The Complete Guide to Planning Your Estate: A Step-by-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes are Fulfilled
What happens to an individual’s estate after he is gone is very much within his control. Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after your death.
For those people who wish to preserve their assets for designated purposes — such as family or special charities — it becomes necessary to make special advance preparations. Performing these important preparations is commonly referred to as estate planning.
For an individual to help ensure that his assets are protected and final wishes carried out, there are some common actions that need to be taken now. Proper estate planning allows you to plan for yourself and your loved ones without giving up control of your affairs.Your estate plan should allow for the possibility of your own disability. It should give what you own to whom you want, at a time of your choosing, the way you want. Your estate plan should include fully disclosed, controlled costs for you and for those you love. The last thing you want to worry about is having it drained of value through taxes and legal costs.
The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. This new book will help you glide through the complicated process.
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Many people know they should have an estate plan, but don’t know how to go about forming one. They may even not understand what an estate plan really does. Some of the more common questions include:
• What exactly is an “estate?”
• Who would I talk to about my estate?
• How can I make sure my wishes are followed in the event of my death?
This handy book is exactly what it claims to be–a straightforward and step-by-step guide to making the arrangements we all need but no one likes to think about.
The author has a friendly and informative style that eases the reader into the sometimes complex world of estate planning. The first chapter is an introduction to the terms and people that those looking to plan their estate will need to be familiar with. Accountants, attorneys, financial planners, and insurance agents are all introduced to the reader, along with why they play a part. Estate planning needs a goal, research, and a plan, says Baker, and the book clearly lays out how to decide on each. Readers are encouraged to decide first what they expect their estate to do, and what their wishes are.
Once the goals are set, it’s time to look at actual estate worth. The author explains what goes into an estate, how to account for debts like loans and credit cards, and even how to plan for expenses like settlement costs and attorney fees. Baker then moves on to the applicable laws governing estates, and how to navigate the legal red tape that can tie up the uninformed.
While the book begins with a primer on estates, those who may be looking for more advanced information won’t be disappointed. There are also chapters on various types of trusts and how to set them up to the reader’s advantage; federal tax laws, insurance, and even how to plan for long-term care. Case studies illustrate major points and give the reader a sense of real-world application.
The book is easy to read and understand, and doesn’t talk down to the reader. Baker does an excellent job of making complex information available to those without a doctorate in finance. All in all, this book is a great buy for anyone looking to “get their affairs in order.”
Comment by Kit Lange-Jarrell — September 24, 2007 @ 9:15 am
This detailed book does much more than to tell you how to make a will. When it tells you not to put that off, it also gives you project management and time management advice to get it done. It has a whole section on will substitutes, such as joint tenancy and living trusts, that allow your property to be transfered apart from your will, and details what each tool is best suited for and what it’s not. For example, setting up a trust can solve many estate planning problems, but not all of them, and this book explains which ones. Probate is a good thing to avoid, but this book explains why probate is sometimes useful. And it covers legal difficulties in easy-to-understand language. What if your estate is not worth as much as you’re giving away? What if your daughter dies two days after you do? This book offers solutions to these challenges.
The book asks questions and provides answers that you might not have thought about. For example, divorce complicates estate planning. You might not want to think about that, but this book provides information on how to prepare for divorce and the possibility of divorce. And you might not think you have much of an estate, because you owe so much money. But those negative figures are part of estate planning too. And the book doesn’t neglect the importance of regularly revisiting your good planning, to make sure it stays up to date. The book, by the way, is up to date. It talks about how US estate taxes are changing in 2009 and 2011. And it doesn’t leave out the less savory aspects of estate planning. Yes, it mentions feeding tubes and funeral arrangements.
Not that the book is perfect. I was surprised to find whole life and universal life insurance listed as legitimate, rather than mediocre, investment options. And I would have liked more specific wording examples, including a sample will, though that may not have been appropriate since the author is not an attorney. In fact, I’m still not sure what the author’s credentials are - apparently she has written extensively for many years on the subject, but as a ghostwriter, which means she can’t tell us what she wrote. Case studies are mostly written by professionals and not by ordinary people, and show it by their formality. If you want a book about estate planning by yourself, this isn’t it. It doesn’t tell you how to get by without an attorney, or even an insurance agent, but it helps you work with those professionals more effectively.
Comment by Michael McGinnis — October 17, 2007 @ 8:41 am
Let’s face it, no one wants to curl up next to the fireplace to read a book with a riveting title such as this, but I am sure glad I did! This book really made me think. I am an executor and have power of attorney for my parents estate. I now know there are many details about their estate that I need to keep up with to avoid the pitfalls of probate! Fortunately, my father had the foresight to establish a living trust. I now realize what a big favor he has done for not only me as executor, but for our whole family.
This book was a real eye-opener about what can happen if you don’t prepare. I was always one to think “I’m not rich, I really don’t have that much to leave behind. So I don’t need anything but maybe a simple will” How wrong I was! I understand now, that probate could really cause big financial problems for my children and or spouse!
If you don’t already have a legally binding estate plan; if you only have a simple will - or less, you must read this book. If you do have some estate planning in place you should read this book to make sure you have all the bases covered. No matter what your adult age, this guide will help you decide what needs to be put in place to make sure your estate is settled with the least amount of legal red-tape and the lowest amount of taxes due. It will explain in plain English what steps to take in planning and protecting your estate. The forms at the back of the book are extremely helpful to get you started. I will be using them right away.
Initially, I thought it was over-kill that the author suggested hiring all those professionals; an accountant, estate planner, insurance agent and financial planner, but Ms. Baker convinced me otherwise. Her theme here is to plan for the future. Due to the legal mess one can fall into without proper planning, hiring these professionals is a real safety measure.
I would recommend this book to anyone who owns property, credit cards, cars or any other valued assets. I would recommend this book to any adult who has living parents, who has a spouse, siblings, children or other close loved ones. It’s a great planning tool and a guide to get you through the confusing maze of estate planning.
Comment by Edit Jewell — November 13, 2007 @ 3:02 pm
Let’s face it, no one likes to think about dying. But, the harsh reality is that we’re all going to go sometime, so doesn’t it make sense to leave your affairs in order? Sandy Baker’s comprehensive guide offers invaluable advice for avoiding some of the pitfalls of estate planning. Whether you have a healthy portfolio of stocks and bonds or just want to make sure that your favorite cousin gets your hunting rifle, pick up a copy of this book.
Baker’s book provides clear explanations of wills, living wills, trusts, as well as suggestions on who to consult for professional help when you’re planning your estate. More than half of the adults in America today haven’t made the necessary plans to provide for their loved ones, which means the government can step in and assume control of their assets. Don’t assume that a hand-written, or holographic, will be accepted, either, because they are not recognized as legal documents in every state. In addition, Baker offers sound advice on establishing clear goals to protect your assets, and deciding how you want them dispersed, as well as provision for everything from paying taxes to selecting trustees to handle funds for minors.
The guide discusses the pros and cons of the probate process, which can sometimes take at least one year to complete. While Baker does lean a little heavily in favor of insurances, something not every person can easily afford these days, she closes her book with a useful glossary that clearly explains legal terms related to the estate-planning process. Baker will help you to make sure that your heirs get everything to which they are entitled.
Rating = 4 stars (recommended)
Comment by Patricia A. Martinelli — February 4, 2008 @ 12:49 pm
The Complete Guide to Planning your Estate - Sandy Baker
Many people think estate planning is complicated and is only necessary if there is a substantial estate to consider, but after going through the process courtesy of Sandy Baker’s manual, I highly recommend this guide to planning your goals, protecting our family and for the preservation of your hard-earned assets. Let’s face it, many of us still think divorce or death when the subject of estate planning comes up, and we may want to postpone what we feel to be a chore until a later date. I found Baker’s text to be non-intimidating and instructive, beginning with the how-to’s on choosing the right Attorney, Accountant and Insurance Agent, the intricacies of avoiding Probate, creating Trusts, and my favorite, lowering the Federal estate taxes. Baker’s thorough examination lays bare a few myths I had, and covers every eventuality in dealing with the FAQ’s of creating an ironclad will. Through presenting several case studies, the author makes the entire planning process as simple as ABC, and a much more pleasant exercise than I had expected!
Comment by Kadene Porter — February 4, 2008 @ 3:04 pm
If you are an adult, this book is relevant to you regardless of what your stage in life is; it is important to have proper estate planning in place. This book is an excellent source of information on what goes into estate planning, providing both an excellent overview and attention to a myriad of specific circumstances. Ms. Baker describes the types of professional help available in estate planning and how to evaluate credentials. This book even provides time tables involved in the length of time to make these plans.
The reader of this book will be provided information regarding real estate, debt, taxes, and how divorce affects estate distribution. This book can help you determine what steps to take in order to avoid probate, how different types of insurance are handled, and how to make sure that wills and living trusts are enforced.
There are several case studies throughout this book, which provide helpful insight into the necessity for proper estate planning.
Comment by Kecia Brown — March 3, 2008 @ 1:38 pm