Topic: “How do I know if I need a Revocable or Irrevocable Trust?” Date/Time: Thursday, April 21st, 2022 at 1:00 p.m. Kim N. Christian, Esq. welcomes you to her upcoming webinar on "How do I know if I need a…
A trustee serves a very important role in the care and control over the trust estate; therefore, the person or entity you choose to be your trustee is very important. A trustee holds legal title to the trust’s assets and…
Every trust is comprised of an agreement between two people – a grantor who is donating funds to the trust, and a trustee who manages the donated funds as outlined by the grantor in the trust document. The funds in…
If you are a trustee of a trust or an executor of an estate that owns real property, you may need to sell the real property throughout the course of the administration of the trust or estate. Before you move…
Being an Executor of an estate and a Trustee of a trust comes with significant responsibilities. One such responsibility is to account to the beneficiaries of the estate or trust.
Executors and Trustees are fiduciaries, which means that they owe a duty of care to the beneficiaries of the estate or trust. To confirm that the Executor or Trustee has satisfied his/her duty of care, it is important to provide an accounting at certain times during the administration of the estate or trust.
Usually, the Executor or trustee will provide an accounting to the beneficiaries prior to either a partial or final distribution when he/she requests that the beneficiaries execute a Receipt, Release, Refunding, and Waiver Agreement that is designed to protect the Executor or Trustee from liability.
As time goes on, many clients see the value of creating trusts to protect family members such as a spouse, children and/or grandchildren. Trusts can be used to protect a spouse if in failing health. Trusts can be used for a loved one with special needs or to protect assets for a child who has creditor or marital problems. Other trusts can be used to save estate taxes.
The decision to appoint a trustee is one of the most important decisions you will make. While our clients understand the value of establishing trusts, they are also concerned with naming the right trustee who can handle the responsibilities that will be asked of them.
Today (March 6, 2017) marks the last day a fiduciary of a trust or estate can make a distribution from the trust or estate, and still take the 65-day election on the fiduciary income tax return. The general rule is,…
Being the trustee of a special needs trust is a very important role as it serves to protect the interests of a beneficiary with special needs. Often, a special needs trust is established so that the beneficiary can have the…
A frequent question I get from clients who are considering putting their house into a Medicaid Asset Protection Trust is,“If my house is in the trust, can I sell it if I so choose in the future?”