Hello everyone, and welcome! Today I’m sitting down with Ted Cook, a highly experienced trusts attorney here in sunny San Diego. Ted, thanks so much for taking the time to chat with me.
What Exactly is a Living Trust, Anyway?
Ted: “Well, think of a living trust as a safe and secure container for your assets. You, the grantor, put things like your home, investments, and even personal belongings into this container during your lifetime. A trustee – who could be you initially – manages these assets according to your instructions outlined in the trust document. The real beauty is that it avoids probate court after you pass away, making things smoother for your loved ones.”
Who are the Key Players in This Trust Drama?
Ted: “Ah, good question! It’s like a well-rehearsed play with distinct roles. You have the grantor, the person who sets up the trust. Then there’s the trustee – responsible for managing the assets according to your wishes. And finally, you have the beneficiary or beneficiaries – those who ultimately receive the benefits from the trust.”
Let’s Talk About Funding – The Crucial Step
“Funding,” Ted explains with a twinkle in his eye, “is like actually putting groceries in the refrigerator after you buy it. You’ve got this amazing trust structure, but it only works if you transfer your assets into its name. We’re talking deeds for real estate, changing bank account titles, updating beneficiary designations – all crucial steps to ensure the trust functions as intended.”
- “One of the biggest challenges I see is people forgetting about certain assets,” Ted continues. “Maybe they have an old retirement account from a previous job. It’s easy to overlook these things, but without proper funding, those assets could end up going through probate.
- I always emphasize the importance of a thorough review – we want to make sure every last asset is accounted for and safely tucked away within the trust.”
“There was this one case,” Ted recalls with a chuckle, “where a client had a collection of vintage baseball cards worth a small fortune! They completely forgot about them when funding their trust. It took some extra legwork to get those cards properly transferred, but we managed to avoid a potential probate headache.”
What are Others Saying?
“Ted made the whole process of setting up a trust so easy and understandable. He really took the time to explain everything in detail and answer all my questions. I feel so much more confident knowing that my family is protected.” – Sarah M., La Jolla
“Point Loma Estate Planning APC is the best! They are true professionals who genuinely care about their clients. Ted helped me navigate a complex estate planning situation with compassion and expertise. I highly recommend them!” – John B., Point Loma
Ready to Take Control?
Ted leans forward, a friendly smile on his face. “If you’re looking for peace of mind and want to ensure your loved ones are taken care of after you’re gone, don’t hesitate to reach out.”
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.
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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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