Varied duties face the successor trustee of a revocable trust

Article Abstract:

The funded revocable living trust is a very good estate planning technique, but while it does not require probate administration, successor trustees still have certain duties to perform before they can distribute the assets to beneficiaries. If they distribute trust assets before all estate tax liabilities have been satisfied, they risk being held personally liable for unpaid taxes. Liability for the decedent's other debts will not end until the statute of limitations for claims against decedents has tolled. A surviving spouse may also have a claim on trust assets.

Laws, regulations and rules, Claims against decedents' estates

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Resolving difficult issues of ownership of estate assets

Article Abstract:

Questions of ownership of the assets in a decedent's estate often arise for estate planners or trustees. In resolving such problems, estate tax consequences, basis, gift taxes and the receiver of the assets should all be considered. Techniques for resolving ownership questions involving personal effects, closely held businesses and jointly held property, as well as ways to make such decisions in a manner that provides desirable tax consequences, are discussed.

Estate Planning, United States, Analysis, Property, Basis (Taxation)

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How to fund a revocable living trust correctly

Article Abstract:

Meeting the revocable trust's goals of probate and guardianship avoidance usually requires the transferral of assets to the trust while the client is still alive, although some kinds of nonprobate assets can be transferred after death. In order to avoid probate, most assets must be retitled. How to do this with real estate, securities, insurance policies, retirement plans, personal property and business assets is covered.

Methods

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