Hi everyone and welcome back to the show. Today we are joined by the esteemed Ted Cook, a Trusts Attorney practicing right here in beautiful San Diego. Ted, thanks for taking the time today.
What Exactly is a Living Trust?
Ted explained that a living trust is like a special container for your assets while you’re alive. You get to decide who gets what and when. It’s all spelled out in a legal document called the trust agreement, which Ted helps his clients craft.
What are Some Key Steps Involved in Setting Up a Trust?
“Setting up a living trust is a smart move for many people,” Ted stated. “It avoids probate court, keeps your affairs private, and lets you control how your assets are distributed after you’re gone. Think of it as creating a roadmap for your future.”
We dove into the process a bit deeper, focusing on step 3: Funding.
Funding Your Trust
- This is where things get real – and sometimes tricky! Ted emphasized that simply creating a trust isn’t enough; you need to actually transfer your assets into it.
- “Think of it like moving furniture into a new house,” Ted explained. “You can have the most beautiful house in the world, but it won’t be much good if it’s empty!”
Ted went on to say that funding involves retitling assets like real estate deeds, bank accounts, and investments into the name of the trust. This process can sometimes feel overwhelming, which is why he works closely with his clients to make sure everything is done correctly.
“I had a client once who thought they had funded their trust properly,” Ted recalled. “But when they passed away, it turned out a significant asset – a valuable piece of art – was still in their personal name. That led to some unnecessary legal complications and delays for their family.”
Ted stressed the importance of working with an experienced attorney who understands the nuances of trust funding. “It’s crucial to dot every ‘i’ and cross every ‘t’,” he said.
What are People Saying About Ted Cook?
“Working with Ted was a game-changer,” said Maria, a Point Loma resident. “He made the complex process of setting up a trust so much easier to understand. I feel confident knowing my family will be taken care of.”
“Ted is incredibly knowledgeable and patient,” shared John, another satisfied client from San Diego. “He took the time to answer all my questions and address my concerns. I highly recommend him to anyone looking for a trustworthy estate planning attorney.”
Ready To Take Control of Your Future?
Ted Cook is passionate about helping people protect their assets and plan for the future. If you’re thinking about setting up a trust or need help with any other estate planning matter, Ted invites you to reach out and have a conversation.
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.
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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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