Your Trustee Duties: Tax Guide 305 (Series 300: Retirees & Estates)

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Summary: Management of IRREVOCABLE Trusts
Review: I was looking for a book to help me manage a living trust for someone who is still living, so I bought this book. Although this book is quite good, it primarily discusses trusts for someone who has already died (when the trust becomes irrevocable). I learned that after death, there is a period in which the deceased person's estate is "settled" (bills and taxes paid) by the executor, then the rest of the estate passes into the trust. From there, the trustee (who may be the same as the executor) can make use of the info in this book.

I thought it useful to know that all funds should pass through the working (checking) account before being invested so that funds are third-party traceable. Various types of investments (stocks & bonds, loans, collectibles, vehicles, partnerships, real estate) are covered, although most trusts probably don't have such a range of investments, I am guessing. Tax forms 1041 and beneficiary K-1s are also explained.

Although this book is not directly applicable to my current situation, it gave me a "heads up" on what to expect in the future. For that, it is useful. My rating of "4" takes into account the lack of discussion on living trusts (which might be the subject of a separate book).

Rating:
Summary: Your Trustee Duties - a must in your library
Review: With all the living trusts out there, this book is an absolute requirement for your library. It will assist you in planning for and then executing your duties as trustee. It combines knowledge from attorneys, case law, income tax code and real life situations. The author has a keen sense of dry accountant-type humor which clarifies serious situations. Step-by-step help, but much more than a simple checklist. The examples will also assist you in avoiding landmines from failing to fulfill your duties by allowing you to clearly understand your obligations and a time-line for execution of them.