Everything estate owners need to establish a successful living trust
"Doug Moy’s Living Trusts lives for me. All Enrolled Agents and CPAs need this easy-to-understand information at their fingertips so they can properly advise their clients about this important issue."
–Dr. William Stevenson, EA, CFP, President, National Tax Consultants
Chairman, Federal Taxation Committee, and Member, National Society of Accountants
"My clients often request recommendations for materials written in nonlegal jargon about revocable living trusts and estate planning in general. This publication is at the top of my list of recommendations. Professionals in the estate planning field will also find this comprehensive study very useful."
–Janet M. Smith, Esq.
Rackemann, Sawyer & Brewster, PC
When properly designed, a revocable living trust can provide all of the estate tax-saving benefits available under a decedent’s Last Will, eliminate a lifetime court-supervised financial guardianship of a person’s financial affairs in the event of physical or mental incapacity, and, upon the trustor’s death, facilitate estate administration without the necessity of a court-supervised process, or probate. Shockingly often, however, trusts are poorly designed and underfunded, nullifying all of their considerable advantages. Living Trusts, Third Edition shows the estate owner how to set up, fund, and manage a living trust that will protect the trustor’s financial affairs in both life and death.
The Third Edition of this popular and proven resource completely revises and updates all of its chapters, empowering readers to ask the appropriate questions of their attorneys and create the kind of financial arrangements that are right for them. New chapters on the continuing need for estate planning and on qualified and nonqualified plans have been added, and four complete sample revocable living trusts and pour-over wills are provided on an accompanying Web site. The Third Edition also contains new information on topical issues, such as:
- Business partners serving as co-trustees
- Surviving spouse and decedent’s business partner serving as co-trustees
- How to compensate a trustee so that compensation is income tax—free to the trustee
Throughout the book, hot-button subjects are highlighted under "Ask Your Attorney" sections, with subsequent "Answer" sections provided to help readers gauge their legal advisor’s effectiveness. A corollary Web site contains sample forms used to fund a revocable living trust, and all chapters reflect the changes made by the recent Economic Growth and Tax Reconciliation Acts and IRS rulings. Living Trusts, Third Edition proves the premier resource for both estate-planning professionals and estate owners who are interested in taking advantage of this powerful tool.
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