Helping you preserve your assets, take care of your parents, defend the elderly
and disabled, their families and their property.
Identify Tax Issues Right Away
Will the trust be subject to estate tax? Unlikely, (the current exemption amount is over $11,000,000
Will the Real Estate be subject to increased property taxes? Most likely and you are required to notify the Assessor of the change of ownership.
Is there a Qualified Family Owned Business Interest, an S-Corporation, a partnership, an LLC, an LLP or a farming asset in the trust? Make appropriate elections.
Make sure you obtain a new tax ID number for the administrative trust that lasts until all property is finally distributed out of the trust.
You must also send notification to various government agencies. Be sure to consider whether notice is required by the Department of Social Security, the Department of Veteran’s Affairs, the Department of Health Services, or any other payors of benefits to the decedent.
If you fail to record the will and any codicils with the court, you may forfeit your appointment as executor. If there are any disputes between you and the person who becomes executor, you and the beneficiaries stand to lose a ton.
Review the Trust
Understand the Big Picture
Will the Tru st continue on for several years? Did the decedent leave money to be distributed at specific ages e.g. 25, 30, 35? If so, if the beneficiary is not yet that age, you may need to set up accounts for the beneficiary. Is there a Special Needs Trust? If so then you as Trustee will need to consult with an Elder Law Attorney so that the beneficiary does not lose benefits.
Real Property Transfers are A Big Deal
In addition if a child wants to keep the property and the benefits of Prop 13, and Prop 53 (lower property taxes on inherited property) you need to consult with a lawyer familiar with the property tax rules so the beneficiary can keep the lower taxes.
Inventory & Accounting
Don’t Reinvent the Wheel
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Why Choose Geisler Patterson Law?
You Need to Act call when only one spouse dies
When To Call An Attorney
Contact me for further information about Trust Administration if you face a sticky situation:
You fear that some beneficiaries of the trust may be unhappy with the distribution. In this case, you must be extra-cautious and take advantage of statutes of limitations to protect yourself from emotional claims.
The family is grieving from a very painful loss, and reliance on a calm and experienced advisor will ease the stress of an already difficult time for you and for them.
Any beneficiary is a minor, has special needs, or is incapacitated.
You and the beneficiaries want the confidence and security of knowing that the administration is being handled promptly and according to law.
You have a busy life and know the value of an experienced and caring guide in saving you and the beneficiaries time and money.
I invite your call any time, whether or not you find yourself in one of the sticky situations above. Please call (866) 452-9657 or email Martha@ElderLawMom for your free initial consultation sooner rather than later. Deadlines, for which you will have to pay out of your own pocket, start expiring 30 days after the grantor’s death.