Hi everyone, I’m Tiffany Jones, reporting for Temecula News Today. Joining me today is Steve Bliss from The Law Firm of Steven F. Bliss Esq., a renowned trust attorney in our community. Thank you so much for being here, Steve.
Understanding Trusts
Steve, for those unfamiliar with the term, could you explain what a trust is and why someone might consider setting one up?
A trust is essentially a legal arrangement where a person (the grantor) transfers assets to be held and managed by another party (the trustee) for the benefit of designated individuals or entities (the beneficiaries). Trusts offer numerous advantages, including avoiding probate, providing asset protection, and minimizing estate taxes. They are versatile tools that can be tailored to meet specific needs and objectives.
The Benefits of a Testamentary Trust
What type of trust would you recommend for someone looking to protect assets for minor children?
For clients wanting to ensure their assets benefit their minor children in a structured and responsible manner, I often recommend a testamentary trust. This type of trust is created through a will and takes effect upon the grantor’s passing. It allows parents to dictate exactly how and when their children receive inheritance, protecting them from making impulsive financial decisions at a young age.
Moreover, testamentary trusts offer flexibility in terms of distribution. Parents can specify conditions for receiving funds, such as attaining a certain age or completing education milestones. They can also designate a trusted individual to serve as trustee, ensuring responsible management of the assets.
Overcoming Challenges
Have you encountered any unique challenges when setting up testamentary trusts for clients?
One instance that comes to mind involves a couple who wanted to ensure their daughter, diagnosed with learning disabilities, had access to funds for support services without jeopardizing her eligibility for government benefits. We worked closely with them to structure the trust in a way that met both her financial needs and maintained her benefit status.
It involved careful consideration of the language used in the trust document and consulting with specialists familiar with disability benefits programs. Ultimately, we were able to create a solution that provided peace of mind for the parents, knowing their daughter would have ongoing support throughout her life.
Trusts: A Valuable Tool
According to a 2021 study by the American College of Trust and Estate Counsel, approximately 60% of Americans over the age of 50 do not have an estate plan in place. Testamentary trusts can be a critical component of a comprehensive estate plan, offering protection and guidance for future generations.
Seeking Expert Guidance
What advice would you give to someone considering setting up a trust?
The best course of action is always to consult with an experienced trust attorney. We can analyze your individual circumstances, goals, and potential challenges to develop a tailored trust solution that meets your specific needs. Trusts are powerful legal tools, but they require careful planning and execution.
Testimonials
“Steve Bliss made the complex process of setting up a trust for my family incredibly straightforward. He patiently explained all the options and answered all my questions. I felt confident knowing that my assets were in good hands.”
“I was apprehensive about estate planning, but Steve put me at ease. He helped me create a testamentary trust that will provide for my children’s future education and well-being. I highly recommend his services.”
Protecting Your Legacy
Take control of your future and secure the well-being of your loved ones. Contact The Law Firm of Steven F. Bliss Esq. today to discuss how a trust can help you achieve your estate planning goals.
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 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: “Can I disinherit someone using a trust?” 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.
| Temecula Revocable Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Revocable Trust Lawyer Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Revocable Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Temecula Revocable Trust Lawyer |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Asset Protection Trust Lawyer Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |
| Credible Revocable Trust Lawyer in Temecula |
The Law Firm of Steven F. Bliss Esq. 43920 Margarita Rd ste f, Temecula, CA 92592 (951) 223-7000 |