Estate & Trust Administration

Administering an estate is basically the process of managing the affairs of a deceased person until all financial and other matters are fully addressed and the net assets are distributed to the beneficiaries, free and clear of claims and liabilities. The executor, trustee or other person you select to manage your affairs now serves as a fiduciary or caretaker for you to operate and complete the administration of your estate and personal affairs. Your fiduciary, working closely with your lawyer, accountant and financial advisors, will address all the financial, tax and personal implications of the estate legacy you have built, including:

Collecting and valuing assets and income sources, including life insurance, IRAs and retirement benefits, investments, cash accounts, real estate, business interests and assets in safe deposit boxes
Determining the type of administration, such as:
- Administration of an estate under a will, sometimes referred as testate administration
- Administration of an estate without a will, sometimes referred as intestate administration
- Administration of a revocable or an irrevocable trust
- Small estate administration (simplified estate process)
- Administration involving coordination of assets passing automatically by beneficiary designation, joint ownership or other means
- Ancillary administration of assets in another state or country
Probating a will and arranging for the appointment of an executor, if required, for the administration of the estate
Accessing and managing digital assets and information stored on computers or remote Internet sites, including the cloud
Appraising real estate and business interests, which might include the valuation of minority interests or interests that are not marketable or are illiquid
Selling or transferring specific assets for various purposes, such as traise cash, or because those assets cannot be managed by or owned by the estate, trust or beneficiaries, or which are risky and could decrease in value during administration
Arranging for storing, insuring and distributing jewelry, collections, artwork and other tangible personal property in a fair way that avoids disputes
Ensuring the filing of the decedent final income tax returns
Cataloging liabilities, including liabilities under guarantees or other contingent debt, and assessing the extent which the estate or trust is responsible for these liabilities; this may involve restructuring the debt
Analyzing income tax issues of IRAs, qualified plans, tax-deferred annuities, U.S. savings bonds and other assets, and structuring the payout and distribution of these assets in a way that addresses the estate planning objectives of the beneficiary while minimizing income taxes
Determining whether federal or state resident and non-resident estate tax returns are required to be filed, and the various options and elections available in the preparation and filing of the estate tax returns
Outlining disclaimer opportunities and other options available to address the estate planning objectives of the surviving spouse or other beneficiaries
Identifying all applicable documentation governing the estate and its assets, including the will, trust agreements, operating agreements, shareholders agreements, buy-sell agreements, beneficiary designations, stock option and deferred compensation plans, and contracts and agreements affecting the rights and responsibilities of the estate
Identifying post-mortem tax issues, such as selection of fiscal year end, whether the executor or trustee should take commissions, whether take administration expenses as a deduction on the estate tax return or the income tax returns, and timing of payment of fees and distributions to maximize the use of deductions and minimize the overall taxes to the estate, the trust and beneficiaries
Arranging for the preparation and filing of all estate, gift and income tax returns by the estate and applicable trusts
Coordinating planning options and action items with your accountant and financial advisor
Assessing the need for liquidity and organizing the timing of asset collection, raising cash and payment of taxes and expenses
Determining the needs of the beneficiaries and planning for distribution and the funding of trusts and bequests beneficiaries, including partial and final distributions
Managing financial information and outlining payment, distribution and tax options that will best take advantage of planning opportunities
Preparing an accounting of all assets, liabilities, income and expenses for the estate and the various trusts, including proposed distributions
Preparing receipts and releases from trusts and other beneficiaries approve actions taken during the administration, and releasing the executor and trustee from liability
Providing advice and counsel beneficiaries and maximizing the value tthem; addressing beneficiary objectives, and offering tax minimization and asset protection strategies
Providing advice and counsel the executor, trustee and other fiduciaries to maximize and protect assets and minimize liabilities and exposure

At Lacy Katzen LLP, our team of lawyers, paralegals and legal assistants work closely with your selected fiduciaries, beneficiaries and advisors to accomplish your objectives after death or disability, in a way that minimizes the burdensome aspects and provides value to those you leave behind.

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Estate & Trust Administration

Estate & Trust Administration Attorneys at Lacy Katzen

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