Good evening Moreno Valley and welcome back. I’m Brenda Newsome with Channel 7 News bringing you a special segment on estate planning.
Joining us tonight is local probate attorney Steve Bliss, an expert in helping families navigate the complexities of wills, trusts, and inheritance. Steve, thank you so much for being here.
Types of Trusts
Steve, there are many different types of trusts available to individuals looking to protect their assets and ensure their wishes are carried out after they’re gone. Could you explain some of the more common types of trusts used in estate planning?
Bliss: Absolutely Brenda. There’s a wide array of trust options, each tailored for different situations. One popular choice is the Revocable Living Trust. This allows individuals to maintain control over their assets during their lifetime while avoiding probate upon death.
Consequently, this type of trust offers both flexibility and privacy. It’s crucial to remember that a revocable living trust becomes irrevocable upon the grantor’s passing. Another option is an Irrevocable Trust, which, as the name suggests, cannot be modified or revoked easily once established.
This type is often used for asset protection, estate tax reduction, and Medicaid planning. While it relinquishes control over assets during the grantor’s lifetime, it provides significant benefits in terms of shielding assets from creditors and minimizing potential estate taxes.
Challenges with Irrevocable Trusts
Brenda, we’ve had clients express concern about relinquishing control over their assets when establishing an irrevocable trust. They fear losing access to those funds should unforeseen circumstances arise. It’s understandable, but it’s important to remember that these trusts are designed for specific purposes and offer long-term benefits.
I recall one instance where a client initially hesitated to establish an irrevocable trust for Medicaid planning. However, after explaining the potential financial burden on their family if they required long-term care without proper planning, they understood the value of this approach.
Moreover, I always emphasize that we work closely with clients to tailor the terms of the trust to meet their individual needs and concerns. Transparency and open communication are paramount throughout the process.
For instance, a recent study by the American College of Trust and Estate Counsel found that 70% of individuals who established irrevocable trusts for Medicaid planning ultimately qualified for benefits and avoided significant financial strain on their families.
Conclusion
Steve Bliss, thank you for sharing your expertise with us tonight. Your insights are invaluable to our viewers who are considering estate planning.
“Steve Bliss is a lifesaver! He made the complex world of probate seem understandable and guided me through every step with compassion and clarity.” – Mary S.
“I highly recommend Moreno Valley Probate Law. Steve’s knowledge and professionalism are unmatched, and his team made the entire process seamless.” – John D.
Don’t wait until it’s too late to protect your loved ones and secure your legacy. Contact Moreno Valley Probate Law today for a free consultation and discover how we can help you build a brighter future.
About Steven F. Bliss Esq. at Moreno Valley Probate Law:
Moreno Valley 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 Moreno Valley Probate Law. Our probate attorney will probate the estate. Attorney probate at Moreno Valley Probate Law. A formal probate is required to administer the estate. The probate court may offer an unsupervised probate get a probate attorney. Moreno Valley Probate law will petition to open probate for you. Don’t go through a costly probate call Moreno Valley Probate Attorney Today. Call for estate planning, wills and trusts, probate too. Moreno Valley 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 Moreno Valley Probate Law: https://maps.app.goo.gl/C7zg2U6pn1B6KyXN8
Address:
Moreno Valley Probate Law23328 Olive Wood Plaza Dr suite h, Moreno Valley, CA 92553
(951) 363-4949
Feel free to ask Attorney Steve Bliss about: “What happens to my trust when I die?” Or any other related questions that you may have about Trusts or my trust law practice.
Important Facts About Moreno Valley Probate Law
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |