{"product_id":"estate-trust-administration-for-dummies-isbn-9781119543879","title":"Estate \u0026 Trust Administration For Dummies","description":"\u003cp\u003e\u003ci\u003eEstate and Trust Administration For Dummies, 2\u003csup\u003end\u003c\/sup\u003e Edition\u003c\/i\u003e (9781119543879) was previously published as \u003ci\u003eEstate and Trust Administration For Dummies, 2\u003csup\u003end\u003c\/sup\u003e Edition\u003c\/i\u003e (9781118412251). While this version features a new \u003ci\u003eDummies\u003c\/i\u003e cover and design, the content is the same as the prior release and should not be considered a new or updated product.\u003c\/p\u003e \u003cp\u003e         \u003c\/p\u003e \u003cp\u003e\u003cb\u003eYour plain-English guide to administering an estate and\/or trust\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAs more and more of the population reach senior ages—including baby boomers, many of whom do not have wills—an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of \u003ci\u003eEstate \u0026amp; Trust Administration For Dummies\u003c\/i\u003e guides you through the confusing process of administering an estate and\/or trust. \u003c\/p\u003e \u003cp\u003eSettling an estate and administering a trust can be complicated, messy, and time-consuming for individuals named as executor or trustee, most of whom have no previous experience with such matters. \u003ci\u003eEstate \u0026amp; Trust Administration For Dummies\u003c\/i\u003e shows you how to make sound decisions for your unique circumstances.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eGuides you through the confusing process of administering an estate and\/or trust\u003c\/li\u003e \u003cli\u003eProvides expert advice on unfamiliar estate and trust tax law\u003c\/li\u003e \u003cli\u003eGives you a practical checklist to follow for all of your estate and trust administration questions and concerns\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWhether you're looking for guidance on how to navigate the probate process and estate taxes, settle debts and bequests, fund a trust, comply with tax regulations, or anything in between, this hands-on, friendly guide takes away the mystery and provides detailed answers to all of your estate and trust administration questions.\u003c\/p\u003e \u003cp\u003e \u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction \u003c\/b\u003e\u003cb\u003e1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbout This Book 1\u003c\/p\u003e \u003cp\u003eConventions Used in This Book 2\u003c\/p\u003e \u003cp\u003eWhat You’re Not to Read 3\u003c\/p\u003e \u003cp\u003eFoolish Assumptions 3\u003c\/p\u003e \u003cp\u003eHow This Book Is Organized 3\u003c\/p\u003e \u003cp\u003ePart 1: Getting Started with Estate and Trust Administration 4\u003c\/p\u003e \u003cp\u003ePart 2: Administering an Estate 4\u003c\/p\u003e \u003cp\u003ePart 3: Operating a Revocable or Irrevocable Trust 4\u003c\/p\u003e \u003cp\u003ePart 4: Paying the Taxes 4\u003c\/p\u003e \u003cp\u003ePart 5: The Part of Tens 5\u003c\/p\u003e \u003cp\u003eIcons Used in This Book 5\u003c\/p\u003e \u003cp\u003eBeyond the Book 6\u003c\/p\u003e \u003cp\u003eWhere to Go from Here 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 1: Getting Started with Estate and Trust Administration\u003c\/b\u003e\u003cb\u003e 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: Operating in a Fiduciary World\u003c\/b\u003e\u003cb\u003e 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIdentifying the Players 10\u003c\/p\u003e \u003cp\u003eDetermining an estate’s fiduciaries 10\u003c\/p\u003e \u003cp\u003eKnowing who the trustees are 11\u003c\/p\u003e \u003cp\u003eLining up your team of advisors 13\u003c\/p\u003e \u003cp\u003eEstate of Change: Delving into Estates 13\u003c\/p\u003e \u003cp\u003eAltering the status quo 14\u003c\/p\u003e \u003cp\u003eProbating an estate 14\u003c\/p\u003e \u003cp\u003eCollecting the estate’s assets 14\u003c\/p\u003e \u003cp\u003ePaying expenses and making distributions 15\u003c\/p\u003e \u003cp\u003eTying up the estate’s loose ends 15\u003c\/p\u003e \u003cp\u003eOperating a Trust 15\u003c\/p\u003e \u003cp\u003eUnderstanding your duties as trustee 16\u003c\/p\u003e \u003cp\u003ePutting assets into trust 16\u003c\/p\u003e \u003cp\u003ePutting the trust to work 16\u003c\/p\u003e \u003cp\u003eDiscovering the purpose of the trust 16\u003c\/p\u003e \u003cp\u003eCompiling and organizing trust records 17\u003c\/p\u003e \u003cp\u003eBringing the trust to its conclusion 17\u003c\/p\u003e \u003cp\u003ePaying Uncle Sam 17\u003c\/p\u003e \u003cp\u003eCompiling the estate tax return 17\u003c\/p\u003e \u003cp\u003eFiguring out the income taxes 18\u003c\/p\u003e \u003cp\u003ePlanning an income tax strategy 18\u003c\/p\u003e \u003cp\u003eWhipping together Schedule K-1 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: Exploring the Ins and Outs of Estates\u003c\/b\u003e\u003cb\u003e 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining the Estate for Probate Administration Purposes 20\u003c\/p\u003e \u003cp\u003eWill Power: Understanding How a Will (Or No Will) Affects an Estate 21\u003c\/p\u003e \u003cp\u003eDying testate 21\u003c\/p\u003e \u003cp\u003eDying intestate 22\u003c\/p\u003e \u003cp\u003eTaking a Look at Who Can Inherit 23\u003c\/p\u003e \u003cp\u003eSurviving spouse 23\u003c\/p\u003e \u003cp\u003eIndividuals omitted from the decedent’s will (including intentional disinheritance) 25\u003c\/p\u003e \u003cp\u003eThe other players: Devisees and legatees 26\u003c\/p\u003e \u003cp\u003eHeirs-at-law 26\u003c\/p\u003e \u003cp\u003eDefining the Estate for Tax Purposes 27\u003c\/p\u003e \u003cp\u003eTransfer taxes 27\u003c\/p\u003e \u003cp\u003eOther taxes 30\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: Identifying Different Types of Trusts\u003c\/b\u003e\u003cb\u003e 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDifferentiating for Income Taxes: Grantor versus Non-Grantor Trusts 32\u003c\/p\u003e \u003cp\u003eGrantor trusts 32\u003c\/p\u003e \u003cp\u003eNon-grantor trusts 33\u003c\/p\u003e \u003cp\u003eIntentionally defective grantor trusts 33\u003c\/p\u003e \u003cp\u003eCreating Trusts during Lifetime and after Death 34\u003c\/p\u003e \u003cp\u003eTrusts created during lifetime 34\u003c\/p\u003e \u003cp\u003eTrusts created under a last will 35\u003c\/p\u003e \u003cp\u003eGrasping Revocable Trusts 35\u003c\/p\u003e \u003cp\u003eStill breathing: Living trusts 36\u003c\/p\u003e \u003cp\u003eTackling Totten Trusts 37\u003c\/p\u003e \u003cp\u003eGoing incognito: Nominee trusts 38\u003c\/p\u003e \u003cp\u003eUnderstanding Irrevocable Trusts 38\u003c\/p\u003e \u003cp\u003eMaking gifts to an irrevocable trust 39\u003c\/p\u003e \u003cp\u003eGetting the maximum tax benefit out of dying: Marital trusts 40\u003c\/p\u003e \u003cp\u003eProtecting the estate tax exemption: Credit shelter trusts 44\u003c\/p\u003e \u003cp\u003eGrandpa (or Grandma) knows best: Grandchildren’s trusts 45\u003c\/p\u003e \u003cp\u003eBetter safe than sorry: Insurance trusts 45\u003c\/p\u003e \u003cp\u003eIt’s only a name, not a description: Crummey trusts 47\u003c\/p\u003e \u003cp\u003eKeeping a finger in the pie: Grantor-retained interest trusts 48\u003c\/p\u003e \u003cp\u003eExploring Charitable Trusts 50\u003c\/p\u003e \u003cp\u003eSplit-interest charitable trusts 51\u003c\/p\u003e \u003cp\u003eNon-operating charitable foundations 52\u003c\/p\u003e \u003cp\u003eOwning SubChapter S Shares in Trust 53\u003c\/p\u003e \u003cp\u003eQualified SubChapter S Trusts (QSSTs) 53\u003c\/p\u003e \u003cp\u003eElecting Small Business Trusts (ESBTs) 54\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: Assembling Your Team Members and Knowing When to Use Them\u003c\/b\u003e\u003cb\u003e 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinding What You Need to Go It Alone 57\u003c\/p\u003e \u003cp\u003eFinding an Attorney 59\u003c\/p\u003e \u003cp\u003eKnowing where to look 59\u003c\/p\u003e \u003cp\u003eAsking the right questions 61\u003c\/p\u003e \u003cp\u003eDiscussing payment options 62\u003c\/p\u003e \u003cp\u003eFinalizing your decision 63\u003c\/p\u003e \u003cp\u003eWorking with your attorney 63\u003c\/p\u003e \u003cp\u003eHiring a Tax Professional 65\u003c\/p\u003e \u003cp\u003eDiscovering where to look 65\u003c\/p\u003e \u003cp\u003eDiscussing payment options 66\u003c\/p\u003e \u003cp\u003eConsidering Help from Other Pros 66\u003c\/p\u003e \u003cp\u003eDetermining whether you need an investment advisor 67\u003c\/p\u003e \u003cp\u003eObtaining appraisers where necessary 69\u003c\/p\u003e \u003cp\u003eConsulting with other miscellaneous pros 70\u003c\/p\u003e \u003cp\u003eRecognizing Malpractice 71\u003c\/p\u003e \u003cp\u003eSurveying why malpractice occurs 71\u003c\/p\u003e \u003cp\u003eCovering your ass ets 72\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 2: Administering an Estate\u003c\/b\u003e\u003cb\u003e 73\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Taking the First Steps after Death\u003c\/b\u003e\u003cb\u003e 75\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAddressing the Immediate Concerns When Someone Dies 76\u003c\/p\u003e \u003cp\u003eHonoring anatomical gifts 76\u003c\/p\u003e \u003cp\u003eHaving an autopsy performed 76\u003c\/p\u003e \u003cp\u003eArranging the Funeral 77\u003c\/p\u003e \u003cp\u003eMaking important decisions 77\u003c\/p\u003e \u003cp\u003eObtaining copies of the death certificate 82\u003c\/p\u003e \u003cp\u003eUnderstanding How Death Changes Everything about the Decedent’s Assets 83\u003c\/p\u003e \u003cp\u003eBank accounts and the need for funds 83\u003c\/p\u003e \u003cp\u003ePowers of attorney 84\u003c\/p\u003e \u003cp\u003eLocating the Estate-Planning Documents 84\u003c\/p\u003e \u003cp\u003eThe Last Will and testament (The Will) 84\u003c\/p\u003e \u003cp\u003eTrust agreements and amendments 85\u003c\/p\u003e \u003cp\u003eLetters of intent 86\u003c\/p\u003e \u003cp\u003eOther documents that dispose of property 86\u003c\/p\u003e \u003cp\u003eNotifying Those Who Need to Be Notified 86\u003c\/p\u003e \u003cp\u003eCreating Calendars and Files 89\u003c\/p\u003e \u003cp\u003eEyeing what kind of calendar to create 89\u003c\/p\u003e \u003cp\u003eSetting up a filing system 90\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Navigating the Probate Process\u003c\/b\u003e\u003cb\u003e 93\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFiling the Last Will with the Probate (Or Equivalent) Court 94\u003c\/p\u003e \u003cp\u003eFiguring Out Whether Administration Is Necessary 95\u003c\/p\u003e \u003cp\u003eDo you need a temporary executor? 95\u003c\/p\u003e \u003cp\u003eDo you need a special administrator? 97\u003c\/p\u003e \u003cp\u003eDetermining domicile 98\u003c\/p\u003e \u003cp\u003eAccessing ancillary administration 99\u003c\/p\u003e \u003cp\u003eDeciding What Shape Your Probate Procedure Should Take 100\u003c\/p\u003e \u003cp\u003eTaking small estate shortcuts 101\u003c\/p\u003e \u003cp\u003eTraveling the traditional probate route 103\u003c\/p\u003e \u003cp\u003eTaking Important First Steps after Your Appointment 107\u003c\/p\u003e \u003cp\u003eEyeing the Surviving Spouse’s Rights and Decisions Regarding Property 109\u003c\/p\u003e \u003cp\u003eExercising rights ahead of the provisions of the will 109\u003c\/p\u003e \u003cp\u003eElecting against the will 109\u003c\/p\u003e \u003cp\u003eClaiming dower 110\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Marshalling and Liquidating Assets\u003c\/b\u003e\u003cb\u003e 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Why You Need to Determine What the Decedent Owned 112\u003c\/p\u003e \u003cp\u003eObserving the Obvious: Big-Ticket Items 113\u003c\/p\u003e \u003cp\u003eThe bricks and mortar: Real estate 113\u003c\/p\u003e \u003cp\u003eThings that move: Cars, boats, and cycles 114\u003c\/p\u003e \u003cp\u003eSmall (and closely held) businesses 114\u003c\/p\u003e \u003cp\u003eTracking Down All the Other Assets 115\u003c\/p\u003e \u003cp\u003eReading the mail 116\u003c\/p\u003e \u003cp\u003ePerusing other personal papers 118\u003c\/p\u003e \u003cp\u003eFinding the hiding places 118\u003c\/p\u003e \u003cp\u003eEmptying the safe deposit box 119\u003c\/p\u003e \u003cp\u003eSleuthing for digital assets and info 120\u003c\/p\u003e \u003cp\u003eChecking over prior tax returns 121\u003c\/p\u003e \u003cp\u003eListing Personal and Household Effects 122\u003c\/p\u003e \u003cp\u003eAppraising the Property 123\u003c\/p\u003e \u003cp\u003eTangibles 124\u003c\/p\u003e \u003cp\u003eIntangibles 125\u003c\/p\u003e \u003cp\u003eReal estate 127\u003c\/p\u003e \u003cp\u003eContacting the Employer about Employee Benefits 127\u003c\/p\u003e \u003cp\u003eLocating and Collecting Insurance Proceeds 129\u003c\/p\u003e \u003cp\u003eAscertaining Any Other Death Benefits 130\u003c\/p\u003e \u003cp\u003ePreparing and Filing the Probate Inventory 132\u003c\/p\u003e \u003cp\u003eLiquidating Assets 132\u003c\/p\u003e \u003cp\u003eSelling stocks, bonds, and other securities 133\u003c\/p\u003e \u003cp\u003eDisposing of real estate 134\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate\u003c\/b\u003e\u003cb\u003e 135\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDetermining and Paying Debts of the Decedent and Administration Expenses 136\u003c\/p\u003e \u003cp\u003eFinding out how and when to pay claims 136\u003c\/p\u003e \u003cp\u003ePrioritizing payment 138\u003c\/p\u003e \u003cp\u003eDeclaring the estate insolvent 140\u003c\/p\u003e \u003cp\u003eInforming Potential Beneficiaries of Their Right to\u003c\/p\u003e \u003cp\u003eConsider Disclaimer 140\u003c\/p\u003e \u003cp\u003eSegregating and Distributing Specific Property 142\u003c\/p\u003e \u003cp\u003eTreading slowly before distributing 142\u003c\/p\u003e \u003cp\u003eMaking the distributions 143\u003c\/p\u003e \u003cp\u003eConsidering tangible property 144\u003c\/p\u003e \u003cp\u003eLooking at intangible property 144\u003c\/p\u003e \u003cp\u003eFulfilling bequests of specific dollar amounts 145\u003c\/p\u003e \u003cp\u003eDividing Other Personal Property Equitably 146\u003c\/p\u003e \u003cp\u003eBasing division on letter of intent 146\u003c\/p\u003e \u003cp\u003eCreating a system for heirs to choose 147\u003c\/p\u003e \u003cp\u003eDisposing of unwanted personal property 147\u003c\/p\u003e \u003cp\u003eSlicing Up the Residue 147\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: Closing the Estate\u003c\/b\u003e\u003cb\u003e 149\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eObtaining Tax Closing Letters 149\u003c\/p\u003e \u003cp\u003eAcquiring Releases of Lien for Real Estate 150\u003c\/p\u003e \u003cp\u003ePaying Final Administration Expenses 151\u003c\/p\u003e \u003cp\u003eMaking Final Distributions to Residuary Beneficiaries 152\u003c\/p\u003e \u003cp\u003ePreparing and Filing Final Estate Income Tax Returns 153\u003c\/p\u003e \u003cp\u003eReadying Accounts for Allowance by the Probate Court 153\u003c\/p\u003e \u003cp\u003eUsing the appropriate form of accounting 154\u003c\/p\u003e \u003cp\u003eFollowing the proper probate procedures 155\u003c\/p\u003e \u003cp\u003eRemembering filing fees 158\u003c\/p\u003e \u003cp\u003eAppointing a guardian ad litem, if needed 158\u003c\/p\u003e \u003cp\u003eFiling a military affidavit, if necessary 158\u003c\/p\u003e \u003cp\u003eNotifying the surety 158\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 3: Operating a Revocable or Irrevocable Trust\u003c\/b\u003e\u003cb\u003e 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: Understanding the Trustee’s Duties\u003c\/b\u003e\u003cb\u003e 161\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGetting Acquainted with the Trust Instrument 162\u003c\/p\u003e \u003cp\u003eCreating a plan based on the trust’s terms 162\u003c\/p\u003e \u003cp\u003eIdentifying the players 163\u003c\/p\u003e \u003cp\u003eReforming the trust 164\u003c\/p\u003e \u003cp\u003eEmpowering the Trustee 165\u003c\/p\u003e \u003cp\u003eBuying and selling assets 165\u003c\/p\u003e \u003cp\u003eDetermining distributions to beneficiaries 165\u003c\/p\u003e \u003cp\u003eHiring and firing advisors 167\u003c\/p\u003e \u003cp\u003eColoring Inside the Lines: Understanding Fiduciary Duty and Limitations 168\u003c\/p\u003e \u003cp\u003eExercising discretion 168\u003c\/p\u003e \u003cp\u003eObtaining errors and omissions insurance 169\u003c\/p\u003e \u003cp\u003eProtecting the Trust’s Assets 169\u003c\/p\u003e \u003cp\u003eDiversifying the assets 170\u003c\/p\u003e \u003cp\u003eAsking for help 170\u003c\/p\u003e \u003cp\u003ePreparing and Filing Annual Income Tax Returns and Accounts 171\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: Funding the Trust\u003c\/b\u003e\u003cb\u003e 173\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePutting Assets in Trust during Life 173\u003c\/p\u003e \u003cp\u003eSigning It Over: Giving the Trust Asset Ownership 174\u003c\/p\u003e \u003cp\u003eCash and securities 175\u003c\/p\u003e \u003cp\u003ePrivately held stocks, promissory notes, and limited partnership interests 177\u003c\/p\u003e \u003cp\u003eReal estate 178\u003c\/p\u003e \u003cp\u003eLife insurance policies 180\u003c\/p\u003e \u003cp\u003ePersonal and household property in trust 183\u003c\/p\u003e \u003cp\u003eRolling Property into Trust after Death 185\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: Investing the Trust’s Assets and Paying Its Expenses\u003c\/b\u003e\u003cb\u003e 187\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppreciating the Importance of Income and Principal in Trust Administration 188\u003c\/p\u003e \u003cp\u003eDefining principal and income 188\u003c\/p\u003e \u003cp\u003eDistinguishing between the two 189\u003c\/p\u003e \u003cp\u003eUsing Investment Advisors Effectively 191\u003c\/p\u003e \u003cp\u003eHolding and Diversifying Assets 192\u003c\/p\u003e \u003cp\u003eStocks 193\u003c\/p\u003e \u003cp\u003eBonds 193\u003c\/p\u003e \u003cp\u003eMutual funds 195\u003c\/p\u003e \u003cp\u003eCash needs 197\u003c\/p\u003e \u003cp\u003eReal estate 198\u003c\/p\u003e \u003cp\u003eSmall business stocks 198\u003c\/p\u003e \u003cp\u003eGoing Green in a Trust 199\u003c\/p\u003e \u003cp\u003eSocially conscious 200\u003c\/p\u003e \u003cp\u003ePolitically aware 200\u003c\/p\u003e \u003cp\u003eLooking to the Beneficiaries’ Needs 201\u003c\/p\u003e \u003cp\u003eAge 202\u003c\/p\u003e \u003cp\u003ePurpose of trust 202\u003c\/p\u003e \u003cp\u003ePaying the Trust’s Expenses 204\u003c\/p\u003e \u003cp\u003eTrustee’s fees 204\u003c\/p\u003e \u003cp\u003eInvestment advice 205\u003c\/p\u003e \u003cp\u003eAccounting fees 205\u003c\/p\u003e \u003cp\u003eTaxes 205\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13: Paying Trust Beneficiaries\u003c\/b\u003e\u003cb\u003e 207\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNotifying Beneficiaries of the Trust 208\u003c\/p\u003e \u003cp\u003eObtaining addresses and Social Security numbers 208\u003c\/p\u003e \u003cp\u003eVerifying dates of birth 209\u003c\/p\u003e \u003cp\u003eDetermining Scheduled Distributions 209\u003c\/p\u003e \u003cp\u003eFiguring out how much to pay 210\u003c\/p\u003e \u003cp\u003eCreating a payment schedule 213\u003c\/p\u003e \u003cp\u003eDistributing When the Beneficiary Reaches a Specific Age 214\u003c\/p\u003e \u003cp\u003eWhen Beneficiaries Request More Money: Paying Out Extra Distributions 215\u003c\/p\u003e \u003cp\u003eMaking the Decision to Distribute Discretionally: Eyeing the Trust’s Terms 217\u003c\/p\u003e \u003cp\u003eEnsuring health and well-being 217\u003c\/p\u003e \u003cp\u003ePaying for education 217\u003c\/p\u003e \u003cp\u003eBuying a home 218\u003c\/p\u003e \u003cp\u003eStarting a business 219\u003c\/p\u003e \u003cp\u003eUsing trustee discretion 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14: Creating and Keeping Trust Records\u003c\/b\u003e\u003cb\u003e 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCreating a Filing System 221\u003c\/p\u003e \u003cp\u003eGetting started: Organizing the right way 222\u003c\/p\u003e \u003cp\u003eKeeping the trust instrument handy 224\u003c\/p\u003e \u003cp\u003eCompiling correspondence 224\u003c\/p\u003e \u003cp\u003eFiling financial records 225\u003c\/p\u003e \u003cp\u003ePreserving annual accounts 225\u003c\/p\u003e \u003cp\u003eReferencing tax returns 226\u003c\/p\u003e \u003cp\u003ePreparing an Initial Inventory and Valuing the Assets 227\u003c\/p\u003e \u003cp\u003eArriving directly from the donor 227\u003c\/p\u003e \u003cp\u003eComing from the donor’s estate 228\u003c\/p\u003e \u003cp\u003eCompiling Records of All Transactions 228\u003c\/p\u003e \u003cp\u003eKnowing the difference between income and principal 228\u003c\/p\u003e \u003cp\u003eFiling income tax returns annually 229\u003c\/p\u003e \u003cp\u003eProducing Annual Trust Accounts 230\u003c\/p\u003e \u003cp\u003eAssembling the desired information 230\u003c\/p\u003e \u003cp\u003eObtaining assents of beneficiaries 232\u003c\/p\u003e \u003cp\u003eFiling with the probate court 232\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15: Terminating the Trust\u003c\/b\u003e\u003cb\u003e 235\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDistributing All Assets According to the Trust Instrument 235\u003c\/p\u003e \u003cp\u003eCalculating final income distributions 236\u003c\/p\u003e \u003cp\u003eHolding back funds for final taxes and fees 237\u003c\/p\u003e \u003cp\u003ePaying the remaindermen 238\u003c\/p\u003e \u003cp\u003eSubmitting the Final Income Tax Returns 240\u003c\/p\u003e \u003cp\u003eDetermining any final tax liability 241\u003c\/p\u003e \u003cp\u003eFiling a short-year return 241\u003c\/p\u003e \u003cp\u003ePreparing Final Accounting and Obtaining Assents of All Remaindermen 242\u003c\/p\u003e \u003cp\u003eFinally finishing a non-probate trust 242\u003c\/p\u003e \u003cp\u003ePolishing off a probate trust 243\u003c\/p\u003e \u003cp\u003eDealing with Outliers after the Trust Terminates 244\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 4: Paying the Taxes\u003c\/b\u003e\u003cb\u003e 245\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16: Preparing the Estate Tax Return, Part 1\u003c\/b\u003e\u003cb\u003e 247\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFiguring Out Which Estates Must File 248\u003c\/p\u003e \u003cp\u003eWho must file 248\u003c\/p\u003e \u003cp\u003eWho actually files Form 706 and when 249\u003c\/p\u003e \u003cp\u003eObtaining a Release from Personal Liability 250\u003c\/p\u003e \u003cp\u003eUnderstanding Some of the Nitty-Gritty Rules for Filing Form 706 251\u003c\/p\u003e \u003cp\u003eWhere and how to file 251\u003c\/p\u003e \u003cp\u003eHow to pay the tax 251\u003c\/p\u003e \u003cp\u003ePenalties for late filing, late payment, and understatement of valuation 252\u003c\/p\u003e \u003cp\u003eSignature and verification 253\u003c\/p\u003e \u003cp\u003eExtensions of time to file and pay tax 253\u003c\/p\u003e \u003cp\u003eSupplemental documents 255\u003c\/p\u003e \u003cp\u003eCompleting the Form 706, Pages 1–4 257\u003c\/p\u003e \u003cp\u003ePart 1: Decedent and Executor 257\u003c\/p\u003e \u003cp\u003ePart 2: Tax Computation 257\u003c\/p\u003e \u003cp\u003eSignature of executor(s) 259\u003c\/p\u003e \u003cp\u003eSignature of preparer other than the executor 259\u003c\/p\u003e \u003cp\u003ePart 3: Elections by the executor 259\u003c\/p\u003e \u003cp\u003ePart 4: General Information 262\u003c\/p\u003e \u003cp\u003ePart 5: Recapitulation 265\u003c\/p\u003e \u003cp\u003ePart 6: Portability of Deceased Spousal Unused Exclusion (DSUE) 265\u003c\/p\u003e \u003cp\u003eBeing Ready for and Handling an Audit 266\u003c\/p\u003e \u003cp\u003eGetting an Estate Tax Closing Letter 267\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17: Preparing the Estate Tax Return, Part 2\u003c\/b\u003e\u003cb\u003e 269\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTackling the Most Common Schedules 269\u003c\/p\u003e \u003cp\u003eFocusing on real estate: Schedule A 270\u003c\/p\u003e \u003cp\u003eIdentifying stocks and bonds: Schedule B 271\u003c\/p\u003e \u003cp\u003eAddressing mortgages, notes, and cash: Schedule C 276\u003c\/p\u003e \u003cp\u003eConsidering life insurance: Schedule D 277\u003c\/p\u003e \u003cp\u003eEyeing jointly owned property: Schedule E 278\u003c\/p\u003e \u003cp\u003eConsidering other property: Schedule F 279\u003c\/p\u003e \u003cp\u003eTouching on funeral and administration expenses: Schedule J 281\u003c\/p\u003e \u003cp\u003eRecording debts, mortgages, and liens: Schedule K 285\u003c\/p\u003e \u003cp\u003eListing net losses and such: Schedule L 286\u003c\/p\u003e \u003cp\u003eCovering bequests to a surviving spouse: Schedule M 287\u003c\/p\u003e \u003cp\u003eRecording charitable, public, and similar gifts and bequests: Schedule O 289\u003c\/p\u003e \u003cp\u003eKnowing When to Ask for Help 290\u003c\/p\u003e \u003cp\u003eListing transfers during life: Schedule G 290\u003c\/p\u003e \u003cp\u003eExercising powers of appointment: Schedule H 291\u003c\/p\u003e \u003cp\u003eConsidering annuities: Schedule I 291\u003c\/p\u003e \u003cp\u003eClaiming a credit for foreign death taxes: Schedule P 292\u003c\/p\u003e \u003cp\u003eGetting a credit for tax on prior transfers: Schedule Q 292\u003c\/p\u003e \u003cp\u003eGeneration-Skipping Transfer tax: Schedule R 292\u003c\/p\u003e \u003cp\u003eElecting a qualified conservation easement exclusion: Schedule U 293\u003c\/p\u003e \u003cp\u003eFiling a protective claim for refund: Schedule PC 293\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18: Filing Income Tax Returns for a Decedent, Estate, or Trust\u003c\/b\u003e\u003cb\u003e 295\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBefore You Begin: What You Need to Do 296\u003c\/p\u003e \u003cp\u003eObtain a federal tax ID number 296\u003c\/p\u003e \u003cp\u003eChoose a tax year-end 297\u003c\/p\u003e \u003cp\u003eCalculating the Income 298\u003c\/p\u003e \u003cp\u003eInterest 298\u003c\/p\u003e \u003cp\u003eDividends 299\u003c\/p\u003e \u003cp\u003eBusiness income 299\u003c\/p\u003e \u003cp\u003eCapital gains and losses 300\u003c\/p\u003e \u003cp\u003eIncome from rents, royalties, partnerships, and other estates and trusts 302\u003c\/p\u003e \u003cp\u003eFarm income or loss 303\u003c\/p\u003e \u003cp\u003eOrdinary gain or loss 303\u003c\/p\u003e \u003cp\u003eOther income 304\u003c\/p\u003e \u003cp\u003eDeducing Deductions 304\u003c\/p\u003e \u003cp\u003eInterest 305\u003c\/p\u003e \u003cp\u003eTaxes 306\u003c\/p\u003e \u003cp\u003eFiduciary fees 306\u003c\/p\u003e \u003cp\u003eCharitable deductions 307\u003c\/p\u003e \u003cp\u003eAttorney, accountant, and preparer fees 308\u003c\/p\u003e \u003cp\u003eMiscellaneous itemized deductions 308\u003c\/p\u003e \u003cp\u003eThe Income Distribution Deduction (Schedule B) 309\u003c\/p\u003e \u003cp\u003eThe estate tax deduction 311\u003c\/p\u003e \u003cp\u003eTaxes owed 311\u003c\/p\u003e \u003cp\u003eCredits 315\u003c\/p\u003e \u003cp\u003eAdditional taxes 316\u003c\/p\u003e \u003cp\u003eAnswering the Questions on the Back of Page 2 (Form 1041) 317\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19: Weighing Income Tax Implications\u003c\/b\u003e\u003cb\u003e 319\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTiming Payments In and Out of an Estate 320\u003c\/p\u003e \u003cp\u003eBenefitting from the estate’s fiscal year 320\u003c\/p\u003e \u003cp\u003eBalancing the estate’s taxable income against the beneficiary’s 321\u003c\/p\u003e \u003cp\u003eTiming the receipt of income 323\u003c\/p\u003e \u003cp\u003ePaying the ongoing expenses of the estate 323\u003c\/p\u003e \u003cp\u003eInvesting to Minimize Income Taxes 324\u003c\/p\u003e \u003cp\u003eLimiting the fiduciary’s income taxes 324\u003c\/p\u003e \u003cp\u003eProtecting the beneficiary 326\u003c\/p\u003e \u003cp\u003eIntroducing the Unearned Income Medicare Contribution (UIMC) Tax 327\u003c\/p\u003e \u003cp\u003eCalculating the tax 328\u003c\/p\u003e \u003cp\u003eLessening the tax’s impact 328\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20: Reporting Tax Info on Schedule K-1\u003c\/b\u003e\u003cb\u003e 331\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUnderstanding Schedule K-1 331\u003c\/p\u003e \u003cp\u003eGeneral information 332\u003c\/p\u003e \u003cp\u003eIncome items 335\u003c\/p\u003e \u003cp\u003eDeductions and credits 336\u003c\/p\u003e \u003cp\u003eAlternative minimum tax information 337\u003c\/p\u003e \u003cp\u003eAllocating Types of Income on the K-1 338\u003c\/p\u003e \u003cp\u003ePreparing Supplements to Schedule K-1 339\u003c\/p\u003e \u003cp\u003eShowing foreign tax allocations 339\u003c\/p\u003e \u003cp\u003eProviding state tax information 340\u003c\/p\u003e \u003cp\u003eCreating Nominee Form 1099s 340\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart 5: The Part of Tens 343\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21: Ten Pitfalls for the Unwary\u003c\/b\u003e\u003cb\u003e 345\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFailing to Terminate an Existing Real Estate Purchase and Sale Agreement 345\u003c\/p\u003e \u003cp\u003eTaking a Lump Sum Distribution from a Pension Plan, IRA, or Deferred Compensation Plan 346\u003c\/p\u003e \u003cp\u003eCreating a Feeding Frenzy When Splitting Personal Property 347\u003c\/p\u003e \u003cp\u003eMissing Court Deadlines 348\u003c\/p\u003e \u003cp\u003eForgetting Tax Filing Deadlines 348\u003c\/p\u003e \u003cp\u003eFailing to Communicate with the Heirs and Legatees 349\u003c\/p\u003e \u003cp\u003eExercising Poor Fiduciary Judgment 349\u003c\/p\u003e \u003cp\u003eUnderestimating the Devotion Required 350\u003c\/p\u003e \u003cp\u003eTaking Nonsanctioned Shortcuts 350\u003c\/p\u003e \u003cp\u003ePaying from the Wrong Pocket 351\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22: Ten Types of Taxes You May Have to Pay\u003c\/b\u003e\u003cb\u003e 353\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFederal Gift Tax 354\u003c\/p\u003e \u003cp\u003eFederal Estate Tax 354\u003c\/p\u003e \u003cp\u003eGeneration-Skipping Transfer Tax 354\u003c\/p\u003e \u003cp\u003eState Inheritance or Estate Tax 355\u003c\/p\u003e \u003cp\u003eEstate and Trust Income Taxes (Federal and State) 356\u003c\/p\u003e \u003cp\u003eDecedent’s Final Federal and State Income Taxes 356\u003c\/p\u003e \u003cp\u003eLocal Income Taxes 357\u003c\/p\u003e \u003cp\u003eLocal Real Estate Taxes 357\u003c\/p\u003e \u003cp\u003eState Intangibles Taxes 357\u003c\/p\u003e \u003cp\u003eExcise Taxes 358\u003c\/p\u003e \u003cp\u003eAppendix A: Glossary 359\u003c\/p\u003e \u003cp\u003eAppendix B: State-By-State Rules of Intestacy and Estate or Inheritance Tax 369\u003c\/p\u003e \u003cp\u003eIndex 401\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eMargaret Atkins Munro, EA,\u003c\/b\u003e has more than 30 years' experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. \u003cb\u003eKathryn A. Murphy, Esq.,\u003c\/b\u003e is an attorney with more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.   \u003c\/p\u003e\u003cul\u003e\t \u003cli\u003eNavigate estate and trust processes with ease\u003c\/li\u003e \u003cli\u003eFind simple explanations to help comply with tax regulation\u003c\/li\u003e \u003cli\u003eMake sense of unfamiliar  administration terms\u003c\/li\u003e \u003c\/ul\u003e  \u003cp\u003e\u003cb\u003eYour plain-English guide to managing an estate \u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003eAdministering an estate or a trust is a big responsibility. This practical, authoritative guide contains advice for handling estates and trusts, whether large or small, and will help you discover what powers you have as trustee, what duties you're expected to perform, and how to keep the necessary records. It also explains how to read and interpret documents, take care of a loved one's estate in the event he or she never created a will, and help the estate or trust avoid paying too much (or too little) in taxes.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eInside...\u003c\/b\u003e \u003c\/p\u003e\u003cul\u003e \u003cli\u003eGuidance on probate processes\u003c\/li\u003e \u003cli\u003eAdvice on liquidating assets\u003c\/li\u003e \u003cli\u003eThe duties of trustees\u003c\/li\u003e \u003cli\u003eFiling returns for a relative\u003c\/li\u003e \u003cli\u003eThe pitfalls of administration\u003c\/li\u003e \u003cli\u003eTips on finding expert help\u003c\/li\u003e \u003cli\u003eTen taxes you may have to pay\u003c\/li\u003e \u003c\/ul\u003e","brand":"For Dummies","offers":[{"title":"Default Title","offer_id":47989164900581,"sku":"NP9781119543879","price":29.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119543879.jpg?v=1761783054","url":"https:\/\/k12savings.com\/es\/products\/estate-trust-administration-for-dummies-isbn-9781119543879","provider":"K12savings","version":"1.0","type":"link"}