Handling All Trust-Related Details for You and Your Family
Trust administration is an important fiduciary duty. When someone has created a trust to transfer assets or other reasons, making sure his or her requests are carried out is not only a matter of complying with the legal requirements. It's a way of showing proper respect for that person and those for whom the trust is designed to benefit.
At The Burbank Firm, L.C., in Burbank, our attorneys are experienced with trust administration. Contact us today to learn more about how we can help you. We serve clients throughout the San Fernando Valley and across California.
Basic Duties in Trust Administration
There are different types of trusts, but generally trust administration duties include such tasks as:
- Collecting the assets
- Dealing with creditors' claims and paying the right bills
- Sending out proper notice and getting agreement on an accounting of assets
- Distributing assets
The attorneys at The Burbank Firm, L.C. have the experience to handle these duties effectively, with due attention to avoiding probate, minimizing tax liability, and other factors. We are experienced handling all types of trusts, including living trusts, irrevocable trusts, special needs trusts, and pet trusts. We are also familiar with the elder law issues relating to special needs trusts that can occur when health problems start to exhaust assets and there is a need to assess eligibility for Medical or other government programs.
When a Trust Is Used to Transfer Real Estate
If a trust is being used to transfer real estate to heirs (children or grandchildren), we advise our clients about the tax exclusion available under Proposition 58 in California. If this is not handled properly, the heirs can be subject to heavy taxes arising from a large increase in the property's appraised value. To gain the benefit of Prop 58, we make sure our clients are aware that a child or grandchild is eligible for the same property tax bill as the deceased, as long as they file before selling the property or within three years (whichever comes first).
Contact us today to schedule an initial consultation about setting up a living trust and other estate planning options.