Choosing the Right Trust for Your Needs
Good morning, Mr. Bliss. Thank you for joining us today. We’re talking about estate planning and trusts – crucial topics for many San Diegans.
First, could you tell our viewers a bit about the different types of trusts available?
The Advantages of Irrevocable Trusts
As a probate attorney in San Diego, I often recommend irrevocable trusts to my clients. These trusts offer significant advantages, particularly for those seeking asset protection and estate tax reduction.
An irrevocable trust, unlike a revocable living trust, cannot be modified or revoked once it is established. This immutability provides a robust shield against potential creditors or lawsuits. Consequently, assets placed within an irrevocable trust are generally shielded from claims. Moreover, because the grantor relinquishes control over the assets, they are removed from the grantor’s taxable estate, potentially reducing estate taxes.
I remember one client who was facing a significant medical liability lawsuit. By establishing an irrevocable trust and transferring assets into it before the lawsuit was filed, we were able to protect those assets from being seized.
It’s important to note that while irrevocable trusts offer strong protection, they are not without their drawbacks. Once the trust is created, the grantor cannot access or change the assets within it. This requires careful planning and consideration before establishing an irrevocable trust.
Challenges and Considerations with Irrevocable Trusts
I’ve seen instances where clients attempt to use irrevocable trusts for tax avoidance purposes without fully understanding the implications. The IRS scrutinizes these arrangements closely, so transparency and compliance are crucial.
Furthermore, it is essential to choose a trustworthy trustee who will act in the best interests of the beneficiaries.
The Importance of Expert Guidance
“We’ve been working with Steve Bliss and San Diego Probate Law for several years now. Their knowledge and guidance have been invaluable in helping us plan for our family’s future.” – The Smiths, La Jolla Residents
“Steve made the complex process of setting up a trust easy to understand. He took the time to answer all of our questions and ensured that we were comfortable with every decision. We highly recommend him!” – The Jones Family, Rancho Bernardo.
Ready to take control of your legacy? Contact San Diego Probate Law today for a free consultation and discover how we can help you create a tailored estate plan that meets your unique needs.
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 process for administering a trust?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About San Diego Probate Law
| Estate Attorney Near Me |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney Near Me San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney Near Me |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| San Diego Estate Attorney Near Me |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Estate Attorney Near Me San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |
| Credible Estate Attorney Near Me in San Diego |
San Diego Probate Law 3914 Murphy Canyon Rd Suite A202, San Diego, CA 92123 (858) 278-2800 |