Although you must have faith in the trustee’s ability to manage the trust estate, depending on the amount of property in the trust and the complexity of the administering it, the duties of the trustee may be burdensome. This is especially true for trustees who have no prior experience as trustees. Sometimes a trustee accepts the appointment as a favor to a relative or a friend without realizing what kind of a time commitment and effort is involved. Even if the trustee tries to faithfully discharge the duties of the trustee, the trustee’s knowledge and experience may be lacking. Making decisions that are not prudent or prohibited by laws or rules may subject the trustee to substantial personal liability.
Special Needs Trusts
Special Needs Trusts are an additional challenge because they are subject to numerous federal and state laws, rules, and regulations. Such trusts are frequently established pursuant to court orders, which may impose additional responsibilities upon the trustee, including reporting, accounting, and other requirements the judge may believe are appropriate.
At the Law Offices of Leo Mikityanskiy we work with trustees of various living trusts, testamentary trusts established in a Will, and Special Needs Trusts in Brooklyn, NY. The process of advising trustees on trust administration is a continuous process because issues may come up at any time; the administration is not limited by season or time of the year. We advise the trustees and Guardians on:
- Trust creation and funding, including transferring and titling property and gift reporting to the IRS;
- Property and title insurance issues;
- Trust language interpretation;
- Trustee’s responsibilities under the trust instrument and the laws;
- Court and administrative organization reporting requirements;
- Asset Protection and Wealth Preservation;
- Trust Estate property management;
- Distributions of income and/or principal;
- Accounting and financial reporting;
- Tax-related issues;
- Amendments and termination of the trusts;
- Special Needs Trusts reporting;
- Guardian reporting (property and/or person).
If you are looking for an Estate Planning attorney in Brooklyn, NY to help you with the administration of a Trust or Special Needs Trust for a disabled individual, or satisfying your reporting requirements, please contact attorney Leonid Mikityanskiy at our Brooklyn, NY office at (718) 256-3210.
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