Customer Reviews

The Rich Die Richer and You Can Too

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Author William Zabel uses both his expert knowledge and some very appropriate New Yorker cartoons to explain how various estate planning programs work. Even though it was written in 1996 and some tax amounts/pecentages have changed since then, the basic fundamentals are the same as before.

With so many books out there on estate planning topics, Bill Zabel's book really stands out in the crowd. Why? Because it is a great story. Bill teaches estate planning by telling stories that illustrate his point. Because Bill's client base is so extensive and interesting, his stories are unparalleled. I find myself going back to the book again and again because it is a fun way to reinforce learning.

I recently advised another close acquaintance on a prenuptial agreement and durable power of attorney with international implications. As a generalist lawyer, even though I am a former company general counsel, I do considerable work in this field, having had deep exposure throughout my career to high net worth family and estate matters. Nonetheless, to put it all in perspective, I often turn to my copy of Bill Zabel's excellent book, and I reread parts to stir my juices and stimulate ideas.

That perspective is where this book is of unparalleled help. It also tells many great stories. Bill's book is not only an account of his work for the rich and famous on their personal estates, but it is also a thorough explanation of the practical, social and legal issues that are involved for anyone who must consider leaving assets to others in a responsible way. A simple will from the Internet won't achieve that. There are surely plenty of stories here about those who did it wrong, including Rockefellers, Dukes, Morgans, etc. There are even some forms of clauses and agreements here as examples of good approaches, including that of Jackie Kennedy Onassis.

Sadly, this book is no longer in print, but fortunately Amazon can still get you copies. It is slightly dated as to tax rules and recent developments, and a new edition would be helpful, but Bill has correctly noted that law is a changing area and that one must always check for the new. That is pretty easy these days because of the multitude of resources. Of course, one should always have a lawyer to assure that you plan effectively and haven't left out critical factors. Otherwise, you can never be sure you did it right.

One other thing. I have never worked with Bill Zabel, but his client list clearly speaks to his quality and integrity. I always expected this, as I went to college with two of his partners, who are not only extremely bright persons and superb lawyers, but from all I know, have all the finest ethical and public service impulses one could want.

This is not a how-to, though. Various case studies to show the finer points / boundaries / gray regions.