Overview of Trust Administration Services

Trust administration is a crucial aspect of estate management, ensuring that the wishes of the trust creator (grantor) are carried out effectively and in compliance with legal requirements. At RightSize Law, we primarily provide counsel to trustees, occasionally assist beneficiaries of trusts, and from time to time serve as trustees ourselves. Our comprehensive trust administration services are tailored to meet the unique needs of our clients, whether it involves the post-mortem administration of a revocable trust or the ongoing management of various types of irrevocable trusts.

Post-Mortem Administration of Revocable Trusts

When a revocable trust becomes irrevocable upon the grantor’s death, it requires administration similar to the probate process. Our team at RightSize Law is experienced in advising trustees on their responsibilities with efficiency and sensitivity.

Asset Inventory and Valuation: We guide trustees in identifying, inventorying, and valuing the assets held in the trust.
Debt Settlement: We assist in ensuring that any outstanding debts and liabilities are settled.
Asset Distribution: We oversee the distribution of trust assets to beneficiaries according to the terms of the trust.
Tax Filings: We help trustees handle any necessary tax filings, including estate and income taxes, ensuring compliance with state and federal laws.

Administration of Irrevocable Trusts

Irrevocable trusts can serve various purposes, from providing for a special needs beneficiary to planning for Medicaid eligibility. Each type of trust requires specific administrative actions to maintain its benefits and comply with legal standards. We offer expert counsel to trustees in managing these trusts effectively.

Types of Irrevocable Trusts

1. Beneficiary Trusts

A beneficiary trust is designed to receive and manage inheritance for beneficiaries, ensuring their financial security and protection.

Income Distribution: Advising on managing the distribution of income to beneficiaries as per the trust terms.
Principal Management: Handling requests for principal distribution and ensuring compliance with the trust provisions.
Reporting: Assisting in regular reporting to beneficiaries and maintaining transparent communication.

2. Gift Trusts for Estate Tax Planning

Gift trusts are used to transfer assets out of the estate, reducing estate taxes and providing for future generations.

Asset Transfer: Facilitating the transfer of assets into the trust.
Tax Planning: Coordinating with tax professionals to optimize estate and gift tax benefits.
Compliance: Ensuring that all actions comply with state and federal tax regulations.

3. Special Needs Trusts

Special needs trusts provide for the care and financial security of a beneficiary with disabilities without affecting their eligibility for government benefits.

Benefit Preservation: Ensuring the trust is administered in a way that maintains the beneficiary’s eligibility for Medicaid and SSI.
Expense Management: Advising on paying for approved expenses that enhance the beneficiary’s quality of life.
Trustee Coordination: Working closely with trustees to ensure the trust meets its intended purpose.

4. Medicaid Trusts

Medicaid trusts are established to protect assets and plan for Medicaid eligibility, covering long-term care costs without depleting the family’s resources.

Eligibility Planning: Structuring the trust to comply with Medicaid eligibility rules.
Asset Protection: Managing trust assets to ensure they are protected from being counted for Medicaid purposes.
Compliance: Navigating the complex Medicaid rules and regulations to maintain eligibility.

Why Choose Right Size Law for Trust Administration?

At Right Size Law PLLC, we understand that trust administration involves more than just managing assets; it requires a compassionate approach and meticulous attention to detail. Our team is committed to providing personalized service, ensuring that each trust is administered in accordance with the grantor’s wishes and in the best interests of the beneficiaries.

Expertise: We are highly experienced in all aspects of trust administration.
Personalized Service: We tailor our services to meet the specific needs of each client and their trust.
Communication: We maintain clear and regular communication with trustees and beneficiaries.
Compliance: We ensure all actions are in full compliance with legal and regulatory requirements.