Trustee of a California Trust? Eight Potential Tax Issues to Be Wary of

When many of us hear the word “taxes,” we automatically cringe. Unfortunately, it is no different for the trustee or executor who must oversee the payment of estate, income, and other taxes. Tax laws that apply to estates are numerous and complex, requiring guidance from a knowledgeable professional. An experienced Anaheim trust attorney can help you determine the taxes that may be due and the deadlines of which you should be aware during the trust and estate administration process.

For the trustee and executor of an estate in California, several potential tax issues must be addressed. These may include:

  • Whether the estate needs to file federal or state estate tax returns or extensions.
  • Whether the estate should file a federal estate tax return even if it is not technically required to do so.
  • Whether alternate valuation dates should be used to benefit the estate.
  • Whether any special tax elections are available.
  • Whether any prior gifts were made.
  • Whether state estate tax returns may be due in states other than California.
  • Whether any generation-skipping transfer tax issues may apply.
  • Whether any disclaimers should be used to benefit the estate for tax purposes.

Since various deadlines apply to the taxes that may be due from the trust or estate, it is vital that you act quickly following your loved one’s passing. Our office of experienced Anaheim trust attorneys can help ensure that you comply with all deadlines and satisfy the tax obligations owed by the trust or estate. Contact us today at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm
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