[Dummies 01] • Estate and Trust Administration For Dummies · 2nd Edtion, 2nd Edition by Munro, Margaret A. -- Read -- Imperial Library of Trantor

Index

Cover Table of Contents Introduction

About This Book Conventions Used in This Book What You’re Not to Read Foolish Assumptions How This Book Is Organized Icons Used in This Book Beyond the Book Where to Go from Here

Part 1: Getting Started with Estate and Trust Administration

Chapter 1: Operating in a Fiduciary World

Identifying the Players Estate of Change: Delving into Estates Operating a Trust Paying Uncle Sam

Chapter 2: Exploring the Ins and Outs of Estates

Defining the Estate for Probate Administration Purposes Will Power: Understanding How a Will (Or No Will) Affects an Estate Taking a Look at Who Can Inherit Defining the Estate for Tax Purposes

Chapter 3: Identifying Different Types of Trusts

Differentiating for Income Taxes: Grantor versus Non-Grantor Trusts Creating Trusts during Lifetime and after Death Grasping Revocable Trusts Understanding Irrevocable Trusts Exploring Charitable Trusts Owning Subchapter S Shares in Trust

Chapter 4: Assembling Your Team Members and Knowing When to Use Them

Finding What You Need to Go It Alone Finding an Attorney Hiring a Tax Professional Considering Help from Other Pros Recognizing Malpractice

Part 2: Administering an Estate

Chapter 5: Taking the First Steps after Death

Addressing the Immediate Concerns When Someone Dies Arranging the Funeral Understanding How Death Changes Everything about the Decedent’s Assets Locating the Estate-Planning Documents Notifying Those Who Need to Be Notified Creating Calendars and Files

Chapter 6: Navigating the Probate Process

Filing the Last Will with the Probate (Or Equivalent) Court Figuring Out Whether Administration Is Necessary Deciding What Shape Your Probate Procedure Should Take Taking Important First Steps after Your Appointment Eyeing the Surviving Spouse’s Rights and Decisions Regarding Property

Chapter 7: Marshalling and Liquidating Assets

Understanding Why You Need to Determine What the Decedent Owned Observing the Obvious: Big-Ticket Items Tracking Down All the Other Assets Listing Personal and Household Effects Appraising the Property Contacting the Employer about Employee Benefits Locating and Collecting Insurance Proceeds Ascertaining Any Other Death Benefits Preparing and Filing the Probate Inventory Liquidating Assets

Chapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate

Determining and Paying Debts of the Decedent and Administration Expenses Informing Potential Beneficiaries of Their Right to Consider Disclaimer Segregating and Distributing Specific Property Dividing Other Personal Property Equitably Slicing Up the Residue

Chapter 9: Closing the Estate

Obtaining Tax Closing Letters Acquiring Releases of Lien for Real Estate Paying Final Administration Expenses Making Final Distributions to Residuary Beneficiaries Preparing and Filing Final Estate Income Tax Returns Readying Accounts for Allowance by the Probate Court

Part 3: Operating a Revocable or Irrevocable Trust

Chapter 10: Understanding the Trustee’s Duties

Getting Acquainted with the Trust Instrument Empowering the Trustee Coloring Inside the Lines: Understanding Fiduciary Duty and Limitations Protecting the Trust’s Assets Preparing and Filing Annual Income Tax Returns and Accounts

Chapter 11: Funding the Trust

Putting Assets in Trust during Life Signing It Over: Giving the Trust Asset Ownership Rolling Property into Trust after Death

Chapter 12: Investing the Trust’s Assets and Paying Its Expenses

Appreciating the Importance of Income and Principal in Trust Administration Using Investment Advisors Effectively Holding and Diversifying Assets Going Green in a Trust Looking to the Beneficiaries’ Needs Paying the Trust’s Expenses

Chapter 13: Paying Trust Beneficiaries

Notifying Beneficiaries of the Trust Determining Scheduled Distributions Distributing When the Beneficiary Reaches a Specific Age When Beneficiaries Request More Money: Paying Out Extra Distributions Making the Decision to Distribute Discretionally: Eyeing the Trust’s Terms

Chapter 14: Creating and Keeping Trust Records

Creating a Filing System Preparing an Initial Inventory and Valuing the Assets Compiling Records of All Transactions Producing Annual Trust Accounts

Chapter 15: Terminating the Trust

Distributing All Assets According to the Trust Instrument Submitting the Final Income Tax Returns Preparing Final Accounting and Obtaining Assents of All Remaindermen Dealing with Outliers after the Trust Terminates

Part 4: Paying the Taxes

Chapter 16: Preparing the Estate Tax Return, Part 1

Figuring Out Which Estates Must File Obtaining a Release from Personal Liability Understanding Some of the Nitty-Gritty Rules for Filing Form 706 Completing the Form 706, Pages 1–4 Being Ready for and Handling an Audit Getting an Estate Tax Closing Letter

Chapter 17: Preparing the Estate Tax Return, Part 2

Tackling the Most Common Schedules Knowing When to Ask for Help

Chapter 18: Filing Income Tax Returns for a Decedent, Estate, or Trust

Before You Begin: What You Need to Do Calculating the Income Deducing Deductions Answering the Questions on the Back of Page 2 (Form 1041)

Chapter 19: Weighing Income Tax Implications

Timing Payments In and Out of an Estate Investing to Minimize Income Taxes Introducing the Unearned Income Medicare Contribution (UIMC) Tax

Chapter 20: Reporting Tax Info on Schedule K-1

Understanding Schedule K-1 Allocating Types of Income on the K-1 Preparing Supplements to Schedule K-1 Creating Nominee Form 1099s

Part 5: The Part of Tens

Chapter 21: Ten Pitfalls for the Unwary

Failing to Terminate an Existing Real Estate Purchase and Sale Agreement Taking a Lump Sum Distribution from a Pension Plan, IRA, or Deferred Compensation Plan Creating a Feeding Frenzy When Splitting Personal Property Missing Court Deadlines Forgetting Tax Filing Deadlines Failing to Communicate with the Heirs and Legatees Exercising Poor Fiduciary Judgment Underestimating the Devotion Required Taking Nonsanctioned Shortcuts Paying from the Wrong Pocket

Chapter 22: Ten Types of Taxes You May Have to Pay

Federal Gift Tax Federal Estate Tax Generation-Skipping Transfer Tax State Inheritance or Estate Tax Estate and Trust Income Taxes (Federal and State) Decedent’s Final Federal and State Income Taxes Local Income Taxes Local Real Estate Taxes State Intangibles Taxes Excise Taxes

Appendix A: Glossary Appendix B: State-by-State Rules of Intestacy and Estate or Inheritance Tax Index About the Authors Connect with Dummies End User License Agreement

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