4.39

4

Jul 23, 2009

OLD AGE IS NOT FOR SISSIES. Art Linkletter was right.

“Many readers, probably the majority, will find the information in this book sufficient to prepare their own living trust and backup will.” –page 226

True, but doubtful on the first read.

Very comprehensive (complete with tear-out and CD computer up-loadable forms), mostly readable, and marginally understandable; this book will break your mind (but, hopefully, not your spirit). Reading ‘Make Your Own Living Trust’, in the words of OLD AGE IS NOT FOR SISSIES. Art Linkletter was right.

“Many readers, probably the majority, will find the information in this book sufficient to prepare their own living trust and backup will.” –page 226

True, but doubtful on the first read.

Very comprehensive (complete with tear-out and CD computer up-loadable forms), mostly readable, and marginally understandable; this book will break your mind (but, hopefully, not your spirit). Reading ‘Make Your Own Living Trust’, in the words of one-country-song-or-another, ‘makes the dying look easy’. It’s the hanging around having to hassle with AB trusts, disclaimer trusts, formula trusts, irrevocable A trusts, revocable B trusts, children’s trusts, QTIPs, probate, estate taxes, trust tax returns, fiduciary duties, trustees, successor-trustees and final/residuary beneficiaries that looks hard. Real hard.

But, if you are one who agrees with me that death-taxes, probate fees, executor fees and attorney’s fees are an unholy (and maybe unnecessary) evil; I do recommend this book. Especially for the do-it-yourselfer who doesn’t mind having their mind a little bent in the process. Make lots of notes as you go, though. (And have a magnifying glass handy: It's all 'fine print'.)

Conclusion: Preparing a Living Trust might be the last act of love, kindness, sacrifice and downright foolishness you get to perform for your ultimate heirs. It seems to have the potential of saving them time, effort and (maybe substantial sums of) money, though; and that might make it, at least, worth investigating. Attorney Denis Clifford’s book, ‘Make Your Own Living Trust’, is a very good place to start.

As for those impatient, long-suffering ingrates, the “final/residuary beneficiaries”: Let them all eat cake. Cheap, dry, tasteless, after-estate-taxes, cake.

That said, there really is a wealth of useful information to be gleaned from this volume. Be prepared to have to work to mine it, though. And be prepared to need to re-read some of the more pertinent sections, again and again, and perhaps again, to get full benefit.

If you have the time and temperament, though, ‘Make Your Own Living Trust’ can certainly provide the training.
...more

4

Apr 13, 2011

Make Your Own Living Trust by Atty. Denis Clifford gives a careful introduction to living trusts, appropriate to most audiences.

I ordered the book for my own purposes and for a better understanding of living trusts as an attorney interested in branching into an estate planning practice. As a beginner in this area, I found the book helpful as an introduction.

Here are a few of things that the book covers:
-the advantages of establishing a living trust, such as avoiding or simplifying probate. The Make Your Own Living Trust by Atty. Denis Clifford gives a careful introduction to living trusts, appropriate to most audiences.

I ordered the book for my own purposes and for a better understanding of living trusts as an attorney interested in branching into an estate planning practice. As a beginner in this area, I found the book helpful as an introduction.

Here are a few of things that the book covers:
-the advantages of establishing a living trust, such as avoiding or simplifying probate. The discussion on the process of probate, it's cost and estimated time frame;
-the record keeping requirements for a living trust;
-which state's law governs your living trust (when you own property or work in more than 1 state or overseas;
-transfer taxes involved when transferring property to a living trust;
-the potential difficulty refinancing property that has been transferred to a living trust, and possible ways to solve this problem;
-that a living trust doesn't establish a cutoff for creditors' claims as differentiated from when property goes through probate;
-that it is recommended to separately prepare a will, a durable power of attorney, a health care proxy aside from a living trust;
-that a basic living trust will not necessarily reduce federal estate taxes - you'll need to consult an attorney and tax expert;
-the impact of the new federal estate tax law on AB trusts during 2011 and 2012;
-property that shouldn't be included in a living trust; and
-property you should consider including in a living trust.

The book helps you prepare your papers, plans, and thoughts beforehand. The forms in the book don't include a "survivorship period" on gifts made to primary or alternate beneficiaries. The book mentions other recommended steps and ways to prepare a comprehensive estate plan. There are "red flags" in the book that point out when it is advisable to seek professional advice. There is a chapter that goes over how to select advisers, how to work with an expert, and how to find helpful information. Overall, the book is a helpful introduction to living trusts and may be sufficient for most users.

Note: the book shouldn't be used by Louisiana residents because of their legal system which is based on the Napoleonic Code, a civil law system. ...more

3

Aug 15, 2015

This is a very helpful book, as well as easy to read and understand. After going through it the other night, I think I may opt to go with just a will at this point. The only property I have that I really need a trust for is the house, and I'm not sure if we will be keeping it much longer. I'll look a bit more into updating my will and may decide to revisit the trust idea again in a couple of years.

0

Feb 13, 2014

This book has lots of very helpful information in it. In helping my dad get things in order, it's been wonderful to have this book. I'm not going to place it as "read" because it's something I refer to often.

5

Jul 17, 2012

With this book, I have all the information I need to create my own living trust. It's not hard or time consuming either. Using the accompanying CD, I've got all of the forms I need without searching online for downloads. Great resource.

3

Jun 20, 2011

Easy to understand, even a little too easy. It isn't quite written "for dummies," but it is pretty close.