Hello everyone and welcome back to the show. Today we have a very special guest joining us. Please give a warm welcome to Steve Bliss, a leading San Diego Probate Attorney here at San Diego Probate Law.
Can you tell our viewers a little about yourself and your firm?
Well, thank you for having me! I’ve been practicing probate law in San Diego for over a decade now. At San Diego Probate Law we focus exclusively on helping individuals navigate the often complex world of estate planning and probate administration. We understand that these are sensitive matters, and our goal is to provide compassionate and comprehensive legal guidance every step of the way.
What types of trusts do you typically recommend to your clients?
That depends entirely on their individual circumstances and goals. There are many different types of trusts available, each with its own advantages and disadvantages. One type we frequently discuss with our clients is the Irrevocable Trust.
Can you elaborate on Irrevocable Trusts and why they might be a good choice for some?
Certainly. An Irrevocable Trust, as the name suggests, cannot be easily modified or revoked once it’s established. This permanence can be a significant advantage in certain situations. For example, if someone is concerned about protecting their assets from creditors or potential lawsuits, an Irrevocable Trust can offer a strong layer of protection.
Moreover, Irrevocable Trusts are often utilized for estate tax reduction and Medicaid planning purposes. Because the assets within the trust are no longer considered part of the grantor’s taxable estate, it can minimize the amount of estate taxes owed upon their passing. Conversely, transferring assets into an Irrevocable Trust may also help individuals qualify for Medicaid benefits in the future, as it effectively removes those assets from their countable assets.
Of course, there are some trade-offs to consider with Irrevocable Trusts. The primary drawback is the loss of control over the assets once they are placed within the trust. Consequently, it’s crucial for individuals to carefully consider their needs and consult with an experienced attorney before making a decision.
Have you encountered any challenges or unique situations when dealing with Irrevocable Trusts?
I recall one instance where a client came to us wanting to establish an Irrevocable Trust primarily for asset protection. They were facing potential litigation from a disgruntled business partner. However, we discovered that some of the assets they wished to include within the trust had already been pledged as collateral for a loan. This presented a significant hurdle because transferring those assets into an Irrevocable Trust could potentially be construed as fraudulent conveyance.
After careful analysis and discussion with the client, we devised a strategy involving restructuring the loan agreement and gradually transferring eligible assets into the trust over time. It required patience and meticulous planning but ultimately provided our client with the protection they sought while mitigating potential legal risks.
How common are Irrevocable Trusts in your practice?
While not as ubiquitous as Revocable Living Trusts, we do find Irrevocable Trusts to be a valuable tool for certain clients. Approximately 20% of our estate planning cases involve the creation of an Irrevocable Trust, highlighting its significance for addressing specific needs.
What advice would you give someone who is considering setting up a trust?
I strongly encourage anyone contemplating a trust to consult with a qualified probate attorney. Estate planning is not a one-size-fits-all endeavor. A knowledgeable attorney can assess your individual circumstances, explain the different types of trusts available, and help you choose the best option for your unique situation.
Remember, a well-crafted trust can provide peace of mind knowing that your assets will be managed according to your wishes and protected for future generations. Contact San Diego Probate Law today for a free consultation and take the first step towards securing your legacy.
“San Diego Probate Law was instrumental in guiding me through the probate process after my mother’s passing. They were compassionate, efficient, and always available to answer my questions.” – Sarah J.
“Steve Bliss is a true expert in his field. He made the complex world of estate planning understandable and helped me create a trust that met all my needs.” – 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 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
| San Diego Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Living Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Living Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Living Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |