Archive for November, 2010

What Are The Primary Duties of My Trustee?

Friday, November 19th, 2010

A Trustee has the legal duty to carry out the directions set forth in your trust.  As a fiduciary, the Trustee cannot derive personal benefit from the assets he or she is entrusted with.  If the Trustee does not follow the directions set forth in your trust, they can be subject to personal liability. Some of the duties of the Trustee include taking a complete inventory of the assets when they begin to act as Trustee; obtaining a tax identification number for the trust; determining values of the assets in the trust, if necessary; investing the money in the trust for the benefit of the beneficiaries of that trust; paying expenses of the trust; preparing accountings for the beneficiaries of the trust; preparing tax returns for the trust; and distributing the assets in accordance with the terms of the trust.  Come to our Successor Trustee Workshop and find out more!  (909)981-6177

Is it Wrong, or Somewhat Unpatriotic to Want to Reduce My Taxes?

Sunday, November 14th, 2010

Some believe it is illegal and possibly immoral to use estate planning strategies to reduce one’s taxes.  Judge Learned Hand stated more than a century ago that:

Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury.  There is not even a patriotic duty to increase one’s taxes.  Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible.  Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands.”

Come talk to us now to prepare for tax season (909)981-6177.

Who Should I Select As Trustee of My Trust?

Wednesday, November 10th, 2010

You can select an individual as a Trustee, such as close friend or family member; or a professional Trustee can be selected, such as financial institution or bank.  A good Trustee should be someone who is honest and trustworthy, because they will have a lot of power under your trust documents.  The person you choose to act as a Trustee should also be financially responsible, because they will be handling the investments for the benefit of your beneficiaries.  The Trustee should be someone who can get along and have a good relationship with the beneficiaries of your trust.  They should also possess good record-keeping abilities.  Come to our workshop and find out more!  909-981-6177