What is the name of your state (only U.S. law)? California
An estate lawyer wrote up a Living Trust for my parents 18 years ago, with terms that upon the demise of my mother half of the estate should pass into a Children’s Fund, with grandchildren listed as beneficiaries.
Ten years ago, my mother passed away. At that time the total worth of the estate, which included 2 properties, was evaluated and half (which included one of the properties) was put into the Children’s Fund, with its own tax id. A new trust deed was recorded for the property into the Children’s Trust name.
The terms of the trust was reviewed then, and additional 2 times when changes were made by my father, until the time he passed away a year ago.
Upon his passing the rest of the terms of the Trust were enacted.
At that time, the lawyer then stated the details of the property which was part of the Children’s Trust, should have been sent into the Property Tax Board for reevaluation. This was not done. He stated that there was a strong possibility that now we would have to pay for 10 years of back taxes included penalties and interests.
Should it not have been the responsibility of the lawyer who wrote the Trust, revised the Trust twice, and administered the Trust with setting the up the Children’s Fund upon the demise of the first party to advise that the property of the Children’s Trust be reevaluation by the Property Tax Board at the time the property was put into Fund 10 years ago?
An estate lawyer wrote up a Living Trust for my parents 18 years ago, with terms that upon the demise of my mother half of the estate should pass into a Children’s Fund, with grandchildren listed as beneficiaries.
Ten years ago, my mother passed away. At that time the total worth of the estate, which included 2 properties, was evaluated and half (which included one of the properties) was put into the Children’s Fund, with its own tax id. A new trust deed was recorded for the property into the Children’s Trust name.
The terms of the trust was reviewed then, and additional 2 times when changes were made by my father, until the time he passed away a year ago.
Upon his passing the rest of the terms of the Trust were enacted.
At that time, the lawyer then stated the details of the property which was part of the Children’s Trust, should have been sent into the Property Tax Board for reevaluation. This was not done. He stated that there was a strong possibility that now we would have to pay for 10 years of back taxes included penalties and interests.
Should it not have been the responsibility of the lawyer who wrote the Trust, revised the Trust twice, and administered the Trust with setting the up the Children’s Fund upon the demise of the first party to advise that the property of the Children’s Trust be reevaluation by the Property Tax Board at the time the property was put into Fund 10 years ago?