Losing a loved one or close friend can be a very difficult and emotional time and meeting statutory deadlines may not be your top priority if you’ve been appointed as successor trustee. The Law Office of Imelda Valdivia can help you understand and mitigate the risks of the personal liability you’ve undertaken by accepting to act as trustee while keeping the Trust Administration moving forward.
When it comes to Trust Administration, the Law Office of Imelda Valdivia can help walk you through your duties and responsibilities regarding the statutory notice requirements in California, distribution to beneficiaries, payment of expenses, compliance with the prudent investor rule, income and estate tax consequences and elections, and accounting to the beneficiaries and/or court where required.
Trust Administration services are available to help with paperwork when spouses used a joint revocable trust and one spouse passes away. It is wise at this time to review federal estate tax issues, to verify that all assets are in the trust, to review and update documents as needed, and to determine value of assets. Establishing date of death values is necessary to assess any possible federal estate tax issues and to confirm the new tax basis of assets. This allows the surviving spouse to sell inherited appreciated assets for date of death value and pay NO CAPITAL GAINS TAX. Future gain will only be taxable for the amount of gain since date of death.
For a free initial consultation with attorney Imelda Valdivia, call (310) 318-0808, or contact us online. Located in Redondo Beach, we serve clients in the South Bay, Los Angeles, San Fernando Valley, and throughout California.