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{"appState":{"pageLoadApiCallsStatus":true},"categoryState":{"relatedCategories":{"headers":{"timestamp":"2025-01-31T04:01:16+00:00"},"categoryId":34278,"data":{"title":"Estate Planning","slug":"estate-planning","image":{"src":null,"width":0,"height":0},"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"parentCategory":{"categoryId":34273,"title":"Personal Finance","slug":"personal-finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"}},"childCategories":[],"description":"We've got tons of articles on every aspect of estate planning, including your last will and testament, all the facts about trusts, paying (and minimizing) taxes, administrating and executing an estate, and much more.","relatedArticles":{"self":"//dummies-api.coursofppt.com/v2/articles?category=34278&offset=0&size=5"},"hasArticle":true,"hasBook":true,"articleCount":180,"bookCount":4},"_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"relatedCategoriesLoadedStatus":"success"},"listState":{"list":{"count":10,"total":181,"items":[{"headers":{"creationTime":"2024-11-01T17:51:36+00:00","modifiedTime":"2024-11-01T17:51:36+00:00","timestamp":"2024-11-01T18:01:11+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"Wills & Estate Planning for Canadians For Dummies Cheat Sheet","strippedTitle":"wills & estate planning for canadians for dummies cheat sheet","slug":"wills-estate-planning-for-canadians-for-dummies-cheat-sheet-2","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"This Cheat Sheet summarizes important aspects of wills and estate planning, including estate taxes, life insurance, and more.","noIndex":0,"noFollow":0},"content":"Worried about what will happen to your assets after you pass away? This Cheat Sheet will help you plan for your future, with tips on how to reduce your estate taxes, helpful information on whether you need life insurance, and a listing of the key pieces of information your loved ones will need after you’re gone.","description":"Worried about what will happen to your assets after you pass away? This Cheat Sheet will help you plan for your future, with tips on how to reduce your estate taxes, helpful information on whether you need life insurance, and a listing of the key pieces of information your loved ones will need after you’re gone.","blurb":"","authors":[{"authorId":10472,"name":"JoAnn Kurtz","slug":"joann-kurtz","description":"<span class=\"a-text-bold\">JoAnn Kurtz </span>is a Toronto-based lawyer, educator, and author. She carried on a general practice before joining Seneca College, where she was the program coordinator of the Law Clerk Diploma program for many years. She is the author or co-author of many general interest and academic texts. 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It may not be fun to think about, but after you’re gone you won’t have a say in some pretty important matters unless you let your wishes be known.</p>\n<p>Who will take care of your children? What will happen to your business, your property, or those valuable heirlooms passed down for generations? How can you reduce the taxes on your estate?</p>\n<p>Consider these benefits of wills and estate plans and the pitfalls you can avoid simply by planning for the future:</p>\n<ul>\n<li><strong>Your family won’t suffer financially. </strong>Without an estate plan you may not leave enough money to your family to make sure they’ll always be well looked after.</li>\n<li><strong>Less of your estate will go toward income taxes </strong>. Without an estate plan you won’t be able to take advantage of tax-saving strategies.</li>\n<li><strong>Your family won’t have to go to court to get the right to manage your estate.</strong> If you don’t make a will naming an executor, someone close to you will have to start a court proceeding to be appointed the administrator of your estate. Until the court makes a decision, no one will be able to touch your property.</li>\n<li><strong>Your estate won’t lose money after your death.</strong> Without a will you won’t be able to give an executor flexibility to sell or keep certain property and to make bold investment decisions.</li>\n<li><strong>Your estate will be able to pay your debts and still have something left for your family. </strong>Without an estate plan, your estate may not have the money it will take to pay off your creditors <em>and</em> hand over a good sum to your family.</li>\n<li><strong>Your family will be able to keep the heirlooms handed down from generation to generation instead of getting cash with no sentimental value</strong>. Without a will, your administrator may have to sell your property and hand out cash instead.</li>\n<li> <strong>Your business can be more easily passed on to the person of your choice — or at least not sold at a loss.</strong> Without an estate plan, you can’t be sure where the business will end up and how much it will be worth when it gets there.</li>\n<li><strong>Your children will be cared for. </strong>Without a will, your wishes about who will look after your children may never be known.</li>\n<li><strong>Your children’s money will be looked after by a person you choose, not the provincial government. </strong>Without a will that sets up a trust for young children until they come of age, the provincial government will hold any property you leave the kids — until they reach the age of majority.</li>\n<li><strong>Your provincial government won’t end up with all your money.</strong> Without a will, your property will be given away to your lawful husband or wife and blood relatives according to rules set by provincial law. If you don’t have a lawful spouse or any blood relatives — even though you have a long-time companion, a lover, friends, or a favorite charity — your property will all go to the provincial government.</li>\n</ul>\n"},{"title":"Deciding whether you need life insurance in Canada","thumb":null,"image":null,"content":"<p>Building your estate is one way to ensure that your family will be taken care of — life insurance is another. Though life insurance is needed by some Canadians, others can go without it if their estate will easily cover the expenses related to their death.</p>\n<p>Do you need a life insurance policy? Following, are some tips to help you find out.</p>\n<h3>Reasons you need life insurance</h3>\n<p>You need life insurance if:</p>\n<ul>\n<li>Someone you support will still need your income when you’re no longer alive to earn it.</li>\n<li>You’re likely to die leaving a large debt and you want it paid without eating into the capital of your estate.</li>\n<li>You want to create a fund to pay funeral costs, taxes, and probate fees.</li>\n<li>You want to leave money you wouldn’t otherwise have to a family member, friend, or charity.</li>\n</ul>\n<h3>Reasons you don&#8217;t need life insurance</h3>\n<p>You don’t need life insurance if:</p>\n<ul>\n<li>You don’t have anyone who depends on you for support.</li>\n<li>You have no large debts or expenses.</li>\n<li>You have plenty of cash or property in your estate to pay funeral expenses, taxes, and probate fees.</li>\n<li>You don’t need or want extra money to leave to family, friends, or charities.</li>\n</ul>\n"},{"title":"Top tips for reducing the taxes on your estate","thumb":null,"image":null,"content":"<p>Though Canada doesn’t have any “death taxes,” taxes on your estate, including your Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs), can really add up. With a good estate plan, you can keep those taxes at a minimum.</p>\n<p>Follow these helpful tips to keep your tax bill down:</p>\n<ul>\n<li>Leave capital property that has gone up a lot in value to your spouse.</li>\n<li>Name your spouse as beneficiary of your RRSPs and RRIFs.</li>\n<li>Leave your children or grandchildren cash or property that has not gone up a lot in value.</li>\n<li>Use the principal residence exemption to leave your vacation property to your children without triggering a capital gain.</li>\n<li>Give away capital property while you’re still alive if you have a capital loss to offset any capital gain</li>\n<li>Donate money to charity in your will.</li>\n<li>Make sure your will gives your executor power to use your unused RRSP contributions to make a contribution to your spouse’s RRSP.</li>\n<li>Give your executor enough information to make use of any unused capital losses when you die.</li>\n</ul>\n"},{"title":"What your family & executor will need to know","thumb":null,"image":null,"content":"<p>You’ve considered your family and loved ones by drafting a will and creating an estate plan, so make sure they’ll be able to take advantage of all your careful planning!</p>\n<p>Do they know that you have a will, and where to find it? Do they have your account numbers and contact information for your lawyers and other advisors?</p>\n<p>Here are the key pieces of information that your family, executor, and loved ones will need to know once you’re gone:</p>\n<ul>\n<li>Whether you want to donate your organs</li>\n<li>What kind of funeral you want</li>\n<li>Where to find your will</li>\n<li>Where you keep your important documents</li>\n<li>The location of your safety deposit box and where to find the key</li>\n<li>Particulars of any insurance policies on your life</li>\n<li>Information about your bank accounts, investments, pensions, and other property</li>\n<li>Details of your debts</li>\n<li>The name and address of your lawyer, financial adviser, and insurance agent</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2024-11-01T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":301150},{"headers":{"creationTime":"2017-03-26T21:03:16+00:00","modifiedTime":"2024-10-09T20:01:35+00:00","timestamp":"2024-10-09T21:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"Basics of the Schedule K-1 Form for Estates and Trusts","strippedTitle":"basics of the schedule k-1 form for estates and trusts","slug":"schedule-k-1-for-estates-and-trusts-general-information","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"The Schedule K-1 form (form 1041) for estates and trusts gives the beneficiary the specific allocation, allowing easy transfer to the beneficiary.","noIndex":0,"noFollow":0},"content":"An estate or trust’s income <i>retains its character</i>, and so beneficiaries must be informed of this character. The Schedule K-1 (Form 1041)<b> </b>gives the beneficiary the specific allocation between all items of income, allowing easy transfer from the K-1 to the beneficiary’s Form 1040.\r\n\r\nWhen there is one income beneficiary, the total amount of the <i>income distribution deduction</i> (IDD) is shown on a single Schedule K-1, with allocations made between the different types of income. When there are multiple beneficiaries, you’re required to prepare a separate K-1 for each, with the total IDD divided among the beneficiaries on their K-1s in the same proportion as the distributions were made.\r\n\r\nSchedule K-1 allows your beneficiary to separate his or her income distribution into all the sorts of income received by the trust or estate. Because it is an attachment to Form 1041, you must distribute a copy of it to the income beneficiaries no later than the due date for Form 1041, as extended. Remember, the beneficiaries can’t prepare their 1040s until they receive their K-1s from you.\r\n<h2 id=\"tab1\" >Part I: Information about the estate or trust</h2>\r\nIn Part I, fill out the tax identification number (the <i>TIN</i>), the name of the estate or trust, and the <i>fiduciary’s</i> name and address. You also have the opportunity to check a box to indicate whether and when you filed Form 1041-T, Allocation of Estimated Tax Payments to Beneficiaries (Under Code Section 643(g)).\r\n\r\nBy checking Part I, Box D of Schedule K-1, you tell the beneficiary that he or she now has credit for additional tax payments, even though the trustee originally paid them on behalf of the trust.\r\n\r\nCode Section 643(g) allows you to assign estimated taxes paid by the trust or estate to individual beneficiaries in the final year of the trust or estate. Because the trust won’t owe any tax in its final year, it doesn’t need the estimated tax payments.\r\n\r\nForm 1041-T may only be filed in the final year of the trust or estate, is irrevocable, and must be made on or before the 65th day of the year following the end of the trust or estate’s tax year. If you’ve made a Code Section 643(g) election and allocated the estimated taxes, you have to check Box E to indicate it’s the final year of the trust or estate.\r\n<h2 id=\"tab2\" >Part II: Information about the beneficiary</h2>\r\nSchedule K-1, Part II is about as simple as it gets. On line F, put in the beneficiary’s TIN, and on line G, fill in the beneficiary’s name and address.\r\n\r\nIn Box H, choose between a domestic or foreign beneficiary, whichever applies. If the beneficiary lives in the U.S., no further information is necessary. If the beneficiary resides in a foreign country, you may want to consult with a tax advisor who can check the foreign tax treaties involved and make sure you’re not required to withhold U.S. income taxes on distributions to this beneficiary.","description":"An estate or trust’s income <i>retains its character</i>, and so beneficiaries must be informed of this character. The Schedule K-1 (Form 1041)<b> </b>gives the beneficiary the specific allocation between all items of income, allowing easy transfer from the K-1 to the beneficiary’s Form 1040.\r\n\r\nWhen there is one income beneficiary, the total amount of the <i>income distribution deduction</i> (IDD) is shown on a single Schedule K-1, with allocations made between the different types of income. When there are multiple beneficiaries, you’re required to prepare a separate K-1 for each, with the total IDD divided among the beneficiaries on their K-1s in the same proportion as the distributions were made.\r\n\r\nSchedule K-1 allows your beneficiary to separate his or her income distribution into all the sorts of income received by the trust or estate. Because it is an attachment to Form 1041, you must distribute a copy of it to the income beneficiaries no later than the due date for Form 1041, as extended. Remember, the beneficiaries can’t prepare their 1040s until they receive their K-1s from you.\r\n<h2 id=\"tab1\" >Part I: Information about the estate or trust</h2>\r\nIn Part I, fill out the tax identification number (the <i>TIN</i>), the name of the estate or trust, and the <i>fiduciary’s</i> name and address. You also have the opportunity to check a box to indicate whether and when you filed Form 1041-T, Allocation of Estimated Tax Payments to Beneficiaries (Under Code Section 643(g)).\r\n\r\nBy checking Part I, Box D of Schedule K-1, you tell the beneficiary that he or she now has credit for additional tax payments, even though the trustee originally paid them on behalf of the trust.\r\n\r\nCode Section 643(g) allows you to assign estimated taxes paid by the trust or estate to individual beneficiaries in the final year of the trust or estate. Because the trust won’t owe any tax in its final year, it doesn’t need the estimated tax payments.\r\n\r\nForm 1041-T may only be filed in the final year of the trust or estate, is irrevocable, and must be made on or before the 65th day of the year following the end of the trust or estate’s tax year. If you’ve made a Code Section 643(g) election and allocated the estimated taxes, you have to check Box E to indicate it’s the final year of the trust or estate.\r\n<h2 id=\"tab2\" >Part II: Information about the beneficiary</h2>\r\nSchedule K-1, Part II is about as simple as it gets. On line F, put in the beneficiary’s TIN, and on line G, fill in the beneficiary’s name and address.\r\n\r\nIn Box H, choose between a domestic or foreign beneficiary, whichever applies. If the beneficiary lives in the U.S., no further information is necessary. If the beneficiary resides in a foreign country, you may want to consult with a tax advisor who can check the foreign tax treaties involved and make sure you’re not required to withhold U.S. income taxes on distributions to this beneficiary.","blurb":"","authors":[],"primaryCategoryTaxonomy":{"categoryId":34278,"title":"Estate Planning","slug":"estate-planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Part I: Information about the estate or trust","target":"#tab1"},{"label":"Part II: Information about the beneficiary","target":"#tab2"}],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":256933,"title":"Last Will and Testament Probate 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Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"How to Pay a Trust's Expenses","strippedTitle":"how to pay a trust's expenses","slug":"how-to-pay-a-trusts-expenses","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"Learn about the various expenses you're responsible for paying as a trustee, including fees, accounting fees, and taxes.","noIndex":0,"noFollow":0},"content":"In addition to making payments to the beneficiaries, as trustee, you’re also responsible for paying the expenses you incur in administering the trust. The primary expenses include trustee’s fees, investment advice, accounting fees, and taxes.\r\n<h3>Trustees’ fees</h3>\r\nA trustee’s fee is the amount the trust pays to compensate the trustee for his or her time. There is no set trustee’s fee. You can choose to base it on a small percentage of the market value of the assets plus a percentage of the income earned by the trust. You may opt to calculate the number of hours you spend and bill by the hour. You may even charge a flat fee, which is more like an honorarium. What you may not do is overcharge.\r\n\r\nTrustee fees are an income tax deduction for the trust but taxable income to you. You must declare these fees on your Form 1040,<b> </b>where you place them on line 21, Other Income. If you’re a professional trustee, this income is also subject to Self-Employment Tax. Otherwise, it’s income taxable only.\r\n<p class=\"Remember\">Trustee fees are typically paid both from principal and income so as not to burden either side unduly.</p>\r\n\r\n<h3>Investment advice in a trust</h3>\r\nInvestment advice is deductible to the trust minus the <a href=\"//www.investopedia.com/terms/h/haircut.asp\" target=\"_blank\" rel=\"noopener\">2 percent haircut</a> to which miscellaneous itemized deductions are subject.\r\n<h3>Trust's accounting fees</h3>\r\nUnless you’re preparing Form 1041<b> </b>by yourself, you also have to pay accounting or tax preparation fees. You may choose to pay these from income or principal, or a combination of the two. Accounting fees in a trust are usually charged on an hourly basis or on the complexity of the returns being prepared, and are fully deductible.\r\n<h3>Taxes in a trust</h3>\r\nState and local income taxes, real estate taxes, and personal property taxes are all deductible if paid by the trust on trust obligations. So, if the trust owns real estate, it gets to deduct those taxes. If, on the other hand, the trust pays the real estate taxes on property owned by the income beneficiary, the trust has actually made a distribution to the beneficiary. Here are some important things to keep in mind:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">If the trust is only paying a capital gains tax, you pay that from principal.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">If the trust is accumulating income, you pay the entire tax from principal because the accumulated income is transferred to principal at the end of each year and becomes part of the principal.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">On occasion, when you don’t transfer accumulated income to principal, you pay taxes on the ordinary income of the trust from the income side, and the capital gains taxes from the principal side.</p>\r\n</li>\r\n</ul>\r\nTo the extent that income is available in the trust to pass out to a beneficiary, that tax payment becomes an income distribution, and the beneficiary will receive a Schedule K-1 from the trust.\r\n<p class=\"Remember\">Unlike individuals, who may deduct state sales taxes rather than state income taxes, state sales tax deductions aren’t available for trusts. After all, trusts don’t buy anything except for services, and those services typically aren’t subject to sales tax.</p>","description":"In addition to making payments to the beneficiaries, as trustee, you’re also responsible for paying the expenses you incur in administering the trust. The primary expenses include trustee’s fees, investment advice, accounting fees, and taxes.\r\n<h3>Trustees’ fees</h3>\r\nA trustee’s fee is the amount the trust pays to compensate the trustee for his or her time. There is no set trustee’s fee. You can choose to base it on a small percentage of the market value of the assets plus a percentage of the income earned by the trust. You may opt to calculate the number of hours you spend and bill by the hour. You may even charge a flat fee, which is more like an honorarium. What you may not do is overcharge.\r\n\r\nTrustee fees are an income tax deduction for the trust but taxable income to you. You must declare these fees on your Form 1040,<b> </b>where you place them on line 21, Other Income. If you’re a professional trustee, this income is also subject to Self-Employment Tax. Otherwise, it’s income taxable only.\r\n<p class=\"Remember\">Trustee fees are typically paid both from principal and income so as not to burden either side unduly.</p>\r\n\r\n<h3>Investment advice in a trust</h3>\r\nInvestment advice is deductible to the trust minus the <a href=\"//www.investopedia.com/terms/h/haircut.asp\" target=\"_blank\" rel=\"noopener\">2 percent haircut</a> to which miscellaneous itemized deductions are subject.\r\n<h3>Trust's accounting fees</h3>\r\nUnless you’re preparing Form 1041<b> </b>by yourself, you also have to pay accounting or tax preparation fees. You may choose to pay these from income or principal, or a combination of the two. Accounting fees in a trust are usually charged on an hourly basis or on the complexity of the returns being prepared, and are fully deductible.\r\n<h3>Taxes in a trust</h3>\r\nState and local income taxes, real estate taxes, and personal property taxes are all deductible if paid by the trust on trust obligations. So, if the trust owns real estate, it gets to deduct those taxes. If, on the other hand, the trust pays the real estate taxes on property owned by the income beneficiary, the trust has actually made a distribution to the beneficiary. Here are some important things to keep in mind:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">If the trust is only paying a capital gains tax, you pay that from principal.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">If the trust is accumulating income, you pay the entire tax from principal because the accumulated income is transferred to principal at the end of each year and becomes part of the principal.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">On occasion, when you don’t transfer accumulated income to principal, you pay taxes on the ordinary income of the trust from the income side, and the capital gains taxes from the principal side.</p>\r\n</li>\r\n</ul>\r\nTo the extent that income is available in the trust to pass out to a beneficiary, that tax payment becomes an income distribution, and the beneficiary will receive a Schedule K-1 from the trust.\r\n<p class=\"Remember\">Unlike individuals, who may deduct state sales taxes rather than state income taxes, state sales tax deductions aren’t available for trusts. After all, trusts don’t buy anything except for services, and those services typically aren’t subject to sales tax.</p>","blurb":"","authors":[],"primaryCategoryTaxonomy":{"categoryId":34278,"title":"Estate Planning","slug":"estate-planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":256933,"title":"Last Will and Testament Probate Process","slug":"last-will-and-testament-probate-process","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/256933"}},{"articleId":209411,"title":"Wills and Trusts Kit For Dummies Cheat 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years","lifeExpectancySetFrom":"2024-10-09T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":190548},{"headers":{"creationTime":"2017-03-27T16:53:05+00:00","modifiedTime":"2024-10-06T16:55:51+00:00","timestamp":"2024-10-06T18:01:04+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"Estate Planning For Dummies Cheat Sheet","strippedTitle":"estate planning for dummies cheat sheet","slug":"estate-planning-for-dummies-cheat-sheet","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"When you're estate planning, it's important to first write a will and then be aware of estate taxes and how insurance factors in to the plan.","noIndex":0,"noFollow":0},"content":"An estate plan, including a last will and testament, protects your family and finances after you die. Your first step in estate planning is to write a comprehensive will that moves smoothly through the probate process.\r\n\r\nMake sure you're aware of current estate taxes that may influence your planning and how insurance factors into your estate plan. Various types of trusts are available; do some research to find out whether setting up a trust is the way to go and consider some special circumstances that may arise and how they can affect your estate planning.","description":"An estate plan, including a last will and testament, protects your family and finances after you die. Your first step in estate planning is to write a comprehensive will that moves smoothly through the probate process.\r\n\r\nMake sure you're aware of current estate taxes that may influence your planning and how insurance factors into your estate plan. Various types of trusts are available; do some research to find out whether setting up a trust is the way to go and consider some special circumstances that may arise and how they can affect your estate planning.","blurb":"","authors":[{"authorId":9154,"name":"Jordan S. Simon","slug":"jordan-s-simon","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9154"}},{"authorId":35260,"name":"Joseph Mashinski","slug":"joseph-mashinski","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. 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Brian Caverly</b>, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b><b data-author-id=\"9154\">Jordan S. Simon</b></b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm.</p>","authors":[{"authorId":9153,"name":"N. Brian Caverly","slug":"n-brian-caverly","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9153"}},{"authorId":9154,"name":"Jordan S. Simon","slug":"jordan-s-simon","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9154"}},{"authorId":35260,"name":"Joseph Mashinski","slug":"joseph-mashinski","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35260"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781394158546&quot;]}]\" id=\"du-slot-65204b606fc98\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781394158546&quot;]}]\" id=\"du-slot-65204b60705fd\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":256933,"title":"Last Will and Testament Probate Process","slug":"last-will-and-testament-probate-process","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/256933"}},{"articleId":185098,"title":"Estate-Related Taxes You Need to Know About","slug":"estate-related-taxes-you-need-to-know-about","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/185098"}},{"articleId":185007,"title":"Factoring Insurance into Your Estate Plan","slug":"factoring-insurance-into-your-estate-plan","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/185007"}},{"articleId":185006,"title":"Setting Up a Trust in Your Estate Plan","slug":"setting-up-a-trust-in-your-estate-plan","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/185006"}},{"articleId":185008,"title":"Estate Planning for Special Situations","slug":"estate-planning-for-special-situations","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/185008"}}],"content":[{"title":"Last will and testament probate process","thumb":null,"image":null,"content":"<p>Probate is the method by which your estate is legally transferred after you die. When you’re planning your estate and writing your last will and testament, keep the following tips in mind to help the probate process run smoothly.</p>\n<p>If you’re just beginning to plan an estate or write a last will and testament, start by figuring out everything that encompasses your estate.</p>\n<p>It’s important to know before sitting down to write whether you have one piece of fine art or an entire gallery of work by the masters, to know whether you want to leave all your valuable collectibles to one person, or whether you want a say in where each one ends up, to decide to let your beneficiaries decide who gets what or not.</p>\n<p>You may need to do further research in state laws or hire an estate attorney.</p>\n<p><img loading=\"lazy\" class=\"alignnone size-full wp-image-256934\" src=\"//coursofppt.com/wp-content/uploads/THINGS-TO-REMEMBER-WHEN-YOU’RE-WRITING-YOUR-WILL-e1646859911597.jpg\" alt=\"Things to Remember About Probate When Writing a Last Will and Testament\" width=\"534\" height=\"1503\" /></p>\n"},{"title":"Be aware of estate-related taxes","thumb":null,"image":null,"content":"<p>Depending on the value of your estate, you may not have to deal with at least some of the federal taxes, but you or your surviving beneficiaries may have a substantial amount of tax-related paperwork to file. When estate planning, use these tips to understand what you&#8217;re dealing with from a tax standpoint:</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Most people don&#8217;t have to pay the federal estate tax — the so-called &#8220;death tax&#8221; —because their estates fall below the federal threshold. But your estate may still be subject to state inheritance or estate taxes.</p>\n</li>\n<li>\n<p class=\"first-para\">The federal gift tax and the federal estate tax are part of a unified tax system, so you need to pay attention to both of these taxes as you plan your overall estate tax strategy.</p>\n</li>\n<li>\n<p class=\"first-para\">The little-known Estate Recovery Act can devastate your estate if you need to tap into certain types of government-paid health care.</p>\n</li>\n</ul>\n"},{"title":"Setting up a trust in your estate plan","thumb":null,"image":null,"content":"<p>Trusts can be a great help in your estate planning — they can protect your property, save on estate taxes, and help you avoid probate. Sounds great, right?</p>\n<p>Well, before seriously considering a trust, you need to understand the basics of trusts and make a well-informed decision about setting up trusts right for you. Here are some important factors to consider:</p>\n<ul>\n<li>Some trusts are general purpose; others focus on specific objectives, such as supporting your favorite charity or helping to pay for your children’s or grandchildren’s education.</li>\n<li>A revocable living trust may be an ideal tool to protect your estate. But beware — everyone, it seems, is trying to sell you a revocable living trust. Watch out for the hype!</li>\n<li>A bypass trust or a qualified terminable interest property (QTIP) trust can help you and your spouse avoid unnecessary federal estate taxes. But you need to decide which type of trust works best in your situation.</li>\n<li>Some trusts are revocable, meaning that you can change your mind. Other trusts are irrevocable — they can’t be changed after you set them up. Make sure you understand the trade-offs for your estate planning.</li>\n</ul>\n"},{"title":"Estate planning for special situations","thumb":null,"image":null,"content":"<p>Even the most orderly estate plans can fall victim to some unforeseen event. To put together a thorough estate plan, take a look at situations that may occur and find out the necessary information for dealing with them.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">If you&#8217;re in the process of getting a divorce, you have a lot on your mind. But you also need to look at how your divorce will affect your estate planning. Chances are the answer is &#8220;a lot!&#8221;</p>\n</li>\n<li>\n<p class=\"first-para\">Part of your estate planning must deal with the possibility of becoming incompetent — unable to take care of yourself. Prepare now, just in case.</p>\n</li>\n<li>\n<p class=\"first-para\">If you have pets, you need to specify how you want your pets taken care of after you die.</p>\n</li>\n<li>\n<p class=\"first-para\">Unmarried couples, either opposite-sex or same-sex, need to pay special attention to each person&#8217;s estate planning. Otherwise, problems almost always occur when one partner dies before the other.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2024-03-09T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":208475},{"headers":{"creationTime":"2019-11-04T22:48:00+00:00","modifiedTime":"2024-10-06T16:11:01+00:00","timestamp":"2024-10-06T18:01:02+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"Last Will and Testament Probate Process","strippedTitle":"last will and testament probate process","slug":"last-will-and-testament-probate-process","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"Keep these tips in mind when you're writing your last will testament to ensure that the probate process runs smoothly.","noIndex":0,"noFollow":0},"content":"<strong>Probate</strong> is the method by which your estate is legally transferred after you die. When estate planning and writing your last will and testament, keep these tips in mind to help the probate process run smoothly.\r\n\r\n<b><i><img class=\"alignnone size-full wp-image-256934\" src=\"//coursofppt.com/wp-content/uploads/THINGS-TO-REMEMBER-WHEN-YOU’RE-WRITING-YOUR-WILL.jpg\" alt=\"Things to Remember About Probate When Writing a Last Will and Testament\" width=\"535\" height=\"1723\" /></i></b>\r\n<ul>\r\n \t<li>You can be both specific and general in your last will and testament — it's up to you. You can parcel out individual items to people by name and also let your beneficiaries decide how to divide up your worldly goods.</li>\r\n \t<li>State law does have something to say about the language of your will, however. Your state has a number of will statutes that may override a provision of your will if you say something that's against the law.</li>\r\n \t<li>Certain parts of your will \"self-adjust\" to changes in your estate and your family. For example, even if you don't update your will after a child is born or if you adopt a child, your will covers the child just the same so that the child isn't accidentally cut out of an inheritance.</li>\r\n \t<li>You can get around much of the time-consuming, inconvenient, and costly process called probate by creating trusts and using, such as joint tenancy with right of survivorship and payable on death accounts.</li>\r\n \t<li>If you own real estate property in another state, like a time share by the shore, you may need to worry about going through probate in that state, too.</li>\r\n</ul>\r\nIf you're just beginning to plan an estate or write a last will and testament, you should start by figuring out what all <a href=\"//coursofppt.com/personal-finance/estate-planning/estate-planning-first-steps-how-much-is-your-estate-worth/\">encompasses your estate</a>. It's important to know before sitting down to write whether you have one piece of fine art or an entire gallery of work by the masters, to know whether you want to leave all your Beanie Babies to one person, or whether you want a say in where each one ends up, to decide to let your beneficiaries decide who gets what or to not.\r\n\r\nYou might need to do further research in state laws or hire an estate attorney. All of these things might be overwhelming, but you need to start somewhere. To get you started, though, read the rest of this Cheat Sheet and maybe check out <a href=\"//coursofppt.com/personal-finance/estate-planning/wills-trusts-kit-for-dummies-cheat-sheet/\">Wills & Trusts Kit For Dummies</a>.","description":"<strong>Probate</strong> is the method by which your estate is legally transferred after you die. When estate planning and writing your last will and testament, keep these tips in mind to help the probate process run smoothly.\r\n\r\n<b><i><img class=\"alignnone size-full wp-image-256934\" src=\"//coursofppt.com/wp-content/uploads/THINGS-TO-REMEMBER-WHEN-YOU’RE-WRITING-YOUR-WILL.jpg\" alt=\"Things to Remember About Probate When Writing a Last Will and Testament\" width=\"535\" height=\"1723\" /></i></b>\r\n<ul>\r\n \t<li>You can be both specific and general in your last will and testament — it's up to you. You can parcel out individual items to people by name and also let your beneficiaries decide how to divide up your worldly goods.</li>\r\n \t<li>State law does have something to say about the language of your will, however. Your state has a number of will statutes that may override a provision of your will if you say something that's against the law.</li>\r\n \t<li>Certain parts of your will \"self-adjust\" to changes in your estate and your family. For example, even if you don't update your will after a child is born or if you adopt a child, your will covers the child just the same so that the child isn't accidentally cut out of an inheritance.</li>\r\n \t<li>You can get around much of the time-consuming, inconvenient, and costly process called probate by creating trusts and using, such as joint tenancy with right of survivorship and payable on death accounts.</li>\r\n \t<li>If you own real estate property in another state, like a time share by the shore, you may need to worry about going through probate in that state, too.</li>\r\n</ul>\r\nIf you're just beginning to plan an estate or write a last will and testament, you should start by figuring out what all <a href=\"//coursofppt.com/personal-finance/estate-planning/estate-planning-first-steps-how-much-is-your-estate-worth/\">encompasses your estate</a>. It's important to know before sitting down to write whether you have one piece of fine art or an entire gallery of work by the masters, to know whether you want to leave all your Beanie Babies to one person, or whether you want a say in where each one ends up, to decide to let your beneficiaries decide who gets what or to not.\r\n\r\nYou might need to do further research in state laws or hire an estate attorney. All of these things might be overwhelming, but you need to start somewhere. To get you started, though, read the rest of this Cheat Sheet and maybe check out <a href=\"//coursofppt.com/personal-finance/estate-planning/wills-trusts-kit-for-dummies-cheat-sheet/\">Wills & Trusts Kit For Dummies</a>.","blurb":"","authors":[{"authorId":9153,"name":"N. Brian Caverly","slug":"n-brian-caverly","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9153"}},{"authorId":9154,"name":"Jordan S. Simon","slug":"jordan-s-simon","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9154"}}],"primaryCategoryTaxonomy":{"categoryId":34278,"title":"Estate Planning","slug":"estate-planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":208475,"title":"Estate Planning For Dummies Cheat Sheet","slug":"estate-planning-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208475"}},{"articleId":202976,"title":"How to Bypass Probate with Joint Tenancy","slug":"how-to-bypass-probate-with-joint-tenancy","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/202976"}},{"articleId":202969,"title":"Federal Laws Help Ease Tax Burden in Estate Planning","slug":"federal-laws-help-ease-tax-burden-in-estate-planning","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/202969"}},{"articleId":202960,"title":"Calculating the Value of Everything You Own for Estate Planning","slug":"calculating-the-value-of-everything-you-own-for-estate-planning","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/202960"}},{"articleId":202956,"title":"Avoiding Estate Taxes with an Irrevocable Life Insurance Trust","slug":"avoiding-estate-taxes-with-an-irrevocable-life-insurance-trust","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/202956"}}],"fromCategory":[{"articleId":209411,"title":"Wills and Trusts Kit For Dummies Cheat Sheet","slug":"wills-trusts-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209411"}},{"articleId":209202,"title":"Wills & Estate Planning For Canadians For Dummies Cheat Sheet","slug":"wills-estate-planning-for-canadians-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209202"}},{"articleId":208475,"title":"Estate Planning For Dummies Cheat Sheet","slug":"estate-planning-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208475"}},{"articleId":207998,"title":"Estate & Trust Administration For Dummies Cheat Sheet","slug":"estate-trust-administration-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/207998"}},{"articleId":204410,"title":"10 Common Pitfalls for Estate and Trust Administrators to Avoid","slug":"10-common-pitfalls-for-estate-and-trust-administrators-to-avoid","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/204410"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282180,"slug":"estate-planning-for-dummies","isbn":"9781394158546","categoryList":["business-careers-money","personal-finance","estate-planning"],"amazon":{"default":"//www.amazon.com/gp/product/1394158548/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1394158548/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1394158548-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1394158548/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1394158548/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/estate-planning-for-dummies-2nd-edition-cover-1394158548-203x255.jpg","width":203,"height":255},"title":"Estate Planning For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p> <b><b data-author-id=\"9153\">N. Brian Caverly</b>, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b><b data-author-id=\"9154\">Jordan S. Simon</b></b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm.</p>","authors":[{"authorId":9153,"name":"N. Brian Caverly","slug":"n-brian-caverly","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9153"}},{"authorId":9154,"name":"Jordan S. Simon","slug":"jordan-s-simon","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9154"}},{"authorId":35260,"name":"Joseph Mashinski","slug":"joseph-mashinski","description":" <p> <b>N. Brian Caverly, Esq.,</b> is an attorney&#45;at&#45;law emphasizing estate planning and elder law. <b>Jordan S. Simon</b> is Vice President of Asset Management at Venture West, a Tucson&#45;based investment firm. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35260"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781394158546&quot;]}]\" id=\"du-slot-65204b5f1524b\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781394158546&quot;]}]\" id=\"du-slot-65204b5f164ac\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2024-10-06T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":256933},{"headers":{"creationTime":"2017-03-27T16:57:06+00:00","modifiedTime":"2024-10-05T20:55:53+00:00","timestamp":"2024-10-05T21:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"Wills & Estate Planning For Canadians For Dummies Cheat Sheet","strippedTitle":"wills & estate planning for canadians for dummies cheat sheet","slug":"wills-estate-planning-for-canadians-for-dummies-cheat-sheet","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"This Cheat Sheet summarizes some important considerations for wills and estate planning, along with valuable tips.","noIndex":0,"noFollow":0},"content":"Worried about what will happen to your assets after you pass away? This Cheat Sheet will help you plan for your future, with tips on how to reduce your estate taxes, helpful information on whether or not you need life insurance, and a listing of the key pieces of information your loved ones will need after you’re gone.","description":"Worried about what will happen to your assets after you pass away? This Cheat Sheet will help you plan for your future, with tips on how to reduce your estate taxes, helpful information on whether or not you need life insurance, and a listing of the key pieces of information your loved ones will need after you’re gone.","blurb":"","authors":[{"authorId":10471,"name":"Margaret Kerr","slug":"margaret-kerr","description":" <p><b>Andrew Dagys</b> is a professional accountant and the bestselling author of over a dozen books on investing, financial planning, and technology.</p> <p><b>Paul Mladjenovic</b> is a well-known certified financial planner and investing consultant with over 20 years of experience.</p>","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/10471"}},{"authorId":10472,"name":"JoAnn Kurtz","slug":"joann-kurtz","description":" <p><b>Andrew Dagys</b> is a professional accountant and the bestselling author of over a dozen books on investing, financial planning, and technology.</p> <p><b>Paul Mladjenovic</b> is a well-known certified financial planner and investing consultant with over 20 years of experience.</p>","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/10472"}}],"primaryCategoryTaxonomy":{"categoryId":34278,"title":"Estate Planning","slug":"estate-planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":256933,"title":"Last Will and Testament Probate Process","slug":"last-will-and-testament-probate-process","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/256933"}},{"articleId":209411,"title":"Wills and Trusts Kit For Dummies Cheat Sheet","slug":"wills-trusts-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209411"}},{"articleId":208475,"title":"Estate Planning For Dummies Cheat Sheet","slug":"estate-planning-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208475"}},{"articleId":207998,"title":"Estate & Trust Administration For Dummies Cheat Sheet","slug":"estate-trust-administration-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/207998"}},{"articleId":204410,"title":"10 Common Pitfalls for Estate and Trust Administrators to Avoid","slug":"10-common-pitfalls-for-estate-and-trust-administrators-to-avoid","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/204410"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":0,"slug":null,"isbn":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-651f240f6bc10\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-651f240f6c549\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":193610,"title":"<b>Why Every Canadian Should Have a Will and Estate Plan</b>","slug":"why-every-canadian-should-have-a-will-and-estate-plan","categoryList":[],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/193610"}},{"articleId":193614,"title":"Deciding If You Need Life Insurance in Canada","slug":"deciding-if-you-need-life-insurance-in-canada","categoryList":[],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/193614"}},{"articleId":193613,"title":"Top Tips for Reducing Estate Taxes in Canada","slug":"top-tips-for-reducing-estate-taxes-in-canada","categoryList":[],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/193613"}},{"articleId":193612,"title":"What Your Family and Executor Will Need to Know","slug":"what-your-family-and-executor-will-need-to-know","categoryList":[],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/193612"}}],"content":[{"title":"Why Every Canadian Should Have a Will and Estate Plan","thumb":null,"image":null,"content":"<p>Why do you need a will and an estate plan? It may not be fun to think about, but after you’re gone you won&#8217;t have a say in some pretty important matters unless you let your wishes be known. Who will take care of your children? What will happen to your business, your property, or those valuable heirlooms passed down for generations? How can you reduce the taxes on your estate?</p>\n<p>This article uncovers the benefits of wills and estate plans and the pitfalls you can avoid simply by planning for the future.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\"><b>Your family won’t starve in the cold. </b>Without an estate plan you may not leave enough money to your family to make sure they’ll always be warm and well fed.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Less of your estate will pay a permanent visit to the income tax department</b>. Without an estate plan you won’t be able to take advantage of tax-saving strategies.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Your family won’t have to weep before a judge to get the right to manage your estate.</b> If you don’t make a will naming an executor, someone close to you will have to start a court proceeding to be appointed the administrator of your estate. Until the court makes a decision, no one will be able to touch your property.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Your estate won&#8217;t lose money after your death.</b> Without a will you won&#8217;t be able to give an executor flexibility to sell or keep certain property and to make bold investment decisions.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Your estate will be able to pay off your credit cards and still have something left for your family to go on a shopping spree. </b>With an estate plan, your estate may not have the money it will take to pay off your creditors <i>and</i> hand over a good sum to your family.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Your family will be able to keep the heirloom brass spittoon lovingly handed down from generation to generation instead of getting cash with no sentimental value</b>. Without a will, your administrator may have to sell your property and hand out cash.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>The business you built up from scratch can be more easily passed on to the person of your choice — or at least not sold at a loss.</b> Without an estate plan, you can’t be sure where the business will end up and how much it will be worth when it gets there.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Your children will be cared for. </b>Without a will, your wishes about who will look after your children may never be known.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Your provincial government won’t be playing piggy bank with your children’s money. </b>Without a will that sets up a trust for young children until they come of age, the provincial government will hold any property you leave the kids — until they reach the age of majority.</p>\n</li>\n<li>\n<p class=\"first-para\"><b>Your provincial government won’t be playing piggy bank with all your mone</b>y. Without a will, your property will be given away to your lawful husband or wife and blood relatives according to rules set by provincial law. If you don’t have a lawful spouse or any blood relatives — even though you have a long-time companion, a lover, friends, or a favourite charity — your property will all go to the provincial government.</p>\n</li>\n</ul>\n"},{"title":"Deciding If You Need Life Insurance in Canada","thumb":null,"image":null,"content":"<p>Building your estate is one way to ensure that your family will be taken care of — life insurance is another. Though life insurance is needed by some Canadians, others can go without it if their estate will easily cover the expenses related to their death. Do you need a life insurance policy? Here are some tips to help you find out.</p>\n<h2>You need life insurance if:</h2>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Someone you support will still need your income when you’re no longer alive to earn it.</p>\n</li>\n<li>\n<p class=\"first-para\">You’re likely to die leaving a large debt and you want it paid without eating into the capital of your estate.</p>\n</li>\n<li>\n<p class=\"first-para\">You want to create a fund to pay funeral costs, taxes, and probate fees.</p>\n</li>\n<li>\n<p class=\"first-para\">You want to leave money you wouldn’t otherwise have to a family member, friend, or charity.</p>\n</li>\n</ul>\n<h2>You don’t need life insurance if:</h2>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">You don’t have anyone who depends on you for support.</p>\n</li>\n<li>\n<p class=\"first-para\">You have no large debts or expenses.</p>\n</li>\n<li>\n<p class=\"first-para\">You have plenty of cash or property in your estate to pay funeral expenses, taxes, and probate fees.</p>\n</li>\n<li>\n<p class=\"first-para\">You don’t need or want extra money to leave to family, friends, or charities.</p>\n</li>\n</ul>\n"},{"title":"Top Tips for Reducing Estate Taxes in Canada","thumb":null,"image":null,"content":"<p>Though Canada doesn’t have any “death taxes,” taxes on your estate, including your Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs), can really add up. With a good estate plan you can keep those taxes at a minimum.</p>\n<p>Follow these helpful tips and you’ll keep the Canada Revenue Agency (CRA) from being your biggest and happiest beneficiary!</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Leave capital property that has gone up a lot in value to your spouse.</p>\n</li>\n<li>\n<p class=\"first-para\">Name your spouse as beneficiary of your RRSPs and RRIFs.</p>\n</li>\n<li>\n<p class=\"first-para\">Leave your children or grandchildren cash or property that has not gone up a lot in value.</p>\n</li>\n<li>\n<p class=\"first-para\">Use the principal residence exemption to leave your vacation property to your children without triggering a capital gain.</p>\n</li>\n<li>\n<p class=\"first-para\">Give away capital property while you’re still alive if you have a capital loss to offset any capital gain</p>\n</li>\n<li>\n<p class=\"first-para\">Donate money to charity in your will.</p>\n</li>\n<li>\n<p class=\"first-para\">Make sure your will gives your executor power to use your unused RRSP contributions to make a contribution to your spouse’s RRSP.</p>\n</li>\n<li>\n<p class=\"first-para\">Give your executor enough information to make use of any unused capital losses when you die.</p>\n</li>\n</ul>\n"},{"title":"What Your Family and Executor Will Need to Know","thumb":null,"image":null,"content":"<p>You’ve considered your family and loved ones by drafting a will and creating an estate plan, so make sure they’ll be able to take advantage of all your careful planning! Do they know that you have a will, and where to find it? Do they have your account numbers and contact information for your lawyers and other advisors?</p>\n<p>Here are the key pieces of information that your family, executor and loved ones will need to know once you’re gone.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Whether you want to donate your organs.</p>\n</li>\n<li>\n<p class=\"first-para\">What kind of funeral you want.</p>\n</li>\n<li>\n<p class=\"first-para\">Where to find your will.</p>\n</li>\n<li>\n<p class=\"first-para\">Where you keep your important documents.</p>\n</li>\n<li>\n<p class=\"first-para\">The location of your safety deposit box and where to find the key.</p>\n</li>\n<li>\n<p class=\"first-para\">Particulars of any insurance policies on your life.</p>\n</li>\n<li>\n<p class=\"first-para\">Information about your bank accounts, investments, pensions, and other property.</p>\n</li>\n<li>\n<p class=\"first-para\">Details of your debts.</p>\n</li>\n<li>\n<p class=\"first-para\">The name and address of your lawyer, financial adviser, and insurance agent.</p>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"One year","lifeExpectancySetFrom":"2024-04-04T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":209202},{"headers":{"creationTime":"2017-03-26T21:03:23+00:00","modifiedTime":"2024-07-10T17:43:55+00:00","timestamp":"2024-07-10T18:01:05+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"How to Calculate Income Distribution Deduction for an Estate","strippedTitle":"how to calculate income distribution deduction for an estate","slug":"how-to-calculate-estate-or-trust-income-distribution-deductions-schedule-b","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"The Income Distribution Deduction can be taken for certain income distributed to beneficiaries. Here's how it works.","noIndex":0,"noFollow":0},"content":"If you're preparing taxes for an estate or trust, be aware that the Income Distribution Deduction (Schedule B) is unique to these assets.\r\n\r\nWhen trusts and estates give income payments to beneficiaries, those payments carry income tax consequences for the trust or estate <i>and</i> for the beneficiaries. The trust or estate receives a deduction, and the beneficiaries must include the amount deducted from the Form 1041 on their individual Form 1040.\r\n\r\nForm 1041, Schedule B synthesizes all the important information into the all-important <i>income distribution </i><i>deduction</i>.\r\n\r\nTo complete Schedule B, follow these steps (unless the trust or estate is in its final year):\r\n<ol class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Take the total from line 17 on the front of Form 1041 (line 1).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Add that total to the adjusted tax-exempt interest, which is nothing more than total tax-exempt interest less fiduciary and other fees allocated to it (also known as the contents of line 2).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Enter the net capital gain (flip your tax return to its front, and place the number you see on line 4 onto Schedule B, line 6 on the back).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b></b>Subtract that number from your total of Schedule B, lines 1 and 2, to arrive at the distributable net income (DNI), or the total amount that could possibly be taxed to the beneficiary.</p>\r\n</li>\r\n</ol>\r\nIf you’re preparing the return for an estate or simple trust, you can ignore Schedule B, line 8. If yours is a complex trust and you’re either not required to distribute all income or you distributed more than just income, you need to calculate <i>trust accounting income</i> (TAI).\r\n\r\nTo calculate TAI, add lines 1 through 8 from the front of Form 1041 and the tax-exempt income from line 1 of “Other Information” on the back of Form 1041. Subtract capital gains or losses (line 4, Form 1041) and all fees and expenses that you charged against the income earned in the trust.\r\n\r\nExclude fees and expenses charged against principal (including whatever fees you paid from the capital gains) when calculating TAI. Also, don’t allocate any of the income fees you’ve paid between taxable and tax-exempt income.\r\n\r\nOn Schedule B, line 11, you put the total amount of distributions made from the estate or trust to beneficiaries during the tax year. These amounts may be mandatory. For example, in the case of a simple trust, all income must be distributed in the tax year that you’re preparing the return for.\r\n\r\nIn this case, one of three scenarios may apply:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">If you’re required to distribute all, or any part, of the trust’s income, place the amount you’re required to pay to the beneficiary (even if you didn’t actually pay it) on line 9.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Any amounts of income you paid to the beneficiary at your discretion, but that weren’t mandated by the trust instrument, belong on line 10.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">The total of lines 9 and 10 belongs on line 11.</p>\r\n</li>\r\n</ul>\r\nOn line 12, calculate what portion of that total distribution came from tax-exempt income. If you distributed 100 percent of the income, place the number you have on Schedule B, line 2. If you distributed less than 100 percent, calculate the percentage of income you did distribute, and then multiply that percentage by the amount on Schedule B, line 2. Subtract line 12 from line 11 to arrive at line 13, Schedule B.\r\n\r\nNow that you’ve calculated line 13, you need to also arrive at line 14. Just subtract line 2 of Schedule B from line 7 and place your answer on line 14. Compare lines 13 and 14. The smaller of the two is the income distribution deduction. Place your answer on line 15, Schedule B, and then carry the result to line 18 on page 1 of Form 1041.","description":"If you're preparing taxes for an estate or trust, be aware that the Income Distribution Deduction (Schedule B) is unique to these assets.\r\n\r\nWhen trusts and estates give income payments to beneficiaries, those payments carry income tax consequences for the trust or estate <i>and</i> for the beneficiaries. The trust or estate receives a deduction, and the beneficiaries must include the amount deducted from the Form 1041 on their individual Form 1040.\r\n\r\nForm 1041, Schedule B synthesizes all the important information into the all-important <i>income distribution </i><i>deduction</i>.\r\n\r\nTo complete Schedule B, follow these steps (unless the trust or estate is in its final year):\r\n<ol class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Take the total from line 17 on the front of Form 1041 (line 1).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Add that total to the adjusted tax-exempt interest, which is nothing more than total tax-exempt interest less fiduciary and other fees allocated to it (also known as the contents of line 2).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Enter the net capital gain (flip your tax return to its front, and place the number you see on line 4 onto Schedule B, line 6 on the back).</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b></b>Subtract that number from your total of Schedule B, lines 1 and 2, to arrive at the distributable net income (DNI), or the total amount that could possibly be taxed to the beneficiary.</p>\r\n</li>\r\n</ol>\r\nIf you’re preparing the return for an estate or simple trust, you can ignore Schedule B, line 8. If yours is a complex trust and you’re either not required to distribute all income or you distributed more than just income, you need to calculate <i>trust accounting income</i> (TAI).\r\n\r\nTo calculate TAI, add lines 1 through 8 from the front of Form 1041 and the tax-exempt income from line 1 of “Other Information” on the back of Form 1041. Subtract capital gains or losses (line 4, Form 1041) and all fees and expenses that you charged against the income earned in the trust.\r\n\r\nExclude fees and expenses charged against principal (including whatever fees you paid from the capital gains) when calculating TAI. Also, don’t allocate any of the income fees you’ve paid between taxable and tax-exempt income.\r\n\r\nOn Schedule B, line 11, you put the total amount of distributions made from the estate or trust to beneficiaries during the tax year. These amounts may be mandatory. For example, in the case of a simple trust, all income must be distributed in the tax year that you’re preparing the return for.\r\n\r\nIn this case, one of three scenarios may apply:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">If you’re required to distribute all, or any part, of the trust’s income, place the amount you’re required to pay to the beneficiary (even if you didn’t actually pay it) on line 9.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Any amounts of income you paid to the beneficiary at your discretion, but that weren’t mandated by the trust instrument, belong on line 10.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">The total of lines 9 and 10 belongs on line 11.</p>\r\n</li>\r\n</ul>\r\nOn line 12, calculate what portion of that total distribution came from tax-exempt income. If you distributed 100 percent of the income, place the number you have on Schedule B, line 2. If you distributed less than 100 percent, calculate the percentage of income you did distribute, and then multiply that percentage by the amount on Schedule B, line 2. Subtract line 12 from line 11 to arrive at line 13, Schedule B.\r\n\r\nNow that you’ve calculated line 13, you need to also arrive at line 14. Just subtract line 2 of Schedule B from line 7 and place your answer on line 14. Compare lines 13 and 14. The smaller of the two is the income distribution deduction. Place your answer on line 15, Schedule B, and then carry the result to line 18 on page 1 of Form 1041.","blurb":"","authors":[],"primaryCategoryTaxonomy":{"categoryId":34278,"title":"Estate Planning","slug":"estate-planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":256933,"title":"Last Will and Testament Probate Process","slug":"last-will-and-testament-probate-process","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/256933"}},{"articleId":209411,"title":"Wills and Trusts Kit For Dummies Cheat Sheet","slug":"wills-trusts-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209411"}},{"articleId":209202,"title":"Wills & Estate Planning For Canadians For Dummies Cheat Sheet","slug":"wills-estate-planning-for-canadians-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209202"}},{"articleId":208475,"title":"Estate Planning For Dummies Cheat Sheet","slug":"estate-planning-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208475"}},{"articleId":207998,"title":"Estate & Trust Administration For Dummies Cheat Sheet","slug":"estate-trust-administration-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/207998"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":0,"slug":null,"isbn":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-64ac4761a9904\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-64ac4761aa176\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-07-06T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":190719},{"headers":{"creationTime":"2017-03-26T22:16:39+00:00","modifiedTime":"2024-05-03T20:26:24+00:00","timestamp":"2024-05-03T21:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"Calculating Your Estate's Worth for Planning","strippedTitle":"calculating your estate's worth for planning","slug":"estate-planning-first-steps-how-much-is-your-estate-worth","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"Learn how to calculate the value of your estate and your net worth so you can begin your estate planning process.","noIndex":0,"noFollow":0},"content":"Estate planning is all about what you want to have happen to you, your dependents, and your stuff when you’re gone. Estate planning also covers what happens if you’re alive but can’t make decisions for yourself.\r\n\r\nYou may think that you don’t care what happens after you’re gone, but what about the family, friends, and stuff you leave behind? Do you care if the most important person in your life receives anything you may have of value, or are you okay with having the state decide how to divvy up your stuff? Who’s going to go through your underwear drawer? Who will care for your beloved cat or, more importantly, your dependent children?\r\n\r\nThe first thing you need to do when <a href=\"//coursofppt.com/personal-finance/estate-planning/estate-planning-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">planning your estate</a> is to calculate your gross estate. Then you can employ different estate planning strategies based on the size and composition of your estate. Begin by entering your Net Worth total in Step 1 of the Calculating Your Gross Estate worksheet (shown in figure below), which you can <a href=\"//coursofppt.com/wp-content/uploads/Calculating-Your-Gross-Estate-Worksheet.pdf\" target=\"_blank\" rel=\"noopener\">download and print here</a>.\r\n\r\n<img src=\"//coursofppt.com/wp-content/uploads/114662.image0.jpg\" alt=\"image0.jpg\" width=\"462\" height=\"365\" />\r\n\r\nIf you haven't yet determined your net worth, the Statement of Financial Net Worth Worksheet can help you figure it out. <a href=\"//coursofppt.com/wp-content/uploads/Statement-of-Financial-Net-Worth-Worksheet.pdf\" target=\"_blank\" rel=\"noopener\">Download here</a>.\r\n\r\n<img src=\"//coursofppt.com/wp-content/uploads/114663.image1.jpg\" alt=\"image1.jpg\" width=\"259\" height=\"400\" />\r\n\r\nThe number you came up with for your gross estate is probably bigger than you were expecting. That number represents, for most people, the stuff you need to figure out what to do with, and your estate plan tells the world what you want to happen to your stuff when you die.","description":"Estate planning is all about what you want to have happen to you, your dependents, and your stuff when you’re gone. Estate planning also covers what happens if you’re alive but can’t make decisions for yourself.\r\n\r\nYou may think that you don’t care what happens after you’re gone, but what about the family, friends, and stuff you leave behind? Do you care if the most important person in your life receives anything you may have of value, or are you okay with having the state decide how to divvy up your stuff? Who’s going to go through your underwear drawer? Who will care for your beloved cat or, more importantly, your dependent children?\r\n\r\nThe first thing you need to do when <a href=\"//coursofppt.com/personal-finance/estate-planning/estate-planning-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">planning your estate</a> is to calculate your gross estate. Then you can employ different estate planning strategies based on the size and composition of your estate. Begin by entering your Net Worth total in Step 1 of the Calculating Your Gross Estate worksheet (shown in figure below), which you can <a href=\"//coursofppt.com/wp-content/uploads/Calculating-Your-Gross-Estate-Worksheet.pdf\" target=\"_blank\" rel=\"noopener\">download and print here</a>.\r\n\r\n<img src=\"//coursofppt.com/wp-content/uploads/114662.image0.jpg\" alt=\"image0.jpg\" width=\"462\" height=\"365\" />\r\n\r\nIf you haven't yet determined your net worth, the Statement of Financial Net Worth Worksheet can help you figure it out. <a href=\"//coursofppt.com/wp-content/uploads/Statement-of-Financial-Net-Worth-Worksheet.pdf\" target=\"_blank\" rel=\"noopener\">Download here</a>.\r\n\r\n<img src=\"//coursofppt.com/wp-content/uploads/114663.image1.jpg\" alt=\"image1.jpg\" width=\"259\" height=\"400\" />\r\n\r\nThe number you came up with for your gross estate is probably bigger than you were expecting. That number represents, for most people, the stuff you need to figure out what to do with, and your estate plan tells the world what you want to happen to your stuff when you die.","blurb":"","authors":[],"primaryCategoryTaxonomy":{"categoryId":34278,"title":"Estate Planning","slug":"estate-planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":256933,"title":"Last Will and Testament Probate Process","slug":"last-will-and-testament-probate-process","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/256933"}},{"articleId":209411,"title":"Wills and Trusts Kit For Dummies Cheat Sheet","slug":"wills-trusts-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209411"}},{"articleId":209202,"title":"Wills & Estate Planning For Canadians For Dummies Cheat Sheet","slug":"wills-estate-planning-for-canadians-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209202"}},{"articleId":208475,"title":"Estate Planning For Dummies Cheat Sheet","slug":"estate-planning-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208475"}},{"articleId":207998,"title":"Estate & Trust Administration For Dummies Cheat Sheet","slug":"estate-trust-administration-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/207998"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":0,"slug":null,"isbn":null,"categoryList":null,"amazon":null,"image":null,"title":null,"testBankPinActivationLink":null,"bookOutOfPrint":false,"authorsInfo":null,"authors":null,"_links":null},"collections":[{"title":"For the Aspiring Aficionado","slug":"for-the-bougielicious","collectionId":287570}],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-6452cb8fd4971\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[null]}]\" id=\"du-slot-6452cb8fd5024\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Explore","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-08-06T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":197110},{"headers":{"creationTime":"2017-03-26T14:34:49+00:00","modifiedTime":"2023-10-06T17:22:44+00:00","timestamp":"2023-10-06T18:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Personal Finance","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34273"},"slug":"personal-finance","categoryId":34273},{"name":"Estate Planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"},"slug":"estate-planning","categoryId":34278}],"title":"Here's What's Included in the UIMC Tax","strippedTitle":"here's what's included in the uimc tax","slug":"what-you-should-know-about-the-unearned-income-medicare-contribution-uimc-tax-to-manage-an-estate","canonicalUrl":"","收检索擎升级改进提升":{"metaDescription":"Learn about the Unearned Income Medicare Contribution tax, which went into effect in January 2013, and how to handle it for an estate.","noIndex":0,"noFollow":0},"content":"As of January 1, 2013, an additional 3.8 percent tax was added to investment income in estates and trusts, thanks to provisions in the Health Care and Education Reconciliation Act of 2010. It's not an additional tax on every dollar, but only on the lesser of undistributed net investment income or any amount of adjusted gross income in excess of the highest tax bracket in any year.\r\n\r\nWhat sorts of investment income are included? Here’s a list:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Annuities</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Capital gains (including the taxable portion of the gain on the sale of a personal residence)</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Dividends</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Interest</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Passive activity income from partnerships and Subchapter S corporations</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Rents and royalties</p>\r\n</li>\r\n</ul>\r\nYou may have noticed that excluded from the list are tax-exempt interest, wages, and distributions from qualified pension, profit-sharing, and stock bonus plans — although you may still be tagged with this tax (or a portion of it) if the trust or estate’s overall income is too high.\r\n\r\nIn addition, it’s important to note that the tax is on <i>net investment income</i><i>,</i> not <i>gross investment income</i><i>.</i> As a result, you can allocate portions of all your deductible expenses against the total income, and only pay the tax on the portion that remains that’s over the limit.\r\n\r\nAll irrevocable trusts that are required to file <b>Form 1041</b> are subject to this tax. However, the following trusts are apparently excluded:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Grantor trusts (all income is reported by the grantor on his/her individual income tax return)</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Charitable foundations</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Charitable remainder trusts</p>\r\n</li>\r\n</ul>\r\n<p class=\"Tip\">The rules surrounding how investment versus non-investment income are treated in Electing Small Business Trusts (ESBTs) are quite complex. If you’re the trustee of an ESBT, you should check with a competent tax advisor for assistance in this calculation.</p>\r\n\r\n<h2 id=\"tab1\" >How to calculate the tax</h2>\r\nThe UIMC tax was only intended to apply to high-income individuals, but the basic inequity in the size of the tax brackets for trusts and estates versus individuals created an unfriendly environment for estates and trusts, one where only quite small entities are exempt from paying it. The tax is imposed as an additional tax, after all other income taxes are levied.\r\n<h2 id=\"tab2\" >How to lessen the tax’s impact</h2>\r\nThe UIMC tax is only imposed on taxable income in the trust or the estate over certain limits; if the income doesn’t reach those limits, there’s no additional tax. So, your job as executor, administrator, or trustee is to try to reduce the taxable income in the trust, while still behaving in a responsible way. You could, for example:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><b></b><b>Keep track of capital gains and plan to offset gains with some losses, if necessary. </b>As executor, you should be aware of the size of the estate’s capital gains before the end of the year. If your gains are large but you own something that’s a less-than-sterling performer, sell it before the end of the tax year. The loss from that sale will reduce the total gains year-to-date.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b></b><b>Invest in tax-exempt bonds and funds.</b> Remember, tax-exempt income isn’t included in the threshold calculation, so it isn’t subject to the tax.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Increase distributions to beneficiaries, but only if the trust instrument allows, and the distribution otherwise makes sense.</b> You still have to follow the terms of the trust instrument and pay attention to the intentions of the settlor. But if you manage to pass out income to beneficiaries, that income will be included in their threshold calculation for this additional tax, not the trust or estate’s.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Plan deductions to fall into years when income is higher and pay fewer deductible expenses in years the trust doesn’t perform as well or when more is distributed to the beneficiary.</b> That’s assuming you can predict these things, which you may not be able to precisely. But if you normally pay a trustee fee in January, and your income for the prior year is high enough to trigger this tax, you may want to take the January fee in December of the prior year.</p>\r\n</li>\r\n</ul>\r\n<p class=\"Remember\">There is no perfect solution here because the techniques that might enable the trust or estate to pay taxes at a lower rate may not be consistent with either the intent of the donor or what’s in the best interest of the beneficiary. It’s up to you to weigh all these possibilities and arrive at the most equitable solution.</p>\r\nWhatever you do, be sure to jot down your reasoning and put it in the file. That way, should anyone ever question your decision, you’ll be able to remind yourself why; and next year, when faced with the same questions and the same dilemmas, you’ll be able to see what you did in the past and judge for yourself how well it worked.","description":"As of January 1, 2013, an additional 3.8 percent tax was added to investment income in estates and trusts, thanks to provisions in the Health Care and Education Reconciliation Act of 2010. It's not an additional tax on every dollar, but only on the lesser of undistributed net investment income or any amount of adjusted gross income in excess of the highest tax bracket in any year.\r\n\r\nWhat sorts of investment income are included? Here’s a list:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Annuities</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Capital gains (including the taxable portion of the gain on the sale of a personal residence)</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Dividends</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Interest</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Passive activity income from partnerships and Subchapter S corporations</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Rents and royalties</p>\r\n</li>\r\n</ul>\r\nYou may have noticed that excluded from the list are tax-exempt interest, wages, and distributions from qualified pension, profit-sharing, and stock bonus plans — although you may still be tagged with this tax (or a portion of it) if the trust or estate’s overall income is too high.\r\n\r\nIn addition, it’s important to note that the tax is on <i>net investment income</i><i>,</i> not <i>gross investment income</i><i>.</i> As a result, you can allocate portions of all your deductible expenses against the total income, and only pay the tax on the portion that remains that’s over the limit.\r\n\r\nAll irrevocable trusts that are required to file <b>Form 1041</b> are subject to this tax. However, the following trusts are apparently excluded:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\">Grantor trusts (all income is reported by the grantor on his/her individual income tax return)</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Charitable foundations</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\">Charitable remainder trusts</p>\r\n</li>\r\n</ul>\r\n<p class=\"Tip\">The rules surrounding how investment versus non-investment income are treated in Electing Small Business Trusts (ESBTs) are quite complex. If you’re the trustee of an ESBT, you should check with a competent tax advisor for assistance in this calculation.</p>\r\n\r\n<h2 id=\"tab1\" >How to calculate the tax</h2>\r\nThe UIMC tax was only intended to apply to high-income individuals, but the basic inequity in the size of the tax brackets for trusts and estates versus individuals created an unfriendly environment for estates and trusts, one where only quite small entities are exempt from paying it. The tax is imposed as an additional tax, after all other income taxes are levied.\r\n<h2 id=\"tab2\" >How to lessen the tax’s impact</h2>\r\nThe UIMC tax is only imposed on taxable income in the trust or the estate over certain limits; if the income doesn’t reach those limits, there’s no additional tax. So, your job as executor, administrator, or trustee is to try to reduce the taxable income in the trust, while still behaving in a responsible way. You could, for example:\r\n<ul class=\"level-one\">\r\n \t<li>\r\n<p class=\"first-para\"><b></b><b>Keep track of capital gains and plan to offset gains with some losses, if necessary. </b>As executor, you should be aware of the size of the estate’s capital gains before the end of the year. If your gains are large but you own something that’s a less-than-sterling performer, sell it before the end of the tax year. The loss from that sale will reduce the total gains year-to-date.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b></b><b>Invest in tax-exempt bonds and funds.</b> Remember, tax-exempt income isn’t included in the threshold calculation, so it isn’t subject to the tax.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Increase distributions to beneficiaries, but only if the trust instrument allows, and the distribution otherwise makes sense.</b> You still have to follow the terms of the trust instrument and pay attention to the intentions of the settlor. But if you manage to pass out income to beneficiaries, that income will be included in their threshold calculation for this additional tax, not the trust or estate’s.</p>\r\n</li>\r\n \t<li>\r\n<p class=\"first-para\"><b>Plan deductions to fall into years when income is higher and pay fewer deductible expenses in years the trust doesn’t perform as well or when more is distributed to the beneficiary.</b> That’s assuming you can predict these things, which you may not be able to precisely. But if you normally pay a trustee fee in January, and your income for the prior year is high enough to trigger this tax, you may want to take the January fee in December of the prior year.</p>\r\n</li>\r\n</ul>\r\n<p class=\"Remember\">There is no perfect solution here because the techniques that might enable the trust or estate to pay taxes at a lower rate may not be consistent with either the intent of the donor or what’s in the best interest of the beneficiary. It’s up to you to weigh all these possibilities and arrive at the most equitable solution.</p>\r\nWhatever you do, be sure to jot down your reasoning and put it in the file. That way, should anyone ever question your decision, you’ll be able to remind yourself why; and next year, when faced with the same questions and the same dilemmas, you’ll be able to see what you did in the past and judge for yourself how well it worked.","blurb":"","authors":[{"authorId":9651,"name":"Margaret A. Munro","slug":"margaret-atkins-munro","description":"Margaret Atkins Munro, EA, has more than 30 years of experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at its volunteer tax preparer programs.","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9651"}},{"authorId":9652,"name":"Kathryn A. 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She lectures for the IRS annually at their volunteer tax preparer programs. <b>Kathryn A. Murphy, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns. <p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b><b data-author-id=\"9652\">Kathryn A. Murphy</b>, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns.</p>","authors":[{"authorId":34889,"name":"Margaret A. Munro","slug":"margaret-a-munro","description":" <p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b>Kathryn A. Murphy, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/34889"}},{"authorId":9652,"name":"Kathryn A. Murphy","slug":"kathryn-a-murphy","description":" <p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b>Kathryn A. Murphy, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns. 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There's a lot that falls on your shoulders after the decendent passes on. Learn all about your duties here.","noIndex":0,"noFollow":0},"content":"As the fiduciary of an estate or trust, you have many duties, beginning immediately upon the <i>decedent’s </i>(deceased person’s) passing. You’re also guaranteed to become intimately familiar with a host of tax forms you may not have known existed.","description":"As the fiduciary of an estate or trust, you have many duties, beginning immediately upon the <i>decedent’s </i>(deceased person’s) passing. You’re also guaranteed to become intimately familiar with a host of tax forms you may not have known existed.","blurb":"","authors":[{"authorId":9651,"name":"Margaret A. Munro","slug":"margaret-atkins-munro","description":"Margaret Atkins Munro, EA, has more than 30 years of experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at its volunteer tax preparer programs.","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9651"}},{"authorId":9652,"name":"Kathryn A. Murphy","slug":"kathryn-a-murphy","description":" <p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b>Kathryn A. Murphy, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9652"}}],"primaryCategoryTaxonomy":{"categoryId":34278,"title":"Estate Planning","slug":"estate-planning","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/34278"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":204410,"title":"10 Common Pitfalls for Estate and Trust Administrators to Avoid","slug":"10-common-pitfalls-for-estate-and-trust-administrators-to-avoid","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/204410"}},{"articleId":168035,"title":"Eight Transfer and Income Tax Provisions in the \"Fiscal Cliff Act\"","slug":"eight-transfer-and-income-tax-provisions-in-the-fiscal-cliff-act","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/168035"}},{"articleId":168012,"title":"What to Do When Someone Dies","slug":"what-to-do-when-someone-dies","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/168012"}},{"articleId":168003,"title":"Tax Forms to Know as the Fiduciary of an Estate or Trust","slug":"tax-forms-to-know-as-the-fiduciary-of-an-estate-or-trust","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/168003"}},{"articleId":163821,"title":"Executor's Duty: Informing Surviving Spouse of Decision Rights","slug":"executors-duty-informing-surviving-spouse-of-decision-rights","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/163821"}}],"fromCategory":[{"articleId":256933,"title":"Last Will and Testament Probate Process","slug":"last-will-and-testament-probate-process","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/256933"}},{"articleId":209411,"title":"Wills and Trusts Kit For Dummies Cheat Sheet","slug":"wills-trusts-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209411"}},{"articleId":209202,"title":"Wills & Estate Planning For Canadians For Dummies Cheat Sheet","slug":"wills-estate-planning-for-canadians-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/209202"}},{"articleId":208475,"title":"Estate Planning For Dummies Cheat Sheet","slug":"estate-planning-for-dummies-cheat-sheet","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208475"}},{"articleId":204410,"title":"10 Common Pitfalls for Estate and Trust Administrators to Avoid","slug":"10-common-pitfalls-for-estate-and-trust-administrators-to-avoid","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/204410"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282179,"slug":"estate-trust-administration-for-dummies-2nd-edition","isbn":"9781119543879","categoryList":["business-careers-money","personal-finance","estate-planning"],"amazon":{"default":"//www.amazon.com/gp/product/1119543878/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119543878/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119543878-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119543878/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119543878/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/estate-and-trust-administration-for-dummies-2nd-edition-cover-9781119543879-203x255.jpg","width":203,"height":255},"title":"Estate & Trust Administration For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b>Kathryn A. Murphy, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns. <p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b><b data-author-id=\"9652\">Kathryn A. Murphy</b>, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns.</p>","authors":[{"authorId":34889,"name":"Margaret A. Munro","slug":"margaret-a-munro","description":" <p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b>Kathryn A. Murphy, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/34889"}},{"authorId":9652,"name":"Kathryn A. Murphy","slug":"kathryn-a-murphy","description":" <p><b>Margaret Atkins Munro, EA,</b> has more than 30 years&#39; experience in trusts, estates, family tax, and small businesses. She lectures for the IRS annually at their volunteer tax preparer programs. <b>Kathryn A. Murphy, Esq.,</b> is an attorney with more than 20 years&#39; experience administering estates and trusts and preparing estate and gift tax returns. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9652"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119543879&quot;]}]\" id=\"du-slot-63221b23c64f5\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;business-careers-money&quot;,&quot;personal-finance&quot;,&quot;estate-planning&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119543879&quot;]}]\" id=\"du-slot-63221b23c7019\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":168003,"title":"Tax Forms to Know as the Fiduciary of an Estate or Trust","slug":"tax-forms-to-know-as-the-fiduciary-of-an-estate-or-trust","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/168003"}},{"articleId":168012,"title":"What to Do When Someone Dies","slug":"what-to-do-when-someone-dies","categoryList":["business-careers-money","personal-finance","estate-planning"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/168012"}}],"content":[{"title":"Tax forms to know as the fiduciary of an estate or trust","thumb":null,"image":null,"content":"<p>When you’re administering an estate or trust, you may have to prepare a seemingly endless array of tax returns. The following table lists some of the most popular ones. Check with your accountant or attorney if you have any questions.</p>\n<table>\n<tbody>\n<tr>\n<th>Federal Tax Form Number and Name</th>\n<th>When It’s Required</th>\n<th>When It’s Due</th>\n</tr>\n<tr>\n<td>Form 1040<br />\nU.S. Individual Income Tax Return</td>\n<td>When the decedent had income prior to death that hasn’t<br />\nbeen reported.</td>\n<td>April 15 following the year of death; automatic 6-month<br />\nextension of time to file provided Form 4868 is filed on or before<br />\nApril 15. Form 4868 doesn’t need to be filed if no tax is<br />\ndue; the extension is automatic.</td>\n</tr>\n<tr>\n<td>Form 1041<br />\nU.S. Income Tax Return for Estates and Trusts</td>\n<td>When the estate or trust receives income earned.</td>\n<td>3-1/2 months after the year-end of the estate or trust; most<br />\ntrusts are required to use a December 31 year end, but estates may<br />\nelect a fiscal year, provided the first fiscal year ends no later<br />\nthan 11 full months after the date of death.</td>\n</tr>\n<tr>\n<td>Form 706<br />\nUnited States Estate (and Generation-Skipping Transfer) Tax<br />\nReturn</td>\n<td>For estates with assets more than a certain amount. Even though<br />\nnot every estate with assets over that amount will have an estate<br />\ntax, those estates are still required to file.</td>\n<td>9 months after date of death; due date may be extended by 6<br />\nadditional months for cause.</td>\n</tr>\n<tr>\n<td>Form 709<br />\nUnited States Gift (and Generation-Skipping Transfer) Tax<br />\nReturn</td>\n<td>Generally, if the decedent gave gifts to someone (other than<br />\nhis or her spouse) totaling more than $14,000 in calendar year<br />\n2013, or if the decedent was splitting gifts with a surviving<br />\nspouse who made the gifts, and the gifts haven’t yet been<br />\nreported.</td>\n<td>April 15 of the year following the year the gift was made.<br />\nAutomatic 6-month extension of time to file provided Form 4868 is<br />\nfiled on or before April 15 for taxpayer’s Form 1040.</td>\n</tr>\n<tr>\n<td>Form 1310<br />\nStatement of Person Claiming Refund Due a Deceased Person</td>\n<td>If a tax refund is due a decedent on his or her Form 1040<br />\n(whether final or any prior year), but he or she has no surviving<br />\nspouse or court-appointed representative, the person requesting the<br />\nrefund must complete and file Form 1310.</td>\n<td>File together with the related tax return. If claiming a refund<br />\nfor a prior year for which a tax return has already been filed,<br />\nsend as soon as possible to the IRS Service Center where the<br />\noriginal return was filed.</td>\n</tr>\n<tr>\n<td>Form SS-4<br />\nApplication for Employer Identification Number</td>\n<td>For any trust or estate that will maintain bank or brokerage<br />\naccounts, or to whom anyone who makes a payment may be required to<br />\nissue either a Form 1099 or a Form W-2.</td>\n<td>Immediate prior to opening any accounts for estate or trust.<br />\nYou can apply online at <a href=\"//www.irs.gov\" target=\"_blank\" rel=\"noopener noreferrer\">www.irs.gov</a>.</td>\n</tr>\n<tr>\n<td>Form 1099-MISC</td>\n<td>To report payments in any amount to attorneys, or of $600 or<br />\nmore to accountants, trustees, or any non-corporate entity to whom<br />\nthe estate or trust paid compensation.</td>\n<td>Send copy to recipient no later than January 31 of the year<br />\nfollowing the tax year involved. Copy should be filed with the IRS<br />\nby February 28 (if filing on paper, and accompanied by Form 1096),<br />\nor by March 31 if filing electronically.</td>\n</tr>\n</tbody>\n</table>\n"},{"title":"What to do when someone dies","thumb":null,"image":null,"content":"<p>If you’re an executor, personal representative, or administrator of an estate, your job begins at the death of the person whose estate you’re administering. The following list contains tasks you need to take care of in the first days and weeks after the decedent’s death.</p>\n<ul class=\"level-one\">\n<li>\n<p class=\"first-para\">Determine the decedent’s wishes regarding arrangements such as funeral and burial.</p>\n</li>\n<li>\n<p class=\"first-para\">Obtain copies of the death certificate.</p>\n</li>\n<li>\n<p class=\"first-para\">Ascertain whether the decedent had a last will and other estate-planning documents and then try to find them.</p>\n</li>\n<li>\n<p class=\"first-para\">Apply for a federal Taxpayer Identification Number for the estate, using Form SS-4. (This is like a Social Security number for the estate.)</p>\n</li>\n<li>\n<p class=\"first-para\">Figure out the decedent’s <i>domicile</i> (where he or she “lived” for probate and tax purposes) and where real property (real estate) is located, because the executor may have to probate the estate in multiple jurisdictions.</p>\n</li>\n<li>\n<p class=\"first-para\">Determine whether you need professional advisors such as an attorney, CPA, or enrolled agent.</p>\n</li>\n<li>\n<p class=\"first-para\">If the decedent has no surviving spouse:</p>\n<ul class=\"level-two\">\n<li>\n<p class=\"first-para\">Change the locks on the decedent’s residence immediately.</p>\n</li>\n<li>\n<p class=\"first-para\">Locate and take possession of decedent’s checkbook and credit cards and notify banks and credit card companies of the decedent’s passing.</p>\n</li>\n<li>\n<p class=\"first-para\">Notify the decedent’s homeowner’s insurance company and automobile insurance company. Add executor, when appointed, as insured and determine whether coverage, particularly on items of unusual value, is adequate.</p>\n</li>\n</ul>\n</li>\n<li>\n<p class=\"first-para\">Cancel pending contracts (such as purchase and sale agreements on real estate) and rewrite as executor.</p>\n</li>\n<li>\n<p class=\"first-para\">Marshall and safeguard the decedent’s assets by</p>\n<ul class=\"level-two\">\n<li>\n<p class=\"first-para\">Locating the safe-deposit box and inventorying its contents</p>\n</li>\n<li>\n<p class=\"first-para\">Collecting information regarding the type, value, and manner of holding for all the decedent’s assets</p>\n</li>\n</ul>\n</li>\n<li>\n<p class=\"first-para\">Determine <i>heirs at law</i> (those who would inherit if the decedent was will-less) and <i>beneficiaries</i> (those who inherit in the presence of a will) of the decedent’s estate.</p>\n</li>\n<li>\n<p class=\"first-para\">Decide whether probate of the decedent’s will (or administration of the decedent’s estate) is necessary and file the decedent’s last will with the probate court.</p>\n</li>\n<li>\n<p class=\"first-para\">If probate is necessary:</p>\n<ul class=\"level-two\">\n<li>\n<p class=\"first-para\">Figure out whether <i>ancillary</i><i>,</i> or supplemental, probate is also necessary (for real property in another state).</p>\n</li>\n<li>\n<p class=\"first-para\">Decide whether temporary administration of the estate is necessary for assets that must be dealt with immediately.</p>\n</li>\n</ul>\n</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"One 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