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| Preface | |
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| Acknowledgments | |
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| Abbreviations, Acronyms, and Synonyms | |
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| The Revocable Living Trust in Perspective | |
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| Continuing Need For Estate Planning | |
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| Transfer Tax System | |
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| Impact of Tax Legislation | |
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| The Economic Growth and Tax Relief Reconciliation Act of 2001 | |
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| Repeal of Stepped-Up Basis | |
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| Other Changes Under the 2001 Act and Sunset Provision | |
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| Continuing Need for Estate Planning | |
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| Understanding the Five Estates in Estate Planning | |
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| Effective Estate Planning Defined | |
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| Misconceptions about Estate Planning | |
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| Common Mistakes Made in Estate Planning | |
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| Framework of a Revocable Living Trust | |
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| Definition of a Revocable Living Trust | |
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| Requirements to Create a Living Trust | |
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| Components of a Revocable Living Trust | |
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| Determining the Trustee of a Revocable Living Trust | |
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| Replacing an Existing Revocable Living Trust | |
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| Is Recording a Revocable Living Trust Necessary? | |
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| Trustee's Powers, Duties, and Responsibilities | |
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| General Powers | |
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| Express Trustee Powers | |
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| Trustee Duties and Responsibilities | |
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| Property Management and Other Benefits | |
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| Importance of the Trust Estate | |
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| Financial Guardianship Unnecessary | |
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| Probate Unnecessary | |
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| Challenges by Disgruntled Beneficiaries | |
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| Record of Property Ownership | |
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| Federal Estate Tax Savings | |
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| Disinheriting a Family Member | |
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| Disadvantages, Reservations, and Limitations of a Revocable Living Trust | |
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| Overview | |
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| Nontax Disadvantages | |
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| Alleged Tax Disadvantages | |
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| Limitations of a Revocable Living Trust | |
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| Operation of a Revocable Living Trust and the Impact of Taxes | |
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| Lifetime Operation of a Revocable Living Trust | |
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| Lifetime Creation of a Revocable Living Trust | |
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| Title to Property Vested in Trustee | |
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| Types of Revocable Living Trusts | |
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| Revocation, Termination, and Amendment of a Revocable Living Trust | |
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| Day-to-Day Handling of the Trust Estate | |
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| Cost of Creating and Operating a Revocable Living Trust | |
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| Trustee Liability | |
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| Federal Income Tax | |
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| Grantor Trust Rules | |
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| Basis and Holding Period of Trust Property | |
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| Transfers of Property between Spouses | |
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| Professional Fees and Administration Expenses | |
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| Sale of Trust Property between Trustor and Trustee | |
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| Installment Sales and Installment Obligations | |
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| Sale of Trustor's Principal Residence | |
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| United States Savings Bonds | |
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| Qualified Replacement Property | |
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| Tax Returns and Reporting Methods | |
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| Obtaining a Taxpayer Identification Number | |
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| Tax Year | |
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| State Taxes | |
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| Federal and State Transfer Taxes | |
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| Federal Estate Tax | |
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| Federal Estate Tax and the Revocable Living Trust | |
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| Person Responsible for Payment of Federal Estate Tax | |
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| State Death and Inheritance Taxes | |
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| Federal Gift Tax | |
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| State Gift Tax | |
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| Generation-Skipping Transfer Tax | |
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| Lifetime Funding of a Revocable Living Trust | |
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| Overview of the Funding Process | |
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| Funding Process | |
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| Property Transfer Process | |
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| Removing and Replacing Trust Estate Property | |
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| Preserving the Character of Property Ownership | |
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| Real Property Interests | |
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| Title to Real Property Conveyed to Trustee by Deed | |
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| Real Property Subject to Indebtedness | |
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| Federal Tax Issues | |
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| Special Kinds of Real Property | |
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| Other Real Property Interests | |
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| Publicly-Traded Securities and U.S. Government Obligations | |
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| Stocks | |
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| Bonds | |
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| Restricted Securities | |
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| Mutual Fund Accounts | |
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| Investment Limited Partnerships | |
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| U.S. Government Obligations | |
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| Closely-Held Business Interests | |
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| Trustor's Business Interests | |
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| Sole Proprietor | |
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| Corporations | |
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| S Corporations | |
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| Professional Corporations | |
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| Partnerships | |
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| Professional Partnerships | |
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| Special Tax Benefits for Closely-Held Businesses | |
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| Accounts in Banks, Savings Associations, and Credit Unions | |
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| Day-to-Day Operation | |
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| Retitling Accounts | |
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| Communicating with Bank Employees | |
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| Credit Unions | |
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| Certificates of Deposit | |
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| Federal Deposit Insurance Corporation Coverage for Accounts in Revocable Living Trusts | |
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| Deposits to Existing Accounts | |
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| Tangible and Intangible Personal Property | |
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| Classification of Tangible Personal Property | |
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| Title to Tangible Personal Property | |
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| Untitled Tangible Personal Property | |
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| Titled Intangible Personal Property | |
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| Untitled Intangible Personal Property | |
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| Miscellaneous Intangible Personal Property | |
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| Safe Deposit Box | |
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| Qualified and Nonqualified Retirement Plans | |
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| Qualified Retirement Plans | |
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| Value of Qualified Retirement Plans Included in Gross Estate | |
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| Trustee as Owner of Qualified Retirement Plans | |
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| Trustee as Beneficiary of Qualified Retirement Plans | |
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| Employee Dies before Commencement of Distributions | |
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| Employee Dies after Commencement of Distributions | |
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| Tax-Free Rollover of Decedent Trustor's Qualified Plan Benefit by Surviving Spouse | |
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| Trustee as Intermediary Payee of Qualified Retirement Plan | |
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| U.S. Government/Civil Service Retirement Plans | |
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| Railroad Retirement | |
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| Other Retirement Plans | |
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| Nonqualified Retirement Plans | |
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| Life Insurance and Annuities | |
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| Life Insurance | |
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| Annuities | |
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| Supporting Documents | |
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| Power of Attorney and Pour-Over Will | |
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| Coordinating a Durable Power of Attorney with a Revocable Living Trust | |
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| Pour-Over Will | |
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| Bibliography | |
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| Index | |