Well folks, today we’re diving into the world of trusts with Ted Cook, a trusts attorney here in beautiful San Diego. Ted, thanks for joining me.
What Exactly is a Living Trust?
Ted Cook: A living trust is like a special container for your assets – things like your house, savings, investments. You create this container while you’re alive, and it holds onto those things according to the rules you set. Think of it as a safety deposit box with specific instructions on who gets what and when.
Who are The Key Players in a Trust?
Ted Cook: It takes a few folks to make this trust thing work smoothly. You’ve got the grantor, who creates the trust and puts their assets inside. Then there’s the trustee, who manages those assets according to the grantor’s wishes. And finally, you have the beneficiaries – these are the lucky folks who get to receive the assets when the time comes.
Funding a Trust: The Crucial Step
“Funding” is a fancy word for putting your stuff into the trust. Imagine it like moving furniture into a new house. You’ve got to physically transfer ownership of those assets – houses, bank accounts, investments – into the name of the trust. This is absolutely essential because if something isn’t in the trust, it won’t be protected by it.
- Ted Cook: “Funding can sometimes be tricky,” he cautions. “People forget to change beneficiary designations on retirement accounts or life insurance policies. That’s like leaving a box of valuables outside the house – it’s not covered!”
- “I always tell my clients, ‘Think of funding as the finishing touch’. It’s what makes your trust plan truly work.”
Ted recounts a situation where a client had carefully created a trust but overlooked changing the beneficiary on his bank account. When he passed away, those funds went through probate, negating many of the benefits of the trust.
Testimonials
“I was overwhelmed with estate planning. Ted made the whole process clear and manageable. I feel confident knowing my family is protected.” – Sarah M., Point Loma
“Ted really listened to our needs and created a plan that made sense for us. He’s a true professional!” – David L., La Jolla
Ready to Protect Your Legacy?
Ted Cook: “If you’re thinking about protecting your assets and providing for your loved ones, a trust can be an incredibly valuable tool. Don’t hesitate to reach out – I’m always happy to answer 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.
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 is a special needs trust and how does it work in conjunction with government benefits?
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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