TRUST ACCOUNTING LAWSUIT/PETITION PROCEDURES By: David L. Crockett, Attorney, CPA Trust terminology basics. A trust is created by a written document known as a declaration of trust, and is then funded by transfer of money into trust bank accounts and/or deeding or transferring of properties to the trust. The…
AN APPRAISAL IS NEEDED UPON DEATH OF A PROPERTY OWNER. A routine part of trust administration or probate administration is to obtain an appraisal of each property owned. This is for income tax reasons. Because the income tax basis is increased “stepped up” upon death to fair market value an…
SORT OUT WHAT NEEDS TO BE FILED. A routine part of trust administration or probate administration is for the Probate Executor or the Successor Trustee of a living trust to sort out the income tax situation. First, you have to determine if the individual income tax return filings of…
TRUST DISTRIBUTIONS (“When do I get my money?”) By: David L. Crockett, Attorney, Certified Public Accountant UCLA Law School ’69, JD degree UC Berkeley ’66, BS degree in Business Administration 901 Dove St., Suite 120 Newport Beach, CA 92660 Phone: 949-851-1771 David@clcnewport.com www.trustandprobatelawyers .com WHEN IS…
Typical situation. An elderly mom with two adult children, Sally & John, passes away with a house full of nice personal belongings (furniture, antiques, crystal and jewelry). Sister Sally lives with mom or in the same town and brother John lives 500 miles away. When mom passes, Sally notifies John…
Let’s Subtract the Money Johnny Got From His Share of the Estate TYPICAL SITUATION A father dies without a will leaving an estate of $100,000. Under the laws of intestate succession which apply because there is no will, his 4 children are to receive equal shares of the estate which…
WHAT IS IN THE ESTATE AND HOW THE PERSONAL REPRESENTATIVE FIND AND MANAGE IT? PROBATE ESTATE ADMINISTRATION Probate Asset Inventory & Collecting – If a person passes away leaving money or property there may need to be a probate court administration of the estate. If there is a living trust…
CAN A DECEASED PERSON’S ESTATE ESCAPE PAYING DEBTS & TAXES? PROBATE ESTATE ADMINISTRATION If a person passes away leaving money or property there may need to be a probate court administration of the estate. If there is a living trust and all of the deceased person’s assets have been placed…
Can I give everything to the “love of my life” and keep it secret? NO DISCLOSURE TO OMITTED HEIRS? Up until 1997 a person could legally change his or her estate plan and the people previously benefited did not have any legal way to find out what the situation was.…
How Does the Successor Trustee Handle the Bills and Debts of the Deceased Trustor? LIVING TRUST ADMINISTRATION If there is a living trust and all of the deceased person’s assets have been placed into the living trust prior to death, there is no need for a probate court administration. Creditor…