Your Trustee Duties (Allyear Tax Guides Series 300: Retirees and Estates) [Paperback]

Holmes Crouch (Author), Irma J. Crouch (Editor), Barbara J. MacRae (Illustrator)

Book Description

Series: Allyear Tax Guides Series 300: Retirees and Estates | Publication Date: March 1998

The obligations and responsibilities of trustees are laid out in this guide to working with attorneys, understanding tax procedures, and real-life examples. From completing a 1041 form to determining which financial records to pay particular attention to, this primer offers tips for every step of being a conscientious trustee. Instructions for closely reviewing a contract, taking inventory of the sources of trust income, and terminating a trust are also included.

--This text refers to an alternate Paperback edition.

Editorial Reviews

About the Author

Holmes F. Crouch is an IRS licensed tax professional and the author of Decisions When Retiring, Simplifying Your Estate, and Your Executor Duties. He lives in Saratoga, California.

--This text refers to an alternate Paperback edition.

Product Details

• Paperback: 224 pages
• Publisher: Allyear Tax Guides (March 1998)
• Language: English
• ISBN-10: 0944817408
• ISBN-13: 978-0944817407
• Product Dimensions: 9 x 6 x 0.6 inches
• Shipping Weight: 12.8 ounces
• Average Customer Review: 4.1 out of 5 stars  See all reviews (8 customer reviews)
• Amazon Best Sellers Rank: #1,855,824 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

54 of 54 people found the following review helpful:

5.0 out of 5 stars Your Trustee Duties - a must in your library, June 2, 2000

By 

Therese H Thomas - See all my reviews

This review is from: Your Trustee Duties (Allyear Tax Guides Series 300: Retirees and Estates) (Paperback)

With all the living trusts out there, this book is an absolute requirement for your library. It will assist you in planning for and then executing your duties as trustee. It combines knowledge from attorneys, case law, income tax code and real life situations. The author has a keen sense of dry accountant-type humor which clarifies serious situations. Step-by-step help, but much more than a simple checklist. The examples will also assist you in avoiding landmines from failing to fulfill your duties by allowing you to clearly understand your obligations and a time-line for execution of them.

30 of 31 people found the following review helpful:

4.0 out of 5 stars Management of IRREVOCABLE Trusts, September 6, 2004

By 

Searcher (Lakewood, CA) - See all my reviews

This review is from: Your Trustee Duties (Allyear Tax Guides Series 300: Retirees and Estates) (Paperback)

I was looking for a book to help me manage a living trust for someone who is still living, so I bought this book. Although this book is quite good, it primarily discusses trusts for someone who has already died (when the trust becomes irrevocable). I learned that after death, there is a period in which the deceased person's estate is "settled" (bills and taxes paid) by the executor, then the rest of the estate passes into the trust. From there, the trustee (who may be the same as the executor) can make use of the info in this book.

I thought it useful to know that all funds should pass through the working (checking) account before being invested so that funds are third-party traceable. Various types of investments (stocks & bonds, loans, collectibles, vehicles, partnerships, real estate) are covered, although most trusts probably don't have such a range of investments, I am guessing. Tax forms 1041 and beneficiary K-1s are also explained.

Although this book is not directly applicable to my current situation, it gave me a "heads up" on what to expect in the future. For that, it is useful. My rating of "4" takes into account the lack of discussion on living trusts (which might be the subject of a separate book).

5 of 5 people found the following review helpful:

5.0 out of 5 stars THIS IS A 10 STAR BOOK, June 10, 2007

By 

S. Matrisciano "S. Matrisciano" (Dawson GA) - See all my reviews
(REAL NAME)   

This review is from: Your Trustee Duties: How to Dissect a Trust Contract, Prepare Form 1041, Distribute Income and Principal to Beneficiaries, and Terminate the Trust (Series 300: Retirees & Estates) (Paperback)

re If you are a Bencifiary, Executor of a trust, and a Trustee, or, any combination thereof.

THIS BOOK WILL SAVE YOU ALOT OF FRUSTRATION, time, and money with attorneys. Because this book, tells you what they "Attorney's" ( and in this case I mean 'ALL' Attorney's) won't tell you. It also gives good references to follow up resources.

Get a current "Compact Edition of Trust Law" for your state Probate, at the same time you get this book. It will be the best way to know your states probate proceedings specifics.

If you are hesitant to spend money for this book, just do a Search Inside, and go to Chapter 3, Page 2-4, Be Aware of Covetous Attorneys. <--- Read this twice. YOU NEED TO KNOW ABOUT THIS.

You need to know why attorney's are creating a situation to support coaxing you to believe, you need a Trust Officer, Co-Trustee.

This book will tell you, that attorneys' know the statue allows them to receive payment of 2% of the trust/estate every year when it is over 1 million dollars.

This book will tell you, having an outside trust accountant is not infallible. And YOU, as Trustee, are still held accountable, if your co-trustee, or trust official handling the court accounting, or finances, invesments, or yearly accounting makes errors, or absconds with funds.

Often, attorney's will look for the smallest reason to talk trustees in to hiring a professional co-trustee/trust official, and to bring this suggestion before guardianship court to fill their bank accounts, yet they will tell you this is the only way to satisfy your disgruntled relatives. All the while
they are attached to all the management of the trust gonig forward.

Because of disgruntled relatives, you will really need to contact your state bar association and Read the Compact Edition of Trust Law, like you breathe air .... daily.

FINALLY if you are a visual person, you will want to check out the contents and several pages of your interests of the following booK, as it is equally a TEN STAR BOOK ----> The Trustee's Guide An Essential Handbook for Trustees, Beneficiaries, and Advisors (Paperback) by Howard I. Gross (Author)

You need to remember the Attorney is not the boss of your relatives Trust.

If you are the Trustee, you need to let acquisitive attorney's know you are not willing to expense the estate friviously and understand, you and you alone are accountable, without throughly exploring the disadvantages before giving a written approval.