The Living Trust Advisor: Everything You Need to Know about Your Living Trust

( 2 )

Overview

Many of us spend a lifetime building wealth and accumulatingassets, but fail to properly plan how all of this will be passed ononce we are gone. And while dealing with complex financial issuessuch as inheritance and estate taxes forces us to face our ownmortality, making these difficult decisions is something we allneed to do.

Living trust attorney and bestselling author Jeffrey Condon isextremely familiar with these types of situations and understandsthe importance of a living ...

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Overview

Many of us spend a lifetime building wealth and accumulatingassets, but fail to properly plan how all of this will be passed ononce we are gone. And while dealing with complex financial issuessuch as inheritance and estate taxes forces us to face our ownmortality, making these difficult decisions is something we allneed to do.

Living trust attorney and bestselling author Jeffrey Condon isextremely familiar with these types of situations and understandsthe importance of a living trust in an increasingly uncertainworld. Now, with The Living Trust Advisor, he skillfully discussesthe various aspects of this document and details how it can providea seamless transfer of assets to your spouse, children, and otherbeneficiaries after you are gone.

Written in a straightforward and accessible style—andpeppered with Condon's trademark humor—The Living TrustAdvisor puts the living trust in perspective and walks you throughthe four life phases associated with it. Page by page, thispractical guide will help you:

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

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

If you've picked up this book, then you're probably thinkingabout putting together a living trust. Or, perhaps you already havea living trust and you're looking to revisit it. Whatever yourreasons, this reliable resource contains the straightforward adviceand practical insights you need to create and maintain a livingtrust that will ensure your final financial wishes are carried outin full.

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Product Details

  • ISBN-13: 9780470261187
  • Publisher: Wiley
  • Publication date: 10/6/2008
  • Edition number: 1
  • Pages: 258
  • Sales rank: 600,340
  • Product dimensions: 6.20 (w) x 9.10 (h) x 1.10 (d)

Meet the Author

Jeffrey L. Condon is an attorney at Condon & Condon in SantaMonica, California, where he has practiced in trusts, estates, andfamily inheritance planning for twenty years. With his late father,Gerald M. Condon, he is the coauthor of Beyond the Grave: The RightWay and the Wrong Way of Leaving Money to Your Children (andOthers), which is the bestselling inheritance planning book inAmerican publishing history, and was called "the best estateplanning book in America" by the Wall Street Journal. He is afrequent public speaker and commentator, having appeared on CNN andCNBC, and has conducted seminars for a multitude of organizationsand charities, including Merrill Lynch, Charles Schwab, WashingtonMutual Bank, and American Insurance Company.

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Table of Contents

Preface.

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 ClearUnderstanding of What It Is and How It Works.

Or You Don't Know What You Don't Know About Your LivingTrust.

Chapter 2. What Does the Living Trust Do, and How Does It DoIt?

Or The Best Explanation of the Living Trust You Will EverGet.

Chapter 3. Do You Really Need a Living Trust?

Or Don't Let Someone Sell You Something You Don't Need.

Chapter 4. Establishing Your Living Trust.

Or No Better Way To Get Started? Than To Get Started.

Chapter 5. Who Should You Select as the Lifetime Agent of YourLiving Trust?

Or If You Become Incapacitated, Will Your Lifetime Agent ManageYour Living Trust for Your Benefit…or for His?

Chapter 6. You Can Select Your Children as Your After-DeathAgent, but Will They Carry out Your Living Trust's InheritanceInstructions?

Or “That Was Our Parent's Wish, but It Ain't OurWish”.

The Second Quarter. Living with Your Living Trust during theLifetime of You and Your Spouse.

Chapter 7. Functions of Your Living Trust While Both You andYour Spouse Are Alive.

Or Don't Quite Forget About Your Living Trust after You HaveThrown It into Your Safe Deposit Box.

Chapter 8: The “Five Concerns” About the Real EstateYou Transferred to Your Living Trust

Or You Still Own Your House!!

Chapter 9. Should You Tell Your Children About Your LivingTrust?

Or Don't Dismiss the Chance to Have a Family Inheritance Meeting– Especially If the Lawyer Won't Charge You.

The Third Quarter. Living with Your Living Trust after theDeath of Your Spouse.

Chapter 10. Will You Divert Your Deceased Spouse's Half of theLiving Trust Assets from Your Offspring?

Or How to Make Your Children Fret and Hope That You Will“Do the Right Thing”.

Chapter 11. The Power to Change Your Deceased Spouse'sInheritance Instructions.

Or How to “Lord Over” Your Child with Threats ofChanging Your Living Trust

Chapter 12. Dealing with Your Living Trust If You Remarry.

Or The Battle Royale: Your Second Spouse Vs. Your FirstChildren.

Chapter 13. Splitting the Living Trust Assets after Your SpouseDies, Preparing Your Spouse's Estate Tax Return, and Other TaxStuff That You Would Rather Just Ignore.

Or As Much as You Want To, Don't Skip This Chapter! To PreventEstate Taxes after Your Death, You Must Deal with Estate TaxMatters after Your Spouse's Death.

The Fourth Quarter. Dying with Your Living Trust

Chapter 14. Distribution of Your Living Trust after Both You andYour Spouse Are Dead.

Or The Inheritance Arena Is Not for the Faint-Hearted.

Chapter 15. Don't Intentionally Leave Your Children an UnequalInheritance.

Or So What If One Needs It More Than the Other?

Chapter 16. The Accidental Unequal Inheritance.

Or If You Think You Have Treated Your Children Equally byLeaving Them an Equal Inheritance, I Have Some News for You!

Chapter 17. Don't Make a Child Who Owes You Money a Debtor toYour Other Children.

Or An Unforgiven and Unpaid Loan to a Child Can Wreak Havocafter Your Death.

Chapter 18. Do Not Leave Your Child an Outright Inheritance.

Or I'm Not Kidding! Don't Leave Your Child an OutrightInheritance.

Chapter 19. Using Your Living Trust to Force Your Child into aConventional Lifestyle.

Or If the Twig Is Bent, Will Force Do Anything to Straighten ItOut?

Chapter 20. The Success of the Third Party IrrevocableProtection Trust (Tippit) Depends on Whom You've Selected as theThird-Party.

Or Try Not to Appoint One Private Person To Hold and ManageMoney for Another Private Person.

Chapter 21. Who Are Your Grandchildren?

Or Do You Really Want Your Living Trust Assets To UltimatelyWind up with Your Son's Second Wife's Kids from Her FirstMarriage?

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”.

Chapter 23. Who Pays the Estate Tax?

Or Don't Make One Person Pay the Estate Tax on Living TrustGifts That Go to Another Person.

Post-Game. Review and Lessons Learned.

Chapter 24. Question And Answer Time!

Or Take the Opportunity to Ask Your Questions to This ExpensiveLawyer …for No Charge.

Chapter 25. A Random Sampling of Cautionary Tales from theInheritance Arena.

Or Read About, and Learn From, My Previous Mistakes and theMistakes of My Clients.

About the Author.

Or An Invitation from the Author to Contact Him for NoCharge.

Index.

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Customer Reviews

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Sort by: Showing all of 2 Customer Reviews
  • Posted November 12, 2008

    more from this reviewer

    I Also Recommend:

    If You Understand Football You Can Understand Living Trusts

    My wife and I needed a Living Trust because we are parents of a Special Needs child (now an adult) and went to see an advisor who specialized in trusts for Special Needs families. It was one of the best moves we made.<BR/><BR/>But to make sure, and to get a ¿second opinion¿ as it were, I decided to pick up a book on the subject and see what another expert had to say on the subject. I found a book by Jeffrey Condon, a bestselling author and attorney who is an expert on Living Trusts. In addition, he has a brother who is a Special Needs adult and has helped other families write up trusts with these special needs requirements.<BR/><BR/>While reading The Living Trust Advisor, I really came to appreciate the author¿s sense of humor but soon came to realize that he is a caring individual sensitive enough to understand human needs as well as having a solid grasp of the law. The author takes his reader, step by step, through the process of creating a Living Trust. He warns of the pitfalls, raises red flags along the way, and stresses those areas that require special attention. I found him to be especially insightful when warning about how siblings may squabble after both parents die and in advising what to do when remarrying after a divorce. Condon likens the process of drawing up a Living Trust to the four quarters of a football game and organizes his book the same way ¿ into four quarters. And functioning as an author and attorney, Condon becomes a Living Trust Coach to guide you through all four quarters.<BR/><BR/>I enjoyed Condon¿s humor, insights and war stories so much that I almost forgot why I picked up his book in the first place. I put the book down feeling our financial advisor and attorney had done the right thing for us years back. Anyone who has not yet secured their family¿s financial future with a Living Trust would do well to read The Living Trust Advisor by Jeffrey Condon before making an appointment with their attorney or financial advisor.<BR/> By Emory Daniels

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  • Anonymous

    Posted October 1, 2008

    Could be titled 'Legalese for Dummies!

    Jeffrey Condon has accomplished what to the layperson has always seemed impossible - writing a book about a legal document that doesn't stumble over the rocks and crevices of legalese! In THE LIVING TRUST ADVISOR rest assured we have found a friend, an intelligent and sensitive attorney/author who radiates good will, humor, honest caring, and the ability to explain the intricacies of establishing and maintaining an important legal document. That is not to say this is a book to skim lightly: there is so much well organized information here that it takes time to absorb the importance of each helpful step Condon explains. But instead of burying the reader with information of the bloated importance of the attorney's role in arriving at a means to protect those we leave behind, Condon instead lays it all out in basic terms, adjusts our thinking to ask questions that are pertinent to us, and takes us step by step through all phases of writing or rather establishing a Living Trust, living with the decisions stipulated in that Trust while both partners drawing the Trust are alive as well as when one partner is deceased, and ultimately knowing how the Trust will be executed after the death of both partners. Peace of mind is what the Trust is all about and Condon wisely walks us through all the pitfalls, tax implications, changes that may occur and their legal implications - all of the nasty little stumbling blocks that usually color discussions of legal issues - all in the tone of an ally and friend and coach and master teacher. Would that every legal document we all face could be so user friendly! In the end Jeffrey Condon bonds with the reader on a level that encourages our complete trust in his Trust instructions! This is a fine and entertaining read as well as an indispensible resource for everyone in need of advice and compassion in making a Will or a Trust. Highly recommended reading. Grady Harp

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