AARP The Living Trust Advisor: Everything You Need to Know about Your Living Trust [NOOK Book]

Overview

AARP Digital Editions offer you practical tips, proven solutions, and expert guidance.

Many of us spend a lifetime building wealth and accumulating assets, but fail to properly plan how all of this will be passed on once we are gone. And while dealing with complex financial issues such as inheritance and estate taxes forces us to face our own mortality, making these difficult decisions is something we all need to do.

Living trust attorney and ...

See more details below
AARP The Living Trust Advisor: Everything You Need to Know about Your Living Trust

Available on NOOK devices and apps  
  • NOOK Devices
  • NOOK HD/HD+ Tablet
  • NOOK
  • NOOK Color
  • NOOK Tablet
  • Tablet/Phone
  • NOOK for Windows 8 Tablet
  • NOOK for iOS
  • NOOK for Android
  • NOOK Kids for iPad
  • PC/Mac
  • NOOK for Windows 8
  • NOOK for PC
  • NOOK for Mac
  • NOOK Study
  • NOOK for Web

Want a NOOK? Explore Now

NOOK Book (eBook)
$27.49
BN.com price
(Save 42%)$47.50 List Price
Note: This NOOK Book can be purchased in bulk. Please email us for more information.

Overview

AARP Digital Editions offer you practical tips, proven solutions, and expert guidance.

Many of us spend a lifetime building wealth and accumulating assets, but fail to properly plan how all of this will be passed on once we are gone. And while dealing with complex financial issues such as inheritance and estate taxes forces us to face our own mortality, making these difficult decisions is something we all need to do.

Living trust attorney and bestselling author Jeffrey Condon is extremely familiar with these types of situations and understands the importance of a living trust in an increasingly uncertain world. Now, with The Living Trust Advisor, he skillfully discusses the various aspects of this document and details how it can provide a seamless transfer of assets to your spouse, children, and other beneficiaries after you are gone.

Written in a straightforward and accessible style—and peppered with Condon's trademark humor—The Living Trust Advisor puts the living trust in perspective and walks you through the four life phases associated with it. Page by page, this practical guide will help you:

  • Address the numerous issues that should be considered before first meeting with a living trust lawyer and other key players in this arena
  • Establish and manage your living trust over the course of your life as well as prepare it to carry out your financial wishes once you and your spouse have passed on
  • Identify potential inheritance problems now, so you can build solutions into your living trust before it's too late
  • Distribute living trust assets to future generations and protect those assets once the transfer is complete
  • And much more

Throughout the book, Condon provides you with real-world examples that illustrate key points or clarify particular concepts. While many of these examples are drawn from Condon's professional relationship with clients, some anecdotes are associated with his personal experiences in this field.

If you've picked up this book, then you're probably thinking about putting together a living trust. Or, perhaps you already have a living trust and you're looking to revisit it. Whatever your reasons, this reliable resource contains the straightforward advice and practical insights you need to create and maintain a living trust that will ensure your final financial wishes are carried out in full.

Read More Show Less

Product Details

  • ISBN-13: 9781118230992
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 12/20/2011
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 256
  • File size: 847 KB

Meet the Author

Jeffrey L. Condon is an attorney at Condon & Condon in Santa Monica, California, where he has practiced in trusts, estates, and family inheritance planning for twenty years. With his late father, Gerald M. Condon, he is the coauthor of Beyond the Grave: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others), which is the bestselling inheritance planning book in American publishing history, and was called "the best estate planning book in America" by the Wall Street Journal. He is a frequent public speaker and commentator, having appeared on CNN and CNBC, and has conducted seminars for a multitude of organizations and charities, including Merrill Lynch, Charles Schwab, Washington Mutual Bank, and American Insurance Company.

Read More Show Less

Table of Contents

Pregame Warm-Up
Or
Read This Before You Read This Book xiii

Acknowledgments xxi

The First Quarter: Establishing Your Living Trust 1

Chapter 1 How You Established Your Living Trust Without a Clear Understanding of What It Is and How It Works
Or
You Don't Know What You Don't Know about Your Living Trust 3

Chapter 2 What Does the Living Trust Do, and How Does It Do It?
Or
The Best Explanation of the Living Trust You Will Ever Get 10

Chapter 3 Do You Really Need a Living Trust?
Or
Don’t Let Someone Sell You Something You Don’t Need 14

Chapter 4 Establishing Your Living Trust
Or
No Better Way to Get Started . . . Than to Get Started 21

Chapter 5 Who Should You Select as the Lifetime Agent of Your Living Trust?
Or
If You Become Incapacitated, Will Your Lifetime Agent Manage Your Living Trust for Your Benefit . . . or for His? 31

Chapter 6 You Can Select Your Children as Your After-Death Agent, but Will They Carry Out Your Living Trust’s Inheritance Instructions?
Or
"That Was Our Parents' Wish, but It Ain't Our Wish" 41

The Second Quarter: Living with Your Living Trust during the Lifetimes of You and Your Spouse 51

Chapter 7 Functions of Your Living Trust While Both You and Your Spouse Are Alive
Or
Don't Quite Forget about Your Living Trust After You Have Thrown It into Your Safe-Deposit Box 53

Chapter 8 The Five Concerns about the Real Estate You Transferred to Your Living Trust
Or
You Still Own Your House! 65

Chapter 9 Should You Tell Your Children about Your Living Trust?
Or
Don't Dismiss the Chance to Have a Family Inheritance Meeting—Especially If the Lawyer Won't Charge You 73

The Third Quarter: Living with Your Living Trust after the Death of Your Spouse 81

Chapter 10 Will You Divert Your Deceased Spouse's Half of the Living Trust Assets from Your Offspring?
Or
How to Make Your Children Fret and Hope That You Will Do the Right Thing 83

Chapter 11 The Power to Change Your Deceased Spouse's Inheritance Instructions . . . or Not!
Or
How to Lord It over Your Children with Threats of Changing Your Living Trust 89

Chapter 12 Dealing with Your Living Trust If You Remarry
Or
The Battle Royal: Your Second Spouse versus Your First Children 94

Chapter 13 Splitting the Living Trust Assets After Your Spouse Dies, Preparing Your Spouse's Estate Tax Return, and Other Tax Stuff That You Would Rather Just Ignore
Or
As Much as You Want to, Don't Skip This Chapter! To Prevent Estate Taxes after Your Death, You Must Deal with Estate Tax Matters after Your Spouse's Death 99

The Fourth Quarter: Dying with Your Living Trust 113

Chapter 14 Distribution of Your Living Trust After Both You and Your Spouse Are Dead
Or
The Inheritance Arena Is Not for the Fainthearted 115

Chapter 15 Don't Intentionally Leave Your Children Unequal Inheritances
Or
So What If One Needs It More Than the Other? 119

Chapter 16 The Accidental Unequal Inheritance
Or
If You Think You Have Treated Your Children Equally by Leaving Them Equal Inheritances, I Have Some News for You! 124

Chapter 17 Don't Make a Child Who Owes You Money a Debtor to Your Other Children
Or
An Unforgiven and Unpaid Loan to a Child Can Wreak Havoc After Your Death 131

Chapter 18 Do Not Leave Your Child an Outright Inheritance
Or
I'm Not Kidding! Don't Leave Your Child an Outright Inheritance 138

Chapter 19 Using Your Living Trust to Force Your Child into a Conventional Lifestyle
Or
If the Twig Is Bent, Will Force Do Anything to Straighten It Out? 167

Chapter 20 The Success of the Third Party Irrevocable Protection Trust (PUPPET) Depends on Whom You've Selected as the Third Party
Or
Try Not to Appoint One Private Person to Hold and Manage Money for Another Private Person 172

Chapter 21 Who Are Your Grandchildren?
Or
Do You Really Want Your Living Trust Assets to Ultimately Wind Up with Your Son's Second Wife's Kids from Her First Marriage? 179

Chapter 22 The IRS Is Back! And This Time, It's for Real!
Or
"Sorry about Your Parents' Deaths. That Will Be $200,000, Please." 184

Chapter 23 Who Pays the Estate Tax?
Or
Don't Make One Person Pay the Estate Tax on Living Trust Gifts That Go to Another Person 196

Postgame: Review and Lessons Learned 205

Chapter 24 Question and Answer Time!
Or
Take the Opportunity to Ask This Expensive Lawyer Your Questions . . . at No Charge 207

Chapter 25 A Random Sampling of Cautionary Tales from the Inheritance Arena
Or
Read about, and Learn from, My Previous Mistakes and the Mistakes of My Clients 222

About the Author
Or
An Invitation from the Author to Contact Him at No Charge 243

Index 247

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)