Understanding Living Trusts®: How You Can Avoid Probate, Keep Control, Save Taxes, and Enjoy Peace of Mind

Updated for 2019! Instead of paying hundreds of dollars an hour for an attorney to educate you, you can learn the basics of estate planning and living trusts in the comfort of your own home, on your own time, for just the cost of this book.

Hailed as America’s best book on living trusts, "Understanding Living Trusts®" has been a favorite of consumers and professionals for more than 25 years, with sales now approaching 400,000 copies! It is a must-read for individuals and families with all size estates, and makes an ideal gift for friends and grown children.

In these 302 easy-to-read pages, award-winning writer Vickie Schumacher explains in clear, conversational English how you can lose control when you have a will; when you have no plan; when you use joint ownership; when you give away assets; and when you rely on beneficiary designations. She then explains how a living trust can give you maximum control, both at incapacity and after you die; the many benefits beyond avoiding probate; and why a living trust meets the needs of today’s families far better than any other estate plan.

This book is also your personal action plan for having a living trust. You will learn what a living trust is, how it works, and the steps you’ll need to take to set up one; what to consider when deciding how you want your loved ones to inherit from you; how to find the right attorney to prepare your living trust; how to organize information your family will need; and step-by-step instructions for your family if you become incapacitated and after you die.

"Understanding Living Trusts®" is filled with charts, examples, and checklists, including a Personal and Financial Organizer that will help you prepare to meet with your attorney. All of this education and preparation will save you considerable time and money.

And when you visit www.SchumacherPublishing.com/Consumers, you can download an additional special report…free!

1126075972
Understanding Living Trusts®: How You Can Avoid Probate, Keep Control, Save Taxes, and Enjoy Peace of Mind

Updated for 2019! Instead of paying hundreds of dollars an hour for an attorney to educate you, you can learn the basics of estate planning and living trusts in the comfort of your own home, on your own time, for just the cost of this book.

Hailed as America’s best book on living trusts, "Understanding Living Trusts®" has been a favorite of consumers and professionals for more than 25 years, with sales now approaching 400,000 copies! It is a must-read for individuals and families with all size estates, and makes an ideal gift for friends and grown children.

In these 302 easy-to-read pages, award-winning writer Vickie Schumacher explains in clear, conversational English how you can lose control when you have a will; when you have no plan; when you use joint ownership; when you give away assets; and when you rely on beneficiary designations. She then explains how a living trust can give you maximum control, both at incapacity and after you die; the many benefits beyond avoiding probate; and why a living trust meets the needs of today’s families far better than any other estate plan.

This book is also your personal action plan for having a living trust. You will learn what a living trust is, how it works, and the steps you’ll need to take to set up one; what to consider when deciding how you want your loved ones to inherit from you; how to find the right attorney to prepare your living trust; how to organize information your family will need; and step-by-step instructions for your family if you become incapacitated and after you die.

"Understanding Living Trusts®" is filled with charts, examples, and checklists, including a Personal and Financial Organizer that will help you prepare to meet with your attorney. All of this education and preparation will save you considerable time and money.

And when you visit www.SchumacherPublishing.com/Consumers, you can download an additional special report…free!

29.95 In Stock
Understanding Living Trusts®: How You Can Avoid Probate, Keep Control, Save Taxes, and Enjoy Peace of Mind

Understanding Living Trusts®: How You Can Avoid Probate, Keep Control, Save Taxes, and Enjoy Peace of Mind

by Vickie Schumacher
Understanding Living Trusts®: How You Can Avoid Probate, Keep Control, Save Taxes, and Enjoy Peace of Mind

Understanding Living Trusts®: How You Can Avoid Probate, Keep Control, Save Taxes, and Enjoy Peace of Mind

by Vickie Schumacher

Paperback(7th ed.)

$29.95 
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Overview

Updated for 2019! Instead of paying hundreds of dollars an hour for an attorney to educate you, you can learn the basics of estate planning and living trusts in the comfort of your own home, on your own time, for just the cost of this book.

Hailed as America’s best book on living trusts, "Understanding Living Trusts®" has been a favorite of consumers and professionals for more than 25 years, with sales now approaching 400,000 copies! It is a must-read for individuals and families with all size estates, and makes an ideal gift for friends and grown children.

In these 302 easy-to-read pages, award-winning writer Vickie Schumacher explains in clear, conversational English how you can lose control when you have a will; when you have no plan; when you use joint ownership; when you give away assets; and when you rely on beneficiary designations. She then explains how a living trust can give you maximum control, both at incapacity and after you die; the many benefits beyond avoiding probate; and why a living trust meets the needs of today’s families far better than any other estate plan.

This book is also your personal action plan for having a living trust. You will learn what a living trust is, how it works, and the steps you’ll need to take to set up one; what to consider when deciding how you want your loved ones to inherit from you; how to find the right attorney to prepare your living trust; how to organize information your family will need; and step-by-step instructions for your family if you become incapacitated and after you die.

"Understanding Living Trusts®" is filled with charts, examples, and checklists, including a Personal and Financial Organizer that will help you prepare to meet with your attorney. All of this education and preparation will save you considerable time and money.

And when you visit www.SchumacherPublishing.com/Consumers, you can download an additional special report…free!


Product Details

ISBN-13: 9780945811282
Publisher: Schumacher & Co
Publication date: 05/24/2016
Edition description: 7th ed.
Pages: 306
Sales rank: 214,584
Product dimensions: 8.30(w) x 10.90(h) x 0.90(d)

Table of Contents

TABLE OF CONTENTS

GOOD PLANS CAN GO WRONG 1

Part One-
WHY GOOD PLANS CAN GO WRONG 7

1. LOSING CONTROL WITH A WILL 8
2. LOSING CONTROL BY DOING NOTHING 23
3. LOSING CONTROL WITH JOINT OWNERSHIP 24
4. LOSING CONTROL BY GIVING AWAY ASSETS 27
5. LOSING CONTROL WITH BENEFICIARY DESIGNATIONS 29

Part Two-
KEEPING CONTROL WITH A REVOCABLE LIVING TRUST 31

WHAT IS A REVOCABLE LIVING TRUST? 31
HOW A LIVING TRUST WORKS 35
HOW A LIVING TRUST IS SET UP 40
THE BENEFITS OF A LIVING TRUST FOR YOU AND YOUR FAMILY 42
WHAT A LIVING TRUST DOES NOT DO 49
ARE THERE ANY "DISADVANTAGES" OF A LIVING TRUST? 51
WHY HAVEN'T LIVING TRUSTS BEEN USED MORE IN THE PAST? 61
SO WHY ARE LIVING TRUSTS SO POPULAR NOW? 62

Part Three-
THE ABCs OF A LIVING TRUST
How to Reduce/Eliminate Estate Taxes, Provide for Your Spouse
Without Disinheriting Your Children, and More 65

EXPENSES THAT CAN REDUCE YOUR ESTATE 65
UNDERSTANDING ESTATE TAXES 67
LEAVING EVERYTHING TO YOUR SPOUSE 73
THE A-B LIVING TRUST SOLUTION 76
THE A-B...AND NOW C 92

Part Four-
PLANNING FOR YOUR LIVING TRUST 99

YOU MUST MAKE SOME BASIC DECISIONS 100
WHO WILL BE YOUR TRUSTEE? 101
WHO WILL BE YOUR SUCCESSOR TRUSTEE(S)? 102
SHOULD YOU CONSIDER A CORPORATE TRUSTEE? 105
ADDING A TRUST PROTECTOR 110
HOW TO PROVIDE FOR YOUR BENEFICIARIES 111
ESTATE PLANNING IS SUCCESSION PLANNING 130
IF YOU NEED MORE HELP MAKING DECISIONS 132

Part Five-
HAVING YOUR DOCUMENTS PREPARED 133

DO YOU NEED AN ATTORNEY? 133
HOW TO FIND THE RIGHT ATTORNEY 135
OTHER DOCUMENTS YOUR ATTORNEY SHOULD PREPARE 145

Part Six-
FUNDING YOUR LIVING TRUST 151

WHO WILL FUND YOUR TRUST? 152
HOW DIFFICULT IS THE FUNDING PROCESS? 152
HOW TO CHANGE TITLES AND BENEFICIARY DESIGNATIONS 153
ASSETS REQUIRING SPECIAL CONSIDERATION 170

Part Seven-
THE FINAL STEPS TO YOUR PEACE OF MIND 185

ORGANIZE INFORMATION FOR YOUR FAMILY 186
CHANGING YOUR LIVING TRUST 190
MY SPOUSE IS INCAPACITATED. WHAT DO I NEED TO DO? 192
MY SPOUSE HAS DIED. WHAT DO I NEED TO DO? 196
I'M THE SUCCESSOR TRUSTEE. WHAT ARE MY RESPONSIBILITIES? 205
I'M THE SUCCESSOR TRUSTEE. WHAT DO I DO AT THE GRANTOR'S INCAPACITY? 206
I'M THE SUCCESSOR TRUSTEE. WHAT DO I DO AT THE GRANTOR'S DEATH? 210

Part Eight-
INCOME TAX ISSUES AFTER YOU DIE 217

INCOME TAX RATES FOR TRUSTS AND PROBATE ESTATES 218
PREVIOUS INCOME TAX DIFFERENCES BETWEEN TRUSTS AND PROBATE ESTATES 219

Part Nine-
ADDITIONAL PLANNING STRATEGIES 227

USING LIFE INSURANCE IN YOUR ESTATE PLAN 228
IRREVOCABLE LIFE INSURANCE TRUST 231
GIFT TAX PLANNING 232
INCOME TAX PLANNING 236
CHARITABLE REMAINDER TRUST 239
CHARITABLE LEAD TRUST 239
PRIVATE CHARITABLE FOUNDATION 240
OTHER FORMS OF CHARITABLE GIVING 241
LIMITED LIABILITY COMPANY (LLC) AND
FAMILY LIMITED PARTNERSHIP (FLP) 244
QUALIFIED PERSONAL RESIDENCE TRUST 245
GRANTOR RETAINED ANNUITY TRUST (GRAT) AND
GRANTOR RETAINED UNITRUST (GRUT) 245
BUSINESS SUCCESSION PLANNING 246
ASSET PROTECTION PLANNING 248
LAND TRUST 250
PLANNING FOR THE GENERATION-SKIPPING TRANSFER TAX 251
DYNASTY TRUST 253
QUALIFIED DOMESTIC TRUST 254

Part Ten-
THE PERSONAL AND FINANCIAL ORGANIZER 257

INSTRUCTIONS FOR COMPLETING THE
PERSONAL AND FINANCIAL ORGANIZER 257
THE ORGANIZER 267

IN CONCLUSION 273
DEFINITIONS 274
INDEX 283
SPECIAL OFFERS FOR PROFESSIONALS 289
SPECIAL SAVINGS ON UNDERSTANDING LIVING TRUSTS® 290
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