The Everything Executor and Trustee Book by Douglas D. Wilson

Author:Douglas D. Wilson [Wilson, Douglas D.]
Language: eng
Format: epub
ISBN: 978-1-4405-7132-9
Publisher: F+W Media
Published: 2014-03-10T16:00:00+00:00

Even without specific language like this, the trustee should take whatever actions necessary to reduce taxes and preserve the trust property for the benefit of the beneficiaries and other interested parties who would be affected by payment of the tax. Obviously, this election involves some sophisticated tax planning, including an analysis of the surviving spouse’s estate tax liability, an evaluation of whether there would be any advantage to paying some tax now (i.e., at the first death), the impact of the election on the beneficiaries’ interest in the trust, and the overall tax and economic benefits of the various alternatives.

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