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Blog Posts About Trust Accounting

A lot of people in California are confused by the issue of taxes on inheritance. Generally speaking, anything that you receive as an inheritance is not subject to tax. It’s not subject to income tax.  It’s not subject to capital gains tax. It’s tax free money. There is an exception…

Beneficiaries often contact our firm and say that they want a trust accounting.  An accounting is a great way to get informed about the trust administration.  But not every situation calls for a full-blown accounting. A full formal trust accounting, is a very involved process.  There’s a lot that goes…

We get this question routinely.  We have Beneficiaries of a Trust come to us and say, “My brother or sister is the Trustee of the Trust and they’re saying they’re going to take $150,000 in Trustee’s fees.  Is that allowed?”  And the answer is, “Well, it depends.”  And, of course,…

A trustee is the Trust manager, the person who calls the shots. But the trustee has limits on what they can do with the Trust property. The trustee cannot do whatever they want. They must follow the trust document, and follow the California Probate Code. More than that, Trustees don’t get…

There are times when you know something has gone wrong with your Trust administration. Perhaps the Trustee is not making proper Trust investments, is not managing Trust assets properly, or is outright stealing from the Trust. At times, the harm caused by a Trustee can be less obvious, such as…

A Trust, to be validly created, must have assets. In other words, a Trust cannot exist, legally speaking, without some property being held by the Trustee. Trusts are not like corporations, they do not exist absent Trust property. And all Trust property fits into one of two categories: principal or…