s dive right in. Estate planning can seem daunting for many people. Could you explain why setting up a trust might be beneficial for our viewers?
You’re absolutely right, Jennifer. Estate planning is often misunderstood. Many believe it’s only for the wealthy, but that’s simply not true. Trusts are valuable tools for anyone who wants to protect their assets and ensure their wishes are carried out after they’re gone. Today, I want to focus on a specific type: the Irrevocable Trust.
An irrevocable trust, as its name suggests, cannot be easily changed or dissolved once it’s created. Consequently, it offers a high level of asset protection. Let’s say you’re concerned about potential lawsuits or creditors – an irrevocable trust can shield your assets from those claims. Moreover, because the assets are no longer technically yours, they’re removed from your taxable estate, potentially reducing estate taxes.
Conversely, there are some drawbacks to consider. Once assets are placed in an irrevocable trust, you generally lose control over them. You can’t simply withdraw funds if needed. This makes it crucial to carefully consider your financial needs and goals before establishing such a trust.
Navigating the Complexities
Steve, have there ever been any particular challenges you’ve faced when advising clients on setting up irrevocable trusts?
I recall working with a young family who had recently inherited a significant sum of money. They were understandably excited but also concerned about protecting those funds for their children’s future. We discussed various options and ultimately decided an irrevocable trust was the best solution.
The challenge arose when explaining the concept of irrevocability. It can be difficult for people to relinquish control over their assets, even for a noble purpose like securing their children’s well-being. I had to patiently explain the benefits and address their concerns, emphasizing that while they wouldn’t have direct access to the funds, they could still dictate how those funds were used for their children’s education, healthcare, or other essential needs.
Thankfully, we were able to work through it together and create a trust that met their specific requirements. It was incredibly rewarding to see them gain peace of mind knowing their legacy would be protected for generations to come.
The Impact of Trusts
That’s a heartwarming story, Steve. Can you share any statistics highlighting the importance of trusts in estate planning?
According to a 2021 survey by the American Bar Association, over 60% of Americans do not have a will or trust in place. This lack of planning can lead to significant financial and emotional burdens for loved ones after someone passes away.
Trusts offer a proactive approach to estate planning, minimizing the potential for conflict and ensuring assets are distributed according to your wishes. They provide clarity and structure during a difficult time.
Taking Charge of Your Future
Ready to Secure Your Legacy?
Steve, thank you so much for sharing your expertise with us today. Where can our viewers learn more about setting up a trust or other estate planning strategies?
San Diego Probate Law: Trusted Advisors
Jennifer, it was my pleasure. Anyone interested in learning more about trusts or other estate planning tools can visit our website at SanDiegoProbateLaw.com. We offer free consultations to discuss your unique situation and create a personalized plan.
Testimonials from Satisfied Clients
“Steve Bliss and his team at San Diego Probate Law were incredibly helpful during a challenging time. They guided us through the probate process with empathy and professionalism, making sure everything was handled smoothly.”
-Maria S., San Diego
“I highly recommend San Diego Probate Law. Steve took the time to understand my needs and developed a comprehensive estate plan that gave me peace of mind.”
– David K., La Jolla
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.
Important Facts About San Diego Probate Law
| San Diego Estate Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Lawyer |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Lawyer San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Lawyer in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |