Trust and Estate Planning & Administration
Trust planning and administration for families and business owners.
What Trust Planning Involves
Trust planning often begins with understanding what you own, who should benefit, and what you want to accomplish.
Trusts range from revocable living trusts to irrevocable trusts designed for tax, creditor protection, charitable, or family goals. Which one fits, if any, depends on the facts of your situation.
Selecting the wrong instrument — or funding the right one incorrectly — can unwind years of planning.
Why Trust Location Matters
Trust law varies from state to state. Where a trust is established and administered can affect how long it may last, the protection it offers, and how its income is taxed. For families with assets or relatives in more than one state, these choices can matter.
Considerations can include:
- How long the trust may last
- Creditor protection
- State income tax on trust income
- State estate and inheritance taxes
- Where the trustee is located
Trust Administration When It Matters Most
Drafting a trust is the beginning. Administration involves managing, accounting for, and distributing trust assets according to the trust's terms, sometimes over many years.
Trustees have legal duties to beneficiaries, and the responsibilities can be significant. Beneficiaries may also have questions about their rights and whether a trust is being administered properly.
When engaged to do so, we can advise on matters such as:
- Trustee responsibilities and fiduciary duties
- Trust accounting and beneficiary communications
- Distributions and documentation
- Trust modification or termination under applicable state law
- Administration after the grantor's death
A Legal and Tax Perspective
Trust planning involves both legal structure and tax consequences.
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Frequently Asked Questions About Trust Planning and Administration
What is the difference between a revocable and an irrevocable trust?
A revocable trust can generally be changed during your lifetime. An irrevocable trust generally cannot, but it may offer tax or creditor protection benefits (In some cases, an irrevocable trust can be changed). The right choice depends on your situation.
Do I need a trust if I already have a will?
A will and a trust serve different purposes. Generally you will always need a will. Whether you need both depends on your assets, your family, and your goals.
What does trust administration involve after someone dies?
The successor trustee generally manages the trust, notifies beneficiaries, handles debts and taxes, and distributes assets according to the trust's terms.