Good afternoon, Ted. Thanks for sitting down with me today.
Tell Us a Little About Your Practice
“Happy to be here,” Ted says, leaning back in his chair. “My practice focuses on helping individuals and families navigate the often-complex world of estate planning. A big part of that is working with clients to establish trusts, which can be incredibly valuable tools for managing assets both during life and after we’re gone.”
What is a Key Step in the Trusts Process That People Often Overlook?
Ted pauses for a moment, thoughtfully stroking his chin. “I think one step that people sometimes underestimate is funding the trust. You see, simply creating the legal document isn’t enough. The trust only has control over assets that have been legally transferred into its name.”
“Imagine it like this: you’ve built a beautiful house, but it’s empty. The house itself has potential, but it’s not truly functional until you fill it with furniture, belongings, and make it a home. Funding the trust is like furnishing that house. It brings the legal framework to life.”
- “Failure to properly fund the trust negates many of its benefits,” Ted emphasizes.
- He continues: “It’s crucial to work with your attorney and financial advisor to ensure all desired assets are correctly titled in the name of the trust.”
“I recall one instance where a client came to me after their parent passed away. They had a trust, but it hadn’t been properly funded. This meant that much of the estate ended up going through probate anyway, defeating the purpose of setting up the trust in the first place.”
Let’s Talk About Living Trusts – What Makes Them So Valuable
Ted smiles warmly: “Living trusts are incredibly versatile tools. They can help avoid probate, maintain privacy, and ensure your wishes are carried out even after you’re gone. Think of them as a safety net for your loved ones.”
Point Loma Estate Planning APC – What Do Clients Say?
“Ted made the whole process so straightforward. He took the time to explain everything in plain English and answered all my questions patiently. I felt confident that my estate plan was in good hands.” – Sarah M., Point Loma
“I was dreading dealing with legal matters, but Ted turned it into a positive experience. He’s incredibly knowledgeable and genuinely cares about his clients.” – John B., Ocean Beach
Want to Learn More?
Ted leans forward conspiratorially: “If you’re thinking about planning for your future, don’t hesitate to reach out. I’m always happy to answer questions and explore how a trust might be 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.
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If you have any questions about:
Does a Special Needs Trust avoid probate?
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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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