In a postdeath trust administration, beneficiaries are often most concerned with the distribution of assets. Who gets what and when? Trustees, and attorneys counseling trustees, must recognize the importance of when, or more importantly, when not to distribute trust property. The trustee’s proper timing of final distributions to beneficiaries can make all the difference in whether a trust administration concludes smoothly or becomes unnecessarily complicated. Generally, distributions should not be made until all debts and taxes have been paid and any remaining expenses of administration are reasonably accounted for with a reserve.
Concluding the Trust Administration: What to Consider Before Making Final Distributions to Beneficiaries
By WealthCounsel Staff on Jul 24, 2020 10:00:00 AM
The Benefits of Basis Planning
By WealthCounsel Staff on Jul 17, 2020 10:00:00 AM
Before the increase in the federal estate tax exemption amount, brought in by the enactment of the American Taxpayer Relief Act (ATRA) in 2013 and raised by the Tax Cuts and Jobs Act of 2017, estate planning attorneys focused primarily on how to avoid the impact of estate tax.
Current Developments in Estate Planning and Business Law: July Review
By WealthCounsel Staff on Jul 10, 2020 10:00:00 AM
From the taxation of trust income in California to landmark civil rights decisions by the U.S. Supreme Court, we have recently seen some significant developments in estate planning and business law. To ensure that you stay abreast of these legal changes, we’ve highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.