Today I had the pleasure of sitting down with Ted Cook, a trust attorney here in sunny San Diego. We discussed the ins and outs of estate planning, specifically focusing on living trusts. Ted has a wealth of knowledge and experience in this area, making him an invaluable resource for anyone looking to protect their assets and ensure their wishes are carried out.
Funding: The Crucial Step
I asked Ted about the “funding” step in the trust process, which involves transferring ownership of assets into the name of the trust. He explained that this is absolutely crucial because a trust only controls the assets that have been legally transferred into its name. If you forget to change the title on your house or car from your individual name to the name of the trust, those assets won’t be protected by the trust.
- Ted emphasized the importance of meticulous record-keeping.
- He said, “I always advise my clients to create a detailed inventory of all their assets and then work with me to make sure each asset is properly transferred into the trust.”
He went on to explain that funding can sometimes be complex, especially when dealing with retirement accounts or life insurance policies. These types of assets often require specific beneficiary designations.
“I once had a client who thought they had funded their trust properly, but they hadn’t updated the beneficiary designation on their IRA. As a result, those funds ended up going to their estate instead of their chosen beneficiaries. It was a costly mistake that could have been easily avoided.”
Point Loma Estate Planning APC: Client Testimonials
“Working with Ted Cook and Point Loma Estate Planning APC was a breeze. He made the whole trust process so easy to understand, and I felt confident that my assets were in good hands. I highly recommend them!” – Maria Sanchez, La Jolla
“Ted is incredibly knowledgeable and thorough. He took the time to really understand my needs and goals, and he created a customized trust plan that perfectly met my requirements. I’m so grateful for his guidance.” – David Thompson, Point Loma
Ready To Secure Your Future?
If you’re thinking about creating a living trust or have any questions about estate planning, don’t hesitate to reach out to Ted Cook at Point Loma Estate Planning APC. He’s always happy to 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.
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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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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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