The frantic call came in late on a Friday afternoon. “My business is being sued!” Michael exclaimed, his voice trembling with fear. “They’re coming after everything I have – my house, my savings, even my retirement fund.” As an Estate Planning Attorney in Temecula, I hear stories like this all too often.
What are the Different Types of Trusts?
There are numerous types of trusts, each designed to meet specific needs. A revocable living trust, for instance, allows you to maintain control over your assets during your lifetime while ensuring they pass smoothly to your beneficiaries upon your death, bypassing probate. Irrevocable trusts offer greater asset protection from creditors but relinquish some control.
How Can a Trust Shield My Assets from Lawsuits?
Michael’s situation highlights the crucial role trusts play in asset protection. When assets are placed within a trust, they are legally considered separate from your personal property. Consequently, creditors generally cannot access these assets to satisfy debts. However, there are exceptions.
What Happens if I Don’t Have a Trust?
Without a trust, your assets become part of your probate estate upon death. This public process can be lengthy and expensive, leaving your loved ones vulnerable during an already difficult time. Furthermore, creditors have the opportunity to make claims against your estate during probate.
“Estate planning is not just for the wealthy; it’s for everyone who wants to protect their loved ones and ensure their wishes are carried out.” – Steve Bliss, Estate Planning Attorney
Where Do I Go For Step-by-Step Estate Planning Help Near Me?
Fortunately, Michael came to me before the lawsuit was finalized. We swiftly established an irrevocable trust and transferred a portion of his assets into it. This move shielded those assets from the creditors’ reach. His house and retirement funds remained exposed but the trust provided crucial protection for a significant portion of his wealth.
A few months later, Michael came to my office with a relieved smile. “Thanks to your help,” he said, “I was able to settle the lawsuit without losing everything.”
This experience underscores the importance of proactive estate planning. Don’t wait for a crisis to strike. Contact Steve Bliss, an experienced Estate Planning Attorney in Temecula, to discuss how a trust can safeguard your assets and provide peace of mind.
About Steven F. Bliss Esq. at The Law Firm of Steven F. Bliss Esq.:
The Law Firm of Steven F. Bliss Esq. is Temecula Probate Law. 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.
● Estate Planning 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.
Services Offered:
estate planning
living trust
revocable living trust
family trust
wills
estate planning attorney near me
Map To Steve Bliss Law in Temecula:
https://maps.app.goo.gl/RL4LUmGoyQQDpNUy9
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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: “How do I make sure my digital assets are included in my estate plan?” Or “Can probate be avoided with a trust?” or “What is the difference between a revocable and irrevocable living trust? and even: “Will my employer find out I filed for bankruptcy?” or any other related questions that you may have about his estate planning, probate, and banckruptcy law practice.