I’m here today with Ted Cook from Point Loma Estate Planning APC, he’s helping me understand the world of trusts and why they might be a good fit for folks in San Diego.
So Ted, What Exactly Is a Living Trust?
Ted leans back in his chair, “A living trust is essentially a legal container for your assets. Think of it like a safe box, but instead of holding jewelry or cash, it holds things like your home, investments, even your car. You create this trust while you’re alive and appoint someone (a trustee) to manage those assets according to your instructions.
“The beauty of a living trust is that it can avoid the whole probate court process after you pass away,” Ted explains. “That means your loved ones get their inheritance faster, with less hassle and expense.”
How Do People Typically Set Up A Living Trust?
Ted smiles, “Great question! The first step is to sit down with a qualified estate planning attorney – like myself!”
Breaking Down the Trust Process: Funding, the Heart of It All
“Funding” a trust essentially means transferring ownership of your assets into the name of the trust. This step is crucial for ensuring that those assets are protected and distributed according to your wishes.
- “Think of it like changing the address on your mail,” Ted explains. “You’re not getting rid of the mail, just making sure it goes to the right place.”
- He continues, “For real estate, that might involve recording a new deed with the county. For bank accounts and investments, you’ll need to change the account titles.
“Failure to properly fund your trust can negate many of its benefits,” Ted warns, leaning forward. “It’s like leaving a gift unopened – it doesn’t do anyone any good.”
“I had one client who thought setting up the trust was enough,” Ted recounts with a wry smile. “He hadn’t bothered to transfer his primary bank account into the trust, and when he passed away, that account had to go through probate anyway. It caused a lot of unnecessary stress for his family.”
Ted’s Wisdom: A Trustworthy Guide in San Diego
“Working with Ted on our living trust was fantastic,” shares Sarah M., from La Jolla. “He made the whole process so easy to understand, and I feel confident that my assets are well-protected for the future.”
“Ted is a true expert in estate planning,” says John D., a resident of Point Loma. “He took the time to listen to our needs and created a customized trust that met our specific goals.”
Ted Cook, a knowledgeable and approachable guide through the sometimes complex world of trusts. He’s ready to answer any questions and help you secure your future.
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:
How can an irrevocable trust help individuals qualify for government benefits like Medicaid?
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.
Living Trust Attorney.
Living Trust Lawyer.
Living Trust.
Living Trust Attorney In San Diego.
Living Trust Lawyer In San Diego.
Living Trust In San Diego.
Living Trust Attorney In San Diego, Ca.
Living Trust Lawyer In San Diego, Ca.
Living Trust In San Diego, Ca.
Living Trust Attorney In San Diego, California.
Living Trust Lawyer In San Diego, California.
Living Trust In San Diego, California.