Trust Advice/Trustee Services
Serving Clients in New York City and the New York Metropolitan Area
Accounting For Your Heirs
Settling an estate often involves winding down a living trust created by the deceased during their lives. A trust will name a successor trustee to do this work. Trust settlement will not involve any court, it is a private matter. A Trust Administrator involves accounting to all heirs on the management of the trust’s assets. Every trust beneficiary is entitled to an accounting of the assets before accepting the trust distribution. Most trusts can settle with an informal accounting to all parties. Grimaldi Yeung Law Group will prepare this accounting, negotiate a settlement, and secure releases from each heir.
This can assure that the trust will be final and enable the trustee to have peace of mind. If the trust cannot settle amicably using this informal process, the firm will prepare a judicial accounting which facilitates court approval of the actions and expenses incurred by the trustee.
The court can mediate a settlement to the satisfaction of the trust beneficiaries and all the parties. Our firm will represent the trustee in this court proceeding and prepare all required documents.
The expression, “the only thing that is certain is death and taxes” certainly applies to estate administration. A central part of settling an estate is to satisfy all tax liabilities of the decedent and the estate. Grimaldi Yeung Law Group will calculate tax payments in the most advantageous way.
We will work with the family tax accountant to file the decedent’s final income tax return. In addition, we will assist the executor in analyzing assets for potential capital gains tax implications to help decide whether to liquidate assets. Finally, our firm will calculate the estate tax liability on the decedent’s estate. The federal and state estate tax rules are based on legislation, and are therefore subject to change.
Federal estate tax is set by law. Although the rate varies from year to year, it is typically quite high on non-exempted assets (often up to 50%). New York State sets its own exemption, which has frequently been lower than the federal amount, so NYS estate tax is sometimes due, even when no federal estate tax is.
Estate tax law is scheduled to change at the end of 2025.
The Grimaldi Yeung Law Group can provide ongoing trustee services to our clients who created trusts during their lifetime as well as others who are charged with managing the assets in trusts such as:
- Medicaid Asset Protect Trust
- Special Needs Trust for Persons with Disabilities
- Life Insurance Trust
- Support or Spousal Trust
- Discretionary or Testamentary Trusts
Being a Trustee is a serious responsibility in balancing the needs of the lifetime and remainder beneficiaries. In addition, a trustee is responsible for marschaling, investing, and protecting trust assets during the trust term. Our firm can assist with:
- Annual accountings as required
- Advising on tax needs and filing
- Calculating trustee annual and final commissions
- Settling trust at the end of the trust term
- Advising trustee on day-to-day managing
Set up your annual Trust Administration meeting with Grimaldi Yeung Law Group to assure you are meeting your trustee responsibility especially if the Trust beneficiaries are dependent or on government benefits.