“You Have Been Named as a Successor Trustee – Now What?” Lecture Series
This weekend I, W. Bailey Smith (The Trust Dr.) gave a free lecture on estate planning. I have created over 7,000 trusts and I am certified by the California Board of Specialization in Wills, Trusts, and Estates.
Some of the topics covered were:
• What are my duties as a Successor Trustee after Mom and Dad have died?
• What is the difference between the Executor and the Successor Trustee?
• How do I handle those assets that never get into the trust?
• How do I preserve the low property tax basis (Prop 13) for the children?
• What is a reasonable compensation for my Successor Trustee?
• How to avoid predators and creditors?
• How to avoid the in-laws that may become the “outlaws”
• How to keep the money in the family for generation after generation
• How to eliminate the voluntary 40% death tax at your parents’ passing?
• Why are the rentals owned by the LLC?
• The hazards of inheriting IRAs and the 50% penalty tax
• Why is it always wrong to leave assets to children outright, and free of trusts?
• What type of trust is it?
Thank you to everyone who attended! If you missed the lecture but would like to be sent the presentation materials, email me at bsmith@yourtrustdr.com, or call (949) 833-8891.
