Orange County California
Trust Attorneys

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As the trustee of a California trust or the executor of the estate, there are several potential income tax concerns of which you must be aware. Tax matters are often intimidating for trustees or executors without experience serving in these roles. Fortunately, you do not have to navigate the administration of a trust or estate alone. An experienced Anaheim trust lawyer can help guide you through the process.

Consider potential income tax issues that may arise during a trust or estate administration.

Executors and trustees must pay attention to the following:

  • Whether a final federal income tax return needs to be filed.
  • Whether a final state income tax return needs to be filed.
  • Whether the trust is required to file a federal or state income tax return.
  • Whether the estate is required to file a federal or state income tax return.
  • Whether any of the trust or estate assets are entitled to a step-up in basis.
  • Whether the income taxes must be paid from the funds of the trust, the probate estate, or some combination of the two.

Waiting to file and pay federal or state income taxes can result in hefty fines and penalties. As a result, the trustee or executor may need the assistance of an experienced Anaheim trust lawyer, a qualified tax preparer, and other financial advisors. For assistance carrying out your obligations relating to income taxes, contact our office of experienced Anaheim trust attorneys today. Call us at (714) 459-5481 for a consultation.

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Due to the CoVid19 virus California has issued a Stay-at-Home order. We understand how important the health and safety of our clients, and our staff is. We are complying with this order by continuing to work from our homes. While we are not in the office, we are still here to answer your questions, conducting consultations for review, and initial appointments by phone and email during normal business hours. We know that in this time, more than ever, it is important to have peace of mind about your estate planning. We are here to help you through this. Call our office number or email us and we will respond as quickly as possible.