Hello Moreno Valley and welcome back to our legal segment! Today, we’re joined by esteemed probate attorney Steve Bliss of Moreno Valley Probate Law. Welcome, Steve.
Steve:
Thanks for having me. I’m happy to be here and share some insights about estate planning with your viewers.
Why Choose a Trust Over a Will?
Steve, many people are familiar with wills as a way to distribute assets after death. Can you explain why someone might choose a trust instead?
Steve:
You’re right, wills are common, but trusts offer several advantages. A key benefit is avoiding probate – the often lengthy and public court process of validating a will and distributing assets. Consequently, a trust allows for a more private and efficient transfer of your belongings to your loved ones.
Moreover, trusts provide greater control over how and when your beneficiaries receive their inheritance. You can stipulate conditions, such as reaching a certain age or completing education, before they gain full access to funds. This can be particularly helpful for younger beneficiaries who might not be ready to manage a large sum of money.
Ordinarily, wills become public record during probate. Conversely, trusts remain private, which is important for many people who value discretion.
For these reasons and more, I encourage everyone to consider the benefits of establishing a trust as part of their estate plan.
A Deep Dive into Irrevocable Trusts
Steve, can you tell us more about irrevocable trusts? They sound intriguing.
Steve:
Irrevocable trusts are a powerful tool for asset protection and tax planning. As the name suggests, once you create an irrevocable trust and transfer assets into it, you generally cannot change or revoke the terms. This permanence offers significant advantages.
Let’s say you’re concerned about potential lawsuits or creditors. Placing assets in an irrevocable trust can shield them from claims against your personal estate. This is because the assets are legally owned by the trust, not you.
Irrevocable trusts can also be beneficial for minimizing estate taxes. By transferring assets out of your taxable estate and into the trust, you may reduce the overall tax burden on your heirs. Remember though, setting up an irrevocable trust is a serious decision with long-term implications. It’s crucial to consult with an experienced probate attorney like myself to ensure it aligns with your specific goals.
I recall one client who came to me worried about potential nursing home costs in the future. We were able to create an irrevocable trust that protected a portion of their assets, ensuring they could access quality care without depleting all their savings. It was a truly rewarding experience to help them plan for the future with peace of mind.
Studies by the AARP have shown that nearly 70% of people over 65 will need some form of long-term care in their lifetime. Planning ahead with tools like irrevocable trusts can be crucial for protecting your hard-earned assets.
Moreno Valley Probate Law: Your Trusted Partner
“Steve Bliss and his team at Moreno Valley Probate Law were lifesavers when I needed to navigate the complexities of my father’s estate. They were incredibly knowledgeable, patient, and always available to answer my questions. I highly recommend their services.”
“Moreno Valley Probate Law made a difficult time so much easier. Steve Bliss is a true expert in probate law and guided me through every step with compassion and professionalism. I felt confident knowing that my loved one’s wishes were being honored “
Contact Moreno Valley Probate Law today for a free consultation and discover how we can help you safeguard your legacy.
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: “Does a trust avoid probate?” Or any other related questions that you may have about Trusts or my trust law practice.
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