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Trust Administration

Trust Administration

The following is a brief outline of a process we have developed to help families save time, money and taxes with the trust administration process.

GATHERING THE ESTATE

The first meeting will focus on gathering all of the pertinent information about the decedent, the estate documents, and financial data. We will discuss the preliminary information available, its relevancy and explain the process ahead.

EVALUATION

Before going further, we will review your existing estate documents, including both the financial and property information. The number and nature of these estate documents and any other related legal documents determine the complexity of the estate’s administration.

INITIAL VISIT

Next we will meet with the successor trustee and/or other family members to discuss the legal documents and asset structure of the estate. Following detailed overview of the estate administration process, and in-depth conversation, we will come to understand the family’s dynamics, needs and desires.

Based on what we learn, recommendations– including all fees, deadlines, and responsibilities will be presented. We will outline the tasks that lie ahead so that family members understand each step and the approximate time line. Dennis Sullivan and Associates will transform complex financial and emotional considerations into a workable and understandable plan.

ENGAGEMENT
UNDERSTANDING THE PROGRESSION

Upon engagement, the Trustee will become our client and signs the initial administration documents. We will provide the Trustee with a Trustee’s Estate Administration Binder. This binder contains a tabs detailing the engagement agreement agendas for each of the upcoming meetings and copies of all relevant correspondence and other related documents.

CREATING TRUSTEE’S AUTHORITY

Prepare and explain the necessary documents the Trustee needs to acquire the legal authority to act on behalf of the estate. After signing these documents and with this authority, the Trustee is empowered to send the required notices to beneficiaries, family members, financial institutions, and appropriate governmental agencies. A tax and accounting professional maybe engaged for the process of gathering, charting, and determining the character and value of each asset, as well as determining the applicable income and estate tax issue.

ANALYZING AND TESTING

The Estate Administration Attorney meets with the accountant and financial advisor to create a plan for the allocation, distribution, or division of the assets. The plan must balance the dictates of the estate’s documentation, the Trustee’s fiduciary objectives, and tax advantages, and the family’s desires.

PRESENTING THE PRELIMINARY PLAN

We will take the Trustee step-by-step through the preliminary planning design and record every reaction, critique, and idea in order to further tailor the plan. The collaborative team of advisors explains the tax and practical ramifications of the different options.

BUILDING THE PLAN

The Preliminary Plan is then enhanced by the Trustee’s input. Through the use of narratives, graphs, charts, models, and schedules, our team guides every aspect of the Estate Administration Plan into a final, easy-to-understand form.

IMPLEMENTATION

We will review and confirm all aspects of the plan with the Trustee who signs documentation in order to begin the implementation process. We will assign every detail of the plan to the appropriate advisors for immediate action. Each advisor provides the Trustee with detailed plan and implementation schedule. Use the Administration Account Report to track your progress.

CONFIRMATION

We will provide the Trustee with details showing that the process of administering the estate has been successfully completed. Possible estate planning needs of the beneficiaries are reviewed. All outstanding questions are answered.

For more information please call 781-237-2815.

What Our Clients Experience

  • C.C. Dedham, MA

    My daughter was acquainted with Greta Atchinson, so when I had a need I naturally went to them. Both Greta and Dennis Sullivan have treated me wonderfully well! I’ve been very satisfied with the trust they did for me. Greta and Dennis were polite, caring and compassionate. They were very well prepared and helpful. I never felt rushed. I knew I needed to do something but didn’t know what. It was a great decision to go there. They were of tremendous help! Plus as a member of their Lifetime Protection Program I know they’re looking after me, plus whenever I have a question I can call them. I would absolutely recommend their services.

  • Mary McKernan, Needham, MA

    I’m extremely satisfied with the work that was done for my husband and me. Greta and the entire staff are always very helpful and nice. I’d initially found out about the Dennis Sullivan law firm when I was getting ready to retire and received a flyer from the state of Massachusetts that had various information on it. They are great people to know! We go in once a year now for a check-up that they provide. This keeps us very well informed about any developments, plus they answer all of my questions. The Sullivan group gets my highest recommendation!

  • C.B. Wellesley, MA

    We’re very pleased with the estate planning work that was done for us. My husband and I were very comfortable using their services. We originally went to one of their seminars, liked what we heard, and then came in for a consultation. I would definitely recommend going to see the people at Sullivan and Associates!

  • Mike McInerney, Framingham MA

    These people get things done! They got results in a number of different areas for me, such as estate planning, plus they’re still working with me and the state of Massachusetts in some matters involving my late wife. I first became acquainted with the Estate and Asset Protection Law Center of Dennis Sullivan & Associates a few years back. I’d seen an ad in the newspaper and went to one of Dennis’ free seminars, and then booked a consultation with him. He is very informative! Everyone there is very friendly, knowledgeable, and helpful. They are very accommodating people who get things well taken care of. I highly recommend their services!

  • J.S., Boston, MA

    I’m pleased to say they are my law firm! They’ve been very helpful to me over the years. I especially like the fact that they do a yearly check on all of my legal documents. This is a very viable service because things can change over time, and it’s good to know that I’m always current. This is very important, and I appreciate that they do this. These people do good work; they do things right!

  • H.S. Concord, MA

    Everything has gone fine. We first became familiar with the Sullivan Law Firm when we attended one of their seminars, and then made an appointment to come in for a consultation. We’ve been clients ever since. I appreciate that they continue to do a yearly review for us and advise us if we need to make any changes. As the saying goes, it’s good to have your ducks in a row! Everyone there has treated us wonderful. They are a very good group of people.

  • Noel Thyson, Winchester, MA

    I’m very satisfied with what the legal staff has done for me. Interestingly, an attorney I was using for another matter wound up recommending the Estate Planning and Asset Protection Law Center of Dennis Sullivan & Associates. I like the fact that they provide you with useful information, and quick answers. They treat you with dignity and respect. I highly recommend you go see them.

  • Matt DePalo, CPA., Natick

    The experience has been excellent. I am extremely satisfied with the Lifetime Protection Program.

  • I.C., Framingham

    The team at Dennis Sullivan & Associates is very helpful and knowledgeable. Everyone is pleasant and easy to do business with. I don't feel uncomfortable coming in. I interviewed four other attorneys...I'd rather come to you.

  • E.L., Lynn

    Thank you, Dennis, for your expert and caring assistance you have shown to me and my family. It was a trying and confusing process that needed a pro to guide us.

  • C.&J. K., Hopedale

    Thank you for all your hard work and dedication. We appreciate the promptness with which you handled our difficult situation.

  • B.S., Wayland

    We have told friends of our experience with Dennis Sullivan & Associates. We feel it has been very positive and beneficial.

  • Andy St. James, Holliston

    Dennis provided strong direction and guidance in developing and implementing a lifetime protection plan.

  • D.M. Framingham, MA

    We were very comfortable working with you and thank you for your patience in educating us about a process which frankly was quite foreign to us. We are pleased with the outcome and are pleased to recommend you to friends.

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