After losing a loved one, the last thing a family wants to worry about is how to transfer the assets to the appropriate beneficiaries and the various tax implications involved. Many times, this is a new endeavor for the individual appointed as the Executor of the Will or as Trustee of a Trust. We understand that this is a difficult time and have extensive experience with the various processes.
Leonard Law can be your trusted advisor in:
Estate administration – this is the process of probating the Decedent’s Will and appointing an Executor (or if a Will cannot be located, Leonard Law can help you appoint a Personal Representative) and marshalling the assets through the local court system. It also includes an analysis of the Decedent’s debts and ensuring they are paid in accordance with the appropriate state law. After the debts are paid, the Executor (or Personal Representative) can begin to distribute the assets to the beneficiaries.
Trust Administration –
Testamentary Trusts – a Testamentary Trust is one that is created under the Will of a Decedent. Property is held in trust and distributed to the named beneficiaries pursuant to the provisions of the Trust.
Revocable Trusts – a Trust which is revocable during the lifetime of the grantor becomes irrevocable at the grantor’s death. Many times a Successor Trustee will need to accept the appointment and there are various notification requirements involved to the beneficiaries.
Irrevocable Trusts – a Trust which is irrevocable at its creation remains irrevocable after the death of the grantor. There may also be notification procedures involved to the beneficiaries and acceptance of appointment by a successor trustee.
Charitable Remainder Trusts – after the death of the income beneficiary (many times the grantor), the assets will need to be distributed to those named charitable organizations named in the Trust.
Guardianships – If a decedent leaves assets to a minor beneficiary, it may be necessary to open a guardianship for the minor. Leonard Law can assist you with this process.
Form 1041 – Income Tax Returns for an Estate or Trust – typically, income tax returns will need to be prepared and the preparation of this return and strategies concerning the income tax issues should not be ignored or overlooked.
In addition to income tax issues, Leonard Law can advise fiduciaries relative to estate and generation-skipping taxes.
Whether it be guiding the personal representative through the probate court process or the distribution of assets under a funded intervivos trust, Leonard Law is here to help you weather the storm.