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Index
Cover
Title Page
Copyright
Dedication
Pregame Warm-Up: Or, Read This Before You Read This Book
The Big Game: Living and Dying with Your Living Trust
A Few Things You Should Know about My Coaching Style
Your Final Locker Room Pep Talk Before Training Begins
Acknowledgments
For Those without Whom This Revised Edition Wouldn’t Exist
For Those Who Happen to Be My Children
For Those Who Made the Cut
The First Quarter: Establishing Your Living Trust
Chapter 1: How You Established Your Living Trust Without a Clear Understanding of What It Is and How It Works
What Does It All Mean?
The Self-Drafted Living Trust—Don’t Do It!
You Might Have Living Trust Training, but You Haven’t Been Trained My Way!
Chapter 2: What Does the Living Trust Do, and How Does It Do It?
A Simple Explanation
It’s an After-Death Power of Attorney, but It’s Not
Chapter 3: Do You Really Need a Living Trust?
The Reasons Why a Living Trust Is a No-Brainer
So, What’s Not to Like?
Putting Your House in Joint Tenancy with Your Child Is This Side of Insanity
In Summary
Chapter 4: Establishing Your Living Trust
Your First Homework Assignment: Selecting Your Living Trust Attorney
Your Second Homework Assignment: Making Sure Your Living Trust Document Contains the Bare Minimum of Requirements
After You Have Finished Your Homework
Chapter 5: Who Should You Select as the Lifetime Agent of Your Living Trust?
Your Lifetime Agent’s Duty to Accomplish the Three Ps of Asset Management
The Not Very Scientific Method of Selecting the Lifetime Agent of Your Living Trust
Do You Trust Your Children to Watch Your Back (Financially Speaking)?
Can You Trust Your Friend to Protect You?
A Good Alternative
Chapter 6: You Can Select Your Children as Your After-Death Agent, but Will They Carry Out Your Living Trust’s Inheritance Instructions?
Selecting Your Children as Your After-Death Agent
“My Properties . . . My Pyramid”
“Your Money Is Family Money”
“That Was Our Parents’ Wish . . . Not Our Wish”
“I Got Robbed—and My Own Kid Is the Bandit”
The Indelible Conclusion: Money Changes Everything
The Second Quarter: Living with Your Living Trust During the Lifetimes of You and Your Spouse
Chapter 7: Functions of Your Living Trust While Both You and Your Spouse Are Alive
Situation 1: Revoking Your Living Trust
Situation 2: Amending Your Living Trust
Situation 3: Either You or Your Spouse No Longer Acts as a Co-Trustee
The Low-Maintenance Living Trust
Chapter 8: The Five Concerns about the Real Estate You Transferred to Your Living Trust
First Concern: Owning Your Living Trust Real Estate
Second Concern: Transferring Real Estate to Your Living Trust without Risk of Property Tax Reassessment
Third Concern: Selling Living Trust Real Estate
Fourth Concern: Refinancing Living Trust Real Estate
Fifth Concern: Requiring the Signatures of Both You and Your Spouse to Sell Living Trust Real Estate
Concerning Yourself with the Five Concerns
Chapter 9: Should You Tell Your Children about Your Living Trust?
Why You Don’t Want to Conduct a Family Inheritance Meeting . . .
And Why I Don’t Respect Your Reasons as to Why You Don’t Want to Conduct a Family Inheritance Meeting
How to Conduct a Family Inheritance Meeting
Your Lawyer Should Not Charge for the Family Inheritance Meeting
The Third Quarter: Living with Your Living Trust after the Death of Your Spouse
Chapter 10: Will You Divert Your Deceased Spouse’s Half of the Living Trust Assets from Your Offspring?
The Three Goals of Living Trust Management after the Death of Your Spouse
Does Your Deceased Spouse Approve of Using Half of the Living Trust Assets to Support Your Second Spouse?
Fretting and Hoping—by Your First Children
Preventing Your First Children from Fretting and Hoping So They Can Get Some Sleep
Chapter 11: The Power to Change Your Deceased Spouse’s Inheritance Instructions . . . or Not!
The Tyranny of Unjustified Lifetime Control
Periscope from the Grave
What If You Don’t Want to Change the Inheritance Instruction?
Chapter 12: Dealing with Your Living Trust If You Remarry
The Clash of the Inheritors
Divide and Conquer
Chapter 13: Dealing with the Estate Tax Return, Splitting the Living Trust Assets, and Other Tax Stuff That You Would Rather Just Ignore after Your Spouse Dies
What Is the Estate Tax?
The lifetime exemption
Using Your Deceased Spouse’s Lifetime Exemption
The “Simple Something” You Must Do to Preserve Your Deceased Spouse’s Lifetime Exemption— the Federal Estate Tax Return
The “Complex Something” You Can Do to Preserve Your Deceased Spouse’s Lifetime Exemption Trust
The Real Name of the Smaller Bucket Is . . .
The Magic Trick
The Other Subtrust: The Survivor’s Trust
The Emergency Paragraph
Putting All of This Estate Tax Stuff Together
The Fourth Quarter: Dying with Your Living Trust
Chapter 14: Distribution of Your Living Trust after Both You and Your Spouse Are Dead
The Grim Reality
Beating the Odds
Chapter 15: Don’t Intentionally Leave Your Children Unequal Inheritances
But It’s Not So Simple
Touchy-Feely Advice: Talk to Your Richer Child Before You Leave Him Less
Chapter 16: The Accidental Unequal Inheritance
The Family Scorecard
You Live, You Learn
An Easier Pill to Swallow
Separate but Unequal
Chapter 17: Don’t Make a Child Who Owes You Money a Debtor to Your Other Children
What Else Can You Do to Get Your Money Back?
Consequences of the Unforgiven Loan
Resolving the Family Fallout over the “Forgiven” Loan That Wasn’t Really Forgiven
Chapter 18: Do Not Leave Your Child an Outright Inheritance
Category One: The Protection Trust That Offers Only a Hope of Protection—the Transparent Trust
Category Two: The Protection Trust That Is Just a Tad Less Liberal Than the Transparent Trust—the Self-Directed Irrevocable Protection Trust
Category Three: The Protection Trust That Gives Control of Your Child’s Inheritance to a Third Party—the Third-Party Irrevocable Protection Trust
Category Four: The Neutron Bomb of Protection Trusts—the Discretionary Trust
Chapter 19: Using Your Living Trust to Force Your Child into a Conventional Lifestyle
The Incentive Trust
The Incentive Trust That Creates a Real Incentive for Your Child to Find Employment
Striking a Balance between Competing Desires
Chapter 20: The Success of the Third-Party Irrevocable Protection Trust (PUPPET) Depends on Whom You’ve Selected as the Third Party
Who Will You Appoint as the Trustee of Your Child’s PUPPET?
Your First Choice: The Private Individual
Your Second Choice: The Better Choice
Chapter 21: Who Are Your Grandchildren?
Grandchildren 101
Two Certainties
The New and Protective Definition
Chapter 22: The IRS Is Back! And This Time, It’s for Real!
The Good News
The Estate Tax Return Process
Playing the Waiting Game after Your Estate Tax Return Is Filed
Seek Out Solutions to Reduce Your Estate Tax
Chapter 23: Who Pays the Estate Tax?
The Three Types of Estate Tax Allocation Provisions
Equal Estate Tax Allocation Provision
Proportional Estate Tax Allocation Provision
Specific Estate Tax Allocation Provision
Three Concepts You Must Know about Estate Tax Allocation
Forewarned Is Forearmed
Postgame: Review and Lessons Learned
Chapter 24: Question and Answer Time!
The Top Ten Questions I Receive from Real People
The Top Five Questions I Receive from Financial People
Chapter 25: A Random Sampling of Cautionary Tales from the Inheritance Arena
Cautionary Tale 1: The Last One on the Scene Gets the Money
Cautionary Tale 2: A New Marriage Requires a New Living Trust
Cautionary Tale 3: Sometimes Having Too Much Money Can Be a Curse
Cautionary Tale 4: Keep Your Opinions to Yourself If You Want to Inherit from Your Gay Relative
Cautionary Tale 5: Don’t Let the Law Write Your Inheritance Instructions
Cautionary Tale 6: Joint Tenancy Gone Wrong
Cautionary Tale 7: When It Comes to Money, Family Loyalty Goes out the Window
Cautionary Tale 8: “Probate Is the Lawyer’s Retirement Fund”
Cautionary Tale 9: “I Don’t Want to Be a Weekend Father”
Cautionary Tale 10: “It’s Just a Piece of Paper”
Cautionary Tale 11: I Don’t Want Him!”
Cautionary Tale 12: “Si, Si! Community Property!”
Cautionary Tale 13: “He’s Got Too Many Friends”
Cautionary Tale 14: “We Were Cheated!”
Cautionary Tale 15: “Am I My Brother’s Keeper?”
Cautionary Tale 16: “I Don’t Want to Die with My Daughters Mad at Each Other”
Cautionary Tale 17: “I Lost the Bet”
Cautionary Tale 18: “I Only Have the Children I Choose to Tell You About”
Cautionary Tale 19: “I Want My Money . . . So Hurry Up and Die!”
About the Author
Index
EULA
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