Today we’re sitting down with Ted Cook, a trusts attorney based right here in beautiful San Diego. Ted, thanks for taking the time to chat with us.
So Ted, what exactly is a Living Trust and why should people care?
Well, think of a living trust as a special container for your assets – things like your house, savings accounts, investments. You put those things into the trust, and then you decide who gets them and when. It’s all about control and making sure your wishes are carried out after you’re gone.
A living trust can be a great tool for avoiding probate, which is a lengthy and sometimes expensive court process. It also helps keep your financial affairs private, unlike wills which become public record.
Let’s Talk About Funding: The Crucial Step
“Funding” is the legal term for putting assets into your trust. It’s absolutely essential because without it, the trust is just a piece of paper. Think of it like this: you have a beautiful toolbox (the trust), but it’s useless unless you put tools in it!
There are a few challenges with funding. First, people sometimes underestimate how many assets they actually need to transfer – things like retirement accounts, life insurance policies, even vehicles can be part of the trust. Second, updating beneficiary designations on accounts is critical. If your IRA still lists you as the sole beneficiary, it won’t automatically flow into the trust upon your death.
- Remembering to update beneficiary designations on all relevant accounts!
- Realizing that assets acquired after the trust is created may need to be added later
“I remember one case where a client had carefully funded their trust with most of their assets, but they forgot about a small savings account. It ended up going through probate because it wasn’t part of the trust,” Ted recalled.
Testimonials from Happy Clients
“Ted made the whole process so easy to understand. I was nervous about setting up a trust, but he walked me through every step and answered all my questions.” – Mary S., La Jolla
“I had no idea how important it was to have a trust until I met with Ted. He showed me how it could protect my family and avoid probate. I feel so much more secure now knowing everything is taken care of.” – David K., Point Loma
Ready To Take Control?
Ted, where can our readers go to learn more or schedule a consultation?
“Anyone interested in exploring trusts or estate planning is welcome to contact my office. We’re here to help you make informed decisions and ensure your legacy is protected.”
Who Is Ted Cook at Point Loma Estate Planning, APC.:
Point Loma Estate Planning, APC.2305 Historic Decatur Rd Suite 100, San Diego CA. 92106
(619) 550-7437
Map To Point Loma Estate Planning, APC, a trust attory: https://maps.app.goo.gl/JiHkjNg9VFGA44tf9
About Point Loma Estate Planning:
Secure Your Legacy, Safeguard Your Loved Ones. Point Loma Estate Planning, APC.
Feeling overwhelmed by estate planning? You’re not alone. With 27 years of proven experience – crafting over 25,000 personalized plans and trusts – we transform complexity into clarity.
Our Areas of Focus:
Legacy Protection: (minimizing taxes, maximizing asset preservation).
Crafting Living Trusts: (administration and litigation).
Elder Care & Tax Strategy: Avoid family discord and costly errors.
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If you have any questions about:
What are the different types of Asset Protection Trusts? Please Call or visit the address above. Thank you.
Point Loma Estate Planning, APC. areas of focus:
A Living Trust: also known as an inter vivos trust, is a legal arrangement where you, as the grantor, transfer assets to a trustee who manages them for the benefit of designated beneficiaries, either during your lifetime or after your death, potentially avoiding probate and offering more privacy than a will. Revocable Living Trust: You can change or revoke the trust and get the assets back during your lifetime.
Irrevocable Living Trust: Once established, you cannot change or revoke the trust, and the assets are generally no longer considered part of your estate.
Control over Asset Distribution: You can specify how and when your assets will be distributed to your beneficiaries.
Understanding Trusts and Their Role in Estate Planning
A trust is a legal and fiduciary relationship in which a grantor (also called a settlor) transfers ownership of assets to a third party, known as a trustee, who manages those assets for the benefit of designated beneficiaries. Trusts can be tailored to meet specific goals, including when and how distributions are made to beneficiaries, asset protection, or minimizing estate and income taxes.
One of the key advantages of a trust—particularly a properly funded revocable or irrevocable trust—is that it can allow assets to bypass the probate process. This often means a faster, more private, and potentially less expensive distribution of assets compared to those governed solely by a will.
In the case of irrevocable trusts, assets are typically removed from the grantor’s taxable estate, which may help reduce estate tax liability. However, this comes at the cost of the grantor relinquishing control over those assets.
Trusts may also provide protection from creditors, preserve assets for minors or individuals with special needs, and ensure continuity in asset management if the grantor becomes incapacitated.
These tools are part of estate planning—the process of making legal and financial arrangements in advance to designate who will receive your property after your death, and how that transition will occur. Thoughtful estate planning aims to streamline the administration of your affairs, minimize tax burdens, and reduce stress for your loved ones during an already difficult time.
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