Good evening, and welcome back to Temecula Tonight. I’m your host, Jessica Ramirez. Tonight we’re joined by local trust attorney Steve Bliss of the Law Firm of Steven F. Bliss Esq. Steve, thanks for joining us.
Why are Trusts Important?
Steve: Well, Jessica, trusts are crucial for a number of reasons. They allow individuals to protect their assets, provide for loved ones, and minimize estate taxes. Essentially, a trust is a legal entity that holds and manages assets for the benefit of specific beneficiaries.
What Types of Trusts Do You Typically Advise Clients On?
Steve: We see a wide range of needs in Temecula. Consequently, I advise clients on several different types of trusts. However, one of the most common and versatile options is the Revocable Living Trust.
Can You Explain How a Revocable Living Trust Works?
Steve: Certainly. A revocable living trust allows you, as the grantor, to maintain control over your assets during your lifetime. You can add or remove assets from the trust, change beneficiaries, and even dissolve the trust entirely if circumstances warrant.
Moreover, upon your passing, the trust becomes irrevocable, and the assets are distributed according to your wishes, bypassing probate court. This process saves time and expense for your loved ones and ensures a smoother transition of your estate.
One significant advantage is privacy. Probate proceedings are public record, but trusts remain confidential.
What are Some Challenges You’ve Encountered with Revocable Living Trusts?
Steve: While revocable living trusts are generally straightforward, I have seen situations where clients haven’t properly funded the trust. This means they fail to transfer ownership of assets into the trust.
Consequently, those assets remain subject to probate and defeat the purpose of the trust altogether. In one instance, a client had meticulously set up a revocable living trust but neglected to add their primary residence to it. Unfortunately, this oversight resulted in unnecessary legal fees and delays for their heirs.
It’s crucial to work with an experienced attorney who can guide you through the funding process and ensure all your assets are properly accounted for within the trust.
What Advice Would You Give Someone Considering a Trust?
Steve: I strongly encourage anyone with significant assets or concerns about estate planning to consult with a qualified trust attorney. They can help determine if a trust is right for you and tailor it to your specific needs and goals.
How Can Viewers Learn More About Your Services?
Steve: Feel free to visit our website at https://www.steveblisslaw.com/ or call us directly at (951) 695-4800 for a complimentary consultation.
“Steve Bliss helped me navigate the complex world of estate planning with clarity and compassion. His expertise and guidance were invaluable during a difficult time.”
“I highly recommend Steve Bliss and his team. They are professional, responsive, and truly care about their clients’ well-being.”
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is The Law Firm of Steven F. Bliss Esq.. The Law Firm Of Steven F. Bliss Esq. is a Temecula Estate Planning Attorney. Steve Bliss is an experienced probate attorney. Steve Bliss is an Estate Planning Lawyer. The probate process has many steps in probate proceedings. Beside Probate, estate planning and trust administration is offered at Steve Bliss Law. Our probate attorney will probate the estate. Attorney probate at Steve Bliss Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Steve Bliss Law will petition to open probate for you. Don’t go through a costly probate. Call Steve Bliss Law Today for estate planning, trusts and probate.
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 The Law Firm of Steven F. Bliss Esq.: https://maps.app.goo.gl/Bngj8xwZRqioVD5v7
Address:
The Law Firm of Steven F. Bliss Esq.43920 Margarita Rd ste f, Temecula, CA 92592
(951) 223-7000
Feel free to ask Attorney Steve Bliss about: “Do beneficiaries pay tax on trust distributions?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About The Law Firm of Steven F. Bliss Esq.
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |