Good evening San Diego, and welcome back to our legal segment. Tonight, we’re joined by local probate attorney Steve Bliss of San Diego Probate Law. Steve, thank you so much for joining us.
Understanding the Different Types of Trusts
Steve, estate planning can seem overwhelming for many folks. Can you break down some of the different types of trusts people might consider?
“Certainly. There are several types of trusts tailored to individual needs and goals. A common choice is the Revocable Living Trust. This allows individuals to manage their assets during their lifetime while avoiding probate upon their passing, ensuring privacy and efficiency for their heirs.”
The Benefits of a Revocable Living Trust
Steve, can you elaborate on some of the advantages of a Revocable Living Trust?
“Absolutely. A key benefit is its flexibility. Clients can modify or revoke the trust during their lifetime if circumstances change. Moreover, assets held within a revocable living trust bypass probate, a lengthy and often expensive legal process. This means your loved ones inherit your assets more quickly and privately.”
“Ordinarily, probate proceedings become public record, exposing sensitive financial information. A Revocable Living Trust keeps these matters confidential, protecting your family’s privacy during a difficult time.”
“Another advantage is that it can help minimize estate taxes. While California doesn’t have an estate tax, the federal estate tax exemption for 2023 is $12.92 million per individual. Trusts can be structured to potentially reduce the taxable portion of an estate exceeding this threshold.” (Source: IRS)
Navigating Potential Challenges
“While Revocable Living Trusts offer significant advantages, it’s essential to understand potential challenges. Clients need to carefully consider who they appoint as trustee, as this individual will have a fiduciary responsibility to manage the trust assets according to your wishes.
“I recall one instance where a client appointed a family member as trustee without fully considering their financial acumen. Unfortunately, poor investment decisions led to significant losses. Consequently, it’s crucial to choose a trustworthy and financially savvy individual or professional trustee.”
Seeking Expert Guidance
Steve, what advice would you give to someone considering a trust?
“My strongest advice is to consult with an experienced estate planning attorney. We can assess your individual circumstances, goals, and concerns to determine the most suitable type of trust for your needs.”
“We’ll guide you through the process of drafting the necessary legal documents, ensuring your wishes are clearly articulated and legally sound. Remember, estate planning is a crucial step in protecting your loved ones and securing your legacy. Don’t hesitate to seek professional guidance.”
Testimonials
“Working with San Diego Probate Law was a lifesaver. Steve made the complex process of setting up a trust easy to understand and tailored it perfectly to our family’s needs.” – Sarah M.
“I highly recommend San Diego Probate Law for their professionalism, compassion, and expert advice. They helped me navigate a difficult time with ease and ensured my wishes were honored.” – Michael K.
Empowering Your Future
Take control of your legacy today. Contact San Diego Probate Law to schedule a consultation and discover how a trust can safeguard your family’s future.
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 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
| Special Needs Trust | Totten Trust | Asset Protection Trust |
| Spendthrift Trust | Constructive Trust | Irrevocable Trust |
| Tax By-Pass Trust | Charitable Trust | Living Trust |