Jack E. Stephens has conducted Trust Administrations over 25 years without one Trust audit from the IRS. He has acted as chairman of a panel of professionals in instructing other professionals, including California Attorneys, on California Trust Administration.
The Problem: Numerous individuals have been damaged by family members acting as Successor Trustees without proper guidance. Loss of property tax exemptions, unnecessary taxes, including federal estate tax, capital gains taxes and reassessed property taxes have been paid by beneficiaries and estates because of uninformed professional advice or “do it on your own” mentality in Trust Administrations. Additionally, catastrophic IRA taxes have been incurred because of the ignorance of the Successor Trustee or their professional advisors regarding IRA distribution law and regulations.
Do you ever wonder what happens to your Trust and estate once you pass away? Have you chosen the right person to handle your Trust and estate and how will they know what to do to minimize taxes, reduce costs, avoid legal proceedings, address creditor issues, sell property and deal with beneficiary issues and distributions?
Our experience in Trust Administration benefits you and your family by the following:
1. Provides protection to the Successor Trustee from IRS audits and beneficiary lawsuits;
2. Provides appropriate decisions and documents to avoid property tax reassessments for spouses, children and grandchildren;
3. Establishes the process of protecting a child’s inheritance from creditor, divorce and lawsuit claims;
4. Clearing of title to real property before sale or transfer to a beneficiary so the title can be properly insured;
5. Advice on IRA distributions to reduce taxes to beneficiaries;
6. Avoids Medi-Cal claims against the home; and
7. Providing a checklist for the Successor Trustee so as to comply with state and federal law.