The authors understand that one book is unlikely to cover all situations. The estate is quite simple and this book helped me tremendously as I make the distributions to the very few beneficiaries. Chapter 16: Preparing the Estate Tax Return, Part 1. As Quoted… Career agents are often perceived, fairly or not, as representing one company and its products over the best interests of the client. This particular edition is in a Paperback format. This book defines basic terms- roles, types of trusts, steps available in asset and trust management, and the role and legal responsibilities a trustee faces.
Need to figure out if you, personally, have the skill and patience to administer a trust without professional help? Chapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate. The chapter on Navigating the Probate Process discusses the basics as well as small estate shortcuts that are available. They can vary significantly from one state to the other. It also helps me in handling day to day trust administration rather than paying an administrator to do that. All you need is a little help from Estate and Trust Administration For Dummies. The common-sense assistance this book provides will tell you if you should be doing this yourself in the first place.
I was particularly intrigued by the state by state compilation of the Intestacy Rules as well as deadlines for state estate taxes. But having faced the process of estate distribution after the death of a relative, I'm amazed by how much information the authors have covered in this book. Authors Munro and Murphy do a really good job at explaining what an estate and trust is, what the duties are for the administrator, and what to expect regarding estates and trusts. With 5 sections and 22 chapters, it might be an overwhelming task to try to read the entire book in one fell swoop. Using accessible language, they share both the common and unusual scenarios that personal representatives of an estate could face.
Executing an estate or a trust fund is a big responsibility. It requires patience and significant organizational skill. Chapter 7: Marshalling and Liquidating Assets. File together with the related tax return. Fail to appear and the courts often demand immediate compliance. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much or too little. It does not live up to it's title in my opinion.
The authors seem to understand how delicate family relationships can be at these emotionally charged times. You'll get help choosing and assembling a team of professional advisors, settling debts and paying bequests, operating a revocable or irrevocable trust, and making sound trust investment decisions. If you know very little about the responsibilities of forming and administering a trust, this book can help get you up to speed - as well as explain when you should seek additional advice from experts. I like the book so much because it goes through everything from the professionals you will need to hire to the tax issues. You can find most of this on Internet legal sites. A well organized estate plan, including trusts and other instruments, can go a long way to preserve peace of mind and peace in a family where there is a clean plan for assets, responsibilities duties , and benefits beneficiaries. Over the course of a lifetime, an individual might very well accumulate one or more homes, piles of possessions, stock investments, retirement accounts, and more including, in some cases, accompanying mounds of debt.
This book is therefore limited in its value to the audience identified above, and is not particularly useful for those engaged in estate planning planning their own estate , setting up trusts, identifying trustees, etc. Even though not every estate with assets over that amount will have an estate tax, those estates are still required to file. Then you you can contact your attorney. I start one errand, get side-tracked by a pretty tree or interesting store-front, and I forget the errand. The following table lists some of the most popular ones. The Appendix has a section on state-by-state rules, however those rules are constantly changing so you need the information applicable to your specific tax year.
Most importantly, the wishes of the deceased are honored and kept intact. It talks about understanding and extent of duties, how estates work, identifying different types of trusts yep, there's a lot of them! Need to settle an 'estate' outside that trust and wonder if you can take those assets through probate? It also shows you how to take care of a loved one's estate in the event that a will or trust was never created. The book also gives lists and steps that should be considered for the period immediately after a death including but not limited to organ donation, arranging a funeral, powers of attorney, locating the security deposit box, etc. A little dry, but the author does a good job of keeping the reader awake and engaged. Within those general categories is the kind of helpful advice which can provide reassurance when faced with the responsibility of administering trusts and estates. Settling 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.
But I can say, in a general manner, this book has prepared me to understand the basics of estate and trust administration. The book gives a helpful overview for a layperson and would supplement any assistance that you might get from an attorney and accountant. This authoritative, plain-English guide helps you understand and follow the rules that govern estates and trusts, ensure a smooth transfer of property, and manage fiduciary affairs in an orderly manner. These duties can be time consuming, expensive and nerve-wracking. The attorney-authors are experienced and know their Estate Law.
April 15 of the year following the year the gift was made. The subject itself is confusing enough, but jumping between the two subjects tends to make it more confusing rather than easier to understand. I'm sorry this review can't be more specific. All in all, the book is an excellent primer on the topic and I recommend it strongly for anyone who may become either an executor or a trustee. It also shows you how to take care of a loved one's estate in the event that a will or trust was never created. It is equally worth reading now.