The Living Trust : The Failproof Way to Pass Along Your Estate to Your Heirs [Paperback]

Henry Abts (Author)

Book Description

Publication Date: September 18, 2002

If you are concerned about estate planning you may be surprised that, even with a will, the probate system can eat up as much as 10 percent of an inheritance and delay the process two years. In The Living Trust, noted living trust authority Henry Abts presents a simple, inexpensive legal alternative that eliminates the costs and delays of probate and ensures that your loved ones will receive their inheritance promptly and exactly as you intended. This new edition has been completely updated to reflect the federal tax codes and up-to-the-minute developments in the legal system.

Editorial Reviews

From the Back Cover

The Bible on How to Avoid Probate, Revised and Updated

"[The Living Trust] is unquestionably the layman's most nearly complete source on living trusts. . . . Recommended reading for anyone who wants to maximize his net estate left to heirs, speed asset distribution after death, avoid will challenges, minimize estate costs, and maintain privacy."
—Robert Bruss, Esq., and nationally syndicated real estate columnist, Chicago Tribune

You may think your heirs have been well provided for, but did you know that:

• Your loved ones may have to wait more than two years before receiving a penny from your estate—even though you have left a legally valid will?
• Costs of probating your will may eat up more than 10 percent of your estate—money your heirs will never receive?
• The specific instructions of your bequest may be contested or changed completely—even though clearly spelled out in your will?
• A will cannot help you in life? If you become incapacitated or your judgment comes into question, it becomes a matter for the courts to decide and is a very public process.

A living trust is a simple, inexpensive legal alternative that eliminates the costs and delays of probate and ensures that your loved ones will receive their inheritance promptly and exactly as you intended. The Living Trust—the bible of how to avoid probate—will show you how to take full advantage of this critical estate-planning tool. This updated edition of The Living Trust includes the latest information on trust formations, tax changes, distribution rules, and more. It also offers:

• Insight into abuses within the probate system
• Advice on how to protect your business, savings, and retirement funds from frivolous lawsuits
• The effects of the Economic Growth and Tax Reconciliation Act of 2001 on estate tax, gift tax, the generation-skipping tax, and stepped-up valuation
• Sample and ancillary documents, including the estate preservation and tax-saving documents, the living will, and costs of living trust, all updated to reflect the latest tax changes and living trust requirements

About the Author

A nationally recognized authority on living trusts, Henry W. Abts III is chairman and founder of The Estate Plan, the nation's oldest and largest living trust production corporation, responsible for creating more than 60,000 living trusts.

Product Details

• Paperback: 400 pages
• Publisher: McGraw-Hill; 3 Revised edition (September 18, 2002)
• Language: English
• ISBN-10: 0071387099
• ISBN-13: 978-0071387095
• Product Dimensions: 10.8 x 8.6 x 1 inches
• Shipping Weight: 2.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.2 out of 5 stars  See all reviews (26 customer reviews)
• Amazon Best Sellers Rank: #206,522 in Books (See Top 100 in Books)
  • #83 in Books > Law > Taxation > Estates & Trusts

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Customer Reviews

Most Helpful Customer Reviews

45 of 46 people found the following review helpful:

4.0 out of 5 stars Required reading for living trust development, February 20, 2000

By A Customer

Amazon Verified Purchase

This review is from: The Living Trust (Paperback)

A living trust must be written by a lawyer. However, if you don't know what questions to ask or what information should be included, especially splitting of assets, most lawyers will not volunteer any helpful information. The resulting trust may not work the way you planned. Once one of the original settlors dies, their portion becomes part of a bypass trust that can't be changed. The survivor must live with whatever is defined in the bypass trust. At the time of death of the first settlor, all assets are divided between at least two trusts: the survivor's trust and the bypass trust. If the original trust is not written carefully and thoughtfully, making corrections are costly and may be impossible.

This book, The Living Trust by Henry Apts III, is a revised edition published in 2003, the last update before Mr. Apts passing. An important companion book is Henry Apts "How To Settle Your Living Trust", published in 1999. Henry Apts started a company "The Estate Plan" which he franchised to various independent estate planners. Some controversy has surrounded some of these independent planners using The Estate Plan but this should not be construed as judgement against the Living Trust books.

I have used these books for the last thirteen years as trustee to two living trusts and have found the information to be fairly accurate and a good basis to begin detail research from. Definitely don't ever, ever rely solely on a lawyer to develop your trust. I am a survivor of a irrevocable trust written by a prominent trust lawyer, since retired, now trying to sort out problems he created. Three lawyers later, I believe I have found a competent lawyer who truly understands trusts even though I have had to have him correct some of his own documents - keep in mind that I'm not a lawyer, just a layman who learns by trial and error.

32 of 32 people found the following review helpful:

5.0 out of 5 stars This book is terrific for the layperson. Highly recommended., June 20, 1998

By A Customer

This review is from: The Living Trust (Paperback)

After reading Abts book on the Living Trust, I followed the author's recommendations, collected ALL pertinent documents and now they are in one place. If you want peace of mind regarding how to protect your assets, this book is the one to guide you through the process. It is a priceless reference source on an on-going basis. The book is straight-forward, well written, easy to understand and follow; I highly recommend it.

29 of 29 people found the following review helpful:

4.0 out of 5 stars A positive alternative to Lawyers and their own agenda, July 20, 1998

By A Customer

This review is from: The Living Trust (Paperback)

This book served to warn me of lawyers and the non-objective views they have. Just in time information that is clear. Please read before talking to ANY lawyer. I have seen some real dancing when I questioned advice given. I would have been completely taken by what I thought was in my best interests had I not read the book. Now to find a lawyer that can do the small parts, with out trying to provide for his/her retirement. The book tends to repeat a bit, but perhaps that is the only way to set the information in our minds. The collection of Falicy and Fact is worth the price of the book all by itself. I used it with the lawyer and she acknowledged the correct answers. Too late for her. Trust can't be regained on my nickel.