Upon the death of the trust grantor, a successor trustee must manage several pressing matters. Our trust attorneys prepared a brief checklist below that can help successor trustees to navigate the initial stages of trust administration.
The IRS released a Private Letter Ruling last month that ruled in favor of retroactive trust modification. Here are a few factors to consider with this case involving tax benefits associated with modification of irrevocable trusts.
â€‹In case you missed it, TrustCounsel launched a collection of legal resources in January 2017. Created to enlighten individuals and legal practitioners on critical matters that surface in trust and estate administration, the Legal Library will be updated on a regular basis to address contemporary issues pertaining to probate, trusts, and related tax matters.
Virtually all estates and most trusts require filing of the Form 1041 to report income earned by the estate and/or trust. Our tax attorneys routinely assist trustees and executors with preparing the Form 1041. From these experiences we noticed that certain issues surfaced more frequently than others. Review these tips before filing.
Certain tax forms are required for estates and trusts that earn income. The executor or trustee is responsible for identifying necessary forms, completing proper accounting, and filing and paying any tax due by the deadline.