Trusts can be, in the hands of a competent drafter, the most versatile of estate planning tools. This manual will assist you in achieving a better understanding of Pennsylvania-specific trust and taxation information. Explore what a trust is, what kinds of trusts are available, the terminology used, how tax laws affect the planning of a trust, and when trusts are most useful in estate planning. Obtain insights into relevant Pennsylvania law governing trusts and gain practical examples of when to use each type of trust, sample forms, and tips for the novice drafter.
Summary of Contents
- An Introduction to Trusts
- The Uses and Types of Trusts
- The Creation of Trusts
- The Duties of the Trustee
- The Powers of the Trustee
- Liability of Trustees
- Administration and Judicial Oversight
- The Fundamentals of Fiduciary Accounting
- Investments of the Trust
- Termination, Modification, and Reformation of Existing Trusts
- The Income Taxation of Trusts—An Overview
- The Taxation of Trust Income
- Ordinary Deductions and Credits
- The Income Distribution Deduction
- How the Trust Beneficiary is Taxed
- Pennsylvania Income Taxation of Trusts
- The Tax Treatment of Grantor Trusts
- Estate and Gift Taxation of Trusts
- The Interpretation and Construction of Trusts
- Drafting Trusts—Overview and Introductory Provisions
- Dispositive Provisions
- Administrative Provisions
- Trustee Provisions
- Other Necessary Provisions
- Sample Forms
- Statutory Index
- Subject Index
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