Hey everyone, I’m Maya with San Diego Living today and joining me is Ted Cook from Point Loma Estate Planning APC. Ted specializes in helping folks navigate the sometimes confusing world of trusts. Let’s dive right in!
So, Ted, what exactly is a living trust?
Simply put, a living trust is like a special container for your assets. You decide who gets what, when they get it, and even how they use it. It’s all spelled out in a legal document, and you (or someone you choose) manage the trust during your lifetime.
Can You Break Down The Process of Setting Up A Living Trust?
The journey starts with us getting together to chat about your goals – what do you want to achieve with a trust? Who are the key people in your life? Then, I draft a custom document based on our conversation. Once signed, we work on “funding” the trust by transferring ownership of assets like real estate and bank accounts into its name.
“Funding the trust can be tricky for some folks,” Ted explains. “It’s not just about signing papers – it involves actually changing the titles of your property and updating beneficiary designations on accounts. I always walk clients through each step, making sure they understand what needs to happen.”
How Do You Handle Funding Challenges?
“I had a client once who thought simply writing their trust as a beneficiary on their bank account was enough,” Ted recalls with a chuckle. “We had a good laugh about that one! It’s important to remember that the trust itself needs to be listed as the owner, not just the beneficiary. Think of it like handing over the keys to the car instead of just giving someone directions.”
Ted was incredibly patient and helped me understand every step of the process. I feel so much more confident knowing my family is protected.
– Sarah J., Point Loma
Setting up a trust felt overwhelming at first, but Ted made it surprisingly easy. He’s a true expert in his field!
– David M., La Jolla
Ready to Explore Your Options?
Ted Cook is ready to guide you through the world of trusts and help you make informed decisions for your future. Connect with him today to get started!
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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