Hello everyone and welcome back. Today we’re sitting down with the ever-so-charming Ted Cook, a Trusts Attorney right here in sunny San Diego, to talk about all things living trusts. Ted, thanks so much for joining me.
What Exactly is a Living Trust?
Ted: Well, think of it like this: A living trust is a legal container you create to hold your assets – think houses, cars, savings – during your lifetime and beyond. It’s not just some fancy box; it’s designed to make things smoother for everyone involved when the time comes.
“You see,” Ted explains with a twinkle in his eye, “it’s like having a trusted friend take care of your stuff when you can’t anymore.” The trust lets you decide who gets what, when they get it, and even how they use it.
How Does Funding a Living Trust Actually Work?
“Ah, the million-dollar question,” Ted chuckles. “Funding is crucial because it’s what brings the trust to life. You can’t just say ‘Oh, I have a trust,’ and expect magic. You need to formally transfer ownership of your assets into the trust’s name.”
- “So for example: if you own a house, you’d retitle it from your name to the name of the trust.
- Same goes for bank accounts – change the account holder to the trust.
Think of it as putting all your ducks in a row, ensuring everything is neatly tucked away within the trust’s protective wings.
Ted, Have You Ever Run Into Any Roadblocks During Funding?
“You betcha! It happens more often than you think. One case involved a client who thought simply writing ‘in trust for’ on their bank account was enough – not even close!” Ted recounts with a good-natured shake of his head.
“I had a client who forgot to change the beneficiary on her retirement account, which completely defeated the purpose of setting up the trust in the first place!”
“We ended up having to go through probate anyway because those funds weren’t properly accounted for within the trust. It was a valuable lesson learned.”
Testimonials
“Ted Cook made the entire process of setting up a living trust so easy. I finally feel like my family is protected.” – Sarah M., La Jolla
“Point Loma Estate Planning APC made me feel confident and secure. I knew my assets were in good hands.” – David L., Pacific Beach
Want to Learn More?
If you’re wondering if a living trust is right for you, Ted encourages everyone to reach out. “Don’t be afraid to ask questions – it’s your future we’re talking about,” he says warmly.
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:
Is an irrevocable trust suitable for everyone, or are there specific circumstances that make it more beneficial?
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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