Hey San Diego, today we’re sitting down with Ted Cook, a Trusts Attorney here in Point Loma who helps folks navigate the sometimes-confusing world of estate planning. Welcome to the show, Ted!
What are some of the key benefits that people gain from setting up a living trust?
Well, thank you for having me. I think one of the biggest things people realize is the peace of mind a living trust offers. It’s not just about avoiding probate – though that’s a huge advantage, especially in California where it can be quite a lengthy and expensive process. A living trust lets you have control over how your assets are distributed after you pass away, which means you can provide for loved ones according to your wishes.
Plus, it’s private! Unlike a will that becomes public record, the details of your trust stay within your family. That’s important for many people.
Let’s dive into “Funding” – the process of transferring assets into the trust. What are some common challenges you encounter with this step?
You know, funding is where things can get a little tricky sometimes. People often think setting up the trust document is the hard part, but actually getting those assets titled in the name of the trust – that’s crucial and it takes diligence.
- We’re talking about deeds for real estate, updating beneficiary designations on bank accounts and retirement plans, even things like insurance policies.
It’s easy to overlook something, so we work closely with clients to make sure every asset is properly accounted for.
One time, I had a client who forgot about a small safe deposit box they hadn’t used in years. Inside were some valuable family heirlooms! Luckily, we caught it in time and got those assets included in the trust before anything happened.
What is one piece of advice you would give to someone considering setting up a living trust?
“Don’t delay.” It’s never too early to start thinking about your estate plan. And remember, you can always update or revise your trust as your circumstances change.
“Working with Ted was like having a trusted advisor in my corner. He explained everything in plain English and made me feel comfortable throughout the entire process.” – John D., Ocean Beach
“Ted helped me create a plan that protected my family's future. I feel so much more secure knowing they are taken care of.” - Susan L., CoronadoIf you’re wondering if a living trust is right for you, reach out – let’s have a conversation about your goals and how we can help.
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:
Can a charitable trust provide financial benefits to beneficiaries while supporting charities?
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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