Family Trust : How to Avoid Probate, Save Taxes, Protect Your assets, Provide For Your Family (1st Edition) [Paperback]

Frank J. Croke (Author), William F. Croke (Author)

Book Description

Publication Date: December 1998

First and only book that provides the financial options a grantor has for the benefit of their surviving spouse, children and other heirs.

Most trust do not provide these financial options which are not taught in law schools. As a result, the surviving spouse will only receive a fraction of the income she may need and could have had received if the trust was properly worded to provide for these needs.

The general public believes that the tax laws laws and other regulations control their trusts and leave them few options, if any, other than naming those who are to receive the income and those who will receive the end-value of the trust after the death of the income beneficiary. This is not correct.

A person has many financial options that should be considered prioe to visiting an attorney who will prepare the documents. This book list the major options a grantor has that should be considered and explains the benefit and need for each option.

Editorial Reviews

From Library Journal

Written by a financial planner and an attorney, this book does not claim to substitute for expert legal advice, but it is a useful guide to the pros and cons of setting up trusts to reduce estate taxes. Many trusts do not specify how the trust assets will be invested; instead, the assets are governed by state law "default rules," which may be too conservative. The authors methodically explain how to determine how much money is needed for different purposes; after discussing the options, they devote a section to estate planning documents such as living trusts and durable power of attorney. The final section covers options to consider, including choice of trustee, payment of trust fees, and special trustees. Readers are referred to a web site to calculate retirement financing. The book has limited coverage of the use of life insurance and does not provide a means to select estate planning help, except to suggest attorneys. It would have helped to include a checklist of questions for estate planning professionals. For sophisticated readers.AHarry Charles, Attorney at Law, St. Louis
Copyright 1999 Reed Business Information, Inc.

Review

"Family Trusts" can help you bone up on a complex subject and ask pertinent questions for your estate lawyer. -- Kiplinger's Retirement Report

"Significant Literature on Trusts" -- American Bar Association

Family Trusts helps you prepare a list of questions your attorney needs to answer. -- Kiplinger's Retirement Report, June 2001

Recommended Reading -- Numerous publications

Your spouse and children could easily end up with substantially less than they need -- see "Family Trusts." -- Wall Street Journal --This text refers to an alternate Paperback edition.

See all Editorial Reviews

Product Details

• Paperback
• Publisher: Capital Management Pr; 1st edition (December 1998)
• Language: English
• ISBN-10: 1892879123
• ISBN-13: 978-1892879127
• Product Dimensions: 10.6 x 8.4 x 1 inches
• Shipping Weight: 1.8 pounds
• Average Customer Review: 3.8 out of 5 stars  See all reviews (13 customer reviews)
• Amazon Best Sellers Rank: #4,825,517 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

19 of 21 people found the following review helpful:

5.0 out of 5 stars Great Preparatory tool for the lay person!, April 16, 1999

By A Customer

This review is from: Family Trust : How to Avoid Probate, Save Taxes, Protect Your assets, Provide For Your Family (1st Edition) (Paperback)

In my more than 40 years as a senior executive, I learned that it was very importamnt for me to be as knowledgeable as possible when dealing with experts and specialists so that I could communicate intelligently with them and to be able to evaluate the product that they finally presented to me. When it became reasonable for me to attempt to protect my estate from the grasp of the IRS, I tried to follow the path that I had followed as a corporate executive and went looking for decent reference material that I could use to educate myself. Up until now, I had not found anything that was at all helpful to me as a lay person. Mr. Croke's book, however, is extremely helpful. It puts very complicated material in clear and uncomplicated terms and has given me the first decent basis for my meetings with the "experts". After reading his material, I am comfortable that my advisor and I are communicating in the same language and I am confident that the finished product will be what I want it to be, not what someone else who does not really know me or my needs thinks that it should be. I compliment Mr. Croke on an excellent, well written tool.

11 of 12 people found the following review helpful:

5.0 out of 5 stars Was able to correct major errors in my Trust, February 3, 1999

By A Customer

This review is from: Family Trust : How to Avoid Probate, Save Taxes, Protect Your assets, Provide For Your Family (1st Edition) (Paperback)

This is the best book on trusts I've seen. Found out that my Trust failed to properly provide for my wife and children. Only thing my current Trust provided was a savings on estate taxes but it left my wife an inadequate income from the Trust, less than 3%. Providing my wife with the income she would need from my Trust is more important than just the tax savings. I was able to quickly correct this and several other major errors in my Trust. I learned about Trust options I didn't know I had. And, my attorney never told me about them and neither did the other books on trusts that I've read.

16 of 19 people found the following review helpful:

5.0 out of 5 stars Family Trust improved my trust and helped my family greatly, August 26, 1999

By A Customer

This review is from: Family Trust : How to Avoid Probate, Save Taxes, Protect Your assets, Provide For Your Family (1st Edition) (Paperback)

You must state in your Trust what you want to have happen.(FAMILY TRUST). My original Trust gave broad powers to my trustee. But, I found out from Family Trust by Franke Croke and then from my attorneys that state law requires that 50% of my Trust must be invested in Bonds. I did not want bonds because I know they will reduce the value of my Trust. I also discovered that if my wife became ill and wanted our daughter to visit her, travel expenses would not be paid from the Trust unless I authorized it. Needless to say, I revised my Trust, thanks to this book. My trustee is instructed to put my assets in growth stocks, mutual funds and index funds and is instructed to pay the travel expenses of my children and grandchildren to visit my wife. I've now got a Trust document that will be a real help to my family thanks to Frank Croke and his book Family Trust. Sincerley, Robert Schilling