Can you trust your trust? : what you need to know about the advantages and disadvantages of trusts and trust compliance issues

A trust is frequently seen as the alter ego of a will. Trusts are often worthwhile but can be nightmares if improperly administered. As a result of the revamping of state trust laws in many states, trustees often find themselves with more questions than they were ever prepared for, without easily discernible answers, such as: How do I know if I can trust my trust? What should I look out for? Are there ever occasions where I shouldn t provide for a long-term trust? What should I look for when selecting an institutional trustee to administer my trust? What trustee liability issues should I be aware of? Can You Trust Your Trust? is the first book of its kind to present this information in an accessible and practical manner, easily understood by you the trustee and your trust advisers."

• About the Author p. v
• Overview p. vii
• Trustee Headaches in General p. 1
• Changing Trust Laws p. 3
• The Trustee and State Trust Laws p. 5
• What You Should Know About Trusts p. 9
• Trustee Liability Issues p. 13
• The TAI Task Force p. 15
• Conflicts of Interest p. 17
• What's the Big Deal about Trusts and Trust Administration? p. 25
• Why Trusts Are Difficult to Administer p. 29
• Multiple Trustees p. 31
• Rights of Trustees to Compensation p. 33
• Right of Trustee to Reimbursement of Expenses p. 35
• Remedies for Breach of Trust p. 37
• Statute of Limitations p. 39
• Estate Tax Issues p. 41
• Fiduciary Income Tax Returns p. 43
• Unitrust p. 49
• Estate Planning and Professional Liability p. 51
• Life Insurance and Estate Tax Issues p. 55
• Irrevocable Life Insurance Trusts and Estate Planning p. 59
• Living Trust Scams p. 61
• IRAs Payable to Non-QTIP IRA Trusts p. 83
• Disclosure Issues and IRA Trusts p. 101
• Application of the Uniform Principal and Income Act Rules in New York State p. 107
• Some Examples of the Trust Accounting Rules in New York State p. 109
• Appendix A Uniform Trust Code p. 145
• Appendix B Uniform Principal and Income Act p. 159
• Appendix C A Unitrust Court Case in New York State p. 161
• Limited Quick Reference Glossary p. 169
• Index p. 173