Good afternoon everyone, and welcome back to the show. Today I’m thrilled to be joined by Ted Cook, an experienced Trusts Attorney from Point Loma Estate Planning APC right here in San Diego. Ted, thanks so much for taking the time to chat with us.
Understanding Living Trusts: What are they all about?
Ted, can you start by giving our viewers a basic understanding of what a living trust is and why someone might consider setting one up?
“A living trust is essentially a legal arrangement that allows individuals to manage their assets during their lifetime while also planning for the future,” Ted explains. “It creates a separate legal entity, the ‘trust,’ which holds your assets. You, as the grantor, can dictate exactly how these assets are managed and distributed both during your life and after you’re gone.”
“Think of it like this: you’re putting your assets into a safe box that has clear instructions on who gets what, when, and how. It avoids the lengthy and often public probate process, ensuring smoother asset distribution for your loved ones.”
The Funding Process: The Crucial Step
Let’s dive into one of the key steps in establishing a living trust – the funding process. What are some common challenges or techniques you employ when helping clients fund their trusts?
“Funding is absolutely critical,” Ted emphasizes. “It’s not enough to simply create the trust document. You have to formally transfer ownership of your assets into the name of the trust.”
Ted continues,
- “This often involves updating deeds for real estate, changing account titles at banks and investment firms, and revising beneficiary designations on insurance policies and retirement accounts. It can be a bit tedious, but it’s essential to ensure the trust actually works as intended.”
“I remember one case where a client had diligently funded almost everything into their trust except for a few smaller bank accounts. They thought they could just leave those out and it wouldn’t be a big deal,” Ted recalls. “Unfortunately, when the time came, those unfunded assets ended up going through probate anyway. It was a valuable lesson learned – funding every asset is crucial for maximizing the trust’s benefits.”
A Look at Point Loma Estate Planning APC
“Ted Cook and his team are fantastic! They made the entire process of setting up my living trust so easy to understand. I felt completely comfortable knowing that my family would be taken care of.” – Sarah M., La Jolla.
“I highly recommend Point Loma Estate Planning APC. Ted took the time to listen to my concerns and tailor a plan that met my specific needs. He’s incredibly knowledgeable and genuinely cares about his clients.” – John K., Pacific Beach.
Ready to Take Control?
Ted, any final words for our viewers who might be considering setting up a living trust?
“Don’t delay! Planning for the future can seem daunting, but it’s one of the most important things you can do for yourself and your loved ones. I encourage everyone to reach out and have a conversation about their estate planning needs.”
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: How does a living trust offer greater privacy compared to a will?
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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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