Fullerton California online Form 56 2022-2025

Fullerton California online Form 56: What You Should Know

OMB Contact Person: Eileen McFarland Fiduciary Duties The fiduciary duty of a trustee for the benefit of a client is the responsibility to act in the client's best interest, for the protection of the interest of the client, and with due care, skill and prudence. The fiduciary duty is established by Section 6103 of the Code. Section 6103 — Fiduciary Duty for Trustee A trustee is a fiduciary for the benefit of his or her client. ... a fiduciary has no duty to promote the client's interests if the trustee does not do what the client wants, expects, and needs. ... [a fiduciary] has no duty or right of action or inaction, except as provided in this title, to promote the interests of the client .... Fiduciary Duty to Minimize Tax and Pay All Liabilities (CT:VISA-1; 10-24-2016) Section 6101(b) provides a fiduciary with a defense for certain transactions involving property and assets. The primary objective of this defense is to avoid the imposition of the tax. It also allows for the payment of income tax if the transaction is not a constructive receipt and a “controlled transaction” that is the most beneficial to the trustee and the client. If the fiduciary can show that the transaction: Is “reasonable in relation to its value” Contains “reasonable amounts” of property or property income. Does not benefit the client at the expense of the trustee. Limitations on Fiduciary Duties There are certain circumstances that can limit a trustee's duty. (1) Rule 2-04 of the Code: A fiduciary is not bound by any order of the Secretary of the Board of Trustees if that order: Does not bind the fiduciary in the same way it binds the trustee. Does not require a trustee to act in a specific way. (2) Section 6103(g) and (p) of the Code: Sections 6103(g) and (p) govern certain transactions between the trustee and one or more of the client's beneficiaries. When the beneficiaries of a trustee are in a fiduciary relationship with the trustee, the trustees cannot benefit the client at the expense of the beneficiary or the trustee.

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