Today we are speaking with Steve Bliss, a San Diego Probate Attorney known for his expertise in estate planning and trust administration.
Types of Trusts
Steve, can you explain the different types of trusts available to individuals in California? There are so many options it can be overwhelming for someone trying to plan their estate.
“Certainly,” says Steve. “California law recognizes a variety of trust types, each designed to meet specific needs and goals. One common type is the Revocable Living Trust. This allows individuals to maintain control over their assets during their lifetime while avoiding the costly and time-consuming probate process upon their passing. It’s a popular choice for many because it provides both flexibility and privacy.
Conversely, an Irrevocable Trust offers more permanent asset protection but relinquishes control once established. It can be useful for shielding assets from creditors or minimizing estate taxes. Testamentary Trusts are created through a will and take effect only after death, often used to manage assets for minor children or beneficiaries with special needs.
There’s also the Charitable Trust, which benefits non-profit organizations, and the Special Needs Trust, designed to support individuals with disabilities without jeopardizing their eligibility for government assistance.”
The Challenges of Irrevocable Trusts
You mentioned Irrevocable Trusts. Can you elaborate on some of the challenges associated with this type?
“Well,” Steve begins, “while Irrevocable Trusts offer significant benefits like asset protection and tax advantages, they also come with a crucial trade-off: irreversibility. Once established, it’s difficult, if not impossible, to modify or dissolve the trust. This necessitates careful consideration and planning upfront.
I recall one instance where a client sought to establish an Irrevocable Trust to protect assets from potential lawsuits. However, their circumstances changed unexpectedly shortly after, and they needed access to those funds for a pressing family matter. Unfortunately, due to the irrevocable nature of the trust, we couldn’t readily access those assets.
Consequently, it’s imperative for clients considering an Irrevocable Trust to thoroughly assess their current and potential future needs. We work closely with our clients to ensure they understand the implications of this decision and explore alternative options if necessary.
The Importance of Legal Guidance
“In my experience,” Steve continues, “navigating the complexities of trust law without proper legal guidance can lead to unintended consequences. Approximately 70% of Americans lack a comprehensive estate plan, leaving their loved ones vulnerable during a difficult time.” (Source: Caring.com)
My team at San Diego Probate Law is dedicated to providing personalized solutions and peace of mind. We strive to empower our clients with the knowledge and tools they need to protect their assets and ensure their wishes are honored.
Testimonials
“Steve Bliss and his team were instrumental in helping me navigate the probate process after my mother’s passing. Their professionalism, compassion, and expertise made a challenging time much easier.” – Susan M.
“I highly recommend San Diego Probate Law. Steve is incredibly knowledgeable and took the time to thoroughly explain all my options. I felt confident knowing my estate plan was in capable hands.” – John L.
Ready to Protect Your Future?
Don’t wait for life to throw you a curveball. Contact San Diego Probate Law today and let us help you build a secure future for yourself and your loved ones.
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 a trust be contested?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
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