- ISBN13: 9781601381132
- Condition: NEW
- Notes: Brand New from Publisher. No Remainder Mark.
Product Description
You worked hard for your money, so it’s only natural that you want some control over what happens to your assets in the event of your death. At the very least, you probably want to minimize or avoid potential hassles and headaches for your loved ones. A living trust, created while you’re alive, lets you control the distribution of your estate. You transfer ownership of your property and your assets into the trust. You can serve as the trustee or you can select a per… More >>
As a soup to nuts explanation of Living Trusts, this book has it all. From anecdotal examples, to sample documents and glossary terms, this book doesn’t disappoint. And, just when you start to feel like this is a textbook on living trusts, a nice “real world” anecdote sneaks up and takes that notion away. As a comprehensive guide to the history of trusts and how to use them today, this book hits it out of the park. Don’t expect too much concentration on the “cons” of trusts – because you won’t find it here. While some of the book feels redundant in places, it is also particularly specific – especially with sections like the one on “special needs trusts”. In updated editions I would put more information about The U.S. Federal Trade Commission warnings about certain Living Trust Promoters. This could be useful to the reader as well.
Rating: 4 / 5
It’s often been said that the only two inevitable things in life are death and taxes. Author Steven D. Fisher addresses both in “The Complete Guide to Creating Your Own Living Trust: A Step-by-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes are Fulfilled.”
Fisher writes in a straightforward fashion. While it’s evident he’s well-versed in the laws of probate, estate taxes and other stuff that might tend to make the eyes glaze over, he is not a lawyer and he doesn’t write like a lawyer. Be glad.
“The Complete Guide to Creating Your Own Living Trust,” published by the Atlantic Publishing Group, focuses on living trusts but also explains wills, living wills, trusts, how to deal with minors or young adults in trusts, and it clearly explains the many terms you will encounter in estate transfers. It lucidly explains the advantages and disadvantages of livings trusts, probate and other avenues, and also who stands to benefit from which plans. It also explains how various life insurance products can be used to protect beneficiaries from taxes. It is not, however, a magic formula for avoiding all taxes and lawyer fees. Rather, it shows how to minimize the costs and give more control to you.
Fisher points out that living trusts are not for everyone, especially for those with significant debt issues or a pending divorce.
This book delves into the differences between an ABC trust and a Crummey trust (named for D. Clifford Crummey, not an editorial comment on the merits of the trust) and many other variations of trusts.
The book is 290 pages, but nearly one-third of that includes an appendix with sample documents and a glossary.
If you have an estate that you want to keep out of probate and wish to commence transfer of that estate before you die, “The Complete Guide to Creating Your Own Living Trust” is a must-read.
Rating: 4 / 5
This book puts a very complicated subject in clear English. What are some of the reasons one would have a trust over a will? A trust is more difficult to contest in court than a will. The effects of a trust can be instituted the moment you become incapacitated and must be written before hand. If you are elderly, seriously ill, or simply want to take the common-sense approach of avoiding probate, then a living trust is a good idea for you. In addition, if you own a significant amount of property, then a living trust is a good choice.
This book speaks about the taxes your loved ones would need to pay such as the Federal estate tax imposed on your estate upon your death or in anticipation of your death. This tax is 45% tax if your estate is worth more than 2 million. Some states collect an inheritance tax. Also there is a “pick up” tax that allows the state to charge a percentage of what the federal government charged. Some people give their children gifts to try and get around this. Now even though gift taxes are exempt if the gift is under $12,000 or is for medical expenses or college tuition some gifts are not. This Book includes what must be listed in a simple trust including the fact that it needs to be signed by a notary. The advantages of having a trust are several. The chapters cover living trusts concerning minor children, including the need to select a guardian within a will.
This book is a must read for anyone with money, property or heirs.
Rating: 5 / 5
In economic times such as these, securing your assets is quickly turning from a good idea to absolutely crucial, as the odds are growing it can all go away between the taxman and rising expenses. One of the more viable options, aptly covered by Steven D. Fisher in his book “The Complete Guide to Creating Your Own Living Trust” is to set that property into a living trust – a legal arrangement that sets property aside to be managed for another’s benefit, with a good share of tax benefits connected.
Trusts can be complex issues, so Fisher keeps the book in order by dividing the sections into concise and readable chapters that answer the main questions you may have if you want to open a trust. He gives the rundown on trusts for (among others) single people, couples, families, the especially wealthy and those who would like to give to charity, setting each one up so the relevant information is easy to find. The book concludes with genuinely practical information, such as a rundown on living trust scams and sample forms to give you a more personal picture of what a living trust agreement will look like.
The strongest part of this book is its accessibility. He lets you know right away if this book is for you (for example, someone young and unmarried like me shouldn’t consider a trust) and walks you through each of the appropriate terms with the acceptance that you may not know any of this to begin with. None of the text is bogged down in enough legalese to be inaccessible, and while some of the information seems excessive- an early section on taxes slows the book considerably – but none of it is ever beyond understanding.
I would certainly not advise anyone to set up a trust without consulting an attorney, but “The Complete Guide to Creating Your Own Living Trust” ensures you will know what you are talking about when you begin the process. Anyone who has a large amount of property and wants to make sure the government doesn’t take the lion’s share of it would be wise to review it, at the very least to see if a trust is the right idea.
Rating: 4 / 5
“The Complete Guide to Creating Your Own Living Trust,” written by Steven D. Fisher, is thorough and helpful to read when you are thinking about setting up a living will or a trust. The book is especially nice because it is fitting for all readers– a novice like myself could pick up the book and easily understand the world of trusts by the end of the introduction. An estate planning lawyer could use the book as a handy reference. I enjoyed the book because it wasn’t pressuring its readers to set up a trust. It was an unbiased point of view, telling the negatives and positives about trusts. It was honest about price and necessity of having a living trust, as they aren’t for everyone. It even dedicates a chapter giving readers information to avoid probate besides living trusts.In an organized manner it shows the different parties to a trust, what types of trusts are available and the beneficiaries of a living trust. I also found several little chapters at the end helpful. Fisher went out of his way answer specific questions, like what happens after the grantor dies?, and how do you leave property to minor children?As a living trust beginner, I found the book very helpful because it explained things simply. The table of contents was also nice because it broke chapters into subcategories to make it easier to quickly find information you want. I give this book five stars out of five.
Rating: 5 / 5