Trust Administration Help

I have just developed a NEW Trust Administration Notebook for surviving trustees and successor trustees when one or both trustees have passed away or have become unable to handle their own finances. This resource manual has specific information about the trust you are administering, checklists, investment guidelines, duty chart, "how to" guide for accountings, samples, forms, etc. IF you are administering a trust that has become irrevocable, this guide will be of great value to you to help keep you out of "trouble" by giving you the specific information and assistance you need to administer your trust successfully. Call me at 760-930-9668 for more information.

IRAs - Who should be the Beneficiary?

IRA Beneficiaries: The IRS is at it again making things difficult for people who want to name their trust as a beneficiary. Although it is ALLOWED to name a trust as a beneficiary, using the language that I have supplied to you in the past, the IRS seems to be taking the position in recent letter rulings, that if you do, the Minimum Required Distributions will be based upon the age of the OLDEST beneficiary. If you have a large sum in IRAs, you should review this with your tax adviser before naming or keeping the Trust as the beneficiary.

Property Transfer at Death

PROP 13: Upon death of the last Grantor to die, if real property will be transferred to a child or grandchild, it is necessary to file for a property tax re-assessment exclusion. Failure to do so could result in a substantial increase in property taxes. Ask your attorney for more information or contact the county tax assessor for forms and information.