Understanding and Using Trusts

"Cradle-to-grave" guidance on trusts

Product Number: 2020282EBK
Publication Date: 10/19/2022
Edition: 5th Edition 2022
Copyright: © 2022 MCLE, Inc.
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Understanding and Using Trusts

"Cradle-to-grave" guidance on trusts

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Print Book 398 pages in 1 volume with downloadable forms Note: For print books, with MCLE's automatic update service, book revisions are mailed automatically with an invoice. If you do not want to subscribe to updates, please check the opt out option during checkout.

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Product Description
Product Description

All the essential issues in Massachusetts trust law and practice can be found in this book, including formation of the trust; duties, powers, and liabilities of trustees; responsibilities for various types of trust investments, including guidance on the Massachusetts Prudent Investor Act; distribution, funding, and accounting issues; duties relating to income tax and GST tax; obtaining the court's assistance with trust administration; administration of charitable trusts; and trust termination.

Two critical areas of trust-related law practice are explored in detail: lawyers acting as trustees and lawyers representing trustees. A number of difficult regulatory and ethical issues are raised by these types of practice, and Understanding and Using Trusts explores these issues in depth. Practice notes are included throughout the book on best practices to adopt and potential pitfalls to avoid when exercising trustee powers and advising clients.

Recent updates:
- Update: September 2022
  Dear Subscriber:
  
  Thank you for updating your reference library with the 2022 edition of Understanding and Using Trusts . This product brings the latest in guidance on Massachusetts trust law and practice within your immediate reach, for fast answers to the questions that arise most frequently in your practice.
  
  Highlights from the numerous developments reflected in this edition include
  - enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which among other amendments made changes to required minimum distribution rules for defined contribution plans and individual retirement accounts;
  - additional detail on the methods of accepting an appointment as trustee;
  - an Appeals Court decision clarifying when an individual becomes a qualified beneficiary for trust administration purposes;
  - a description of the risks involved in accepting a controlling interest in a business in trust;
  - an update on retroactive application of the Adopted Children's Act;
  - newly added discussions of decanting and of limiting a trustee's discretion as to allocation of income and principal;
  - an Appeals Court decision clarifying the circumstances under which a trust will be found to be irrevocable;
  - updated income tax computations for estates and trusts;
  - the issuance of final Treasury Department regulations addressing the treatment of excess deductions in computing taxable income; and
  - ethics issues arising in connection with a trust's sale of real estate and with attorneys serving multiple roles with respect to one or more trusts.
  With this latest edition, Understanding and Using Trusts remains an essential companion for any lawyer handling a trust-related matter in the Commonwealth. We at MCLE thank you for your ongoing support of this product, as we continue our efforts to bring you solutions to the issues you face in your practice.
  
  Very truly yours,
  
  John M. Lawlor, Esq., Publications Attorney
Table of Contents

Table of Contents
expand all

Chapter 1 expand

Requirements for a Trust
Buy Chapter
Colin M. Korzec, Esq., Bank of America, Private Bank

Chapter 2 expand

Implementing the Trust
Buy Chapter
Heather N. Harris, Esq., Day Pitney LLP
Leiha Macauley, Esq., Day Pitney LLP

Exhibit 2A
- Letter to Client - Implementing the Trust Buy Form

Exhibit 2B
- Letter to Transfer Agent - Implementing the Trust Buy Form

Exhibit 2C
- Trustees’ Certificate Buy Form

Exhibit 2D
- Trust and Schedule of Beneficial Interests and Agreement Buy Form

Exhibit 2E
- Declaration of Trust Ownership Buy Form

Chapter 3 expand

Trustee Appointment and Succession
Buy Chapter
Dennis R. Delaney, Esq., Hemenway & Barnes LLP
Kurt F. Somerville, Esq., Hemenway & Barnes LLP

Chapter 4 expand

Trustee’s Duties
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP

Chapter 5 expand

Trustee’s Powers
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP

Exhibit 5A
- Language for Holding a Closely Held Business Interest Buy Form

Chapter 6 expand

Trustee’s Liability
Buy Chapter
Colin M. Korzec, Esq., Bank of America, Private Bank

Exhibit 6A
- Receipt and Indemnification Agreement Buy Form

Chapter 7 expand

Trustee’s Responsibility for Investments
Buy Chapter
Thomas E. Bator, Esq., Pratt, Bator & Popov LLP
Eric P. Hayes, Esq., Goodwin Procter LLP

Exhibit 7A
- Ad Hoc Committee ReporT Buy Form

Chapter 8 expand

Trustee’s Responsibility for Special Assets
Buy Chapter
Kevin O'Shea, Esq., Sulloway & Hollis, PLLC

Chapter 9 expand

Trustee’s Responsibility for Real Estate
Buy Chapter
Ellen M. Harrington, Esq., Verrill Dana LLP

Exhibit 9A
- Site Review Checklist Buy Form

Exhibit 9B
- Higher Offer Claus Buy Form

Chapter 10 expand

Trust Distribution Issues
Buy Chapter
Sarah Ryan Grandfield, Esq., Fiduciary Trust Company
Suma V. Nair, JD, Fiduciary Trust Company

Chapter 11 expand

Funding of Marital Trusts
Buy Chapter
Jennifer Collins, Esq., Nixon Peabody LLP

Checklist 11.1
- Checklist - Pros and Cons of Using the Date of Distribution Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Checklist 11.2
- Checklist - Pros and Cons of Using the Fairly Representative Method When Applying the Pecuniary Buy Form

Checklist 11.3
- Checklist - Funding Formula to a Trust Estate Buy Form

Checklist 11.4
- Checklist - Pros and Cons of Using the Pro Rata Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Checklist 11.5
- Checklist - Pros and Cons of Using the Pick-and-Choose Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Chapter 12 expand

Funding Generation-Skipping Trusts
Buy Chapter
Craig A. Standish, Esq., Brown Advisory

Chapter 13 expand

Trustee’s Duty to Account
Buy Chapter

Exhibit 13A
- Accounting Provision (Example No. 1) Buy Form

Exhibit 13B
- Accounting Provision (Example No. 2) Buy Form

Exhibit 13C
- Assent Form Buy Form

Exhibit 13D
- Example of a Testamentary Trust Account Buy Form

Exhibit 13E
- Examples of an Inter Vivos Trust Account Buy Form

Chapter 14 expand

Trust Principal and Income
Buy Chapter
Ruth A. Mattson, Esq., Verrill Dana LLP

Exhibit 14A
- Report of the Ad Hoc Principal and Income Act Committee Buy Form

Exhibit 14B
- Massachusetts Principal and Income Act (2005 Mass. Acts c. 129) Annotated Buy Form

Exhibit 14C
- Comment to Section 104 of the Uniform Principal and Income Act Buy Form

Chapter 15 expand

Obtaining the Court’s Assistance in Trust Administration
Buy Chapter
Thomas P. Jalkut, Esq., Nutter McClennen & Fish LLP

Exhibit 15A
- General Trust Petition for Instructions Buy Form

Exhibit 15B
- General Trust Petition for Declaration of Rights Buy Form

Exhibit 15C
- General Trust Petition for Approval of Compromise AgreemenT Buy Form

Exhibit 15D
- Amended Report on Bosch Litigation Buy Form

Exhibit 15E
- General Trust Petition for Reformation Buy Form

Exhibit 15F
- General Trust Petition for Allowance of Account Buy Form

Exhibit 15G
- Probate and Family Court Amended Standing Order 3-17: Fiduciary Litigation Pilot Project Buy Form

Chapter 16 expand

Termination of the Trust
Buy Chapter
Matthew R. Hillery, Esq., Goulston & Storrs, PC

Exhibit 16A
- Revocation of Trust Buy Form

Exhibit 16B
- Receipt, Release, Indemnity, and Assent Buy Form

Exhibit 16C
- Release and Receipt Buy Form

Exhibit 16D
- Assignment and Stock Power Buy Form

Chapter 17 expand

Charitable Split-Interest Trusts
Buy Chapter
Martin Hall, Esq., Hall & Diana LLC

Exhibit 17A
- Comparison of CRTs and CLTs Buy Form

Chapter 18 expand

Administering Charitable Trusts
Buy Chapter
Evelyn V. Moreno, Esq., Nixon Peabody LLP

Chapter 19 expand

Income Taxation of Trusts and Estates
Buy Chapter
Jeremiah W. Doyle, IV, Esq., BNY Mellon

Exhibit 19A
- Example of a 2021 Fiduciary Income Tax Return for a Complex Trust Buy Form

Chapter 20 expand

Trustee’s Duties Relating to Generation-Skipping Transfer Tax
Buy Chapter
Richard B. James, Esq., Bank Of America

Exhibit 20A
- Definitions Related to GST Tax Buy Form

Exhibit 20B
- Form for a Direct Skip Buy Form

Exhibit 20C
- Forms for a Taxable Distribution Buy Form

Exhibit 20D
- Form for a Taxable Termination Buy Form

Chapter 21 expand

Lawyer as Trustee
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP

Chapter 22 expand

Representing a Trustee
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP
Frederick D. Royal, Esq., Western New England University School of Law

Exhibit 22A
- Addendum to Formal Advisory Opinion No. 91-R1, Supreme Court of Georgia Buy Form
Editors & Authors

Editor(s)

Eric P. Hayes, Esq., Goodwin Procter LLP, Boston

Author(s)

Thomas E. Bator, Esq., Pratt, Bator & Popov LLP, Boston

James J. Casiello, Jr., Esq., Goulston & Storrs, PC, Boston

Jennifer Collins, Esq., Nixon Peabody LLP, Boston

Dennis R. Delaney, Esq., Hemenway & Barnes LLP, Boston

Jeremiah W. Doyle, IV, Esq., BNY Mellon, Boston

Sarah Ryan Grandfield, Esq., Fiduciary Trust Company, Boston

Martin Hall, Esq., Hall & Diana LLC, Boston

Ellen M. Harrington, Esq., Verrill Dana LLP, Boston

Heather N. Harris, Esq., Day Pitney LLP, Boston

Eric P. Hayes, Esq., Goodwin Procter LLP, Boston

Matthew R. Hillery, Esq., Goulston & Storrs, PC, Boston

Thomas P. Jalkut, Esq., Nutter McClennen & Fish LLP, Boston

Richard B. James, Esq., Bank Of America, Boston

Leiha Macauley, Esq., Day Pitney LLP, Boston

Ruth A. Mattson, Esq., Verrill Dana LLP, Boston

Evelyn V. Moreno, Esq., Nixon Peabody LLP, Boston

Suma V. Nair, JD, Fiduciary Trust Company, Boston

Kevin O'Shea, Esq., Sulloway & Hollis, PLLC, Concord

Frederick D. Royal, Esq., Western New England University School of Law, Springfield

Kurt F. Somerville, Esq., Hemenway & Barnes LLP, Boston

Craig A. Standish, Esq., Brown Advisory, Boston

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Understanding and Using Trusts

"Cradle-to-grave" guidance on trusts

Understanding and Using Trusts

"Cradle-to-grave" guidance on trusts

Choose Format:

Product Description

Recent updates:

Table of Contents

Requirements for a Trust

Implementing the Trust

Exhibit 2A

Exhibit 2B

Exhibit 2C

Exhibit 2D

Exhibit 2E

Trustee Appointment and Succession

Trustee’s Duties

Trustee’s Powers

Exhibit 5A

Trustee’s Liability

Exhibit 6A

Trustee’s Responsibility for Investments

Exhibit 7A

Trustee’s Responsibility for Special Assets

Trustee’s Responsibility for Real Estate

Exhibit 9A

Exhibit 9B

Trust Distribution Issues

Funding of Marital Trusts

Checklist 11.1

Checklist 11.2

Checklist 11.3

Checklist 11.4

Checklist 11.5

Funding Generation-Skipping Trusts

Trustee’s Duty to Account

Exhibit 13A

Exhibit 13B

Exhibit 13C

Exhibit 13D

Exhibit 13E

Trust Principal and Income

Exhibit 14A

Exhibit 14B

Exhibit 14C

Obtaining the Court’s Assistance in Trust Administration

Exhibit 15A

Exhibit 15B

Exhibit 15C

Exhibit 15D

Exhibit 15E

Exhibit 15F

Exhibit 15G

Termination of the Trust

Exhibit 16A

Exhibit 16B

Exhibit 16C

Exhibit 16D

Charitable Split-Interest Trusts

Exhibit 17A

Administering Charitable Trusts

Income Taxation of Trusts and Estates

Exhibit 19A

Trustee’s Duties Relating to Generation-Skipping Transfer Tax

Exhibit 20A

Exhibit 20B

Exhibit 20C

Exhibit 20D

Lawyer as Trustee

Representing a Trustee

Exhibit 22A

Editor(s)

Author(s)