Legal Question in Wills and Trusts in California

Trust

My mother died april 1st. Her estate was in a revocable living trust, as son and only child, I am the sucessor trustee. I understand there is a $750,000 exemption for estates, but 1) What if anything do I need to file with

the State and IRS? 2)Do I just transfer the accounts (when available - all in banks & most CDs)to the Trust for myself and wife? 3)Do I need to get a different tax number than

my mother soc. sec. # for anything? I assume I would continue to use her soc. sec. # for filing tax forms for the first quarter of this yr next April? These trusts seem such a good idea until you work with banks,death,and all. Thank you.


Asked on 5/05/03, 6:49 pm

3 Answers from Attorneys
Jason Hsu Una Law Corporation

Re: Trust

Estate tax and tax principals are extremely detailed and complicated. If you have a CPA, he or she may be able to assist you in this regard.

There are a variety of considerations both with tax issues and legal issues that need to be addressed after the death of the grantor of a revocable living trust. These issues cannot be addressed well without a more detailed account of the specifics of your situation.

This is general information that I hope has been helpful to you. However, you should always obtain legal counsel familiar with your specific circumstances. We may be able to assist you with your legal issues. If we can assist you in the future, please contact us at www.unalaw.com and somebody will assist you as soon as possible.

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Answered on 5/06/03, 4:20 am
H.M. Torrey The Law Offices of H.M. Torrey

Re: Trust

first of all,i am so sorry to hear about your mother, as well as everything you have to go with regarding trustee of her estate. if you would like additional assistance and/or representation in this matter, feel free to email my law firm more additional facts on your particular situation and we can proceed from there.

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Answered on 5/05/03, 7:05 pm
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: Trust

There are still some paperwork items required for the trust, but the process is much simpler (and cheaper) than probate, so the trust is a good thing. You should see a probate/trust lawyer to discuss the steps needed (these will depend on the type of property/assets involved). The fees will likely be on an hourly basis, as some trusts require a lot of work and some very little.

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Answered on 5/05/03, 8:55 pm


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