book

The Living Trust Advisor

by Jeffrey L. Condon

December 2015

Beginner to intermediate

416 pages

10h 9m

English

Wiley

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The Big Game: Living and Dying with Your Living TrustA Few Things You Should Know about My Coaching StyleYour Final Locker Room Pep Talk Before Training Begins
For Those without Whom This Revised Edition Wouldn’t ExistFor Those Who Happen to Be My ChildrenFor Those Who Made the Cut
What Does It All Mean?The Self-Drafted Living Trust—Don’t Do It!You Might Have Living Trust Training, but You Haven’t Been Trained My Way!
A Simple ExplanationIt’s an After-Death Power of Attorney, but It’s Not
The Reasons Why a Living Trust Is a No-BrainerSo, What’s Not to Like?Putting Your House in Joint Tenancy with Your Child Is This Side of InsanityIn Summary
Your First Homework Assignment: Selecting Your Living Trust AttorneyYour Second Homework Assignment: Making Sure Your Living Trust Document Contains the Bare Minimum of RequirementsAfter You Have Finished Your Homework
Your Lifetime Agent’s Duty to Accomplish the Three Ps of Asset ManagementThe Not Very Scientific Method of Selecting the Lifetime Agent of Your Living TrustDo You Trust Your Children to Watch Your Back (Financially Speaking)?Can You Trust Your Friend to Protect You?A Good Alternative
Selecting Your Children as Your After-Death Agent“My Properties . . . My Pyramid”“Your Money Is Family Money”“That Was Our Parents’ Wish . . . Not Our Wish”“I Got Robbed—and My Own Kid Is the Bandit”The Indelible Conclusion: Money Changes Everything

Situation 1: Revoking Your Living TrustSituation 2: Amending Your Living TrustSituation 3: Either You or Your Spouse No Longer Acts as a Co-TrusteeThe Low-Maintenance Living Trust
First Concern: Owning Your Living Trust Real EstateSecond Concern: Transferring Real Estate to Your Living Trust without Risk of Property Tax ReassessmentThird Concern: Selling Living Trust Real EstateFourth Concern: Refinancing Living Trust Real EstateFifth Concern: Requiring the Signatures of Both You and Your Spouse to Sell Living Trust Real EstateConcerning Yourself with the Five Concerns
Why You Don’t Want to Conduct a Family Inheritance Meeting . . .And Why I Don’t Respect Your Reasons as to Why You Don’t Want to Conduct a Family Inheritance MeetingHow to Conduct a Family Inheritance MeetingYour Lawyer Should Not Charge for the Family Inheritance Meeting
The Three Goals of Living Trust Management after the Death of Your SpouseDoes Your Deceased Spouse Approve of Using Half of the Living Trust Assets to Support Your Second Spouse?Fretting and Hoping—by Your First ChildrenPreventing Your First Children from Fretting and Hoping So They Can Get Some Sleep
The Tyranny of Unjustified Lifetime ControlPeriscope from the GraveWhat If You Don’t Want to Change the Inheritance Instruction?
The Clash of the InheritorsDivide and Conquer
What Is the Estate Tax?The lifetime exemptionUsing Your Deceased Spouse’s Lifetime ExemptionThe “Simple Something” You Must Do to Preserve Your Deceased Spouse’s Lifetime Exemption— the Federal Estate Tax ReturnThe “Complex Something” You Can Do to Preserve Your Deceased Spouse’s Lifetime Exemption TrustThe Real Name of the Smaller Bucket Is . . .The Magic TrickThe Other Subtrust: The Survivor’s TrustThe Emergency ParagraphPutting All of This Estate Tax Stuff Together
The Grim RealityBeating the Odds
But It’s Not So SimpleTouchy-Feely Advice: Talk to Your Richer Child Before You Leave Him Less
The Family ScorecardYou Live, You LearnAn Easier Pill to SwallowSeparate but Unequal
What Else Can You Do to Get Your Money Back?Consequences of the Unforgiven LoanResolving the Family Fallout over the “Forgiven” Loan That Wasn’t Really Forgiven
Category One: The Protection Trust That Offers Only a Hope of Protection—the Transparent TrustCategory Two: The Protection Trust That Is Just a Tad Less Liberal Than the Transparent Trust—the Self-Directed Irrevocable Protection TrustCategory Three: The Protection Trust That Gives Control of Your Child’s Inheritance to a Third Party—the Third-Party Irrevocable Protection TrustCategory Four: The Neutron Bomb of Protection Trusts—the Discretionary Trust
The Incentive TrustThe Incentive Trust That Creates a Real Incentive for Your Child to Find EmploymentStriking a Balance between Competing Desires
Who Will You Appoint as the Trustee of Your Child’s PUPPET?Your First Choice: The Private IndividualYour Second Choice: The Better Choice
Grandchildren 101Two CertaintiesThe New and Protective Definition
The Good NewsThe Estate Tax Return ProcessPlaying the Waiting Game after Your Estate Tax Return Is FiledSeek Out Solutions to Reduce Your Estate Tax
The Three Types of Estate Tax Allocation ProvisionsEqual Estate Tax Allocation ProvisionProportional Estate Tax Allocation ProvisionSpecific Estate Tax Allocation ProvisionThree Concepts You Must Know about Estate Tax AllocationForewarned Is Forearmed
The Top Ten Questions I Receive from Real PeopleThe Top Five Questions I Receive from Financial People
Cautionary Tale 1: The Last One on the Scene Gets the MoneyCautionary Tale 2: A New Marriage Requires a New Living TrustCautionary Tale 3: Sometimes Having Too Much Money Can Be a CurseCautionary Tale 4: Keep Your Opinions to Yourself If You Want to Inherit from Your Gay RelativeCautionary Tale 5: Don’t Let the Law Write Your Inheritance InstructionsCautionary Tale 6: Joint Tenancy Gone WrongCautionary Tale 7: When It Comes to Money, Family Loyalty Goes out the WindowCautionary Tale 8: “Probate Is the Lawyer’s Retirement Fund”Cautionary Tale 9: “I Don’t Want to Be a Weekend Father”Cautionary Tale 10: “It’s Just a Piece of Paper”Cautionary Tale 11: I Don’t Want Him!”Cautionary Tale 12: “Si, Si! Community Property!”Cautionary Tale 13: “He’s Got Too Many Friends”Cautionary Tale 14: “We Were Cheated!”Cautionary Tale 15: “Am I My Brother’s Keeper?”Cautionary Tale 16: “I Don’t Want to Die with My Daughters Mad at Each Other”Cautionary Tale 17: “I Lost the Bet”Cautionary Tale 18: “I Only Have the Children I Choose to Tell You About”Cautionary Tale 19: “I Want My Money . . . So Hurry Up and Die!”

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