FAMILY TRUSTS & TRUSTORS (T/G 403) covers the elements of a valid trust, the meaning of "power of appointment," the federal tax returns required (gift, death, generation-skipping), the designation of family members as successor trustees, and the "economic leveling" opportunity when distributing income and corpus. Also covered:
- What makes a family trust "abusive"
- Pre-trust directives in your will
- Estate "deduction-inclusion" of QTIPs
- IRS scrutiny of family business transfers
- Sources of trust income and Form 1041
- Trust distinction: "simple" vs. "complex"