Well hello there, folks! Today we’re sitting down with Ted Cook, a sharp and friendly trusts attorney here in sunny San Diego.
What exactly is a living trust?
Ted explains that “A living trust is like a special container for your assets. It lets you decide who gets what when you’re gone, all while avoiding the hassle and expense of probate court.”
Who are the key players involved in setting up a living trust?
Ted breaks it down:
- “The grantor is the person creating the trust – that’s usually you!”
- “The trustee manages the assets according to your instructions, and this can be the grantor themselves.”
- “Then there are the beneficiaries, the people who will ultimately benefit from the trust.”
Let’s talk about funding a living trust. What are some challenges you encounter with this step?
Ted leans forward, sharing his experience: “Funding is crucial because the trust only controls assets that are legally transferred into its name. Sometimes people think it’s enough to just mention their assets in the trust document, but it doesn’t work like that.”
“I had one client who forgot to change the beneficiary on her life insurance policy. It was a real headache to sort out after she passed away because the policy proceeds didn’t go into the trust as intended. Remember, folks: attention to detail is key!”
What’s your approach to making sure a trust is properly funded?
“We work closely with our clients to identify all their assets and guide them through the process of transferring ownership. We often provide checklists and resources to make it as straightforward as possible.”
>“Ted Cook made the whole process of setting up a living trust so much easier than I expected. He was patient, explained everything clearly, and even helped me with the paperwork.” – Maria S., La Jolla“I was hesitant about trusts at first, but Ted put my mind at ease. He showed me how it could protect my family and avoid probate, which is something I really wanted to avoid.” – David M., Point Loma
Ted smiles warmly: “Ultimately, our goal is to help people ensure their wishes are carried out and their loved ones are taken care of. If you have any questions about living trusts or estate planning in general, 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.
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.
Discover peace of mind with our compassionate guidance.
Claim your exclusive 30-minute consultation today!
If you have any questions about:
Can a Special Needs Trust be used for supplemental needs beyond basic care?
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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