I’m sitting down today with Ted Cook from Point Loma Estate Planning APC to demystify the world of Trusts. Ted, thanks for taking the time to chat.
What exactly is a Living Trust, and why should people care?
Ted chuckles. “Well, imagine it like a special container for your assets. You put things like your house, savings, investments – even that vintage baseball card collection – into this container, called a trust. The great thing is, you still get to use everything inside while you’re alive! But when the time comes, the trust ensures those things go to the people you choose, without all the hassle and expense of probate court.”
Funding the Trust: A Tricky Business?
“Funding can be a little like assembling IKEA furniture – it takes some effort but the end result is worth it. You see,” Ted explains, “simply creating the trust document isn’t enough. We have to actually transfer ownership of your assets into the name of the trust. That means updating deeds for property, changing bank account titles, and so on. It’s crucial because only assets held by the trust avoid probate.”
- “Think of it like this,” Ted adds, leaning forward: “If you want your baseball card collection to go to your nephew Timmy, you need to officially make the trust the owner of those cards. Otherwise, Timmy might end up facing a legal battle to get them after you’re gone.”
“I was honestly overwhelmed by the whole probate process after my mom passed away. Ted made setting up a living trust for myself and my family so much easier. He walked us through every step and answered all our questions patiently. I feel relieved knowing that things will be taken care of in the future.” – Sarah M., La Jolla
Ted nods, remembering a time when a client almost forgot to change the beneficiary on their life insurance policy. “It’s those small details,” he says, “that can sometimes trip people up. We work hard to make sure everything is accounted for and funded properly.”
“Ted Cook was incredibly helpful in setting up our living trust. He explained everything in clear terms and made the whole process seem less intimidating. I highly recommend Point Loma Estate Planning APC.” – David L., Mission Beach
“I wanted to make sure my children were taken care of after I’m gone, but I wasn’t sure where to start. Ted helped me create a trust that met all my needs and gave me peace of mind. He’s a true professional!”- Maria S., Coronado
Ready for Peace of Mind?
If you’re thinking about protecting your loved ones and ensuring your wishes are followed, reach out to Ted Cook at Point Loma Estate Planning APC. He’s ready to help guide you through the process with expertise and a friendly demeanor.
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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If you have any questions about:
Who manages the funds in a Special Needs Trust and what are their responsibilities?
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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