Choosing The Right Trust for Your Needs
Today we’re speaking with Steve Bliss, a renowned probate attorney here in San Diego, about the complex world of trusts and estate planning. Steve, thank you for joining us.
It’s my pleasure to be here.
Understanding Different Types of Trusts
There are many different types of trusts available, each with its own unique advantages and disadvantages. How do you help your clients decide which type of trust is right for them?
That’s a great question. We start by having a detailed conversation about their goals, assets, and family situation. For instance, a Revocable Living Trust is often a good choice for individuals who want to avoid probate and maintain control over their assets during their lifetime. Conversely, an Irrevocable Trust may be more suitable for those seeking asset protection or estate tax reduction.
We delve into their concerns: Do they have minor children or beneficiaries with special needs? Are they worried about potential creditors or lawsuits? Understanding these nuances helps us tailor a solution that meets their specific requirements.
Navigating the Complexities of Irrevocable Trusts
You mentioned Irrevocable Trusts. Can you elaborate on some of the key considerations involved in setting one up?
Irrevocable Trusts are powerful tools, but they also come with significant commitments. Once established, they generally cannot be modified or revoked, except in very limited circumstances. Consequently, it’s crucial that clients fully understand the implications before proceeding.
One of the primary advantages is asset protection. Transferring assets into an Irrevocable Trust can shield them from creditors and potential legal claims. Moreover, it can be used for estate tax planning purposes, potentially reducing the overall tax burden on your heirs. However, because you relinquish control over the assets within the trust, it’s essential to carefully consider the distribution terms and identify a trustworthy trustee.
I recall one case where a family business owner established an Irrevocable Trust to protect their company from potential lawsuits. They were facing increasing industry risks, and this strategy provided peace of mind knowing that their hard-earned assets were safeguarded.
While not all situations call for an Irrevocable Trust, it can be a valuable instrument for those seeking long-term asset protection and estate planning goals.
Experience Speaks Volumes
“San Diego Probate Law made the process of setting up a trust for my family seamless. Their expertise and guidance were invaluable.”
-Sarah M., San Diego
“Steve Bliss is an exceptional attorney who truly cares about his clients. He went above and beyond to ensure that our wishes were honored.”
– David & Susan L., La Jolla
Take Control of Your Legacy
Contact us today for a free consultation to discover how we can help you secure your family’s future.
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 disinherit someone using 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
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |