[WSBAPT] division of RLT a little late...

[Melinda Grout]

Good morning all.

Client has 1996 RLT that requires division into a Survivors Trust and Credit Shelter Trust.  The deceased spouse grantor/trustee died in 1999, but the survivor (client) never  divided into two trusts.  Also, another attorney did an Addendum in 2005, addressing only the Sections regarding the Survivor’s Trust, without addressing the necessary division either way.  There was/is pretty valuable real estate involved, which was much less valuable up until this past couple of years when some was subdivided and sold to a developer, and the remainder is going through the same process now.  Client now wants to amend, again, the terms of distribution of the RLT.  Am I correct that the division of trusts needs to be addressed before simply creating a Second Addendum? 

Is this essentially and initially a referral to a CPA to address past due and current returns, computing the division including factors re basis, etc, other tax implications, and help setting up a separate account?  It seems with the real estate doing what it has done, and is about to do, there is complexity to this that may be far above my pay grade.   Is this a complex matter best referred to someone who regularly handles these, and if so, who is doing this type of work?   I would truly appreciate some guidance.

Melinda
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