Introduction 1
Part I: Getting Started with Estate and Trust Administration 7
Chapter 1: Operating in a Fiduciary World 9
Chapter 2: Exploring the Ins and Outs of Estates 19
Chapter 3: Identifying Different Types of Trusts 31
Chapter 4: Assembling Your Team Members and Knowing When to Use Them 57
Part II: Administering an Estate 73
Chapter 5: Taking the First Steps after Death 75
Chapter 6: Navigating the Probate Process 91
Chapter 7: Marshalling and Liquidating Assets 109
Chapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate 133
Chapter 9: Closing the Estate 147
Part III: Operating a Revocable or Irrevocable Trust 157
Chapter 10: Understanding the Trustee’s Duties 159
Chapter 11: Funding the Trust 171
Chapter 12: Investing the Trust’s Assets and Paying Its Expenses 183
Chapter 13: Paying Trust Beneficiaries 203
Chapter 14: Creating and Keeping Trust Records 217
Chapter 15: Terminating the Trust 231
Part IV: Paying the Taxes 241
Chapter 16: Preparing the Estate Tax Return, Part 1 243
Chapter 17: Preparing the Estate Tax Return, Part 2 263
Chapter 18: Filing Income Tax Returns for a Decedent, Estate, or Trust 287
Chapter 19: Weighing Income Tax Implications 311
Chapter 20: Reporting Tax Info on Schedule K-1 321
Part V: The Part of Tens 333
Chapter 21: Ten Pitfalls for the Unwary 335
Chapter 22: Ten Types of Taxes You May Have to Pay 343
Appendix A: Glossary 349
Appendix B: State-by-State Rules of Intestacy and Estate or Inheritance Tax 359
Index 379
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