Menu

Best Estate Planning Book?

Home Estate Planning Best Estate Planning Book?

  • Avatar JK 
    Participant
    Status: Physician
    Posts: 138
    Joined: 01/09/2016
    medical school scholarship sponsor

    I am relatively new to the world of estate planning. I plan on meeting with an attorney soon but wanted to educate myself a little beforehand. Does anyone have any good book suggestions or other resources? I was planning on hitting up the library or purchasing a few items if need be. thanks.

    #149553 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3989
    Joined: 01/08/2016

    Living trusts for everyone

    #149571 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7796
    Joined: 01/09/2016

    Yes, so glad you asked! Estate Planning Smarts by Deborah Jacobs. Recommend with no reservations, highly thought-of in the CFP community, but written so that laymen (or laywomen  😀 ) can understand.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #149659 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1284
    Joined: 03/27/2017
    Estate Planning Smarts by Deborah Jacobs.

    Click to expand…

    Yep, this along with Beyond the Grave by Jeffrey Condon are a good use of your time prior to meeting with an ACTEC member trust and estate attorney.

    #150056 Reply
    Liked by jfoxcpacfp
    Avatar AlexxT 
    Participant
    Status: Physician
    Posts: 897
    Joined: 01/13/2016

    I agree with the above books.  Also Condon’s other book, Living Trust Adviser.

    Before you meet with the attorney, consider whom you would choose as guardian for children, if any, as well as alternative guardians.  Spouses are usually joint and successor trustees, but you’ll need additional successor trustees as well if there are children under the age of 30-35, and in general, you don’t want the guardian to be the same person as the trustee.    After due consideration, and in conjunction with my attorney’s advice, I decided to use a bank with a well-regarded trust department as successor trustee, because I realized that my siblings, while frugal, are not reliable enough to manage my finances.  I need to help them with theirs, so they won’t be able to manage mine.  My wife’s siblings… let’s just say I don’t think they are qualified either.

    Those books should give you additional questions that need to be answered before meeting with the attorney.

    Also fill out a living will / health care directive form.  That should be part of the process as well.

    #150115 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1284
    Joined: 03/27/2017
    Also fill out a living will / health care directive form.  That should be part of the process as well.

    Click to expand…

    And make sure you get the assets titled correctly and the beneficiary designations updated.  You buy a fancy stack of paper, but it’s no good until it’s funded properly.

    #150183 Reply
    Liked by AlexxT
    Avatar AlexxT 
    Participant
    Status: Physician
    Posts: 897
    Joined: 01/13/2016
    And make sure you get the assets titled correctly and the beneficiary designations updated.  You buy a fancy stack of paper, but it’s no good until it’s funded properly.

    Click to expand…

    Yes!   And that’s a lot more time consuming and difficult than you would expect.

    The attorney should help you re-title your house.  The rest will be up to you, but you should be given instructions on how to title the various accounts.

    There are also lots of anecdotes about people who get the will and trust  papers drawn up but never sign the papers.  Based on my personal experiences, I suspect that the reason is that the attorneys never finished their work in time.

    So, start early, stay on it, and make sure to get all the assets and accounts re-titled, and double check all the TOD (transfer on death ) account beneficiaries, life insurance beneficiaries, etc.

     

    #150247 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 1968
    Joined: 09/16/2016

    Best one is the one behind your estate planning attorney’s desk 😉

    LEVEL 1 WCI FORUM MEMBER.

    #150332 Reply

Reply To: Best Estate Planning Book?

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear