| Estate-Tax Valuation -- Overview |
| One of the most complex and uncertain processes is the valuation of property for federal and state death-tax purposes. Value is a variable. Reasonable minds can and often do differ over the proper value of any item of property. As executor, you must use appraisals by qualified experts, obtain documentation of recent sales of similar property, and submit photocopies of any buy/sell agreements to the IRS.More... |
| Trust Elements - A Settlor With Intent |
| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary. More... |
| What is a Trust? |
| A trust is related to "trust" in the ordinary sense of relying on another. A trust is a formal arrangement for property management, in the manner of an owner, by another. The management of the property is according to the original owner's directions.More... |
| Tax Elections - Deferral and Disclaimer |
| A remainder interest is a future interest in property that comes into existence after a prior interest terminates. For example, a decedent may have set up a trust under her will and provided in the trust that her husband is to receive the income from the property in the trust for his lifetime, and that the principal at his death is to go to their children. The children receive what is left (the remainder) when the husband's interest terminates. More... |
| Trust Elements - Beneficiary |
| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.More... |
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Lovell Law Firm, P.C.
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175 N. 27th St., Ste. 1206, Billings, Montana 59101-2048 Telephone: , |
