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Las Vegas Estate Planning Attorneys

Leavitt & Leavitt, PLLC

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Does the Trust Administration process take a long time?

To summarize the process, trust administration can be broken into five basic steps:

  1. Inventory assets
  2. Determine estate tax
  3. Division of trust assets
  4. File the Federal and State tax forms
  5. Distributions to beneficiaries

Although the trust administration process seems relatively straightforward, there are several reasons it can sometimes be drawn out over several months or even years. The first step, the inventory of assets, must be completed before the trust administration can begin, and this can be difficult to complete depending upon the prior organization and the size and complexity of the decedent’s assets. Next, the 706 estate tax return must be filed within 9 months, or 15 months if an extension is filed. Often, it is prudent to wait until the last minute to file this form. If the spouse of the decedent is in failing health and may pass away before the deadline, then both 706 forms can be used to maximize tax advantages to the estate. The final step, asset distribution, cannot take place until the 706 has been filed, and even then should not take place until the “Closing Letter” is received from the IRS certifying acceptance of the 706 return. This closing letter will take a minimum of 6 to 8 months, and as long as 3 years, to arrive after the 706 is filed. In addition, there may be a state estate or inheritance tax return required, even if a federal return is not required.

About Allen Leavitt

Allen Leavitt was raised in Las Vegas, Nevada. Allen attended University of Nevada-Las Vegas, where he received a bachelor’s degree in Business Administration and Economics in 2006. Then, wanting to couple his business degree with a law degree, Allen attended William S. Boyd School of Law at UNLV. Allen is licensed to practice in all Nevada Courts.

Where we are

Leavitt & Leavitt, PLLC
7251 W. Lake Mead Blvd. Suite 300
Las Vegas, NV 89128
United States (US)
Phone: (702) 562-4069
Email: info@leavittleavitt.com

Opening Hours

Monday8:30 AM - 6:00 PM
Tuesday8:30 AM - 6:00 PM
Wednesday8:30 AM - 6:00 PM
Thursday8:30 AM - 6:00 PM
Friday8:30 AM - 6:00 PM

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