Download Ebook Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others)
Why you should check out everyday when you have spare time? Have you discovered the precise factors of you to read? Numerous are trying to have analysis habit for their much better future, but actually, it can be stopped working. What's wrong? Is the analysis habit a culture, really habit, necessity, or something others? If you really want to know the number of individuals attempt to inspire themselves to have reading behavior, you a likewise be inspired of it.
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others)
Download Ebook Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others)
Feel lonesome? Exactly what concerning reading books? Publication is just one of the greatest good friends to go along with while in your lonesome time. When you have no buddies as well as tasks somewhere and also often, reviewing publication can be a terrific selection. This is not just for spending the moment, it will enhance the understanding. Obviously the b=benefits to take will certainly connect to what sort of book that you read. And now, we will certainly worry you to try analysis Beyond The Grave, Revised And Updated Edition: The Right Way And The Wrong Way Of Leaving Money To Your Children (and Others) as one of the analysis product to complete swiftly.
As a publication, including the smart as well as selective book is the typical one to constantly bear in mind. It should pick and also select the very best words choices or dictions that could affect the high quality of guide. Beyond The Grave, Revised And Updated Edition: The Right Way And The Wrong Way Of Leaving Money To Your Children (and Others) additionally includes the very easy language to be understood by all individuals. When you think that this book appertains with you, select it now. As a good publication, it gives not just the attributes of the books that we have provided.
This is not around just how considerably this book Beyond The Grave, Revised And Updated Edition: The Right Way And The Wrong Way Of Leaving Money To Your Children (and Others) expenses; it is not likewise about what type of publication you really enjoy to check out. It is concerning exactly what you could take as well as obtain from reviewing this Beyond The Grave, Revised And Updated Edition: The Right Way And The Wrong Way Of Leaving Money To Your Children (and Others) You can prefer to pick other publication; however, it matters not if you attempt to make this book Beyond The Grave, Revised And Updated Edition: The Right Way And The Wrong Way Of Leaving Money To Your Children (and Others) as your reading option. You will certainly not regret it. This soft data publication Beyond The Grave, Revised And Updated Edition: The Right Way And The Wrong Way Of Leaving Money To Your Children (and Others) can be your buddy regardless.
Something various, that's something elegant to read this kind of representative book. After getting such publication, you may not need to think of the means your member regarding your troubles. But, it will certainly offer you truths that could affect just how you look something and think about it properly. After reading this book from soft documents given in link, you will know how specifically this Beyond The Grave, Revised And Updated Edition: The Right Way And The Wrong Way Of Leaving Money To Your Children (and Others) steps forward for you. This is your time to pick your book; this is your time ahead to your requirement.
About the Author
Jeffrey L. Condon, Esq. has been practicing in trust, estate, and probate law since 1987 at the Law Offices of Condon & Condon in Santa Monica, California. He is also the author of The Living Trust Advisor and has conducted over three hundred family-inheritance-planning talks and seminars throughout the United States for numerous businesses, financial institutions, charities, brokerage firms, insurance companies, social clubs, and service organizations.
Read more
Product details
Paperback: 528 pages
Publisher: HarperBusiness; Revised, Updated edition (August 12, 2014)
Language: English
ISBN-10: 0062336223
ISBN-13: 978-0062336224
Product Dimensions:
5.3 x 1.2 x 8 inches
Shipping Weight: 13.4 ounces (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
56 customer reviews
Amazon Best Sellers Rank:
#76,249 in Books (See Top 100 in Books)
Because of various weird family situations with various relatives needing guardians, etc., we've had to do a lot of thinking, and work with lawyers, about estate planning, trustees, trust protectors, etc. In the course of doing so, we've looked at lots of websites and have tried to find comprehensive books about estate planning. This book covers the intersection of pragmatic family issues, as well as technical information about legal devices to handle various estate planning problems. I'm really glad I stumbled on this book, but it would have been so helpful if I had come across it sooner.This is the most comprehensive and best book I've found so far, except for various dry estate planning books targeted to professional financial planners (such as Principles of Estate Planning) It covers various advanced estate planning techniques, such as using life insurance to pay estate taxes, or family limited partnerships, for example. What makes it comprehensible is that it explains everything by means of anecdotes of various client situations the author has encountered. It is missing some information, such as dynasty trusts, or Crummey Letters, etc. so that if your estate planning is elaborate, you will still want to work with a professional (as he states himself on pg. 358), but you will be so much better informed after reading this book.What i really like about this book is that it has a pragmatic and functional roll-up-the-sleeves approach, what are the issues, the pitfalls, and the possible solutions. Also, it addresses important underlying questions that others might not get around to asking when they meet with a lawyer to draft a will, such as whether or not you should even leave an inheritance, what conditions you can put on an inheritance, or how much information you should give to your kids about your estate plan, etc. In contrast, various professional books don't explicitly address issues such as family who are addicts or simply jerks, issues arising from multiple marriages, etc.The only flaw I see is that it is a long bunch of text (albeit very informative and useful), but with no reflective overviews. It would be good if there were summaries and/or charts, tables, lists, etc to pull together or organize some of the very useful information presented here.My local library had an earlier edition of this book, but because of 2012 estate tax law changes, as well as numerous additions, I bought this most recent current edition.
It told me everything I needed to know about how to structure my finances for the possible future. It brought up issues I never thought about and had me considering situations that never occurred to me. The advice is sensical and sound. It cover a wide varieties of possibilities and situations. It is also easy for the lay person to understand and offers many stories to demonstrate circumstances and point. Well written and well thought out. I bought a copy for my Mom as well. It is the best book I could have bought for the subject. It is easy to read and find the relevant info you want. I read it cover to cover though. I learned a lot.
What if you have a hard-earned legacy to pass on, and a son/daughter-in-law that have done nothing but waste money from Day One? That certainly is an uncomfortable position, and the motivation for buying/reading this book. Author Condon, in cooperation with his father, has created thousands of inheritance plans over a combined 70 years of practice; they've also witness the impact of their advice. That's very impressive, and adds additional credibility. The original edition was published in 1995, this is the third.Unfortunately, the reader will soon realize that setting up trusts, etc. is not for the average layman. The good news is that the reader will realize there are solid options and have some ideas with which to discuss more thoroughly with an attorney or potential trustee.Author Condon has seen a long list of inheritance mishaps. A surviving spouse who lost the family money to the last caretaker, a daughter who lost her inheritance to her husband in a divorce, a son who disregarded the inheritance instructions made by his parents in their Living Trust, parents who gave substantial dollars to one child for his medical education but in failing to think through their simple 'divide equally' instructions, created major conflict, a charity that used his client's money to buy Cadillacs for its directors, children who had to give the IRS nearly half their inheritance in death taxes, a daughter who bestowed her entire inheritance to a cult, and a son supposed to handle his disabled sibling's share but instead put it into his own pocket. Having experience those and other problems hopefully provides Condon with the insight to avoid their repetition.Most people only use their Will or Living Trust to say who gets what. Condon, however, recommends programming it to live on after your death. He then posits the 'Big Seven' goals of inheritance planning.1)Program Your Inheritance Plan to Prevent Inheritance Conflicts Among Your Children.2)Protect the Inherited Money from Your Children's Potential Problems - divorce, a bankruptcy trustee, a serious illness, a drug addiction fed by his inheritance, a financially immature daughter, etc.3)Program Your Inheritance Plan to Ensure It Will Be Carried Out. Most clients select one or more of their children - that is not always wise.4)Program Your Inheritance Plan to Protect Your Assets for Your Surviving Spouse. If he/she remarries, half the family wealth may end up with his/her new spouse she may have additional children (or stepchildren) - all of whom might share in your half, your children may pressure your surviving spouse for an 'early inheritance,' he/she may become physically or mentally incapacitated - leaving him/her and the family wealth at the mercy of the 'last caretaker' or 'final friends,' or your surviving spouse may not have the capability to manage the family wealth.5)Eliminate the Death Tax - the IRS may make your children pay a 'death tax.'6)Prevent the IRS from Getting Two Bites of the Same Apple - eg. when your children die, whatever is left of their inheritance will be taxed again.7)Keep Your Children and Property out of Probate Court. Between attorneys' fees, executor fees, court costs, publishing fees, and appraisal fees, this can consume, on average, about 5% of your estate. It is also time-consuming, and can last from 9 months to two years - if there are no problems.Leaving an unequal inheritance because of economic disparity between children can create a bitter rift. Talk with them first. Nine times out of ten the successful child will become angry and incredulous - if this occurs, you should reconsider. Another alternative is to make small lifetime gifts to your needier child, given an insurance policy to your needier child. Condon has found that equalizing after death does not work - eg. appreciation, using an educated guess, or better yet, let each share the risk.Making one of two or more children the Successor Trustee of your Living Trust runs the same risks. Condon's suggestion - make them all successor co-trustees/executors (unless there's a problem with mental disability, financial immaturity, drugs, etc.). Don't let problems with distance dissuade you.Sometimes the children agree that one should be the sole Trustee - usually because that one has more business experience. Condon, however, contends that is not the issue - rather, it is 'Would this agreement eliminate normal human suspicions and conflicts arising when one child has sole power?'Another issue - assume the parents had three children and wanted to leave them equal shares in the apartment building they owned, and wanted to prevent their children from selling the building - preserving it for their future generations. As equal co-owners, each child would have the right to force a sale through court proceedings, even against the wishes of his siblings. A special Trust, however, would preserve the building in the bloodline until the death of the last Greenfield child.On the other hand, if your children have differing economic goals for their inheritances, don't make them co-owners - leave each a separate property and require them to hire a licensed real estate appraiser to calculate the difference in values, then have the child with the higher-valued property even up the difference.Another warning - don't die with your children owing you money. Instead, create a formal Promissory Note for your son (and his wife) to sign, collateralize that loan with a Mortgage or Trust Deed against their home, or forgive the loan and call it a gift. Alternatively, force equalization after death via the use of a real estate appraisal.Another major issue - protecting an inheritance while it's in the hands of your child. Condon estimates one of every five families he's seen has a child with a self-evident need to have the inheritance protected. Mismanagement and squandering, and subsequent divorces/remarriages are significant issues. In your Will or Living Trust, you can include a 'Protection Trust' in which your money and property go to a Trustee of the Protection Trust. That Trustee must carry out any inheritance instructions you provide. Typically these direct him to give your child portions of the inheritance from time to time, and control the inheritance for the rest of your child's life.On the other hand, many parents have a 'Depression-era' perspective - having saved religiously for everything owned. Another alternative to beginning your child's financial education early. A third is to require that Trustee to match every dollar your child earns.Protecting the inheritance from your child's spouse is an important consideration. This could occur by inheritance, by gift (eg. a daughter putting an inheritance in her and her husband's joint names with right of survivorship), or by law (Hawaii declares that when one spouse inherits, the other automatically has rights to a portion). Some suggest a 'Transparent Trust' in which you establish a Living Trust and leave the inheritance to your child 'in Trust;' when your child dies, remaining assets will pass to your grandchildren. But, your child could spend all the Trust assets, amend/revoke the Trust terms, or terminate the Trust.The 'good news' is that the Transparent Trust gives your child the power to say no to his spouse, the 'bad news' is that he or she still may be talked out of total control. Thus, the stronger irrevocable 'Protection Trust.' All the money and property goes to a third-party Trustee who controls them for as long as specified.Author Condon states that 25% of the families he's dealt with have a 'disabled' child - alcoholism, drug addiction, gambling, won't stay on his medication, etc. His recommendation is an 'Irrevocable Protection Trust,' using a corporate Trustee. The downside is that the bank won't hold your disabled child's hand - eg. visiting every day to ensure all his financial needs are met.
Outstanding. Everyone should read this book. It doesn't matter if you're rich or poor. You'll be surprised at all the bad things that can happen to your family after you die. I thought I knew about wills, but there were a lot of potential problems I never dreamed of. I have bought 3 copies of this book to give to friends. Very easy to understand and very helpful. Thank you to the authors.
Lot of useful information in here. This isn't exactly a "how-to" book. The value is in providing awareness of problems that can come up later, i.e., after you're dead. Things I never would have known to even think about before. I think this is a good book to read prior to even starting the process of making out a will. From what I know, it's worth the money to have a lawyer involved in creating a will - this isn't a do-it-yourself kind of thing, in my opinion. But reading this first will provide background knowledge that can make a big difference. Highly recommended.
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) PDF
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) EPub
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) Doc
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) iBooks
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) rtf
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) Mobipocket
Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) Kindle