Book description
A comprehensive guide to living trusts, with expert financial and legal guidanceThe Living Trust Advisor is an expert guide for both advisors and their clients on the complex process of establishing, living with, and maintaining a living trust. Written by renowned family inheritance attorney Jeffrey L. Condon, this book discusses the various aspects of this important document, and shows you how to manage a seamless transfer of assets to various beneficiaries. This new second edition has been fully updated and revised to reflect the extensive changes to the Estate Tax Law that have taken place since the initial publication, giving you the most up-to-date information and guidance on preserving your wealth and helping your heirs avoid estate tax liability. You'll develop a vision for your trust before you ever meet with an attorney or other key players, and learn how to establish and maintain a trust that remains rock-solid for your lifetime and beyond.
As the living trust has replaced the will as the primary means of settling after-death estates, clear guidance and current legal information is of utmost importance for advisors and clients alike. This book is a valuable resource for every stage of planning and execution, helping you ensure that you provide for your beneficiaries the way you intend.
- Know what to think about before your first meeting with a lawyer
- Establish and manage your living trust to carry out your wishes
- Identify potential inheritance problems and build solutions into the trust
- Distribute assets to future generations, and protect them after the transfer
Dealing with complex financial and legal issues while facing our own mortality is a difficult task, but making these decisions is critical to the future outcome of your estate. The Living Trust Advisor expertly guides you through the process so you can be confident that your wishes will be carried out.
Table of contents
- Pregame Warm-Up: Or, Read This Before You Read This Book
- Acknowledgments
-
The First Quarter: Establishing Your Living Trust
- Chapter 1: How You Established Your Living Trust Without a Clear Understanding of What It Is and How It Works
- Chapter 2: What Does the Living Trust Do, and How Does It Do It?
- Chapter 3: Do You Really Need a Living Trust?
- Chapter 4: Establishing Your Living Trust
- Chapter 5: Who Should You Select as the Lifetime Agent of Your Living Trust?
- Chapter 6: You Can Select Your Children as Your After-Death Agent, but Will They Carry Out Your Living Trust’s Inheritance Instructions?
-
The Second Quarter: Living with Your Living Trust During the Lifetimes of You and Your Spouse
- Chapter 7: Functions of Your Living Trust While Both You and Your Spouse Are Alive
-
Chapter 8: The Five Concerns about the Real Estate You Transferred to Your Living Trust
- First Concern: Owning Your Living Trust Real Estate
- Second Concern: Transferring Real Estate to Your Living Trust without Risk of Property Tax Reassessment
- Third Concern: Selling Living Trust Real Estate
- Fourth Concern: Refinancing Living Trust Real Estate
- Fifth Concern: Requiring the Signatures of Both You and Your Spouse to Sell Living Trust Real Estate
- Concerning Yourself with the Five Concerns
- Chapter 9: Should You Tell Your Children about Your Living Trust?
-
The Third Quarter: Living with Your Living Trust after the Death of Your Spouse
-
Chapter 10: Will You Divert Your Deceased Spouse’s Half of the Living Trust Assets from Your Offspring?
- The Three Goals of Living Trust Management after the Death of Your Spouse
- Does Your Deceased Spouse Approve of Using Half of the Living Trust Assets to Support Your Second Spouse?
- Fretting and Hoping—by Your First Children
- Preventing Your First Children from Fretting and Hoping So They Can Get Some Sleep
- Chapter 11: The Power to Change Your Deceased Spouse’s Inheritance Instructions . . . or Not!
- Chapter 12: Dealing with Your Living Trust If You Remarry
-
Chapter 13: Dealing with the Estate Tax Return, Splitting the Living Trust Assets, and Other Tax Stuff That You Would Rather Just Ignore after Your Spouse Dies
- What Is the Estate Tax?
- The lifetime exemption
- Using Your Deceased Spouse’s Lifetime Exemption
- The “Simple Something” You Must Do to Preserve Your Deceased Spouse’s Lifetime Exemption— the Federal Estate Tax Return
- The “Complex Something” You Can Do to Preserve Your Deceased Spouse’s Lifetime Exemption Trust
- The Real Name of the Smaller Bucket Is . . .
- The Magic Trick
- The Other Subtrust: The Survivor’s Trust
- The Emergency Paragraph
- Putting All of This Estate Tax Stuff Together
-
Chapter 10: Will You Divert Your Deceased Spouse’s Half of the Living Trust Assets from Your Offspring?
-
The Fourth Quarter: Dying with Your Living Trust
- Chapter 14: Distribution of Your Living Trust after Both You and Your Spouse Are Dead
- Chapter 15: Don’t Intentionally Leave Your Children Unequal Inheritances
- Chapter 16: The Accidental Unequal Inheritance
- Chapter 17: Don’t Make a Child Who Owes You Money a Debtor to Your Other Children
-
Chapter 18: Do Not Leave Your Child an Outright Inheritance
- Category One: The Protection Trust That Offers Only a Hope of Protection—the Transparent Trust
- Category Two: The Protection Trust That Is Just a Tad Less Liberal Than the Transparent Trust—the Self-Directed Irrevocable Protection Trust
- Category Three: The Protection Trust That Gives Control of Your Child’s Inheritance to a Third Party—the Third-Party Irrevocable Protection Trust
- Category Four: The Neutron Bomb of Protection Trusts—the Discretionary Trust
- Chapter 19: Using Your Living Trust to Force Your Child into a Conventional Lifestyle
- Chapter 20: The Success of the Third-Party Irrevocable Protection Trust (PUPPET) Depends on Whom You’ve Selected as the Third Party
- Chapter 21: Who Are Your Grandchildren?
- Chapter 22: The IRS Is Back! And This Time, It’s for Real!
- Chapter 23: Who Pays the Estate Tax?
-
Postgame: Review and Lessons Learned
- Chapter 24: Question and Answer Time!
-
Chapter 25: A Random Sampling of Cautionary Tales from the Inheritance Arena
- Cautionary Tale 1: The Last One on the Scene Gets the Money
- Cautionary Tale 2: A New Marriage Requires a New Living Trust
- Cautionary Tale 3: Sometimes Having Too Much Money Can Be a Curse
- Cautionary Tale 4: Keep Your Opinions to Yourself If You Want to Inherit from Your Gay Relative
- Cautionary Tale 5: Don’t Let the Law Write Your Inheritance Instructions
- Cautionary Tale 6: Joint Tenancy Gone Wrong
- Cautionary Tale 7: When It Comes to Money, Family Loyalty Goes out the Window
- Cautionary Tale 8: “Probate Is the Lawyer’s Retirement Fund”
- Cautionary Tale 9: “I Don’t Want to Be a Weekend Father”
- Cautionary Tale 10: “It’s Just a Piece of Paper”
- Cautionary Tale 11: I Don’t Want Him!”
- Cautionary Tale 12: “Si, Si! Community Property!”
- Cautionary Tale 13: “He’s Got Too Many Friends”
- Cautionary Tale 14: “We Were Cheated!”
- Cautionary Tale 15: “Am I My Brother’s Keeper?”
- Cautionary Tale 16: “I Don’t Want to Die with My Daughters Mad at Each Other”
- Cautionary Tale 17: “I Lost the Bet”
- Cautionary Tale 18: “I Only Have the Children I Choose to Tell You About”
- Cautionary Tale 19: “I Want My Money . . . So Hurry Up and Die!”
- About the Author
- Index
- EULA
Product information
- Title: The Living Trust Advisor
- Author(s):
- Release date: December 2015
- Publisher(s): Wiley
- ISBN: 9781119073949
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