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) "Are you "willing" to bet your home and entire life's savings on the fact that you're adequately protected with a will? Let's hope not, because..." (more)
Key Phrases: federal death taxes, death tax exemption, alternate trustee, Revocable Living Trust, Starter Trust, Medicaid Trust (more...)

Editorial Reviews

Product Description

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.

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 (View shipping rates and policies)
• Average Customer Review: 3.7 out of 5 stars  See all reviews (3 customer reviews)
• Amazon.com Sales Rank: #554,960 in Books (See Bestsellers 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 (TOP 100 REVIEWER)    (REAL NAME)

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 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.

0 of 1 people found the following review helpful:

3.0 out of 5 stars Why Wills Won't Work - a view, May 31, 2008

By	M Spirit (Texas, USA) - See all my reviews

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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)

I am not quite finished reading this book, however, I am a bit disappointed in the focus of the beginning chapters on the 'extended/blended' family situations. I have been married to the same guy for almost 50 years and there are none of those side stories to deal with. I realize a lot of modern society does have these problems, but I don't want to hear about them. The portions of the subject I do want to absorb I need to re-read. It is a complicated matter.