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Estate and Trust Administration For Dummies, 2nd Edition 2nd Edition
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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 Dummiesguides 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.
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From the Back Cover
- Take the proper steps to navigate estate and trust processes
- Comply with tax regulations
- Make sense of unfamiliar estate and trust administration terms
Your plain-English guide to administering an estate or trust
Administering an estate or a trust is a big responsibility. This practical, authoritative guide contains advice for handling estates and trusts, whether large or small. It also explains how to read and interpret documents, take care of a loved one's estate in the event he or she never created a will, and help the estate or trust avoid paying too much (or too little) in taxes.
- Estate and Trust Administration 101 get the lowdown on estate and trust administration lingo; who the players are; and, in the case of trusts, exactly what games are being played
- From soup to nuts determine what the decedent owned (and owed), locate the necessary documents, figure out who inherits, shepherd the estate through the probate process, distribute what's left after everyone has been paid, and close the estate for good
- The powers that be discover what powers you have as trustee, what duties you're expected to perform, how to keep the necessary records, and the best way to terminate the trust after its job is done
- A pain in the tax find a plain-English explanation of preparing a simple estate tax return (Form 706), annual income tax returns for trusts and estates (Form 1041), and the decedent's final Form 1040
Open the book and find:
- The first steps to take after a loved one's death
- Guidance on navigating the probate process
- Advice on marshaling and liquidating assets
- The duties of trustees and executors
- How to file income tax returns for a decedent, estate, or trust
- Common pitfalls to avoid
- Tips on finding and managing professional help
- Ten common taxes you may have to pay
About the Author
Margaret Atkins Munro, EA, is a tax advisor, writer, and lecturer with more than 30 years' experience in trusts, estates, family tax, and small business. Kathryn A. Murphy, Esq., is an attorney with more than 20 years' experience administering estates and trusts and preparing estate and gift tax returns.
- ASIN : 1118412257
- Publisher : For Dummies; 2nd edition (May 10, 2013)
- Language : English
- Paperback : 408 pages
- ISBN-10 : 9781118412251
- ISBN-13 : 978-1118412251
- Item Weight : 1.3 pounds
- Dimensions : 7.5 x 1 x 9.25 inches
- Best Sellers Rank: #399,419 in Books (See Top 100 in Books)
- #179 in Estates & Trusts Law
- #644 in Law (Books)
- Customer Reviews:
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I borrowed this book from the library and it's so useful I bought it to plan my trust with. While I did give a copy to the executor of my estate, the book is 100% useful to learn about how a trust operates and how you can set it up.
If my 22 year old son inherited my estate today he'd be dead or broke in 5 years. He's not ready for that kind of wealth. We set up a trust that gives him a stipend, allows for expenses like school, marriage and other things I would miss if I were gone. He also has to hit some financial goals to get a lump sum for a house downpayment and ultimately will receive the balance when he's 31. By knowing what I wanted, I was able to influence my Estate Planner (who had vastly different ideas than me) - This book put me in charge!
I completed this book and now I'm certain I wasted money on it. Administering an estate is very complex and this book did more to confuse, than clarify things. I then reached out to an Estate attorney in the hopes of being better-able to communicate my needs & I was speechless. I didn't know what I wanted to ask! She affirmed these books are more complicated than they need to be and certainly not a "Dummies" book. Don't get me wrong, there's a lot of good, accurate information in it, but it did very little in helping me figure out the mechanics of HOW to setup my Will, Trust, etc.
Sure, the book is called Estate & Trust Administration, so perhaps I'm more at fault for not better-understanding the objectives of the book content.
Be very wary. Read everything you can before pulling the trigger on Estate planning.
Presently, I'm still in chapter 2 and all I keep reading is reference on how things will be discussed in Chapter 6. This is not an easy book to read. Take your time, highlight key areas. So far, this is far from being a 'Dummies' book. If I could return it, I would, but already started highlighting pages.
I'll offer periodic updates.