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Administering an estate or a trust is a big responsibility. This practical, authoritative guide contains advice for handling estates and trusts large or small, offering solid advice on reading and interpreting documents, and helping anyone involved in an estate or trust avoid paying too much, or too little, tax and other administrative expenses. It also shows you how to take care of a loved one's estate in the event he or she never created a will or other estate planning documents.
Understand and follow the rules — administer estates and trusts to ensure a smooth transfer of property and orderly management of fiduciary affairs
Assemble a team — choose the legal and financial experts, and know when to use them
Navigate the probate process — move efficiently through each step, whether your decedent had many assets or just a few
Identify and liquidate estate assets — whether owned outright, jointly, or in a trust
Settle debts and pay bequests — from paying funeral expenses and administration costs to segregating and distributing named property
Operate a revocable or irrevocable trust — understand a trustee's duties, responsibilities, and limitations
Make sound trust investment decisions — diversify holdings and meet beneficiary needs
Comply with income and estate tax regulations — from the decedent's final Form 1040, through the estate's Form 706, and the estate and trust's Form 1041
Open the book and find:
An overview of executors' and trustees' duties
Reviews of the probate process and estate taxes
Tips on finding and managing professional help
Advice on notifying insurers of a death
Steps for closing an estate
Rules for establishing and funding a trust
Essentials on estate and trust record keeping
Fundamentals of preparing federal estate tax and estate and trust income tax returns
Kathryn A. Murphy, Esq., is an attorney with over 20 years' experience administering estates and trusts and preparing estate and gift tax returns.
The first part of the book provides an introduction to and overview of estates and trusts.
The book contains a lot of definitions, so that when we are ready to talk with the attorney, hopefully it will all make sense and save some attorney time.
I think the book is well written and uses humor throughout, making what is usually a dry subject matter, quite enjoyable and interesting.
It's clear, very well organized, and easy to understand--the ideal guide to estate planning and administration. Read morePublished 20 days ago by Frederick Talbott
This will come in handy as I am soon to be working on an estate and needed the information in the book, it was easy to read and well organized.Published 8 months ago by SS
Very simple to understand book to get your estate in order to protect your love ones when you depart this world. Read morePublished 11 months ago by Mary Anderson
was a good book and easy to understand. it helped me to understand and work with estate planning. thanks for the help!Published 17 months ago by Laura Sturdavant
This book has the necessary guide for planning ones estate and trust. Moreover its a big help when it comes to dissolving an Estate for a family member.Published 19 months ago by Deck Re-builder
I don't usually use the dummy series. The information here wile well covered covered is directed at a layman. Read morePublished 19 months ago by Bobby L. Burns
I was disappointed and some of this just did not download right since boxes with explainations were missing completely from this book.Published 20 months ago by linny
Lots of information. Just make sure the book is close to the current year you're researching. Rules change about every year. Read morePublished 21 months ago by sean crowley