Las Vegas Trust Administration Attorneys
Trust administration can be a confusing and overwhelming process for family members or loved ones who are designated trustees. As a trustee, you are responsible for overseeing and distributing assets in the trust in an efficient and cost-effective manner. This can be extremely difficult if you are unfamiliar with financial management and the sometimes complex trust administration process.
For more than a decade, the lawyers of Cassady Law Offices, P.C., have advised trustees in all aspects of trust administration, ensuring that our clients distribute trust assets correctly and efficiently while minimizing associated tax burdens. For grantors who want a neutral, impartial party to manage and distribute the assets held in a trust, we also serve as designated trustees.
What Is Trust Administration?
A trust is not like a will or other estate planning document that can be created and largely left alone. It is a legal entity and needs to be managed. Trust administration refers to the entirety of duties and responsibilities associated with trust management. These can be quite complex, depending on the trust.
What Are A Trustee’s Duties During The Administration Of The Trust?
Serving as trustee is both an important and multi-faceted job. The trustee must first collect, account for and manage all assets named in the trust. This includes distributing assets to beneficiaries according to the terms of the trust. They must also prepare tax reports and pay owed taxes, along with resolving any other claims and debts. Finally, they must prepare and submit annual reports for the duration of the life of the trust.
Factors To Consider When Naming A Trustee
First and foremost, your trustee needs to be someone responsible, trustworthy and organized. You can’t risk losing the assets due to fraud or exposing the trustee to legal consequences due to mismanagement.
Your trustee should also have a moderate or high level of financial literacy. Do they know how to manage assets? Can they keep detailed records and create financial reports?
Finally, you need to determine the full costs of whoever you appoint. You may think that appointing an individual will be cheaper, but that might not be the case if they require the services of accountants, financial planners and other professionals. Sometimes, hiring a firm like ours is both safer and more cost-effective than working with someone who has never done this work before.
Comprehensive Trust Administration Representation
Our founding attorney, Jasen Cassady, is a certified financial planner with an advanced degree in taxation law from the University of Florida, one of the top programs in the United States. His educational background and financial planning certification provide him with the financial acumen and legal knowledge to effectively safeguard trust assets.
Cassady Law Offices, P.C., provides a broad range of trust administration services, including:
- Trustee services. When you establish a trust, you must name a trustee to manage and distribute the trust’s assets. Many people choose family members or loved ones to administer their trusts, even if these individuals are financially inexperienced or have a vested interest in how trust assets are distributed. If you wish to avoid potential mismanagement or family disharmony, Cassady Law Offices, P.C., can be named as the trustee for your trust, allowing a neutral party to make distribution and management decisions.
- Distribution assistance. If you have been given the responsibility to oversee and administer long-term trusts, we can help you comply with the provisions of the trust and handle all required submissions, including tax returns or filings. We try to ensure that the concerns of all interested parties are heard, while working hard to minimize conflict and facilitate the smooth administration of the trust.
Assistance With Asset Distribution In Henderson And Throughout Southern Nevada
Contact Cassady Law Offices, P.C., to schedule a free 30-minute consultation with one of our skilled Las Vegas trust administration lawyers. You can send us an email or call us at 800-557-6423 or 702-706-1083. We look forward to speaking with you.