Edited by Diana l. Marianetti & Ivory S. Umanah
The NEW Fourth Edition of the Minnesota Trust Administration Deskbook has been fully updated and reorganized to make the Deskbook easier to navigate and to provide more practical information for practitioners. 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 has been changed to put more focus on the creation, modification, and administration of trusts, as well as provide in-depth coverage to the topics our readers said are most important to their practice. The New 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 Trust Administration Deskbook comes with the eFormbook, which includes more than 75 essential forms and trust documents that can be easily accessed and downloaded in electronic form.
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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
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 Death of the Former Client; Representing Cotrustees or Multiple Beneficiaries; Competence and Communication; Fees; Business Transactions with Trustees or Beneficiaries; Attorneys as Trustee; Ending the Attorney-Client Relationship; Resources
– AmyAnn W. Mursu
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; The Testamentary Trust; 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; Trusts with Real Estate; PART III: MODIFICATION; Trust Modification; Appendix A – Overview of Trust Modification Chart
– Michelle L. Rehbein & Touch Thouk
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 (Probate Division) Over Revocable Trusts and its Authority to Set Aside a Revocable Trust; Taxation During Settlor’s Life; PART II: TRUST ADMINISTRATION AFTER THE 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 – Affidavit of Delivery; Appendix E – Sample Appointment of Successor Trustee; Appendix F – Request to Reissue United States Savings Bonds to a Personal Trust; Appendix G – Affidavit of Trustee; Appendix H – Election to Treat a Qualified Revocable Trust as Part of an Estate
– Adam J. Rohne
Termination of Trusts
Introduction; When Does a Trust Terminate?; Steps to Wind Up the Trust Administration; Appendix A – Waiver of Accounting and Release; Appendix B – Consent to Final Account and Plan of Division and Release; Appendix C – Plan of Division and Proposed Plan of Distribution
– Kelli A. Hill & Marcia E. Urban
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
Supplemental Needs Trusts
Introduction; Supplemental Needs Trusts; Purely Discretionary Trusts; Special Needs Trusts; Pooled Special Needs Trusts; ABLE Act Accounts; Appendix A – Trust Comparison Chart
– Jeffrey W. Schmidt
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 the Uniform Rule; Effective Dates for USRAP in Minnesota; The Uniform Statutory Rule Against Perpetuities and “Grandfathering” Regulations of the Federal Generation-Skipping Transfer Tax
– AmyAnn W. Mursu
Trustees’ Duties, Powers, and Liabilities
Overview of a Trustee’s Powers and Duties Relating to the Administration of the Trust; Specific Powers of 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 Lindfors, Maria D. Pitner & Lloyd Stern
Investment of Trust Assets
Introduction; Historic Overview; Modern Portfolio Theory; The Prudent Investor Rule; Managing the Trust Portfolio
– Sarah N. Sonday
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/Discount; Sole Proprietorships; Natural Resources (Except Timber); Timber; Annuities, Employment Distributions, Other Property Subject to Depletion; The Trustee’s Power to Adjust; Charges Against Income and Principal
– Terry L. Slye & Andrew M. Baese
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
Real Estate Issues
Real Estate; Environmental Liability; The Minnesota Corporate Farm Act; Appendix A – Minnesota Statutes Section 501C.1013 Certificate of Trusts; Appendix B – Minnesota Statutes Section 501C.1014 Affidavit of Trustee in Real Property Transactions; Appendix C – Form No. 37-M: Trustee’s Deed by Individual(s); Appendix D – Form No. 38-M: Trustee’s Deed by Individual to Joint Tenants; Appendix E – Form No. 39-M: Trustee’s Deed by Corporation; Appendix F – Form No 40-M: Trustee’s Deed by Corporation to Joint Tenants; Appendix G – Minnesota Uniform Conveyancing Blank Form 90.1.1 Certificate of Trust; Appendix H – Affidavit of Trustee (Inter Vivos Trust); Appendix I – Affidavit of Trustee (Testamentary Trust)
– Christopher B. Hunt & Paul S. Moe
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 Calculations; Tax Planning for Trust Distributions; Subchapter S Trusts; Grantor Trust Rules and Planning for Use of Defective Trusts
– John R. Bedosky
Court Jurisdiction and Procedure
Overview; Court Proceedings; Court Supervision; Specific Actions
– Tessa R. Mielke & Jesse Sheedy
Post-Death Distributions from Retirement Accounts
Definitions; Special Lifetime Distribution Rules; Distribution Options; Distribution Options if Account Owner Dies On or After the RBD and the Following Person(s) is the Beneficiary; Fiduciary Income Tax Return Issues Including Distributable Net Income Deduction; More Examples and Options; Appendix A – Table I – Single Life Expectancy Table, Table III – Uniform Lifetime Table, and Joint and Last Survivor Table; Appendix B – Example of NUA Account Statement
– Bryan Jamison
Directed Trusts; Definitions; Powers of Investment Trust Advisor; Powers of Distribution Trust Advisor; Powers of Trust Protector; Fiduciary Duties and Standards; Excluded Fiduciary
– Michael P. Sampson & Jason W. Schuller
Introduction; Decanting Defined and Legal Basis for Decanting; Is Decanting the Right Choice?; When to Decant; How to Decant; 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
– Caitlin E. Abram
eFormbook Forms, Optional Paragraphs, and Trust Companies
Part A: eFormbook Forms and List of Major County Headings; Part B: Optional Paragraphs; Part C: Trust Institutions – Minnesota, History of Bank Mergers and Name Changes
– Todd Andrews, Richard L. Baum & Jacqueline M. Schuh
Table of Authorities
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