Louisville Trust Administration Attorneys

Kentucky Trust and Estate Planning Attorneys

An experienced trust administration provides valuable services to trustees and beneficiaries alike.  Proper wealth and estate planning is a critical element to preserving assets for the future while avoiding the cost and time delays associated with probate.  However, if a trust is not administered promptly and properly upon the passing of  the grantor(s), the time, expense and intentions of estate planning may be lost or diminished.

Trust Administration

A trust is a contract.   Carrying out the terms of the contract is the duty of the trustee.  The trustee has a fiduciary duty to the beneficiaries and is held to a high legal standard.  The trustee is personally financially responsible for the failure to perform his/her duties to Kentucky’s required legal standards.  It is important for a trustee to understand the scope of their responsibility and the requirements associated with the performance of their duty as trustee.  Contact the experienced lawyers at Dodd & Dodd Attorneys, PLLC for advice and counsel with respect to your obligations as trustee.

The responsibilities of a trustee generally include:

  • Post-Death Tax Planning
  • Tax Elections
  • Filing of Income and Estate Tax Returns
  • Paying all bills and taxes which are due
  • Protecting assets during administration
  • Collecting (Marshalling) all assets and providing associated reporting to the beneficiaries
  • Provide an accounting to the beneficiaries of the assets, liabilities and administrative costs associated with the administration of the trust
  • Distributing assets to beneficiaries according to the terms of the trust

A trustee should seek legal counsel within a reasonable (immediate) time after the death of the grantor (the person who established the trust).  Turn to the proven trustee counselors at Dodd & Dodd Attorneys, PLLC for guidance, advice and counsel during this essential process.

Contact the Trust Administration Lawyers at Dodd & Dodd Attorneys, PLLC

The lawyers at Dodd & Dodd Attorneys, PLLC have comprehensive knowledge and decades of experience with wealth and estate planning strategies. They understand process and responsibilities required to carry out the intentions of estate planning through effective trust administration.  Our attorneys offer personalized and professional guidance to clients throughout the process of trust administration, including communications with beneficiaries, estate tax reporting and filing, and other procedural matters.

With a large federal estate tax exemption presently available, we focus on securing a step-up in basis of trust assets upon death of the first of a couple to die to minimize income taxes.  Of course a trust is designed primarily to protect spouse and descendants by providing asset protection from creditors, wealth management, and distribution control to maximize benefits for beneficiaries.

Minimize Taxes and the Time Required to Ensure your Estate Plan is Fulfilled

Failure to properly administer trusts causes unnecessary hardship for the beneficiaries of the trust and exposes the trustee to personal financial liabilities.  Ensure you maximize the efficient transfer of assets to your beneficiaries through effective estate planning and trust administration. Contact the experienced trust administration lawyers at Dodd & Dodd Attorneys, PLLC to speak with an experienced Louisville based Kentucky trust administration attorney.