Embark on a seamless journey through probate law with Concord & Wisdom Law Group LLP, a distinguished law firm in California dedicated to providing unparalleled counsel and assistance in trust administration and post-death probate matters. Our seasoned attorneys specialize in navigating the complexities of trusts, ensuring efficient and compassionate support for Trustees and beneficiaries alike.
The Power of Trusts:
A trust serves as a powerful agreement between the trust’s creator (Settlor or Trustor) and the fiduciary responsible for managing trust assets for named beneficiaries (Trustee). Trusts are versatile planning tools, designed for a myriad of purposes, including probate protection, tax planning, creditor or asset protection, management of assets for minors, handling co-owned assets, and more.
Expertise in Trust Administration:
Concord & Wisdom Law Group LLP provides comprehensive counsel and assistance to Trustees managing trusts. Whether the Trustee is an individual, a family member, a friend, a corporate entity, or a private fiduciary, we tailor our support to highlight their specific skill set while guiding them through their duties and options in administering a trust.
Administration (Unrelated to a Recent Death):
Our team advises Trustees and other trust advisors on day-to-day trust administration, specific transactions, and tax-related matters. With particular expertise in California income taxation issues for non-California trusts, we assist Trustees in navigating complex scenarios and offer guidance on trust design to mitigate inadvertent California income taxation.
We also provide support to successor Trustees, facilitating a smooth transition when it becomes necessary for them to assume the Trustee role. Our experience allows us to handle such transitions gracefully, particularly when the existing Trustee is an elderly or ill family member or close friend.
Post-Death Administration:
Dealing with the aftermath of a loved one’s passing is never easy. Concord & Wisdom Law Group LLP offers guidance through the intricate legal issues that often arise during estate or trust administration after a person’s death. Even with a well-structured estate plan, several important tasks require attention, and our team is here to help.
In post-death administration situations, we typically represent the Trustee of the decedent’s revocable trust, guiding them through the necessary tasks. This includes administering assets held outside the trust and addressing important legal and tax considerations. We prepare estate tax returns, coordinate post-death income tax matters with accountants, and assist in establishing subtrusts and dividing the trust estate among beneficiaries.
Our meticulous approach includes recommending the preparation of informal or formal accountings, holding back reserves when necessary, and ensuring a well-coordinated distribution process. Concord & Wisdom Law Group LLP is committed to guiding Trustees and beneficiaries through post-death administration with expertise, empathy, and a dedication to achieving the decedent’s wishes. Contact us to discuss how we can assist in navigating the complexities of trust and estate matters.
