If you have been left as a trustee of an estate, you may not be sure exactly what to do. A number of serious questions need to be answered:
- What does a trustee do?
- How do I administer the trust?
- How do I preserve intention?
- How do I avoid liability?
Many people are not sure how to deal with being a trustee and inadvertently take action that results in unnecessary costs or compromises trust intention. Often something is miscalculated and the terms are not properly carried out because a trustee does not understand and is personally held liable. It is important to seek out a skilled advocate to help you avoid these issues and arrive at an ideal outcome. Contact Louis Pacella, a trust administration attorney serving Calabasas and other Southern California cities.
How Louis Pacella Can Help with Trust Administration
At Louis Pacella, Attorney at Law, we can help trustees walk through their responsibilities step by step to ensure that a trust is upheld, intentions are preserved and taxes are taken care of optimally.
We can help review federal estate tax issues to verify that all assets are in the trust, to review and update documents as needed and to determine asset values. In addition, we can help establish date of death values when assessing any possible estate tax issues and to confirm the new tax basis of assets to allow surviving spouses to sell inherited appreciated assets for date of death value. This results in the avoidance of significant capital gains taxes.