While serving as caregivers and executors, we discovered laws and documents we didn't understand or even knew existed. Rules which governed how we managed our parents' financial affairs..and cost our family time and money. We realized nobody teaches someone how to die smart in school. Many of our friends can't answer simple questions: Why doesn't a will avoid probate? Why aren't living trusts just for the rich? What is living probate? Who pays for long term care? Why wouldn't you designate a minor child as a beneficiary? Why is planning for incapacity as important as planning for death? How can you maximize the value of inherited 401ks and IRAs? What happens if you add your child as a joint tenant? Our experience taught us dying is a major financial event in our life. An event where "dying dumb" can cost your family 4 to 8% of your net worth, or more with long term care. Get Smart. Don't lose your money when you die
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The authors were on a mission when they wrote Die$mart - 11 Mistakes that Cost Your Family Money When You Die: Probate, Living Trusts, Power of Attorney (And More). Kathy and Christine had just gone through an agonizing period of serving as a caregiver, and eventually settling their parent's estate. During this time, they became aware of forms and laws that no one talked about in school. The more they learned, the more amazed they were when they experienced what the impact of "dying dumb" means to those left behind.
After experiencing the emotional and financial consequences of "dying dumb", the authors began to research how much people actually knew about the rules that manage their lives in the event of caring for an aging parent or the paperwork required when someone dies. They were astonished to discover in a survey that 85% of the people had never heard of a power of attorney, and that most people don't have a clue about how death or a prolonged illness can impact their lives and financial worth. The sordid truth is that "dying dumb" can cost a family 4 to 8% of their net worth - even more if long term care is involved.
With their background in information workflow, market research and taxes, the authors began to construct a guide to help people manage their affairs so that others won't be blindsided like the authors were. Die$mart is written for the average person - it's easy to understand and will help you save time and money by providing you with information about the facts, laws and forms that manage your affairs as we age and die. You can use this information to have a conversation with your parents, your lawyers and your financial planner---no matter the size of the estate.
Die$mart will help you understand that what you don't know - or don't do - will cost you and your family dearly in the end.
From the Author
This book was written from our personal experience, with legal review from the law firm of Spector Weir LLP. We thought we were educated people. We have degrees in business. We managed businesses. However, when it came to caring for aging parents and serving as an executor/trustee, we kept discovering facts we didn't know about. Even though we had spent time and money with estate planning lawyers. Facts that cost our family time and money. We wanted to share our knowledge...and hopefully provide the information you need to take care of your affairs while you can.
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Most Helpful Customer Reviews
2 of 2 people found the following review helpful
Format:Paperback
Die $mart, tackles the question that all of us face at some point in time; how to leave the greatest amount of what you have worked for throughout your life to your loved ones when you leave this earth. Not the most pleasant thought but then, not everything about life need be pleasant. What is needed though is a plan, a plan as to how you can avoid given a large percentage of your net worth to the tax man and/or lawyers and administrative nightmares.
The book is organized into ten major mistakes that you definitely want to avoid and at the end of each chapter, there's "bottom line" section that gives it to you straight - here's what it could cost you by not acting and, here are the main bullet points that the chapter covered.
Speaking of the chapters, they are broad in scope. The most surprising dealt with the concept of long term assisted living. The numbers there are staggering. The author cites statistics that some 80% of the population will not die a sudden death, but instead a longer and slower death that has significant implications in terms of cost and legalities. "If only we had known" seems to be the reoccurring theme through this title - if only you had known that in most states a financial power of attorney does not permit language for you to manage health care to a loved one who has lost the ability to communicate. If only you had known that you needed a Health Care Power of Attorney document to give your loved one the authority to act on your behalf if you become incapacitated. If only you had known ...
For a book of roughly 225 pages, there is a tremendous amount of material. From probate (the act of the state stepping in to "protect" your beneficiaries and debt holders upon your death and all the necessary fees associated with the process) to estate taxes (how much you owe Uncle Sam assuming your net worth is greater than your personal exemption amount), the depth and breath of coverage is quite remarkable. The book is quite readable by the layman even though it tackles difficult and very legal materials. A glossary is provided, along with step-by-step instructions and web site links to needed forms. The sum total of the approach enables you to take action and prevent unneeded costs and emotional pain if and when future events dictate.
If I have one criticism, it would be that an index was not provided. I find indexes quite useful and the absence of that in, what was otherwise a well organized and presented book, an interesting omission to say the least. Maybe that will be corrected in a future edition.
In summary, it is difficult enough to suffer the emotional and physical drain required to care for someone that is dear to you. The same is true of a loved one's death. Unfortunately, death is not an escapable event. There is nothing one can do about that event. In our normal day-to-day lives, we typically do not plan for death or incapacitation. If you read this book, however, that will change. It will both show and enable you to not only die smart, but to ease the pain for those you love.
For most, Die $mart is probably all you need to properly prepare for the eventuality of your passing. For those with more complicated matters, it certainly provides you with the ideas and materials needed to more intelligently discuss what is needed with your legal representatives. As such, I would strongly recommend this book to all.
Reviewed by L.A. Little on 12/20/2009 for both[...]
The book is organized into ten major mistakes that you definitely want to avoid and at the end of each chapter, there's "bottom line" section that gives it to you straight - here's what it could cost you by not acting and, here are the main bullet points that the chapter covered.
Speaking of the chapters, they are broad in scope. The most surprising dealt with the concept of long term assisted living. The numbers there are staggering. The author cites statistics that some 80% of the population will not die a sudden death, but instead a longer and slower death that has significant implications in terms of cost and legalities. "If only we had known" seems to be the reoccurring theme through this title - if only you had known that in most states a financial power of attorney does not permit language for you to manage health care to a loved one who has lost the ability to communicate. If only you had known that you needed a Health Care Power of Attorney document to give your loved one the authority to act on your behalf if you become incapacitated. If only you had known ...
For a book of roughly 225 pages, there is a tremendous amount of material. From probate (the act of the state stepping in to "protect" your beneficiaries and debt holders upon your death and all the necessary fees associated with the process) to estate taxes (how much you owe Uncle Sam assuming your net worth is greater than your personal exemption amount), the depth and breath of coverage is quite remarkable. The book is quite readable by the layman even though it tackles difficult and very legal materials. A glossary is provided, along with step-by-step instructions and web site links to needed forms. The sum total of the approach enables you to take action and prevent unneeded costs and emotional pain if and when future events dictate.
If I have one criticism, it would be that an index was not provided. I find indexes quite useful and the absence of that in, what was otherwise a well organized and presented book, an interesting omission to say the least. Maybe that will be corrected in a future edition.
In summary, it is difficult enough to suffer the emotional and physical drain required to care for someone that is dear to you. The same is true of a loved one's death. Unfortunately, death is not an escapable event. There is nothing one can do about that event. In our normal day-to-day lives, we typically do not plan for death or incapacitation. If you read this book, however, that will change. It will both show and enable you to not only die smart, but to ease the pain for those you love.
For most, Die $mart is probably all you need to properly prepare for the eventuality of your passing. For those with more complicated matters, it certainly provides you with the ideas and materials needed to more intelligently discuss what is needed with your legal representatives. As such, I would strongly recommend this book to all.
Reviewed by L.A. Little on 12/20/2009 for both[...]
1 of 1 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
I recently loss my father and am helping my mother work with the trusts, wills and financial accounts my father had set up for her. He did a great job but
there were still so many details and questions we both had--
This book was my bible and in turn has helped me review
what I currently have in place for my assets and estate planning.
Great, great resource that helped me talk with my mom's financial advisors, attorney and trust department.
Loved the checklists, glossary of terms and easy reference book formatting.
A Must reference book for all of us who are helping parents with their estate planning and our own as well.
Keep the information coming Kathy--would love a companion workbook and filing system.
Love your site as well--[...]
there were still so many details and questions we both had--
This book was my bible and in turn has helped me review
what I currently have in place for my assets and estate planning.
Great, great resource that helped me talk with my mom's financial advisors, attorney and trust department.
Loved the checklists, glossary of terms and easy reference book formatting.
A Must reference book for all of us who are helping parents with their estate planning and our own as well.
Keep the information coming Kathy--would love a companion workbook and filing system.
Love your site as well--[...]
Format:Paperback
I won this book through Library Things Member Giveaway program. Not that I am planning to die any time soon I just thought it was a good book to try and win because it looked very helpful. I found the book filled with a lot of information. Some of the information was confusing yet helpful. To discover that even if you have a will doesn't guarantee your estate will be divided properly or that you will avoid probate court which would delay your beneficiaries from acquiring your assets.
Die Smart has made me want to start talking to a lawyer about creating a will and trusts, etc. just to make sure that my beneficiaries earn the most out of my estate and retirement funds. This is a great book to read prior to going through the death of a family member. I have to say that when my mother died I knew none of this and my dad is still alive so my sister and I didn't have any involvement in her estate. Now I actually want to talk to my father about what he has done to see if he is prepared so that my sister and I don't have to go to court or delay thing with probate.
I recommend Die Smart for a great reference book. Take it with you when you go to see a lawyer about your will or trusts, etc. Don't wait until it is too late and make it hard on your family.
Die Smart has made me want to start talking to a lawyer about creating a will and trusts, etc. just to make sure that my beneficiaries earn the most out of my estate and retirement funds. This is a great book to read prior to going through the death of a family member. I have to say that when my mother died I knew none of this and my dad is still alive so my sister and I didn't have any involvement in her estate. Now I actually want to talk to my father about what he has done to see if he is prepared so that my sister and I don't have to go to court or delay thing with probate.
I recommend Die Smart for a great reference book. Take it with you when you go to see a lawyer about your will or trusts, etc. Don't wait until it is too late and make it hard on your family.
Most Recent Customer Reviews
Who's in control? Your family or a stranger?
This book is a must read for people of all ages. It is never too early to plan for death or incapacity. We should hope for the best, but plan for the worst. Read more
Published on December 7, 2009 by weaverladyllj
Die Smart
As one who has gone through the probate/estate issues of a parent, I completely recommend Die Smart! Read more
Published on November 20, 2009 by Jane Austen
What if?
Depending how close you are to "the end" (how old are you?), this book is sort of like reading the DMV pamphlet before you take your driver's test, As one, who, when all else... Read more
Published on October 29, 2009 by Naren L. Jackson
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