Post-Death Trust Administration Checklist (Revised 3.22.11)
This checklist was last revised March 22, 2011. On December 17, 2010, President Obama signed into law new estate tax legislation as part of The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“TRA 2010”). The bill retroactively reinstated the federal estate tax for 2010; increased the federal estate tax exemption to $5,000,000 per person; increased the federal gift tax exemption to $5,000,000 per person;…
Carico Johnson Toomey Partners Again Recognized In Southern California Super Lawyers For 2010 LOS ANGELES County
Only five percent of the lawyers in Southern California are named in Super Lawyers Magazine. The selections…
Estate Planning & Required Minimum Distributions
Effective estate planning for retirement benefits requires understanding rules created by the income tax laws mandating minimum distributions from the client’s retirement accounts. These income tax laws are found primarily in Internal Revenue Code 401(a) and Treasury Regulation 1.401(a)(9)-0 through 1.401(a)(9)-9. Proper planning also requires an understanding of the non-probate transfer rules under California law found in Probate Code 5010 through 5032. Finally, it necessitates an appreciation for the variety of estate…
CPA as Client Trustee: Is the Compensation Worth the Liability?
By Christopher D. Carico
Published: WebCPA, July 28, 2009
The family CPA is often the best choice as successor trustee of the family trust.
As a group, CPAs are highly educated, detail oriented, tax-sensitive and cost conscious. Since a trustee’s duties include preparing an annual accounting, filing yearly tax returns, monitoring trust investments and determining distribution amounts to be given to beneficiaries, CPAs ordinarily possess all the needed skills. While it may make the most…
Trusts & Estates: Escaping the LPS Revolving Door
California Trusts and Estates Quarterly, Volume 16, Issue 1, 2010
by Christopher D. Carico | Partner & James E. Spar, M.D.
An LPS conservatorship allows involuntary mental health treatment for individuals who are presently gravely disabled as a result of mental illness or chronic alcoholism.1 It is designed for individuals that cannot or will not voluntarily accept treatment. Contrary to popular opinion, it is not the only option for involuntary mental health treatment…Read More
Satisfying the UPIA through Professional Investment Advice and the Creation of the Investment Policy Statement
This article was originally published in California Trusts and Estates Quarterly, Volume 13, Issue 4, 2008
By Christopher D. Carico |Partner
The Uniform Prudent InvestorAct (“UPIA”) imposes complex investment requirements on private trustees.1 Estate planning attorneys protect trustee-clients by participating in the creation of a detailed investment policy statement (“IPS”), which documents the investment…Read More