Trust Administration
When you are considering a trust for yourself, estate, or family member, or you wish to serve as a trustee with fiduciary responsibilities, seeking experienced legal advice is essential not only for proper administration, but for your security and peace of mind. Family trustees often lack the time and resources to handle this responsibility without legal support.
At Moschella & Winston, LLP, we have performed trust administration and provided trust fiduciary management services for over 30 years. Our attorneys have the expertise to assist you with all of your legal needs. We can also help you choose the best trust tool for your unique situation, draft the trust, prepare your trust for ease of administration, and ensure proper documentation, funding and accounting. We can guide and assist you in managing the trust administration process and fulfilling your trustee responsibilities.
Our attorneys are experienced in advising Trustees and beneficiaries on trusts created by others and frequently serve as a professional Trustee in cooperation with family Trustees and as sole or successor Trustee. We counsel clients who are concerned about a child’s interest in a trust being protected if there is a divorce, credit problem, or special need, as well as on how to manage the trust. Often families want to ensure that trusts are administered to protect blood lines and future generations, and our attorneys are well-versed in these legal matters. We also can assist you with choosing an experienced investment advisor and adequately funding your trust, two critical factors in successful trust administration, especially if there are circumstances involving special needs or disabilities.
Special Needs Trusts have complex provisions and unique administration and reporting requirements, often involving public benefit agency approval and monitoring. The Supplemental Security Income (SSI) and Medicaid programs in particular have stringent rules that regularly change and can be difficult to navigate. Regulations can vary by jurisdiction and may require periodic accountings to the agencies. At Moschella & Winston, partner Neal Winston is President-Elect of the Special Needs Alliance, a national invitational organization of special needs trust experts, and he can provide advice for public benefit programs in Massachusetts, as well as referrals to attorneys in other states.
Traditional corporate or bank trustees often avoid managing special needs trusts due to the amount funded in the trust, as well as the sensitivity and difficulties encountered when working with disabled individuals and public benefit programs. In these cases, families can turn to Moschella & Winston for the personal services of our attorneys serving in the trusted capacity as trustee or advisor.
The duties associated with trust administration include determining beneficiary needs, investing trust assets, considering public benefits eligibility, making proper distributions, filing tax returns, and generally enforcing trust provisions according to fiduciary law. Trustees have a significant responsibility to adhere to the law, protect beneficiaries’ best interests, and perform fiduciary duties faithfully and prudently, especially with the investment of trust monies. Without proper legal guidance, this burden can be both overwhelming and present a significant exposure to liability. Our lawyers have the expertise to perform or guide you safely through trust administration, easing your burden and liability.
Moschella & Winston is committed to providing you with unparalleled service and support, and our experienced attorneys are readily available to address all of your legal concerns with the utmost diligence, respect, and care. If needed, we have a Certified Public Accountant available who is experienced in trust administration to prepare your required tax filings. Our specially trained staff can effectively and efficiently provide regular management and bill paying services. Let us guide you every step of the way through trust administration, leveraging our experience and resources to simplify your fiduciary responsibilities and provide you peace-of-mind. Contact us to schedule an initial consultation.