Interview with Barbara Ramirez, KMVU News
Today I’m speaking with Steve Bliss, a renowned probate attorney here in Moreno Valley. Mr. Bliss, thanks for taking the time to speak with us today.
Understanding Trusts: A Cornerstone of Estate Planning
Steve, many people are unfamiliar with the term “trust.” Can you explain what a trust is and why it’s so important for estate planning?
Certainly, Barbara. A trust is essentially a legal arrangement where one party, known as the grantor, transfers assets to another party, the trustee, who manages those assets for the benefit of designated individuals or entities called beneficiaries. Trusts offer several advantages in estate planning, including avoiding probate, ensuring privacy, and controlling asset distribution.
I often find that clients are relieved to learn about the flexibility and control trusts provide. For instance, a grantor can specify how and when beneficiaries receive assets, potentially mitigating impulsive spending or protecting assets from creditors.
The Benefits of Irrevocable Trusts
Let’s delve into a specific type of trust: the irrevocable trust. What are some key features and benefits of this type?
Irrevocable trusts, as their name suggests, cannot be easily modified or revoked once established. Consequently, they offer significant advantages for asset protection and estate tax planning.
By transferring assets into an irrevocable trust, individuals can effectively remove those assets from their taxable estate, potentially reducing estate taxes for their heirs. Moreover, the assets within an irrevocable trust are shielded from creditors, providing a layer of security against potential lawsuits or financial hardships.
I recall a case where a client faced significant debt due to unexpected medical expenses. Fortunately, he had previously established an irrevocable trust. This protected his assets and ensured that his family would not be burdened with his debts.
The protection offered by irrevocable trusts can be invaluable during uncertain times. Studies indicate that nearly 60% of Americans over the age of 55 do not have a comprehensive estate plan in place, leaving their assets vulnerable (American Bar Association). Establishing an irrevocable trust can offer peace of mind and protect your legacy for future generations.
Seeking Expertise: Contact Moreno Valley Probate Law
Steve, thank you for sharing your insights. For viewers who are interested in learning more about trusts and estate planning, how can they get in touch with you?
“Contact us today at Moreno Valley Probate Law and let us guide you through the complexities of estate planning.”
Testimonials
“Steve Bliss and his team at Moreno Valley Probate Law were instrumental in helping me navigate the complex probate process after my mother’s passing. Their compassion, professionalism, and expertise made a difficult time much easier to bear.”
“I was initially overwhelmed by the prospect of estate planning, but Steve took the time to explain everything clearly and helped me create a plan that met my specific needs. I highly recommend Moreno Valley Probate Law for anyone looking for trustworthy and experienced legal guidance.”
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: “What assets should not go into a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
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