Hello everyone, and welcome back to the show. Today we have the pleasure of speaking with Ted Cook, a trusts attorney here in sunny San Diego. Ted, thanks so much for joining us.
What Exactly is a Living Trust?
Ted: Well, think of it like this – a living trust is essentially a safety net for your assets. It’s a legal entity that you create during your lifetime to hold and manage your property. You get to decide who benefits from these assets, both during your lifetime and after you’re gone.
“It’s like having a personal financial manager built right into your estate plan.”
How Does Funding a Trust Actually Work?
Ted: Great question! Funding is the crucial step where we take those assets you want to protect and legally transfer ownership to the trust. This could involve changing names on bank accounts, updating beneficiary designations on insurance policies, or even retitling property deeds in the name of the trust.
“It’s like giving your assets a new home, one that ensures they are managed according to your wishes.”
Let’s Discuss: Challenges with Funding a Trust
Ted: One common challenge is simply remembering to fund everything. People often overlook assets like retirement accounts or personal belongings. It’s important to have a comprehensive list of all your assets and make sure each one is properly transferred into the trust.
- “I always recommend making a checklist and revisiting it periodically, especially after any major life changes.”
- I had a client once who forgot to include his vintage car collection in the trust. It caused quite a stir among his heirs!
“Ted Cook made the whole process of setting up our family trust so smooth and easy. He took the time to explain everything clearly and answered all our questions patiently. We feel confident knowing that our assets are protected and our loved ones will be taken care of.” – The Smiths, La Jolla
“I was initially overwhelmed by the thought of creating a trust, but Ted put my mind at ease. He’s incredibly knowledgeable and approachable. I highly recommend Point Loma Estate Planning APC to anyone looking for guidance on protecting their assets.” – Maria Garcia, Point Loma
Gentle Trust In San Diego
Ted: If you’re looking for peace of mind knowing your assets are secure and your loved ones are taken care of, reach out. I’m always happy to answer any questions and guide you through the process.
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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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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