Download Estate and Trust Administration For Dummies by Margaret Atkins Munro, Kathryn A. Murphy PDF

By Margaret Atkins Munro, Kathryn A. Murphy

Your plain-English consultant to administering an property and/or trust

As a growing number of of the inhabitants succeed in senior ages—including child boomers, a lot of whom wouldn't have wills—an expanding variety of everyone is being thrust into the function of executor, administrator, own consultant of an property, or trustee of a belief after the loss of life of a family member. This up-to-date variation of Estate & belief management For Dummiesguides you thru the complicated strategy of administering an property and/or trust.

Settling an property and administering a belief should be complex, messy, and time-consuming for people named as executor or trustee, so much of whom haven't any past event with such concerns. Estate & belief management For Dummies indicates you the way to make sound judgements to your specific circumstances.

  • Guides you thru the complicated means of administering an property and/or trust
  • Provides professional suggestion on unexpected property and belief tax law
  • Gives you a realistic list to persist with for your whole property and belief management questions and concerns

Whether you are looking for suggestions on tips to navigate the probate technique and property taxes, settle bills and bequests, fund a belief, conform to tax laws, or something in among, this hands-on, pleasant advisor takes away the secret and offers distinct solutions to your entire property and belief management questions.

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Additional resources for Estate and Trust Administration For Dummies

Example text

Citizen. If your spouse isn’t a citizen, the exclusion amount in 2008 is $125,000, adjusted periodically for inflation. ✓ Tuition and medical expenses paid for someone else: Just make sure that you write the checks directly to the school, the hospital, or the doctor. If you make a mistake and write the check to your deserving niece or nephew directly, even if he or she turns right around and pays tuition, that gift isn’t unlimited, and you may find you’ve just made a gift that requires a gift tax return (Form 709), or even worse, a gift tax return and a gift tax.

Staying on top of your recordkeeping means never finding yourself buried in an avalanche of paper you’re not quite sure what to do with. Chapter 14 tells you how to maintain the trust’s records with a minimum of fuss and bother. Bringing the trust to its conclusion Trusts sometimes seem to go on forever, but the day (usually) eventually comes when all trusts must come to an end. When that day comes for the trust you’re administering, you need to know how to tie up all the loose ends neatly, like preparing and filing the final tax returns and accounts and making the final distributions of the remaining income and assets.

And one of the lynchpins of the entire transfer tax system is that every person is entitled to transfer a portion of his or her estate to another person or entity without paying any tax on the transfer. In fact, the sheer amount of different types of trusts makes the possibilities for their use almost endless. Not to worry though. You don’t need to memorize all this information. Just know that this chapter takes you on a tour of some of the more popular types of trusts and trustees and shows you how to determine what type of trust you’re holding.

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