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Estate Planning Basics, by Denis Clifford
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This quick read makes understanding the rules of estate planning easy!
Estate Planning Basics provides concise, straightforward and easy-to-read explanations of the major components of estate planning, so that you don't have to spend hours wading through endless options (most of which apply to the wealthy).
Learn about:
*choosing beneficiaries *estate planning by parents with minor children *wills *living trusts *other probate-avoidance methods, including using a retirement plan like an IRA or 401(k) as an estate planning device *estate taxes and tax-reduction methods *trusts for people in second marriages, or for those leaving property to a disabled person *planning for the handling of medical and financial decisions if one becomes incompetent
Attorney Denis Clifford gives you the reliable, plain-English answers you need, whether you're doling out the family heirlooms or steering clear of estate taxes. The 3rd edition is updated with the current rules of your state.
- Sales Rank: #3111104 in Books
- Brand: Brand: NOLO
- Published on: 2005-08
- Original language: English
- Number of items: 1
- Dimensions: .46" h x 7.00" w x 8.92" l,
- Binding: Paperback
- 187 pages
- Used Book in Good Condition
Review
" only Estate Planning Basics... makes it clear that the basis of inherited property is adjusted up or down." -- Florida Sun-Sentinel
"Will be appreciated by those with modest estates who want a quick overview." -- Library Journal
About the Author
Denis Clifford, a graduate of Columbia Law School, where he was an editor of The Law Review, is a lawyer who specializes in estate planning. He is the author of many Nolo titles including Quick and Legal Will Book, Nolo's Simple Will Book and Make Your Own Living Trust and co-author of Plan Your Estate and A Legal Guide for Lesbian and Gay Couples. He has been interviewed by such major media as The New York Times, Los Angeles Times, and Money Magazine.
Excerpt. © Reprinted by permission. All rights reserved.
Introduction
Who needs to bother with estate planning? Here's the short answer:
anyone who owns property that matters to them, and
anyone with a minor child (under 18).
Estate planning isn't only for the rich, nor are there minimum property requirements, such as owning a home. Anything you care about -- from art works to gold earrings to items with little or no market value such as the old family rocking chair or loved photographs -- is significant enough to warrant at least basic estate planning.
The key is to ask yourself whether you own any property that you want to go to a specific person or organization when you die. If the answer is yes, you need to create a plan to make sure your desires will be carried out.
Example: Tracy told me she had no reason to worry about estate planning; she was a carpenter. I asked her if she were sure she owned nothing she cared about. She answered "No, nothing -- well, I guess my tools." When I pressed her a bit, she estimated they were worth, in total, over $35,000. I told her that if she did no planning before she died, her tools would be divided, according to state law, between members of her family. She exclaimed that wasn't what she wanted at all. Everyone knew she wanted her tools to go to her partner, Alex. I explained that she could guarantee her goal by preparing a very simple will. Later, having prepared a will, she told me, "You know, that's been nagging at me for years." I answered that she was definitely not alone. If you have a minor child, or children, you automatically have estate planning concerns. Who will raise your child if you can't? More precisely, if you and the child's other parent, if there is one involved, die before your child is a legal adult (over 18), who will be the adult responsible for caring for the child? Legally, there are two different adult roles involved. The first is raising and nurturing the child -- having legal custody, and making day-to-day personal decisions on the child's behalf. The second adult role is managing any property owned by, or left for the use of, the child. By law, minors cannot control any significant amount of property they own. Commonly, parents name one adult to serve in both capacities.
Example: Felicity and Joe have two young children, ages one and three. They own an inexpensive car, personal and household belongings, and two life insurance policies for $100,000, one on each spouse's life. If one parent dies, the other one will, of course, carry on. But like many parents, the couple worries about what will happen if they die together. They discuss who should raise their children and manage the insurance money if they both die. They are pleased and relieved to agree that their wisest choice is Joe's sister Susan, who loves their kids and is securely married with one child of her own. Felicity and Joe discuss the matter with Susan, who agrees to serve as guardian if the need arises. Joe and Felicity also are aware that present stability is no guarantee of lifetime security. If Susan's life drastically changes for the worse, Joe and Felicity will then make new plans for the care of their children.
I'm Not Ready
I've thought of putting that phrase on my tombstone, though I decided instead to use what I cried out as a child whenever my parents asked me to do a chore: "Right now?" But, all kidding aside, "I'm not ready" is how many people feel about estate planning. There are some understandable reasons for this procrastination: a busy life, a rational mistrust of lawyers, a sense that estate planning is boring. I suspect, though, that there's often something more primitive at work: at least a touch of superstition, a fear that thinking about death might somehow hasten its occurrence.
If you procrastinate until death, that will prove costly to your inheritors, and may well mean that your property will not be distributed as you wish. If you die without a will or other valid transfer device, your property will be divided between family members according to a formula established by state law. A judge will appoint someone of her choosing to supervise the distribution of your property. Your estate must pay this person's fee, which can become quite hefty.
Similarly, if you have minor children and the other parent is not available or suitable for custody, you won't want to take the chance that you'll have no input regarding who will raise the children if you can't.
In sum, ready or not, it's wise to get your estate planning done soon.
Most helpful customer reviews
26 of 26 people found the following review helpful.
A wonderful primer to estate planning that tells you what it's going to tell you and then tells you!
By ExecutorCoach.com
I loved this book. It was simply wonderful to read. The title matches up perfectly with the content. And the content is very well presented. I would have liked the book better if it had included a Glossary, but the fact that one was not included doesn't kill my high opinion of this book.
Estate planning can be a VERY complicated endeavor. However, it need not be for most people. And this book is aimed at presenting the basics regarding estate planning for the average Tom, Dick, or Mary. It covers wills, will substititutes, and trusts. It covers retirement planning (a little) and some on planning for incapacity.
Of course, what would an estate planning book be without a little discussion on Federal Estate Taxes and techniques to reduce the bite of those taxes if you have a little larger than normal net worth. Lastly, there is some talk about lawyers that practice estate planning, and how to consider hiring one if you might have a need to do so.
Nolo is noted for its self-help mentality, and this book is geared to help Nolo's target audience. If you think your net worth is significant and you will require the services of a competent estate tax planning attorney, then this book is probably not one you will want to read. However, this book does cover the basics and might be helpful to ease you into the subject. 5 stars!
24 of 25 people found the following review helpful.
Highly recommended :)
By MikeDidIt
If you have ever embarked on a mission to get your affairs in order, or to help someone get theirs in order, you know how daunting the task can seem. I bought three other books prior to this one, and wish I would have started here. The other books are vast in their expertise, but are too complex for someone getting started. This book is the perfect place to start if you want to gain knowledge about estate planning prior to either making your own will (and/or living trust), or prior to going to see a lawyer for his or her help. This book explains the essentials in simple English. It truly delivers on its sub-title, "What you need to know & nothing more".
p.s. If you are going the do-it-yourself route, I recommend that your second purchase is Quicken WillMaker 2006.
14 of 14 people found the following review helpful.
The right place to start
By R. D. Norton
This was not the first estate planning book I bought, but it was the best. Without dumbing the issues down, the author carves out manageable modules to make each chapter as clear and understandable as possible. The book features anecdotal paragraph case studies based on real-life examples to flesh out the major points. In contrast to more encylopedic approaches, and as part of the NOLO series, this book is for non-lawyers. It makes clear that estate planning is about how to avoid probate and how to arrange for the conveyance of your assets to your heirs. That is, estate planning not about tax sheltering per se. Obvious, perhaps, to a lawyer, but not to most people. Another strong point is the clear and cogent explanation of trusts. A trust is a written agreement that defines the relationship among the grantor, the trustee, and beneficiaries. Here as well, the book delivers big-time by rendering legal abstractions accessible to the general reader. What a great service!
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