Los Angeles Estate Planning Tax Attorney Bruce Givner: Record ...

?Under California and federal laws, a trustee must make an accounting to beneficiaries, pay any required taxes, and file any necessary local, state, and federal reports,?? said Los Angeles Estate Planning Tax Attorney Bruce Givner.? ?Because of this duty,? continued the Los Angeles Estate Planning tax Attorney, ?trustees must keep complete and adequate records.?

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Legal Documents

?The first important legal document a trustee must keep is the original trust instrument,? said Estate Planning Tax Attorney Bruce Givner who also practices in Beverly Hills, Calabasas, and other areas of Los Angeles County.? ?The trustee must also keep all documents which amend the trust,? Givner added.? ?Furthermore, if the trust is revised from beginning to end, the trust restatement document must also be maintained.?? The trustee should also keep the original of any other legal document which affects the trust, such as tax documents, correspondence, promissory notes, asset purchase documents and evidence of titles, and any court matters.

Trustee?s Diary

A trustee should maintain a diary of all time the trustee spends handling trust business, and keep a record of trust expenses.? ?A trustee should also keep a record of all discretionary decisions made for the trust,? said Estate Planner Givner.? ?Each discretionary decision entry should include any professional advice obtained, as well as any information, documents or legal authority used to make the decision."

Financial, Asset, and Tax Documents

A trustee must keep all financial and asset documents, such as bank records, invoices, and appraisals.? Though trust beneficiaries have three years from receipt of an accounting to file any objection, the trust instrument can reduce the objection period to as little as 180 days.

Givner & Kaye focuses on sophisticated estate planning and asset protection plans in Beverly Hills, Calabasas, West Los Angeles, Hollywood, and other areas of Los Angeles County.? On the first and third Thursday of every month, Givner & Kaye hosts its MCLE & CE accredited series - "Thursday Insights."???On June 21stth, join Givner & Kaye for insights into ?The Five Most Common Business Frauds that Every Business Should Know.?? Call Los Angeles Tax Attorneys Givner & Kaye at (310) 207-8008 today.?

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