Why Wills Won't Work (If You Want to Protect Your Assets): Safeguard Your Estate for the Ones You Really Love [Hardcover]

Armond Budish (Author)

Book Description

Publication Date: May 17, 2007

For most people drawing up a will, making sure their inheritance is secure for their spouse, children, grandchildren, or other family members is a top priority. And though they may think they're taking care of their loved ones' future with the traditional planning a will offers, the reality is that down the line their designated heirs may never see a dime.

As attorney and estate-planning expert Armond Budish explains in Why Wills Won't Work, good estate planning in the twenty-first century requires more than the old "one size fits all" approach of filling out a few legal documents. In this book, he illustrates his customized SAFE method-the only solution that will Safeguard Assets for your Family Exclusively. Beginning with an assessment quiz that helps readers determine their particular needs, risks, and goals, along with the options available, Why Wills Won't Work addresses:

- how to protect a child's inheritance in a divorce;
- the steps to take now to avoid death taxes later;
- how to safeguard an inheritance for grandchildren;
- how to keep probate court, creditors, and potential lawsuits from depleting an inheritance;
- how to plan in advance for a disabled child or one who can't manage money;
and - what documents you really need, and how to choose a lawyer.

Easy to follow and reader-friendly, with illuminating real-life stories throughout, Why Wills Won't Work is the essential guide for readers who want to be sure now that their family's future inheritance is airtight.

Editorial Reviews

About the Author

Armond Budish is a nationally known award-winning consumer journalist and attorney, and a pioneer in estate planning and elder law, who was recently elected to the Ohio State House of Representatives. He is the host of a weekly television show, Golden Opportunities, which airs on the Cleveland's NBC affiliate station, and he writes the weekly syndicated column "You and the Law" featured in the Cleveland Plain Dealer, The Columbus Dispatch, and other newspapers. A regular lecturer on estate planning and law, Budish lives in Cleveland.

Product Details

• Hardcover: 240 pages
• Publisher: Avery (May 17, 2007)
• Language: English
• ISBN-10: 1583332731
• ISBN-13: 978-1583332733
• Product Dimensions: 9.1 x 6 x 1.1 inches
• Shipping Weight: 14.4 ounces
• Average Customer Review: 3.8 out of 5 stars  See all reviews (4 customer reviews)
• Amazon Best Sellers Rank: #1,297,457 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

6 of 8 people found the following review helpful:

3.0 out of 5 stars Leaves More Questions Than It Answers, August 5, 2007

By 

Loyd E. Eskildson "Pragmatist" (Phoenix, AZ.) - See all my reviews
(HALL OF FAME REVIEWER)    (REAL NAME)   

This review is from: Why Wills Won't Work (If You Want to Protect Your Assets): Safeguard Your Estate for the Ones You Really Love (Hardcover)

Most people probably believe that a will is sufficient to avoid major inheritance and probate problems. Budish asserts the contrary, offering an example in which a mother willed assets to her daughter, and these ended up being split with the daughter's husband upon their divorce. Budish estimates that his approach (SAFE Trust) would cost about $3,000 and prevent such problems. HOWEVER, the reader later learns that this is only true for assets that remain in the trust and have not yet been spent, and thus is left to wonder what value a SAFE Trust has for those planning to use the money.

Budish states that wills are filed with the local probate court and anyone can challenge the will. The executor must make a list of everything owned at death and every expenditure must be approved by the court (eg. insurance, taxes, utilities) - something that won't happen for free. Budish cites a 1990 AARP study that found probate of estates less than $100,000 took at least a year, and fees can deplete assets by up to 10%, even in uncomplicated cases.

1 of 1 people found the following review helpful:

5.0 out of 5 stars Time to consider the afterlife..., November 7, 2007

By 

C. D. Cohron "chetdc" (Madison, MS United States) - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Why Wills Won't Work (If You Want to Protect Your Assets): Safeguard Your Estate for the Ones You Really Love (Hardcover)

This book will give you some new thoughts on the old Will...now you can

leave the money to your children and it will go to them, and will not

be subject to any other legal action. A Safe Will...about time we had

something like this.

4.0 out of 5 stars Food for thought re: estate planning, August 6, 2010

By 

Aggie '61 (League City, TX) - See all my reviews

Amazon Verified Purchase

This review is from: Why Wills Won't Work (If You Want to Protect Your Assets): Safeguard Your Estate for the Ones You Really Love (Hardcover)

My estate is relatively small; and I am single with two amicable daughters. Consequently I have been content with a well crafted Will.

I found this book an interesting read as the author described some of the avoidable snarls created by unexpected events, e.g. accidental death of a daughter, divorce, in-law rivalries, law suits, etc.

While the book seems weighted toward an expensive legal set of documents, it is in fact balanced. I do not feel steamrolled into a panic move. The author appears to give a balanced view for small, medium, and large estate planning.

I'm glad I read it through. I plan to read it again before making any expensive changes.

I advise anyone to read it all, don't stop midstream.