Chapter 16 Funding Revocable Living Trusts

Index

Section 16.1 Introduction—Importance of Funding
Section 16.2 Timing
Section 16.3 Avoidance of Probate at Death
Section 16.4 Privacy
Section 16.5 Avoiding Ancillary Probate
Section 16.6 Attorney Fees
Section 16.7 Forces Healthy Review of Titling of All Assets
Section 16.8 Provides a More Cohesive Estate Plan
Section 16.9 Avoidance of Conservatorship Proceedings
Section 16.10 Expenses of Transferring Assets Into a Trust May Be Tax Deductible
Section 16.11 Grantors Are Familiar With the Assets to Be Transferred
Section 16.12 Opportunity to Relinquish Management
Section 16.13 Disadvantages
Section 16.14 Requires Time and Effort
Section 16.15 Adverse Tax Consequences
Section 16.16 Feeling of Loss of Control
Section 16.17 Protection From Creditors
Section 16.18 Insufficient Assets to Warrant Current Funding
Section 16.19 Funding Upon Incapacity
Section 16.20 Retention of Control
Section 16.21 May Never Need to Be Funded
Section 16.22 Delay in Management of Assets
Section 16.23 Trust May Never Be Funded
Section 16.24 Durable Power of Attorney
Section 16.25 Springing Power of Attorney
Section 16.26 Funding Upon Death
Section 16.27 No Perceived Loss of Control
Section 16.28 Time, Expense, and Aggravation Belong to the Heirs
Section 16.29 May or May Not Avoid Probate Proceedings
Section 16.30 Heirs Unfamiliar With Assets
Section 16.31 Partial Funding
Section 16.32 Is Partial Funding Necessary to the Validity of the Trust?
Section 16.33 Difficult-to-Manage Assets
Section 16.34 Community Property
Section 16.35 Specific Assets
Section 16.36 Personal Checking Accounts
Section 16.37 Savings Certificate Penalty
Section 16.38 Techniques and Forms
Section 16.39 Corporate Stock
Section 16.40 Publicly Traded Stock (Certificated)
Section 16.41 Privately Held Stock
Section 16.42 Street Name Accounts With Brokerage Firms
Section 16.43 Mutual Funds
Section 16.44 Bonds
Section 16.45 Titled Tangible Personal Property
Section 16.46 Untitled Tangible Personal Property
Section 16.47 Intangible Assets: Patents, Trademarks, Copyrights, and Royalties
Section 16.48 Intangible Assets: Contract Rights, Causes of Action, and Judgments
Section 16.49 Real Estate
Section 16.50 Out-of-State Property
Section 16.51 Rental and Commercial Real Estate
Section 16.52 Personal Residence
Section 16.53 Forms and Techniques
Section 16.54 Life Insurance
Section 16.55 Individual Retirement Accounts and Retirement Plan Assets
Section 16.56 Annuities
Section 16.57 Personal Property
Section 16.58 Sole Proprietorship
Section 16.59 Closely Held Corporation
Section 16.60 Partnership Interests
Section 16.61 Limited Liability Company
Section 16.62 S Corporation
Section 16.63 Professional Corporation
Section 16.64 Tax-Sensitive Assets
Section 16.65 I.R.C. § 1244 Stock
Section 16.66 Subchapter S Stock
Section 16.67 Restricted Stock or Qualified Stock Options
Section 16.68 Partnership Interests
Section 16.69 Savings Bonds
Section 16.70 Installment Notes
Section 16.71 Special Use Property
Section 16.72 Whose Tax Identification Number?
Section 16.73 How Should the Registration Be Titled?
Section 16.74 Affidavit or Certification of Trust
Section 16.75 Nominee Arrangements
Section 16.76 Transfer on Death Registration
Section 16.77 Beneficiary Deeds
Section 16.78 Unified Credit Planning in Revocable Trusts
Section 16.79 Separate Trusts
Section 16.80 Joint Trusts
Section 16.81 Funding With Survivorship or Community Property
Section 16.82 Funding a Joint Trust With Separate Property
Section 16.83 Malpractice and the Failure to Fund
Section 16.84 Practical Approach to Ensure Funding
Section 16.85 Forms
Section 16.86 Sample Stock or Bond Power
Section 16.87 Letter Regarding Transfer of Assets to Trust
Section 16.88 Brokerage Certification of Trust Investment Powers
Section 16.89 Special Warranty Deed to Revocable Trust
Section 16.90 Beneficiary Deed to Revocable Trust
Section 16.91 Assignment of Tangible Personal Property to Revocable Trust
Section 16.92 Assignment of Partnership Interest to Revocable Trust
Section 16.93 Assignment of Promissory Note to Revocable Trust
Section 16.94 Brokerage Firm Nonprobate Transfers (Transfer on Death) Agreement