Probate, Estate Planning and Trust Law
Law Offices of Alice A. Salvo  Law Offices of Alice A. Salvo
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September 2016 Archives

Knowing the limitations to a trustee's discretionary powers

When you have been named as the beneficiary of a trust in Woodland Hills, it may not be uncommon for you and any other interested parties to feel frustrated about your apparent lack of control over matters. Given that the assets of the trust may have been significantly designated to benefit you, it is difficult to feel as though you are at the mercy of the trustee's discretion. Many have come to us here at The Law Offices of Alice A. Salvo questioning exactly how much discretion a trustee has in exercising his or her duties. The answer depends largely on the details of the trust itself.

Understanding the difference between principal and income

When researching the topics of trusts and trust administration, Woodland Hills residents may likely hear the terms “principal” and “income” thrown around quite a bit. Understanding what each of these words mean in relation to a trust as well as the differences between them may be vital to the success of a trust as being a source of revenue for its beneficiaries. Knowing such information may also greatly help a trustee as he or she works to allocate a trust’s assets correctly.

Filling a vacated trustee’s office

The success a trust achieves in managing the assets therein may depend largely on the capabilities of the trustee. Many often come to us here at the Law Offices of Alice A. Salvo concerned over the office of a trustee having been vacated. If you are an interested party to a trust, then it may prove to be beneficial for you to understand the process followed to replace a trustee if you happen to encounter such as scenario.

Tax dispute over Tom Clancy’s estate settled by court

For those in Woodland Hills who have considerable assets to pass on to beneficiaries, one concern that they may want to address is estate taxes. In many cases, tax considerations are often overlooked in estate planning because one’s estate must reach several millions of dollars in value in order to meet the federal estate tax requirements. If one’s estate does warrant taxes being levied, then the issue of how they are paid could potentially cause tension amongst beneficiaries.

How much does probate cost?

If you have begun to look into estate planning in Woodland Hills, then you have likely heard the recommendation that you do what you can to avoid having your estate go into probate. The primary reason why so many may tell you to avoid probate is the financial cost that it can exact on your estate. This may inevitably prompt you to question exactly how much the probate process can cost.