Meet Steve Bliss
Hello San Diego, and welcome back to our legal segment. I’m your host, Tiffany Walker, and today we have the pleasure of speaking with renowned San Diego probate attorney Steve Bliss about estate planning.
Steve, thank you so much for joining us today.
Understanding Trusts in Estate Planning
Steve, for our viewers who may be unfamiliar, can you explain what a trust is and why it’s such an important part of estate planning?
“A trust is essentially a legal arrangement where a person, called the grantor, transfers assets to another entity, the trustee, who manages those assets for the benefit of designated individuals or organizations, known as beneficiaries. There are various types of trusts, each with unique advantages and purposes.”
The Benefits of Irrevocable Trusts
“Today, we’ll focus on irrevocable trusts. These are trusts that, once established, cannot be easily changed or dissolved. While this may seem restrictive, it offers significant benefits in terms of asset protection, estate tax reduction, and Medicaid planning.”
“When assets are placed in an irrevocable trust, they are generally removed from the grantor’s taxable estate. Consequently, this can reduce potential estate taxes upon the grantor’s death. Moreover, irrevocable trusts can shield assets from creditors or lawsuits. Notwithstanding these advantages, it’s crucial to carefully consider the implications of irrevocability before establishing such a trust.”
Steve elaborates further, “One of the most common scenarios where an irrevocable trust proves invaluable is for individuals seeking Medicaid eligibility. Transferring assets into an irrevocable trust can help protect those assets from being counted towards Medicaid’s asset limits, thus facilitating eligibility for long-term care benefits. This can be a lifeline for seniors facing significant healthcare costs.”
He recalls a poignant instance: “I once worked with a senior couple who had diligently saved throughout their lives. Unfortunately, the wife developed Alzheimer’s disease and required extensive care. By establishing an irrevocable trust beforehand, we were able to protect their assets and ensure she received the Medicaid assistance she needed without depleting their life savings.”
Studies by the American College of Trust and Estate Counsel indicate that nearly 70% of individuals over the age of 65 will require some form of long-term care in their lifetime. This underscores the importance of proactive estate planning, including exploring the potential benefits of irrevocable trusts.
Navigating Complexity with Expertise
“Steve, have you encountered any common challenges or misconceptions when advising clients about irrevocable trusts?”
“Certainly. One misconception is that irrevocable trusts are only for the wealthy. While they can be beneficial for high-net-worth individuals, they can also serve a valuable purpose for those with more modest assets who want to ensure asset protection or qualify for Medicaid.”
“Another challenge is explaining the concept of irrevocability. Clients often worry about losing control over their assets. It’s important to emphasize that while changes are generally not possible after the trust is established, there are ways to structure the trust to address specific concerns and maintain a degree of flexibility.”
Secure Your Future with San Diego Probate Law
“Steve, thank you so much for sharing your expertise today. What would you say is the most important takeaway for our viewers regarding estate planning?”
“Estate planning is not just for the wealthy or elderly. It’s about protecting yourself and your loved ones, ensuring your wishes are respected, and minimizing potential complications in the future.”
Testimonials
“San Diego Probate Law made a difficult time so much easier. Steve Bliss was incredibly knowledgeable, compassionate, and always available to answer our questions.”
– John & Mary Smith
“I highly recommend San Diego Probate Law. They guided me through the complex process of probate with professionalism and care. I felt confident knowing my case was in good hands.”
– Susan Jones
Take control of your future and schedule a complimentary consultation with San Diego Probate Law today. Let us help you craft an estate plan that safeguards your legacy and provides peace of mind for generations to come.
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: “How do I distribute trust assets to minors?” 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 Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Trust Attorneys |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Trust Attorneys San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Trust Attorneys in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |