Editors: Diana l. Marianetti, Sarah Sonday & Ivory S. Umanah
The Fifth Edition of the Minnesota Trust Administration Deskbook has been fully updated, and includes an accompanying eFormbook with more than 90 trust forms ready to download and use. The Deskbook is organized to make it easier to navigate and provide practical information for trust attorneys. The New Edition includes detailed coverage of the creation and modification of trusts, managing the day-to-day administration of trusts, handling the termination of trusts, and much more! The layout of the Deskbook puts the focus on creation, modification, and administration of trusts, in addition to providing in-depth coverage to the topics readers said are most important to their practice. The Fifth Edition is arranged to allow readers to quickly and easily find the information they need. It also includes updated sample forms and clauses, helpful comparison charts, and a fully updated subject index and table of authorities. The Minnesota Trust Administration Deskbook includes an eFormbook, accessible via the Minnesota CLE website, which provides access to more than 90 trust forms. The forms are available for owners of this Deskbook to download and save for future use.
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CHAPTER ONE
Overview and Sources of Minnesota Trust Law
Scope of Chapter; Introduction and General History; Holdover Provisions of Chapter 501B; Minnesota Trust Code – Minnesota Statutes Chapter 501C; Powers of Appointment of Minnesota Statutes Chapter 502; Appendix A – Trust Creation and Administration Checklist
– Beth T. Morrison & Edward H. Tully
CHAPTER TWO
Professional Responsibility
Introduction; Identifying the Client; Duties to Non-Client Beneficiaries; Representing the Trustee When Beneficiaries or Creditors are Current Clients; Representing the Trustees or Beneficiaries Upon the Death of the Former Client; Representing Cotrustees or Multiple Beneficiaries; Competence and Communication; Fees; Business Transactions with Trustees or Beneficiaries; Attorney as Trustee; Ending the Attorney-Client Relationship; Resources
– Aram V. Desteian & Benjamin H. Formell
CHAPTER THREE
Creation and Modification of Trusts
PART I: CREATION; Statutory Authority for the Creation of Trusts; Trust Types; PART II VALIDITY; The Essential Elements of a Trust; Inter Vivos Trusts; Testamentary Trusts; The Rule Against Perpetuities; Trust Construction; Rights of Creditors and Spouses to a Settlor’s Trust Assets; Tax Consequences of the Creation of a Trust; Disclaimers; PART III: MODIFICATION; Modification of Irrevocable Trusts; Appendix A – Overview of Trust Modification Chart
– Michelle Rehbein
CHAPTER FOUR
Revocable Trusts
PART I: CREATION AND ADMINISTRATION DURING SETTLOR’S LIFETIME; Introduction; Creating, Amending, or Revoking the Trust; Funding and Administering a Revocable Trust During the Settlor’s Lifetime; Incapacity and Trustee Succession; Power of the District Court Over Revocable Trusts and the Court’s Authority to Set Aside a Revocable Trust; Taxation During Settlor’s Life; PART II: TRUST ADMINISTRATION AFTER SETTLOR’S DEATH; Administration of Revocable Trust After the Settlor’s Death; PART III: INTERPRETATION; Laws and Comparison of Revocable Trusts and Wills; Appendix A – Transfer of Assets; Appendix B – Sample Instruction Letter Regarding Transfer of Mutual Fund Accounts; Appendix C – Sample Letter From Settlor to Trustee Regarding Delivery of Deed with Trustee Receipt; Appendix D – Sample Affidavit of Delivery; Appendix E – Sample Appointment of Successor Trustee
– Robyn L. Ingber
CHAPTER FIVE
Termination of Trusts
Introduction; When Does a Trust Terminate?; Steps to Wind Up the Trust Administration
– Kelli A. Hill & Marcia E. Urban
CHAPTER SIX
Charitable Trusts
Introduction; Administration of Charitable Trusts; Modification of Charitable Trusts and Institutional Funds; Attorney General Supervision of Charitable Trusts; Charitable Trusts as Organizations Exempt from Federal Income Tax; Certain Types of Charitable Split Interest Trusts
– Sheryl G. Morrison & Wade S. Hauser
CHAPTER SEVEN
Supplemental and Special Needs Trusts
Introduction; Supplemental Needs Trusts; Purely Discretionary Trusts; Special Needs Trusts; Pooled Special Needs Trusts; ABLE Act Accounts; Appendix A – Trust Comparison Table
– Jeffrey W. Schmidt
CHAPTER EIGHT
Minnesota Uniform Statutory Rule Against Perpetuities
Summary of the Common Law Rule Against Perpetuities; Uniform Statutory Rule Against Perpetuities – Minnesota Statutes Chapter 501A; Drafting Considerations Under Minnesota’s Uniform Statutory Rule Against Perpetuities; Effective Dates for Minnesota USRAP; The USRAP and “Grandfathering” Regulations of the Federal Generation-Skipping Transfer Tax
– Erin E. Kragh
CHAPTER NINE
Trustees’ Duties, Powers, and Liabilities
Overview of a Trustee’s Powers and Duties Relating to the Administration of the Trust; Specific Powers of a Trustee; Specific Duties of Trustee; Delegation of Duties; Liability to Parties Other Than Trust Beneficiaries; A Beneficiary’s Remedies for Breach of Trust; Limitation of Liability; Appendix A – Institutional Names for Legal Document Usage
– Christopher J. Burns, Terri L. Lindfors, Maria D. Plese & Lloyd S. Stern
CHAPTER TEN
Removal of a Trustee
Grounds for Removal of a Trustee; Standard of Review for Trustee Removal; Standing to Petition for Removal of a Trustee; Remove of Trustees from Charitable Trusts; Proposed Legislation
– Christopher J. Burns & Eric M. Friske
CHAPTER ELEVEN
Investment of Trust Assets
Introduction; Modern Portfolio Theory; The Prudent Investor Rule; Managing the Trust Portfolio; Appendix A – Historic Overview
– Jason W. Schuller & Nathan Erickson
CHAPTER TWELVE
Minnesota Uniform Principal and Income Act
The Trustee’s Duty of Impartiality; The Minnesota Uniform Principal and Income Act; Trustee Duties as to Classifying Receipts and Expenditures; When Rights to Income Arise and Terminate; Distributions From Decedent’s Estate (and Trusts); Entity Distributions; Bond Premium and Discount; Sole Proprietorships; Natural Resources (Except Timber); Timber; Annuities, Employment Distributions, Other Property Subject to Depletion; Trustee’s Power to Adjust; Charges Against Income and Principal
– Terry L. Slye & Andrew M. Baese
CHAPTER THIRTEEN
Discretionary Distributions and Terminations
Introduction; Sources of Applicable Law; The Intent of the Settlor; Distribution Standards; Documentation and Distribution Process; Considering the Beneficiary’s Other Resources; Duty of Impartiality; Miscellaneous Issues in Connection with Discretionary Distributions; Unauthorized Distributions; Judicial Review
– Joel A. Sommers
CHAPTER FOURTEEN
Real Estate Issues
Real Estate; Environmental Liability; The Minnesota Corporate Farm Act; Appendix A – Minnesota Statutes Section 501C.1013 Certificate of Trusts
– Christopher B. Hunt, Brandon J. Edmundson & Joseph G. Maternowski
CHAPTER FIFTEEN
Federal and State Income Taxation of Trusts
Introduction; Trusts as Separate Taxpayers; Fiduciary Income Tax Preliminaries; Distributable Net Income; Taxation of Simple Trusts; Taxation of Complex Trusts; Fiduciary Income Tax Calculation; Tax Planning for Trust Distributions; Subchapter S Trusts; Grantor Trust Rules and Planning for Use of Defective Trusts
– John R. Bedosky
CHAPTER SIXTEEN
Court Jurisdiction and Procedure
Overview; Court Proceedings; Court Supervision; Specific Actions
– Nathaniel J. Ajouri
CHAPTER SEVENTEEN
Post-Death Distributions from Retirement Accounts
Definitions and Concepts; Distribution Options if Account Owner Dies Before the RBD; Distribution Options if Account Owner Dies On or After the RBD and the Following Person(s) is the Beneficiary; Retirement Accounts Paid to Special Needs Trusts, Supplemental Needs Trusts, or Pooled Trusts for a Disabled Beneficiary; Appendix A –Single Life Expectancy Table, Joint and Last Survivor Table, and Uniform Life Expectancy Table
– Courtney R. Sebo Savica & Melissa L.G. Johnson
CHAPTER EIGHTEEN
Directed Trusts
Directed Trusts; Definitions; Powers of Investment Trust Advisor; Powers of Distribution Trust Advisor; Powers of Trust Protector; Fiduciary Duties and Standards; Excluded Fiduciary; Important Issues Not Covered in the Minnesota Statute; Governing Law
– Michael P. Sampson & Jason W. Schuller
CHAPTER NINETEEN
Decanting
Introduction; Decanting Defined and Legal Basis for Decanting; Is Decanting the Right Choice?; When to Decant; Who Can Decant and What Changes Can be Made?; Restrictions on Exercise of Decanting Power; Method of Decanting; Virtual Representation; Trustee Liability; Tax Considerations; Other Non-Tax Considerations; The Other Side – How to Advise Individuals Wanting to Restrict Flexibility; The Future of Trust Decanting in Minnesota
– Beth Abraham
CHAPTER TWENTY
Optional Form Language, Trust Institutions, and Disclaimer Checklist
List of Major County Headings; Optional Paragraph Language; Trust Institutions; History of Bank Mergers and Name Changes; Disclaimer Checklist
– Richard L. Baum, Cameron R. Kelly & Emily Valentine-Grimm
Table of Authorities
Subject Index
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