Contemplating the future well-being of your family post your departure is not a topic many wish to ponder. Nonetheless, making proactive decisions now can provide financial security for your family and alleviate potential future complications. One pivotal aspect of an estate plan is to mitigate the likelihood of family disputes regarding the estate.

Due to the emotionally charged nature of asset division within a family, it is crucial to appoint an impartial and responsible individual as your trust administrator. Failing to designate a trust administrator, despite having an estate plan, may render your efforts and intentions futile.

Duffy Kruspodin, LLP has an extensive track record of delivering trust administration services in Los Angeles for over 25 years. Our team, comprising experienced professionals in tax, accounting, and finance, is dedicated to aiding clients in planning for their family’s financial future, ensuring the fulfillment of their wishes. We provide tailor-made solutions for trust administration, offering reassurance that your family will be well-cared-for in your absence. Our services encompass organizing financial records, titles, insurance policies, and assets, coupled with handling the legal intricacies to not only establish a plan but ensure its precise execution as per your vision.

Responsibilities of a Trust Administrator

A trust administrator shoulders numerous responsibilities, involving tax-related, financial, and potentially emotional complexities. Their primary duty is executing the instructions articulated in your trust. This includes notifying beneficiaries and heirs of the trust, settling liabilities and debts, managing assets and property, maintaining meticulous accounting records of trust assets, and furnishing information to beneficiaries.

It is advisable to consider engaging an experienced accountant or tax professional for this role. Accurate reporting of income earned from properties and accounts to the IRS is crucial, particularly considering the intricacies of estate and trust taxes, especially with a substantial estate. The trust administrator must file precise tax returns and ensure full payment of any estate taxes.

Once assets and property have been collected, debts settled, and necessary tax returns filed, the trust administrator proceeds to distribute remaining assets to beneficiaries in accordance with your instructions.

Benefits of Employing a Professional Trust Administrator

The chosen trust administrator should exhibit attention to detail, a commitment to following trust instructions, and possess accounting or tax expertise. At Duffy Kruspodin, LLP, we possess comprehensive experience in all facets of the trust administration process. From aiding in trust creation to reducing family burden during administration, we ensure your trust is executed professionally and financially advantageous.

Engaging an experienced trust administrator in Los Angeles can yield substantial benefits for your family in the long term. With numerous options available for trust administration in Los Angeles, Duffy Kruspodin, LLP, stands out with decades of tax, accounting, and trust administrator experience. For inquiries or to initiate the process of securing your family’s future, contact our Los Angeles location at 818-385-0585.