Trust Administration - Ovando Bowen, LLP
It’s not easy to serve as the administrator of a trust, which is why it’s in your best interest to work with an estate planning attorney from Ovando Bowen, LLP. Estate tax law is difficult and has many nuances that impact how you value assets and distribute them to beneficiaries.
A person is permitted to pass $5 million without incurring federal estate taxes. This amount has been doubled temporarily between the years 2018 and 2025. Despite this, there are states that have much lower limits for their estate taxes.
An attorney from the office of Ovando Bowen, LLP can help determine the following:
Probate is a legal process that requires court supervision when dealing with a trust or an estate. It is much longer than trust administration and will wind up costing more in the long run. Probate can take 12 months or longer to complete and the trustee is not permitted to distribute any assets without the permission of the court. The probate process is public, which means there will be a record of it with the court for anyone to read.
Creating a trust is an excellent way to protect your assets and ensure that they wind up in the hands of the family members and friends of your choosing. Trust administration and probate is a lengthy process that involves a lot of tax law. Contact the office of Ovando Bowen, LLP today to schedule a consultation with an experienced member of our team.