Prague & Prague Law LLP manages all aspects of probate, estate and trust administration. We work with families and fiduciaries to ensure the decedent’s wishes are properly carried out. We recognize the challenges faced upon the loss of a loved one and thus strive to make the probate and administration process less daunting and more manageable for those responsible for administering the estate and/or trust. Our experienced attorneys navigate clients through the probate process, attend to ongoing administration matters, advise on post-mortem estate tax reduction and income tax planning, and prepare estate and income tax returns, as further described below. We will cater to your particular needs and are well equipped to handle any or all of these matters.
Probate & Estate Administration: If the decedent owned assets individually at the time of his or her demise, such assets are generally subject to the probate process, whereby a Personal Representative must be appointed by the applicable probate court before the probate estate can be administered. We routinely handle probate court filings and proceedings to secure the appointment of a Personal Representative of the estate, along with the gathering and valuing of estate assets, payment of debts and expenses, preparation of inventories and accountings, compliance with notice requirements, and completion of timely distributions to the beneficiaries. We work with Personal Representatives to ensure compliance with fiduciary standards and responsibilities. We also work directly with beneficiaries of retirement accounts, life insurance policies, and annuities to advise them on transfer/settlement options and the tax consequences of those various options.
Trust Administration: Trust Administration involves the management of trust assets by a Trustee on behalf of the beneficiaries. The Trustee is responsible for holding, managing, and distributing the trust assets in accordance with the terms of the trust document. We counsel Trustees regarding their responsibilities and fiduciary duties, assist with the preparation of trust accountings, and facilitate coordination with the Personal Representative on any overlapping estate and trust administration matters.
Tax Matters: We counsel our clients on post-mortem estate tax reduction and income tax planning opportunities to maximize the after-tax benefit to the heirs. We additionally prepare federal and state fiduciary income tax returns, along with federal and state estate tax returns. In conjunction with our preparation of estate tax returns, we secure the release of the automatic estate tax lien imposed on the decedent’s real property by either facilitating the issuance of the appropriate release of lien forms from the relevant taxing authorities or preparing requisite affidavits, as applicable.
Fiduciary Services: Upon request, our attorneys serve as fiduciaries such as professional Trustee or Personal Representative in order to facilitate efficient administration of the trust or estate, while at the same time ensuring that the client’s wishes are properly carried out.