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    1. General Considerations
  1. What Constitutes a “Trust”?
    1. An Express Trust
    2. Whether an express trust has been created is a factual determination
    3. Trustee and Cestui Que
    4. Efficacy of Revocable Trusts as Will Substitutes
    5. Separation of Beneficial and Equitable Titles
    6. Lack of Separation
  2. Revocable Trust
    1. Definition
    2. Irrevocable Trust
    3. Revocable by the Grantor
  3. Joint Trusts
    1. Definition
    2. Revocation of Joint Trusts
    3. Joint Trusts and Entireties Property
    4. Joint Trusts/Joint Wills Issues
  4. Funded Revocable Trusts
    1. Referred to as “Living Trusts”
  5. Standby Trusts
    1. Definition
    2. Durable Power of Attorney
    3. Power of Attorney v. Trust
  6. The Marketing of Living Trusts
    1. Living Trusts are Heavily Marketed
    2. The Impact of the Marketing on Responsible Planning
    2. The Taxation of Funded Revocable Trusts
  1. Federal Income Tax Considerations – During Grantor’s Lifetime
    1. Trust Income is Taxable to the Grantor
    2. Filing Requirements
  2. Federal Gift Tax Considerations
    1. Impact Upon Creation of the Trust
    2. The Gift From the Trust Problem Solved
  3. Post-Mortem Federal Income Tax Considerations
    1. In General, Section 645 Election
    2. Passive Activity Loss Treatment
    3. Other Losses During Administration
    4. S Corporation Stock
    5. Flexibility as to Tax Year/ Estimated Tax Payments
    6. Separate Share/65-Day Rules
    7. Throwback Rules
    8. Personal Exemptions
    9. Charitable Set Asides
    10. Joint Tax Return
    11. Election Under IRC Sec. 645 to Treat Revocable Trusts as Part of Probate Estate
  4. Death Taxes
    1. Federal Estate Tax
    2. State Inheritance Tax
    3. Trusts as Designated Beneficiaries of IRA's (and Qualified Plans)
  1. Background
    1. The Minimum Distribution Rules
    2. Death Before the Required Beginning Date
  2. Trust as Designated Beneficiaries
    1. Final Regulations
    2. Only Certain Trusts to be Permitted as a Designated Beneficiary
    4. Non-Tax Distinctions
  1. Avoiding the Cost of Probate
    1. The “Probate Fee”
    2. Commissions and Legal Expenses
  2. Avoid the Time and Legal Entanglements Involved in Probate
    1. Time Considerations
    2. Spousal Election
    3. Litigation/Dispute Considerations
    4. Medicaid Considerations
    5. Title Insurance
    6. Maintaining Privacy
    7. Planning for Disability

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Franke Beckett, LLC
Annapolis, Maryland
An Estates & Trusts Law Firm
Website: fredfranke.com
© 2024

We could not be more satisfied with the service provided by the Law Office of Frederick R. Franke, Jr. LLC in Annapolis. Fred and his entire team provided excellent, professional, understandable advice and counsel to us as we updated wills, established a trust and executed advance health care directives. Most highly recommended!

Client of Frederick R. Franke, Jr.

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