Settle Industry Assets: Entertainment Residuals & Royalties
Burbank is the global hub for the entertainment industry. Many of our local clients are former employees of Disney, Warner Bros, or Universal, meaning their trusts often include residual income streams, creative royalties, and intellectual property.
As your Burbank trust settlement lawyer, we ensure these complex industry assets are correctly valued and allocated. Unlike a standard bank account, residuals require specialized accounting to distinguish between principal and income. We act as your legal guide to ensure you meet your fiduciary duties, preventing disputes with beneficiaries who may not understand the valuation of these long-term income streams.
The Heggstad Rescue: When Assets are Left Out
While trust administration is designed to stay out of the public eye, mistakes happen. If you discover that a loved one forgot to deed their home in Magnolia Park or Toluca Lake into the trust, you aren't necessarily forced into a full 18-month probate.
We specialize in Heggstad Petitions (Probate Code § 850) filed at the Stanley Mosk Courthouse in downtown Los Angeles. This allows the court to retroactively "fund" the trust, saving your family over $40,000 in statutory fees.
Proposition 19 Defense for Rancho District Homeowners
In 2025, the greatest risk for a Burbank trustee is the Proposition 19 property tax trap. If a child inherits a parent's home and does not move in as their primary residence within one year, the tax bill can jump from $4,000 to over $20,000 annually. We handle all filings with the Los Angeles County Assessor to ensure your family's low tax base is protected during the trust administration process.
Successor Trustee Deadlines & Requirements
| Action Required | Deadline | Filing Location |
|---|---|---|
| 16061.7 Beneficiary Notice | 60 Days | Direct Service |
| Notice to DHCS (Medi-Cal) | 90 Days | Sacramento, CA |
| Notice of Death of Owner | 150 Days | LA County Assessor |
| Inventory & Appraisals | 4-6 Months | Trustee Records |
| Prop 19 Exclusion | 12 Months | County Assessor |
Protecting Yourself from Personal Liability
Successor trustees in Burbank are often family members who do not realize they can be held personally liable for mistakes. If you distribute assets too early, fail to pay a valid creditor, or skip a formal accounting, beneficiaries can "surcharge" you—forcing you to pay damages out of your own pocket. We act as your legal shield, ensuring every step of the administration is documented and legally compliant.
Complete Burbank Trust Administration Services
- 16061.7 Notice Preparation - Proper service to all beneficiaries
- Entertainment Asset Valuation - Residuals, royalties, IP rights
- Step-Up in Basis Appraisals - Date of death valuations
- Prop 19 Filings - LA County Assessor coordination
- Trust Tax Returns - Form 1041 and final 1040
- Formal Accountings - Protect against surcharge claims
- Heggstad Petitions - Rescue unfunded assets
- Asset Distribution - Final transfer to beneficiaries
