Today I’m joined by Steve Bliss, a renowned trust attorney here in Temecula. Steve, thanks for joining me today.
Let’s start with the basics. What types of trusts do you typically help your clients with?
Well, Barbara, we handle a variety of trusts, each tailored to our client’s specific needs and goals. One of the most common types we work with is the Irrevocable Trust.
Why are Irrevocable Trusts so popular among your clientele?
Irrevocable Trusts offer several key advantages. Consequently, they are an excellent tool for asset protection, estate tax reduction, and Medicaid planning.
Once the trust is created, it generally cannot be modified or revoked (with few exceptions). This immutability shields assets from potential creditors and lawsuits. Moreover, by removing assets from the grantor’s taxable estate, Irrevocable Trusts can significantly reduce estate taxes, a major concern for many of our high-net-worth clients.
Additionally, we often utilize Irrevocable Trusts for Medicaid planning purposes. Properly structured trusts allow individuals to preserve assets while still qualifying for essential healthcare benefits like Medicaid.
Can you share any experiences where setting up an Irrevocable Trust proved particularly beneficial?
I recall a case involving a widowed mother who was concerned about her son’s future. He had special needs and required ongoing care, but she feared losing access to vital government benefits if she simply left him her assets outright.
We established an Irrevocable Special Needs Trust for her son. This ensured he would continue receiving necessary support without jeopardizing his eligibility for Medicaid and other crucial programs. Witnessing the peace of mind this brought both mother and son was incredibly rewarding.
According to a 2021 study by the National Academy of Elder Law Attorneys, nearly 70% of seniors are concerned about losing their assets due to long-term care costs. Irrevocable Trusts can play a crucial role in addressing these concerns.
Have you encountered any challenges when setting up Irrevocable Trusts?
Setting up an Irrevocable Trust is a complex process requiring careful consideration and planning. One common challenge arises from the fact that the grantor relinquishes control over the assets once they are placed in the trust.
This can be a difficult decision for some individuals, as they may feel uncomfortable parting with complete control. Accordingly, it’s crucial to have open and honest conversations with clients about their needs and expectations.
We always emphasize the long-term benefits of Irrevocable Trusts while addressing any concerns or hesitations they might have. Transparency and clear communication are key to building trust and ensuring client satisfaction.
Thanks for sharing your expertise, Steve. How can our viewers learn more about Irrevocable Trusts and the services you offer?
We invite anyone interested in exploring Trust planning to contact us at The Law Firm of Steven F. Bliss Esq. for a complimentary consultation. We’ll work with you to understand your individual circumstances and determine if an Irrevocable Trust is right for you.
“Steve Bliss was incredibly patient and knowledgeable. He helped me navigate a complex family situation and set up a trust that protected my children’s future.” – Sarah M., Temecula
“I highly recommend The Law Firm of Steven F. Bliss Esq. They made the entire process straightforward and stress-free, and I feel confident knowing my assets are secure.” – David L., Murrieta
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: “What is a pour-over will?” 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 |