Understanding and Using Trusts

Sound estate planning guidance

Product Number: 2253381WCH
Publication Date: 10/23/2024
Edition: 6th Edition 2024
Copyright: © 2024 MCLE, Inc.
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Understanding and Using Trusts

Sound estate planning guidance

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Termination of the Trust Chapter 16 from Understanding and Using Trusts $50.00; Members $45.00; New Lawyers $25.00 Free for OnlinePass subscribers.

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Product Description
Product Description

The forty-four chapters of this comprehensive manual are organized into five parts, addressing planning for incapacity, public benefits and employment, special issues for disabled children and adults, aging in place, and care in a skilled nursing facility. Hundreds of insights, from Massachusetts' most experienced practitioners, bring clarity to complex procedures and guide readers through the topics that are pertinent to elders and persons with disabilities—both adults and children. The book expands and updates the MCLE classic, Estate Planning for the Aging and Incapacitated Client in Massachusetts , while adding new chapters on subjects such as undue influence, special needs trusts, and ethics. A series of MassHealth chapters addresses information on protecting the family home and community spouse, transferring resources, reducing excess assets, and creating trusts. The book tackles tax and insurance issues, housing choices, the financing of services, both private and public, the intricacies of long-term care, and the myriad concerns surrounding the needs of persons with disabilities, to name just a few of the topics. Forty-seven experts wrote the book, and a cadre of nine MassNAELA members joined chief editor Brian E. Barreira to ensure currency, relevance, and highly practical value.

Recent updates:
- Update: September 2023
  Dear Subscriber,
  
  This first edition of Elder and Disability Law in Massachusetts continues the tradition of Estate Planning for the Aging and Incapacitated Client in Massachusetts . This book updates and expands on topics covered in its predecessor publication, while adding new chapters of particular interest to estate planning for both elders and persons with disabilities. Inside, you will find coverage of thousands of practical tips and insightful analyses on case decisions, statutes, regulations, and other authoritative sources pertinent to elder and disability planning, including current material on the following subjects:
  - Undue influence. Chapter 5 addresses the lawyer's duties in representing a client who is experiencing improper or undue influence that puts them at risk, whether the means be physical force, duress, threats, or other forces. Practical insights are offered on how to prevent, ameliorate, or litigate undue influence.
  - Ethics issues in representing elders. See chapter 6 for caveats related to stereotyping elderly clients, navigating the family relationship, and handling joint representation. Discussion includes diminished capacity and the attorney's duties of loyalty and confidentiality, the retention and discharge of counsel, proceedings against nonclients, and aspects of the power of attorney role.
  - Special needs trusts and ABLE accounts. Chapter 39 begins with a review of self-settled trusts generally, then goes on to describe the elements of self-settled and third-party special needs trusts. It discusses trust protector provisions and concludes with a discussion of VA benefits and ABLE Accounts.
  - Trusts in the MassHealth context. Chapter 38 addresses the role of trusts in estate planning where an objective is to preserve eligibility for MassHealth benefits. Background is provided on OBRA '93 legislation and how Massachusetts has interpreted the law. Particulars of trusts established for disabled individuals and those established with transferred assets are discussed.
  - Tax considerations regarding trusts. Among the topics covered in chapter 40 are income tax planning for Medicaid trusts and estate and gift tax planning for such trusts, taxation of testamentary trusts, taxation of trusts established by the beneficiaries of gifts, and the treatment of pretax retirement accounts.
  - Property tax relief. Chapter 38 addresses real estate tax exemptions, abatements, and deferrals for older persons, their spouses, minor children, veterans, blind persons, and those experiencing hardship.
  - Resource planning for MassHealth coverage. This expansive topic is addressed in detail in chapter 34 (Protecting the Community Spouse), chapter 35 (Reducing Excess Assets), chapter 36 (Transfers of Resources), and chapter 37 (Protecting the Home).
  We at MCLE trust that you will find this new edition useful in your estate planning practice and valuable in keeping your law library current.
  
  Cordially,
  
  MCLE Press
Table of Contents

Table of Contents
expand all

Chapter 01 expand

Requirements for a Trust
Buy Chapter
Frederick D. Royal, Esq., Western New England University School of Law

Chapter 02 expand

Implementing the Trust
Buy Chapter
Heather N. Harris, Esq., Day Pitney LLP
Leiha Macauley, Esq., Day Pitney LLP

Exhibit 2A
- Letter to Client Buy Form

Exhibit 2B
- Letter to Transfer Agent Buy Form

Exhibit 2C
- Trustees’ Certificate Buy Form

Exhibit 2D
- Trust and Schedule of Beneficial Interests and Agreement Buy Form

Exhibit 2E
- Declaration of Trust Ownership Buy Form

Chapter 03 expand

Trustee Appointment and Succession
Buy Chapter
Dennis R. Delaney, Esq., Hemenway & Barnes LLP
Kurt F. Somerville, Esq., Hemenway & Barnes LLP

Chapter 04 expand

Trustee’s Duties
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP

Chapter 05 expand

Trustee’s Powers
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP

Exhibit 5A
- Sample Language for Holding a Closely Held Business Interest Buy Form

Chapter 06 expand

Trustee’s Liability
Buy Chapter
Frederick D. Royal, Esq., Western New England University School of Law

Exhibit 6A
- Receipt and Indemnification Agreement Buy Form

Chapter 07 expand

Trustee’s Responsibility for Investments
Buy Chapter
Thomas E. Bator, Esq., Pratt, Bator & Popov LLP
Frederick D. Royal, Esq., Western New England University School of Law

Exhibit 7A
- Ad Hoc Committee Report Buy Form

Chapter 08 expand

Trustee’s Responsibility for Special Assets
Buy Chapter
Kevin O'Shea, Esq., Sulloway & Hollis, PLLC

Chapter 09 expand

Trustee’s Responsibility for Real Estate
Buy Chapter
Ellen M. Harrington, Esq., Verrill Dana LLP

Exhibit 9A
- Site Review Checklist Buy Form

Exhibit 9B
- Higher Offer Clause Buy Form

Chapter 10 expand

Trust Distribution Issues
Buy Chapter
Sarah Ryan Grandfield, Esq., Fiduciary Trust Company
Suma V. Nair, Esq, Fiduciary Trust Company

Chapter 11 expand

Funding of Marital Trusts
Buy Chapter
Jennifer Collins, Esq., Nixon Peabody LLP

Checklist 11.1
- Pros and Cons of Using the Date of Distribution Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Checklist 11.2
- Pros and Cons of Using the Fairly Representative Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Checklist 11.3
- Pros and Cons of Using the Minimum Worth Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Checklist 11.4
- Pros and Cons of Using the Pro Rata Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Checklist 11.5
- Pros and Cons of Using the Pick-and-Choose Method When Applying the Pecuniary Funding Formula to a Trust Estate Buy Form

Chapter 12 expand

Funding Generation-Skipping Trusts
Buy Chapter
Craig A. Standish, Esq., Brown Advisory

Chapter 13 expand

Trustee’s Duty to Account
Buy Chapter

Exhibit 13A
- Accounting Provision (Example No. 1) Buy Form

Exhibit 13B
- Accounting Provision (Example No. 2) Buy Form

Exhibit 13C
- Assent Form Buy Form

Exhibit 13D
- Example of a Testamentary Trust Account Buy Form

Exhibit 13E
- Examples of an Inter Vivos Trust Account Buy Form

Chapter 14 expand

Trust Principal and Income
Buy Chapter
Ruth A. Mattson, Esq., Verrill Dana LLP

Exhibit 14A
- Report of the Ad Hoc Principal and Income Act Committee Buy Form

Exhibit 14B
- Massachusetts Principal and Income Act (2005 Mass. Acts c. 129) Annotated Buy Form

Exhibit 14C
- Comment to Section 104 of the Uniform Principal and Income Act Buy Form

Chapter 15 expand

Obtaining the Court’s Assistance in Trust Administration
Buy Chapter
Thomas P. Jalkut, Esq., Nutter McClennen & Fish LLP

Exhibit 15A
- General Trust Petition for Instructions Buy Form

Exhibit 15B
- General Trust Petition for Declaration of Rights Buy Form

Exhibit 15C
- General Trust Petition for Approval of Compromise Agreement Buy Form

Exhibit 15D
- Amended Report on Bosch Litigation Buy Form

Exhibit 15E
- General Trust Petition for Reformation Buy Form

Exhibit 15F
- General Trust Petition for Allowance of Account Buy Form

Exhibit 15G
- Probate and Family Court Amended Standing Order 3-17: Fiduciary Litigation Pilot Project Buy Form

Chapter 16 expand

Termination of the Trust
Buy Chapter
James J. Casiello, Jr., Esq., Goulston & Storrs, PC
Matthew R. Hillery, Esq., Goulston & Storrs, PC

Exhibit 16A
- Revocation of Trust Buy Form

Exhibit 16B
- Receipt, Release, Indemnity, and Assent Buy Form

Exhibit 16C
- Release and Receipt Buy Form

Exhibit 16D
- Assignment and Stock Power Buy Form

Chapter 17 expand

Charitable Split-Interest Trusts
Buy Chapter
Martin Hall, Esq., Hall & Diana LLC

Exhibit 17A
- Comparison of CRTs and CLTs Buy Form

Chapter 18 expand

Administering Charitable Trusts
Buy Chapter
Evelyn V. Moreno, Esq., Nixon Peabody LLP

Chapter 19 expand

Income Taxation of Trusts and Estates
Buy Chapter
Jeremiah W. Doyle, IV, Esq., BNY Mellon

Exhibit 19A
- Example of a 2024 Fiduciary Income Tax Return for a Complex Trust Buy Form

Chapter 20 expand

Trustee’s Duties Relating to Generation-Skipping Transfer Tax
Buy Chapter
Richard B. James, Esq., Bank Of America

Exhibit 20A
- Definitions Related to GST Tax Buy Form

Exhibit 20B
- Form 709 for Reporting a Direct Skip Gift Buy Form

Exhibit 20C
- Forms for a Taxable Distribution Buy Form

Exhibit 20D
- Form for a Taxable Termination Buy Form

Chapter 21 expand

Lawyer as Trustee
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP

Chapter 22 expand

Representing a Trustee
Buy Chapter
Eric P. Hayes, Esq., Goodwin Procter LLP
Frederick D. Royal, Esq., Western New England University School of Law

Exhibit 22A
- Addendum to Formal Advisory Opinion No. 91-R1, Supreme Court of Georgia Buy Form
Editors & Authors

Editor(s)

Eric P. Hayes, Esq., Goodwin Procter LLP, Boston

Author(s)

Thomas E. Bator, Esq., Pratt, Bator & Popov LLP, Boston

James J. Casiello, Jr., Esq., Goulston & Storrs, PC, Boston

Jennifer Collins, Esq., Nixon Peabody LLP, Boston

Dennis R. Delaney, Esq., Hemenway & Barnes LLP, Boston

Jeremiah W. Doyle, IV, Esq., BNY Mellon, Boston

Sarah Ryan Grandfield, Esq., Fiduciary Trust Company, Boston

Martin Hall, Esq., Hall & Diana LLC, Boston

Ellen M. Harrington, Esq., Verrill Dana LLP, Boston

Heather N. Harris, Esq., Day Pitney LLP, Boston

Eric P. Hayes, Esq., Goodwin Procter LLP, Boston

Matthew R. Hillery, Esq., Goulston & Storrs, PC, Boston

Thomas P. Jalkut, Esq., Nutter McClennen & Fish LLP, Boston

Richard B. James, Esq., Bank Of America, Boston

Leiha Macauley, Esq., Day Pitney LLP, Boston

Ruth A. Mattson, Esq., Verrill Dana LLP, Boston

Evelyn V. Moreno, Esq., Nixon Peabody LLP, Boston

Suma V. Nair, Esq, Fiduciary Trust Company, Boston

Kevin O'Shea, Esq., Sulloway & Hollis, PLLC, Concord

Frederick D. Royal, Esq., Western New England University School of Law, Springfield

Kurt F. Somerville, Esq., Hemenway & Barnes LLP, Boston

Craig A. Standish, Esq., Brown Advisory, Boston

TOP

Understanding and Using Trusts

Sound estate planning guidance

Understanding and Using Trusts

Sound estate planning guidance

Your Selection:

Product Description

Recent updates:

Table of Contents

Requirements for a Trust

Implementing the Trust

Exhibit 2A

Exhibit 2B

Exhibit 2C

Exhibit 2D

Exhibit 2E

Trustee Appointment and Succession

Trustee’s Duties

Trustee’s Powers

Exhibit 5A

Trustee’s Liability

Exhibit 6A

Trustee’s Responsibility for Investments

Exhibit 7A

Trustee’s Responsibility for Special Assets

Trustee’s Responsibility for Real Estate

Exhibit 9A

Exhibit 9B

Trust Distribution Issues

Funding of Marital Trusts

Checklist 11.1

Checklist 11.2

Checklist 11.3

Checklist 11.4

Checklist 11.5

Funding Generation-Skipping Trusts

Trustee’s Duty to Account

Exhibit 13A

Exhibit 13B

Exhibit 13C

Exhibit 13D

Exhibit 13E

Trust Principal and Income

Exhibit 14A

Exhibit 14B

Exhibit 14C

Obtaining the Court’s Assistance in Trust Administration

Exhibit 15A

Exhibit 15B

Exhibit 15C

Exhibit 15D

Exhibit 15E

Exhibit 15F

Exhibit 15G

Termination of the Trust

Exhibit 16A

Exhibit 16B

Exhibit 16C

Exhibit 16D

Charitable Split-Interest Trusts

Exhibit 17A

Administering Charitable Trusts

Income Taxation of Trusts and Estates

Exhibit 19A

Trustee’s Duties Relating to Generation-Skipping Transfer Tax

Exhibit 20A

Exhibit 20B

Exhibit 20C

Exhibit 20D

Lawyer as Trustee

Representing a Trustee

Exhibit 22A

Editor(s)

Author(s)