Hello everyone and welcome to today’s interview. I’m here with Ted Cook, a respected trusts attorney practicing in beautiful Point Loma, California. Ted, thanks for taking the time to chat with me today.
What is it about Trusts that intrigues you?
Ted smiles warmly. “Well, I think what fascinates me most about trusts is their ability to provide peace of mind and security for families. It’s incredibly rewarding to help people plan for the future and ensure their loved ones are taken care of, even after they’re gone.”
Let’s delve into a specific step in the Trust process. Tell me about the importance of properly funding a trust.
“Funding is absolutely critical,” Ted emphasizes, leaning forward. “Imagine setting up a beautiful house, but leaving it empty. It wouldn’t serve its purpose, would it? Similarly, creating a trust document without transferring assets into it is like building that empty house – it lacks functionality.”
He continues, explaining:
“There are several techniques we employ to ensure assets are correctly transferred.
– We meticulously review all of our clients’ assets: real estate deeds, bank accounts, investment portfolios, and even personal belongings of value.
– Our goal is to make sure everything aligns with the trust document’s instructions.
For example, a client may own a rental property. We would guide them through changing the deed ownership from their individual name to the name of their trust. This ensures that upon their passing, the property seamlessly transitions to their chosen beneficiaries without needing to go through probate court.”
>“When my mother passed away, I was overwhelmed with grief and the complexities of settling her estate. Ted made a daunting process manageable. His clear explanations and meticulous attention to detail brought me immense comfort.” – Maria S., Mission Beach
>“Ted helped us set up a trust for our growing family. He patiently answered all our questions, ensuring we understood every step along the way. We feel confident knowing our children’s future is secure thanks to his expertise.” – The Johnson Family, La Jolla
Have you ever encountered any issues with funding a trust?
Ted chuckles and shakes his head. “Oh yes, there have been some interesting situations. I remember one case where a client had a valuable collection of vintage cars. They assumed the cars were automatically covered by their trust because they stored them in a garage on their property. We discovered that wasn’t the case! The cars needed to be specifically listed within the trust document and ownership transferred accordingly. Thankfully, we caught the error before it became a bigger problem.”
What’s the best way for someone considering a Trust to get started?
Ted smiles again. “The first step is always a conversation. Reach out to an estate planning attorney who specializes in trusts and schedule a consultation. We can discuss your individual circumstances, goals, and concerns, and determine if a trust is right for you.”
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: What is a living trust and how does it differ from a will?
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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