Estate and Trust Administration For Dummies (eBook)

Margaret Atkins Munro, EA, is a tax advisor, writer, and lecturer with more than 30 years' experience in trusts, estates, family tax, and small business. Kathryn A. Murphy, Esq., is an attorney with more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.

Introduction 1

Part I: Getting Started with Estate and TrustAdministration 7

Chapter 1: Operating in a Fiduciary World 9

Chapter 2: Exploring the Ins and Outs of Estates 19

Chapter 3: Identifying Different Types of Trusts 31

Chapter 4: Assembling Your Team Members and Knowing When to UseThem 57

Part II: Administering an Estate 73

Chapter 5: Taking the First Steps after Death 75

Chapter 6: Navigating the Probate Process 91

Chapter 7: Marshalling and Liquidating Assets 109

Chapter 8: Paying the Debts, Expenses, Bequests, and Devisesfrom the Estate 133

Chapter 9: Closing the Estate 147

Part III: Operating a Revocable or IrrevocableTrust 157

Chapter 10: Understanding the Trustee's Duties 159

Chapter 11: Funding the Trust 171

Chapter 12: Investing the Trust's Assets and Paying ItsExpenses 183

Chapter 13: Paying Trust Beneficiaries 203

Chapter 14: Creating and Keeping Trust Records 217

Chapter 15: Terminating the Trust 231

Part IV: Paying the Taxes 241

Chapter 16: Preparing the Estate Tax Return, Part 1 243

Chapter 17: Preparing the Estate Tax Return, Part 2 263

Chapter 18: Filing Income Tax Returns for a Decedent, Estate, orTrust 287

Chapter 19: Weighing Income Tax Implications 311

Chapter 20: Reporting Tax Info on Schedule K-1 321

Part V: The Part of Tens 333

Chapter 21: Ten Pitfalls for the Unwary 335

Chapter 22: Ten Types of Taxes You May Have to Pay 343

Appendix A: Glossary 349

Appendix B: State-by-State Rules of Intestacy and Estate orInheritance Tax 359

Index 379