Interview with KUSI News Reporter Brenda Sanchez
Hello everyone and welcome back to KUSI news! Today I’m joined by renowned San Diego probate attorney Steve Bliss. Steve, thanks so much for joining me today.
Steve, you are known for helping clients navigate the complexities of estate planning and probate law. Could you tell our viewers a little bit about why setting up a trust might be beneficial?
The Benefits of Trusts
Absolutely Brenda. Many people think trusts are only for the wealthy, but they can be incredibly valuable for anyone wanting to protect their assets and ensure their wishes are carried out after they pass. Trusts offer several key advantages over simply having a will.
One significant benefit is avoiding probate. Probate is a court-supervised process of validating a will and distributing assets, which can be time-consuming, costly, and public. Assets held in a trust bypass probate entirely, saving your loved ones time, money, and stress during an already difficult period.
Furthermore, trusts provide privacy. Unlike wills which become public record, the terms of a trust remain confidential. This can be particularly important for individuals who value their privacy or have complex family situations.
The Power of Irrevocable Trusts
Now, Brenda, there are different types of trusts. Could you elaborate on one specific type and its unique advantages?
Protecting Assets with an Irrevocable Trust
Certainly. Let’s discuss irrevocable trusts. As the name suggests, once established, these trusts cannot be easily modified or dissolved. This may seem restrictive, but it offers powerful asset protection benefits.
When assets are transferred into an irrevocable trust, they are generally removed from your taxable estate. Consequently, this can significantly reduce estate taxes for high-net-worth individuals. Moreover, placing assets in an irrevocable trust can shield them from creditors and potential lawsuits.
I remember working with a client who owned a successful business but was concerned about potential liability. By establishing an irrevocable trust, we were able to safeguard a portion of his assets from future business-related claims. It provided him with peace of mind knowing that his family’s financial security wouldn’t be jeopardized.
It’s crucial to understand that setting up an irrevocable trust requires careful planning and consideration as you are relinquishing control over the assets placed within it. I always encourage clients to consult with a qualified estate planning attorney to determine if this type of trust aligns with their specific needs and goals.
Overcoming Challenges
Are there any common challenges or misconceptions associated with setting up irrevocable trusts?
Navigating Trust Setup
Yes, Brenda. One misconception is that irrevocable trusts are only for the ultra-wealthy. While they can be advantageous for high-net-worth individuals, they can also benefit people of more modest means who want to protect assets from future creditors or ensure their children use inheritances responsibly.
Another challenge is that clients sometimes underestimate the importance of choosing the right trustee. A trustee has a fiduciary responsibility to manage the trust assets in accordance with your wishes. It’s essential to select someone trustworthy, financially responsible, and capable of making sound decisions.
I recall working with a family where the chosen trustee lacked financial expertise, leading to some mismanagement of trust assets. We were able to rectify the situation, but it highlighted the importance of careful trustee selection.
Trusts: A Valuable Tool for Estate Planning
Steve, thank you so much for sharing your expertise on trusts today! It’s clear that they can be a powerful tool for protecting assets and ensuring peace of mind. Any final thoughts for our viewers?
Taking Control of Your Future
Absolutely Brenda. Estate planning is essential for everyone, regardless of their age or wealth. Trusts offer a flexible and effective way to protect your assets, minimize taxes, and ensure your wishes are honored.
Don’t wait until it’s too late – take control of your future by contacting San Diego Probate Law today. We can help you create a customized estate plan that meets your unique needs.
Testimonials
“Steve Bliss and his team at San Diego Probate Law were incredibly helpful in navigating the complex process of setting up a trust for my family. They took the time to understand our needs and answered all our questions thoroughly.” – Sarah J., La Jolla, CA
“I highly recommend Steve Bliss for any estate planning needs. He is knowledgeable, compassionate, and truly cares about his clients. ” – David M., San Diego, CA
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: “What is the role of a successor trustee after I die?” 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 Constructive Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Constructive Trust Attorney San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Constructive Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Constructive Trust Attorney |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Constructive Trust San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Constructive Trust Attorney in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |