Drafting Irrevocable Trusts in Massachusetts
Know the law - avoid the pitfalls
- Product Number: 2050211EBK
- Publication Date: 9/22/2016
- Edition: 2nd Edition 2016
- Copyright: © 2016 MCLE, Inc.
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Skill in drafting appropriate and effective irrevocable trusts is a challenging but indispensable element in an estate planning practitioner's professional repertoire. Drafting Irrevocable Trusts in Massachusetts takes a practical and comprehensive approach to this important but often difficult topic, detailing the basic elements as well as the sophisticated techniques applied in bringing these instruments to life.
Nearly two dozen experts from the Commonwealth's estate planning community were assembled to address the essential issues in drafting irrevocable trusts. They begin by tackling the overarching tax issues involving income, estate and generation-skipping transfer taxes, and reviewing the administrative and dispositive clauses common to these trusts. They then discuss the issues applicable to particular kinds of trusts, including life insurance trusts; supplemental needs trusts; trusts for minors; GRITs, GRATs and GRUTs; qualified personal residence trusts; charitable split-interest trusts; marital trusts; foreign trusts; and irrevocable trusts holding S-corporation stock. With sample trust instruments, sample clauses, well-placed practice notes and the highly practical yet sophisticated approach that MCLE publications are known for, Drafting Irrevocable Trusts in Massachusetts is your best source for drafting.
Update: September 2016
Thank you for choosing to keep current on trust law and practice with this 2016 Edition of Drafting Irrevocable Trusts. Get answers to these questions and more in this updated edition:
- May a trustee who, by the terms of the trust, is granted discretionary authority to distribute principal, exercise discretion to distribute principal to a newly created irrevocable trust for the beneficiary's benefit? Read about the practice of "decanting" in Chapter 5.
- If a disabled person under the age of 65 has assets in excess of $2,000, can he or she shelter funds and still qualify for SSI (and for MassHealth?) Read about the type of trust known as a "(d)(4)(A)" trust in Chapter 7.
- The compression of income tax rates for trusts has been severe, with trusts reaching the highest taxable rate at a very low level of income for married couples filing jointly. What to see how 2016 plays out? See the charts in Chapter 8.
- Do you know the scenarios by which Treas. Reg. § 20.2056(c)-2(b) treats property passed from a decedent to his or her spouse as not a "terminable interest"? Read about them in Chapter 9.
- Do you know how low interest rates impact the use of a QPRT to structure a gift of residential real estate. Read a helpful comment pertaining to both older and younger donors in Chapter 10.
We at MCLE trust that you will find this 016 edition useful in your practice, and valuable in keeping your law library current.
Maryanne G. Jensen, Esq., MCLE Director of Publications
- Update: September 2016
Table of Contents
Table of Contentsexpand allChapter 1 expand
Estate and Gift Tax Issues Relating to Irrevocable TrustsBuy ChapterChapter 2 expandChapter 3 expand
Income Taxation of Trusts and EstatesBuy Chapter
Exhibit 3A- Sample 2015 Fiduciary Income Tax Return for a Complex Trust Buy Form
Exhibit 3B- Checklist of Considerations Regarding Tax Consequences to Beneficiaries of Simple Trusts Buy Form
Exhibit 3C- Checklist of Considerations Relative to the Election to Treat a Qualified Trust as Part of the Estate (Section 645 Election) Buy Form
Exhibit 3D- Checklist of Planning Options Relative to Section 643(e) Buy FormChapter 4 expandChapter 5 expandChapter 6 expand
Irrevocable Life Insurance TrustsBuy ChapterChapter 7 expand
Irrevocable Supplemental Needs TrustsBuy ChapterChapter 10 expandChapter 11 expandChapter 12 expandChapter 13 expand
Foreign TrustsBuy ChapterChapter 14 expand
Irrevocable Trusts Holding S Corporation StockBuy Chapter
Exhibit 14A- Checklist for Determining Whether a Trust Qualifies as a Section 1361(c)(2) Shareholder Buy Form
Exhibit 14B- Sample Dispositive Provisions for a Qualified Subchapter S Trust (QSST) Buy Form
Exhibit 14C- Flowcharts of Trusts Qualifying as S Corporation Shareholders Buy Form
Exhibit 14D- Checklist for Determining Whether a Trust Qualifies as a Subchapter S Trust Buy Form
Exhibit 14E- Sample S Corporation Savings Provision (Short Version) Buy Form
Exhibit 14F- Sample S Corporation Savings Provision (Long Version) Buy Form
Exhibit 14G- Sample General Administrative Provision Buy Form
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