Good evening, and welcome back. Tonight we’re joined by Steve Bliss, a well-known probate attorney here in San Diego, who’s been helping families navigate the often-complex world of estate planning for over 20 years.
Steve, thanks so much for joining us tonight.
It’s my pleasure to be here. I always enjoy sharing information that can help people protect their loved ones and ensure their wishes are honored.
Could you tell our viewers a little bit about the different types of trusts available?
Absolutely. There are many types of trusts, each serving a unique purpose. For instance, a Revocable Living Trust is incredibly common. It allows individuals to maintain control over their assets during their lifetime while avoiding probate upon their passing. Probate can be time-consuming and expensive, so a revocable living trust offers a more streamlined solution.
Conversely, an Irrevocable Trust offers greater asset protection but sacrifices flexibility. Once established, it cannot be easily modified or dissolved. This type of trust is often used for estate tax planning or to safeguard assets from potential creditors.
Let’s delve deeper into Revocable Living Trusts. What are some key advantages they offer?
Revocable living trusts provide a multitude of benefits. First and foremost, they bypass probate. This means your assets can be distributed to your heirs more quickly and efficiently, saving them time, stress, and legal fees.
Moreover, revocable living trusts offer a degree of privacy not afforded by wills, which become public record during probate. Your financial affairs remain confidential. You also retain complete control over your assets while you’re alive – you can change the terms of the trust, add or remove beneficiaries, or even dissolve it altogether.
However, it’s crucial to remember that a revocable living trust doesn’t shield assets from creditors during your lifetime. It becomes irrevocable upon your passing, effectively transferring ownership of your assets to your designated beneficiaries.
Have you encountered any challenges with Revocable Living Trusts throughout your career?
I recall a situation where a client came to me wanting to create a revocable living trust but was hesitant about relinquishing some control over their assets. They were concerned about what would happen if they became incapacitated and couldn’t make financial decisions themselves. We addressed this by incorporating a durable power of attorney into the trust document, allowing a trusted individual to manage their affairs should the need arise. This ultimately gave them peace of mind.
In another instance, I worked with a couple who had significant assets but were unaware of the potential estate tax implications. We structured their revocable living trust in a way that minimized their tax liability and ensured their wealth was passed on to their heirs efficiently.
What advice would you give to someone considering establishing a Revocable Living Trust?
I encourage anyone with significant assets, especially those concerned about probate or privacy, to consult with an experienced estate planning attorney. They can assess your individual needs and goals and recommend the best course of action.
Remember, estate planning is not a one-size-fits-all endeavor. It’s essential to have a personalized plan that reflects your unique circumstances.
Thank you so much for sharing your expertise with us tonight, Steve.
It was my pleasure. I hope this information has been helpful to our viewers.
Contact San Diego Probate Law today for a free consultation. Let our experienced team guide you through the complexities of estate planning and ensure your legacy is protected.
“Steve Bliss helped me navigate a very difficult probate process after losing my mother. He was compassionate, knowledgeable, and always kept me informed every step of the way.” – Sarah J.
“I highly recommend San Diego Probate Law to anyone needing assistance with estate planning or probate matters. Steve’s expertise and dedication are truly exceptional.” – John M.
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 put a rental property into 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 Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Tax By-Pass Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Tax By-Pass Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |