- by Douglas D. Wilson, CFP, CTFA


Managing Trusts

This section outlines the duties and responsibilities of a trustee. It describes how trusts should be managed and provides detailed guidelines on all aspects of trust administration:

Chapter 8 - Trustee Responsibilities

  • The Nature of Trusts
  • Responsibilities of a Trustee
  • Incapacity
  • Revocable Living Trusts That Terminate At Death
  • Revocable Living Trusts That Continue After Death
Chapter 9 - Preparing the Trust for Administration
  • Initial Steps
  • Establishing A Plan
  • Establishing Trust Records
  • Tax and Other Elections
Chapter 10 - Funding the Marital, Credit Shelter and Generation-Skipping Trusts
  • Estate Trust
  • Power of Appointment Trust
  • QTIP Trust
  • Qualified Domestic Trust
  • The Credit Shelter Trust
  • Pecuniary Formula Clause
  • Fractional Bequest Formulas
  • Generation-Skipping Trusts
Chapter 11 - Managing Trust Investments
  • Investment Responsibilities under a Terminating Trust
  • Investment Responsibilities under a Continuing Trust
  • Investment Standards for Trustees
  • Uniform Prudent Investor Act
  • Modern Portfolio Theory
  • General Categories of Investments
  • Minimizing Risk
  • The Investment Process
Chapter 12 - Managing Real Estate Assets
  • Insurance
  • Environmental Issues
  • Maintaining the Property
  • Managing a Residence
  • Managing Investment Property
  • Managing Out-of-State Property
Chapter 13 - Managing Business Interests
  • Selling the Business
  • Managing the Business
  • Sub-Chapter "S" Corporations
Chapter 14 - Making Discretionary Distributions to Beneficiaries
  • When Discretion Needs To Be Exercised
  • Distribution Guidelines
  • Protective Provisions
  • The Discretionary Distribution Process
  • Documentation
  • Loans
Chapter 15 - Maintaining Accounting Records
  • Uniform Principal and Income Acts
  • Depreciation
  • Unproductive Property
  • Trust Accountings
  • Terminating Trusts
  • Terminating Income Interests
Chapter 16 - Fiduciary Income Taxes and Other Filing Requirements
  • Decedent's Final Income Tax Returns
  • Federal Estate Tax Return
  • Fiduciary Income Tax Returns
  • Grantor Trusts
  • Distributable Net Income (DNI)
  • Simple Trusts
  • Complex Trusts
  • 65-Day Rule
  • Generation Skipping Tax
  • Retirement Plans Payable to the Trust
Chapter 17 - Termination of the Trust and Final Distribution of the Assets
  • Closing Procedures
  • Marital Trusts
  • Distribute In Cash Or In Kind?
  • Distributing the Property
Chapter 18 - Managing Other Types of Irrevocable Trusts
  • Children's Gift Trusts
  • Irrevocable Life Insurance Trust
  • GRITs, GRATs and GRUTs
  • Charitable Remainder Trusts
  • Other Trusts
Chapter 19 - Trustee's Fees
  • Provisions in the Trust Document
  • Statutory Fees
  • Extraordinary Fees
  • What is "Reasonable?"
  • Co-Trustees

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