Reporter: Brenda Jones, Wildomar News
Brenda Jones here, reporting live from Wildomar. Today I have the pleasure of speaking with Steve Bliss, a renowned trust attorney specializing in estate planning for our community.
Brenda Jones: Mr. Bliss, thank you so much for joining me today. Could you tell us a little bit about the different types of trusts and which ones are most common?
Steve Bliss: Thank you for having me, Brenda. It’s always great to connect with the Wildomar community. When it comes to trusts, there are many different options, each designed to meet specific needs.
The most popular type I see is the Revocable Living Trust.
Steve Bliss (continued):
This allows individuals to manage their assets during their lifetime while avoiding the lengthy and expensive probate process after they pass away. Consequently, it provides a level of privacy that many people find appealing. Moreover, a revocable living trust can be amended or revoked as circumstances change.
Another common type is the Irrevocable Trust, which offers greater asset protection but sacrifices flexibility. Once created, an irrevocable trust generally cannot be changed. Nevertheless, it can be a valuable tool for minimizing estate taxes or protecting assets from potential creditors.
Brenda Jones: That’s helpful information, Steve. Diving deeper into Revocable Living Trusts, what are some of the key considerations someone should be aware of when setting one up?
Steve Bliss: Setting up a trust is a significant decision, and there are several factors to consider. Firstly, it’s crucial to have a clear understanding of your assets and how you want them distributed after your passing.
Secondly, you’ll need to choose a trustee who is trustworthy and capable of managing the trust assets according to your wishes.
Ordinarily, this would be a family member or close friend, but it can also be a professional fiduciary. The selection of a trustee should not be taken lightly, as their decisions will impact your beneficiaries.
Thirdly, you need to ensure the trust document is properly drafted and legally sound. This is best accomplished by working with an experienced estate planning attorney like myself who can guide you through the process and address any specific concerns you may have. According to a 2023 survey by the American Bar Association, over 60% of individuals who attempt to create their own legal documents without professional assistance encounter errors that could lead to unintended consequences.
Remember, a trust is a powerful tool, but it needs to be carefully constructed to achieve its intended purpose.
Brenda Jones: That’s excellent advice, Steve. I know from experience in Wildomar that many families are facing the challenges of caring for aging parents. Have you encountered any situations where a Revocable Living Trust might not have been the best solution?
Steve Bliss: You’re right, Brenda. Caring for aging parents is a common concern here in Wildomar. While revocable living trusts are generally very effective, there are situations where other types of trusts may be more appropriate.
For instance, if a beneficiary has special needs and relies on government assistance programs, a Special Needs Trust might be a better choice. This type of trust allows for the distribution of funds without jeopardizing eligibility for vital benefits like Medicaid or SSI.
I remember working with a family whose son had Down Syndrome. They wanted to ensure he was well-cared for after their passing but worried about how his disability benefits would be impacted. We were able to set up a Special Needs Trust that provided him with financial support while preserving his access to essential programs.
It was a truly rewarding experience to help them find peace of mind knowing their son’s future was secure.
Brenda Jones: That’s a touching story, Steve. Thank you for sharing it. What advice would you give to someone in Wildomar who is considering setting up a trust?
Steve Bliss: My advice would be simple: don’t delay. Estate planning is something everyone should address sooner rather than later.
Contact us today at Wildomar Probate Law for a free consultation, and we’ll help you determine the best course of action for your individual needs.
Testimonials
“Steve Bliss was incredibly patient and knowledgeable as he walked us through the process of setting up our trust. He made a complex topic easy to understand and ensured all our wishes were reflected in the final document.”
– The Johnson Family, Wildomar Residents
“We highly recommend Steve Bliss for any estate planning needs. His dedication to his clients is evident, and he truly cares about helping families protect their legacies.”
– Mary & John Smith, Satisfied Clients
About Steven F. Bliss Esq. at Wildomar Probate Law:
Wildomar Probate Law is an experienced probate attorney. The probate process has many steps in in probate proceedings. Beside Probate, estate planning and trust administration is offered at Wildomar Probate Law. Our probate attorney will probate the estate. Attorney probate at Wildomar Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Wildomar Probate law will petition to open probate for you. Don’t go through a costly probate call Wildomar Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Wildomar Probate Law is a great estate lawyer. Affordable Legal Services.
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 Wildomar Probate Law: https://maps.app.goo.gl/uBJKvB4rxUb7L9HZ7
Address:
Wildomar Probate Law36330 Hidden Springs Rd Suite E, Wildomar, CA 92595
(951) 412-2800
Feel free to ask Attorney Steve Bliss about: “What is a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Wildomar Probate Law
| Wildomar Spendthrift Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Spendthrift Trust Lawyer Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Spendthrift Trust Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Wildomar Spendthrift Trust Lawyer |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Spendthrift Trust Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |
| Credible Spendthrift Trust Lawyer in Wildomar |
Wildomar Probate Law 36330 Hidden Springs Rd Suite E, Wildomar, CA 92595 (951) 412-2800 |