Part I: Discovering the World of Estates and Trusts 7

Chapter 1: Functioning in a Fiduciary World 9

Chapter 2: Estates 101: Exploring the Ins and Outs of Estates 19

Chapter 3: The Lowdown on Trusts: Identifying the Different Types 31

Chapter 4: Assembling Your Team Members and Knowing When to Use Them 55

Part II: Administering an Estate 69

Chapter 5: Taking the First Steps after Death 71

Chapter 6: Navigating the Probate Process 87

Chapter 7: Marshalling and Liquidating Assets 103

Chapter 8: Paying the Debts, Expenses, Bequests, and Devises from the Estate 125

Chapter 9: Closing the Estate 137

Part III: Operating a Revocable or Irrevocable Trust 147

Chapter 10: Understanding the Trustee's Duties 149

Chapter 11: Funding the Trust 159

Chapter 12: Investing the Trust’s Assets and Paying Its Expenses 171

Chapter 13: Paying Trust Benefi ciaries 191

Chapter 14: Creating and Keeping Trust Records 205

Chapter 15: Terminating the Trust 219

Part IV: Paying the Taxes 229

Chapter 16: Preparing the Estate Tax Return, Part 1 231

Chapter 17: Preparing the Estate Tax Return,Part 2 251

Chapter 18: Filing Income Tax Returns for a Decedent, Estate, or Trust 275

Chapter 19: Reporting Tax Info on Schedule K-1 299

Part V: The Part of Tens 309

Chapter 20: Ten Pitfalls for the Unwary 311

Chapter 21: Ten Types of Taxes You May Have to Pay 317

Appendix A: Glossary 323

Appendix B: State-by-State Summary of Rules of Intestacy and Probate, Estate, or Inheritance Tax 333

Index 357