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Estate and Trust Administration For Dummies, 2nd Edition (9781119543879) was previously published as Estate and Trust Administration For Dummies, 2nd Edition (9781118412251). While this version features a new Dummies cover and design, the content is the same as the prior release and should not be considered a new or updated product.
Your plain-English guide to administering an estate and/or trust
As 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 Estate & Trust Administration For Dummies guides you through the confusing process of administering an estate and/or trust.
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. Estate & Trust Administration For Dummies shows you how to make sound decisions for your unique circumstances.
* Guides you through the confusing process of administering an estate and/or trust
* Provides expert advice on unfamiliar estate and trust tax law
* Gives you a practical checklist to follow for all of your estate and trust administration questions and concerns
Whether 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.
List of contents
Introduction 1
Part 1: Getting Started with Estate and Trust Administration 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 Use Them 57
Part 2: Administering an Estate 73
Chapter 5: Taking the First Steps after Death 75
Chapter 6: Navigating the Probate Process 93
Chapter 7: Marshalling and Liquidating Assets 111
Chapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate 135
Chapter 9: Closing the Estate 149
Part 3: Operating a Revocable or Irrevocable Trust 159
Chapter 10: Understanding the Trustee's Duties 161
Chapter 11: Funding the Trust 173
Chapter 12: Investing the Trust's Assets and Paying Its Expenses 187
Chapter 13: Paying Trust Beneficiaries 207
Chapter 14: Creating and Keeping Trust Records 221
Chapter 15: Terminating the Trust 235
Part 4: Paying the Taxes 245
Chapter 16: Preparing the Estate Tax Return, Part 1 247
Chapter 17: Preparing the Estate Tax Return, Part 2 269
Chapter 18: Filing Income Tax Returns for a Decedent, Estate, or Trust 295
Chapter 19: Weighing Income Tax Implications 319
Chapter 20: Reporting Tax Info on Schedule K-1 331
Part 5: The Part of Tens 343
Chapter 21: Ten Pitfalls for the Unwary 345
Chapter 22: Ten Types of Taxes You May Have to Pay 353
Appendix A: Glossary 359
Appendix B: State-by-State Rules of Intestacy and Estate or Inheritance Tax 369
Index 401
About the author
Margaret Atkins Munro, EA, 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.
Kathryn A. Murphy, Esq., is an attorney with more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.
