Hello everyone and welcome back to our legal spotlight series. Today we’re sitting down with Ted Cook, an esteemed trust attorney right here in San Diego. Ted, thanks for taking the time.
Tell Us About Yourself and How You Got Started in Trusts
It’s a pleasure to be here. I always find it interesting how paths intersect. Initially, I thought I’d focus on litigation but realized that helping people plan for their future and protect their loved ones was truly rewarding. Trusts seemed like the perfect fit for that goal.
How Important is Funding When Setting Up a Trust?
Funding, to put it simply, makes the trust work. It’s not enough to have the document in place; you need to actually transfer ownership of your assets into the name of the trust. Think of it like building a beautiful house – the blueprints are great but without the actual bricks and mortar, it’s just a plan.
- If someone wants their home protected under a trust, they need to retitle the deed in the name of the trust.
- Similarly, bank accounts need to be changed over.
“Ted made sure I understood every step and helped me get everything transferred correctly. It gave me such peace of mind knowing my family would be taken care of.” – Sarah M., Point Loma
Challenges with Funding
One common challenge is that people underestimate the scope. They think it’s just a matter of filling out some paperwork, but it often involves contacting multiple institutions, updating beneficiary designations, and potentially even working with real estate professionals.
“I had a client who owned several rental properties. We needed to retitle each one into the trust – that was over 20 deeds! It took a bit of time and coordination but in the end, it provided him with the security he wanted.”
What is Your Approach When Discussing Funding with Clients?
“I always emphasize that it’s about more than just ticking off boxes. I try to break down the process step by step, explain why each step is important, and offer practical tips and guidance along the way. For example, I often provide a checklist of all the assets they need to consider and connect them with resources like title companies or financial advisors if needed.”
“Ted’s advice was invaluable. He helped me navigate some complex investments and made sure everything was properly funded in my trust.” – David L., La Jolla
Anything Else You Want Our Readers To Know?
I believe everyone should have access to sound estate planning advice, regardless of their financial situation. Trusts are powerful tools that can protect your legacy and provide for your loved ones for generations to come. I encourage anyone with questions or concerns to reach out – I’m always happy to help.
“Ted’s approach is all about building relationships. He took the time to understand my family dynamics and tailor a plan that truly met our needs.” – Susan K., Mission Beach
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:
How can an irrevocable trust help minimize estate taxes?
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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