Trust Administration

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"The secret of getting ahead is getting started."
-Mark Twain

Trusts come in many flavors and are created for different reasons.  The goals in setting up a trust range from probate avoidance, business succession planning, asset management, legacy planning, creditor protection, disability planning, Medicaid planning, and so on.  A trust may have been created by a grantor during his or her life or upon a person's death through a will.
 
Once a trust is in play, I work with trustees to assist them in their duties.  There are any number of considerations which I will look into to assist the trustee(s) to perform his or her or their duties.  The trustee(s) must act according to state law, the trust document(s) and various rules and regulations.  The trust will have a beneficiary or beneficiaries with his or her or their own set of needs and desires and potentially different and competing goals to balance.  A trust may, at times, need to be revised and potentially decanted or terminated.  
 
Trust administration means managing the trust assets, distributing income and principal properly, working with any required government entity, preparing accountings, filing tax returns, working with beneficiaries and eventually closing the trust.

My services include:

 

  • Trust review and consultation

  • Initial trust set-up with obtaining tax identification number, establishing accounts, re-titling assets and other preliminary matters

  • Revisions of trust documents, including possible decanting

  • Working with trustees in regard to overall trust administration

  • Preparing Crummey notices, if required

  • Advising on beneficiary concerns/issues

  • Advising on proper trust distributions

  • Monthly accountings

  • Yearly accountings

  • Final accountings

  • Working with accountants for filing fiduciary income tax returns

  • Handling final paperwork to terminate and close a trust

  • Handling trust litigation

Law Office of

Ruth P. George

THIS IS ATTORNEY ADVERTISING. THE MATERIAL IN THIS WEBSITE DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP AND IS FOR INFORMATIONAL PURPOSES ONLY. THIS WEBSITE CANNOT BE USED AS LEGAL ADVICE AND AN ATTORNEY SHOULD BE CONSULTED TO ENTER INTO AN ATTORNEY-CLIENT RELATIONSHIP FOR LEGAL ADVICE. ALL RIGHTS RESERVED.

Office Address:

29 California Dr, Williamsville, NY 14221

 

Ph: 716-982-1662

E: ruthpgeorge@gmail.com

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