Personal Trust Fundamentals – Cannon| Questions
and Answers| Latest Update 2026/2027
Sole Ownership
Fee Simple; Full and complete ctrl by a single party; No survivorship; Subject to
probate
Joint Tenancy WROS
Ownership by two, or more with equal ctrl; Ownership to the survivor or survivors
equally
Tenancy by the Entirety
Joint holding between spouses only; Decisions required by both; Ownership to
survivor
Tenants in Common
No survivorship rights; Multiple owners with differentiated shares; Sole ownership
of a partial amount; Subject to Probate
,Community Property
All property obtained during marriage; Property owned at time of marriage is
considered separate
Income Beneficiaries
Present Beneficiaries; May have access to income or principal
Remainder Beneficiaries
Future Beneficiaries; Receive remaining principal and undistributed income
Tuition and Medical Expense Exclusion
Qualified Transfers; Must be paid directly to service provider; Unlimited in amount;
Over and above AEA
Crummey Power
Clifford D. Crummey v. Commissioner (1968); concept of giving withdrawal rights
to beneficiaries of trusts; considered present interest; 30 day period
Gross Estate
, Anything in which the decedent owned, controlled, or retained
Taxable Estate
Total Gross Estate
-Administration and Funeral Expenses
-Claims Against the Estate
= Adjusted AGI
-Marital Deduction
-Charitable Deduction
= Tentative Taxable Estate
-State Death Tax Deduction
Intestate Succession
Dying w/o valid last will & testament
Distribution Rules of Intestate Succession
State Law determines division of property; Spousal rights exist in all states; State
takes property only if there are no close family members or claimants
and Answers| Latest Update 2026/2027
Sole Ownership
Fee Simple; Full and complete ctrl by a single party; No survivorship; Subject to
probate
Joint Tenancy WROS
Ownership by two, or more with equal ctrl; Ownership to the survivor or survivors
equally
Tenancy by the Entirety
Joint holding between spouses only; Decisions required by both; Ownership to
survivor
Tenants in Common
No survivorship rights; Multiple owners with differentiated shares; Sole ownership
of a partial amount; Subject to Probate
,Community Property
All property obtained during marriage; Property owned at time of marriage is
considered separate
Income Beneficiaries
Present Beneficiaries; May have access to income or principal
Remainder Beneficiaries
Future Beneficiaries; Receive remaining principal and undistributed income
Tuition and Medical Expense Exclusion
Qualified Transfers; Must be paid directly to service provider; Unlimited in amount;
Over and above AEA
Crummey Power
Clifford D. Crummey v. Commissioner (1968); concept of giving withdrawal rights
to beneficiaries of trusts; considered present interest; 30 day period
Gross Estate
, Anything in which the decedent owned, controlled, or retained
Taxable Estate
Total Gross Estate
-Administration and Funeral Expenses
-Claims Against the Estate
= Adjusted AGI
-Marital Deduction
-Charitable Deduction
= Tentative Taxable Estate
-State Death Tax Deduction
Intestate Succession
Dying w/o valid last will & testament
Distribution Rules of Intestate Succession
State Law determines division of property; Spousal rights exist in all states; State
takes property only if there are no close family members or claimants
