Administering Historic Assets in Rossmoyne & Verdugo Woodlands
Glendale is home to some of the most beautiful historic real estate in the San Fernando Valley. Whether the trust property is a Spanish Colonial in Rossmoyne or a mid-century estate in Glenoaks Canyon, the "Step-up in Basis" at the time of death is a critical tax advantage. We coordinate with local Glendale appraisers to ensure the Date of Death Value is documented correctly, potentially saving heirs hundreds of thousands in future capital gains taxes.
As your Glendale trust settlement lawyer, we provide the technical precision required by the Stanley Mosk Courthouse and the Los Angeles County Probate Division. While trust administration is designed to be a private process, any administrative errors can trigger a lawsuit that forces the trust into a public and expensive court battle.
Proposition 19: The Property Tax Threat for Glendale Heirs
If you are administering a trust that includes a primary residence in Glendale, you are on a strict clock. Under California Proposition 19, if the children do not move into the parent's home as their primary residence within 12 months, the property tax will be reassessed to market value. On a $1.2M Glendale home, this could mean annual taxes jumping from $3,000 to $15,000 permanently. We specialize in "Prop 19 Defense," ensuring all filings with the LA County Assessor are completed accurately to protect the family legacy.
Trustee Personal Liability Protection
Successor trustees in Glendale are often family members who do not realize they can be held personally liable for mistakes. Common errors like distributing assets too early, missing the Medi-Cal (DHCS) notification deadline, or failing to provide a formal accounting can lead to surcharges. Our firm acts as your legal shield, ensuring every step of the trust administration process is handled with 100% legal compliance.
The Heggstad Rescue: When Assets are Left Out
Did you find a Glendale property that was never formally transferred into the trust? Before you file for a full 18-month probate, let us evaluate if we can file a Heggstad Petition (Probate Code § 850). We have successfully rescued millions in Glendale real estate by asking the court to retroactively "fund" the trust, saving heirs significant time and money. These petitions are filed at the Stanley Mosk Courthouse in downtown Los Angeles.
Critical Trustee Deadlines for Glendale Estates
Missing these statutory deadlines can expose you to personal liability:
- 60 Days: Serve 16061.7 Notice to all beneficiaries and heirs
- 90 Days: Notify DHCS (Medi-Cal) if applicable
- 150 Days: File Notice of Death with LA County Assessor
- 12 Months: Prop 19 exclusion deadline for primary residence
- Immediate: Obtain Trust Tax ID (EIN) from IRS
