Drafting Irrevocable Trusts in Massachusetts
Know the law—avoid the pitfalls
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- Product Number: 2234040WFM
- Publication Date: 1/17/2023
- Edition: 3rd Edition 2023
- Copyright: © 2023 MCLE, Inc.
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Product Description
Product Description
Skill in drafting appropriate and effective irrevocable trusts is a challenging but indispensable element in an estate planning practitioner's professional repertoire. Drafting Irrevocable Trusts in Massachusetts takes a practical and comprehensive approach to this important but often difficult topic, detailing the basic elements as well as the sophisticated techniques applied in bringing these instruments to life.
Recent updates:
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Update: January 2023
Dear Subscriber:
Thank you for choosing to stay current in trust drafting practice with this 2023 edition of Drafting Irrevocable Trusts in Massachusetts . Inside, you will find new material on topics such as the following:
- Federal estate tax (based on different years of death, after applying the applicable credit and deduction for Massachusetts estate taxes paid). See chapter 1 for an updated chart.
- Cumulative hanging Crummey power. Chapter 1 offers an updated chart showing data applicable up to the year 2047.
- Distributable net income. See chapter 3 for new discussion of strategies regarding distributable net income, including a note about an alternative theory for including gains from a pass-through entity.
- Closely-held business interests. See chapter 5 for sample language pertinent to "Powers to Operate a Business Interest Held in an Estate or Trust".
- Administrative provisions. See chapter 12 for updated language, including expanded powers of the trustee and new notice provisions and Schedule A of a sample Massachusetts inter vivos trust.
- Foreign trusts. See chapter 13 for a substantive new practice note that advises the reader on the question as to whether, if a trust is administered partly or solely abroad, a U.S. court could still "determine substantially all issues regarding the trust's administration," as required by an established court test.
- Supplemental needs trusts. See chapter 7 for a revised exhibit that contains model language for a typical supplemental needs trust. The exhibits for chapter 7 also contain new language for a d(4)(A) trust provision.
We at MCLE trust that you will find this updated material useful in your practice and valuable in keeping your estate planning law library current.
Cordially,
Maryanne G. Jensen, Esq., MCLE Director of Publications
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Update: January 2023
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Table of Contents
Table of Contents
expand allChapter 1 expandEstate and Gift Tax Issues Relating to Irrevocable Trusts
Buy ChapterChapter 2 expandGeneration-Skipping Transfer Tax Problems
Buy ChapterExhibit 2A
- Sample Language Granting Authority to Divide Trusts Buy FormChapter 3 expandIncome Taxation of Trusts and Estates
Buy ChapterExhibit 3A
- Example of a 2021 Fiduciary Income Tax Return for a Complex Trust Buy FormChapter 4 expandDispositive Provisions
Buy ChapterChecklist 4.1
- Determining Conditions Under Which Beneficiaries Should Receive Distributions Buy FormChapter 5 expandAdministrative Clauses
Buy ChapterExhibit 5A
- Sample Language for Holding a Closely Held Business Interest Buy FormChapter 6 expandIrrevocable Life Insurance Trusts
Buy ChapterChapter 7 expandIrrevocable Supplemental Needs Trusts
Buy ChapterChapter 8 expandChapter 9 expandChapter 10 expandQualified Personal Residence Trusts
Buy ChapterChapter 11 expandChapter 12 expandMarital Trusts
Buy ChapterChapter 13 expandForeign Trusts
Buy ChapterChapter 14 expandIrrevocable Trusts Holding S Corporation Stock
Buy ChapterChecklist 14.1
- Determining Whether a Trust Qualifies as a Section 1361(c)(2) Shareholder Buy FormChecklist 14.2
- Determining Whether a Trust Qualifies as a Subchapter S Trust Buy FormExhibit 14A
- Sample Dispositive Provisions for a Qualified Subchapter S Trust (QSST) Buy FormExhibit 14B
- Flowcharts of Trusts Qualifying as S Corporation Shareholders Buy FormExhibit 14C
- Sample S Corporation Savings Provision (Short Version) Buy FormExhibit 14D
- Sample S Corporation Savings Provision (Long Version) Buy FormExhibit 14E
- Sample General Administrative Provision Buy Form - Editors & Authors