Practical guidelines for selecting an individual trustee

Article Abstract:

The choice of a trustee should be taken seriously by both the person doing the choosing and the person being chosen. Before a choice is made there are some considerations to taken into account. The trustee's duties should be examined in relation to the trust instrument and legal landscape. The subjective aspects of being a trustee, such as conflict of interest or animosity towards others involved, should be considered. Investment opportunities should be discussed with potential trustees to make sure every one sees eye-to-eye on financial matters, and a realistic assessment of the administrative burdens should be made.

Analysis, Appointments, resignations and dismissals, Beneficiaries

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Many tax benefits exist when an estate or trust terminates

Article Abstract:

Tax benefits for trustees and estate owners may be secured upon the termination of the trust or estate. Because estates and their beneficiaries are taxed as a single aggregate taxpayer, any tax benefit items that were available to the estate but not used can be passed out to eligible beneficiaries. These may include unused net operating loss and capital loss carryovers as well as excess deductions. Personal exemptions and unused charitable deductions cannot be passed out.

Estates (Law)

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Avoiding tax pitfalls and family conflicts when a child is trustee

Article Abstract:

Parents and their estate planners should carefully consider three elements when deciding to name children as successor trustees. They should consider the tax issues, the structure for managing the trust with other siblings in mind, and the powers that will shift to the children. Special issues to also consider are IRS presumptions towards such arrangements and extra costs arising due to the childrens' age.

United States, Planning, Laws, regulations and rules, Family-owned business enterprises, Family-owned businesses, Inheritance and succession, Powers (Law)

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