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Make Your Own Living Trust, by Denis Clifford Attorney
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Living trusts simplified! Protect your family and avoid probate with this bestselling guide
Death may be inevitable, but probate doesn't have to be. By creating a living trust, your property will bypass lengthy and expensive probate proceedings and go directly to the people you've designated, quickly and easily.
Make Your Own Living Trust explains how to create a living trust, transfer property to the trust, and amend or revoke the trust at any time. Use this book to:
- decide whether a living trust is right for your family
- create a probate-avoiding trust or an estate-tax-saving AB trust
- name beneficiaries to inherit your assets
- appoint someone to manage trust property inherited by children
- keep control over trust property while you live
- appoint someone to manage trust property if needed
- understand how to transfer all types of assets to your trust, including real estate, stocks, jewelry, art or business assets
Make Your Own Living Trust includes all the forms you need to create your own trust, plus step-by-step instructions for filling them out. Completely updated and revised, this edition includes the latest tax and legal information, including updated information about the federal estate tax.
Good in all states except Louisiana.
- Sales Rank: #25471 in Books
- Brand: Clifford, Denis
- Published on: 2015-02-27
- Original language: English
- Number of items: 1
- Dimensions: 11.00" h x 1.00" w x 8.50" l, .0 pounds
- Binding: Paperback
- 360 pages
Review
“There are important differences between the trust-mill approach and that of such well-respected products as Nolo’s Make Your Own Living Trust.” The Wall Street Journal
“A do-it-yourself manual with checklists, step-by-step procedures, worksheets and forms.” The Los Angeles Times
“If you think you can prepare your own living trust, Make Your Own Living Trust is an excellent reference.” Chicago Tribune
"For residents of all states except Louisiana, Clifford, an estate planning attorney and author, explains how to create a living trust without a lawyer. He describes probate, estate taxes, and the advantages and drawbacks of a living trust; aspects like leaving unequal amounts to children, second or subsequent marriages, disinheriting a child, communicating decisions to family and friends, and trusts for single people and unmarried and same-sex couples; and common questions related to estate taxes, gift taxes, creditors, real estate, and other topics. He discusses types of trusts; the tax-saving AB trust; choosing property to put in the trust; trustees; choosing beneficiaries; property left to minor children or young adults; preparing the trust document; transferring property to the trust; copying, storing, and registering the document; adding or selling property, amendments, and revoking the trust; what happens after the grantor dies; other aspects of estate plans, such as backup wills, taxes, planning for incapacity, and other probate-avoidance methods; wills; and getting help from lawyers. This edition has been updated, and forms and worksheets are included in the book and online." Eithne O'Leyne, Editor Ringgold, Inc. ProtoView
About the Author
Denis Clifford, a graduate of Columbia Law School, where he was an editor of The Law Review, is a lawyer who specializes in estate planning. He is the author of many Nolo titles, including Quick and Legal Will Book, Make Your Own Living Trust and Plan Your Estate and coauthor of A Legal Guide for Lesbian and Gay Couples. He has been interviewed by such major media as The New York Times, Los Angeles Times, and Money Magazine.
Most helpful customer reviews
91 of 92 people found the following review helpful.
Great book, but you might need an attorney anyway.
By Mary C. Murphy
I found this book very useful, but would caution readers that estate taxes and estate laws in various states are moving targets, so you need to be careful to buy the latest update of this book and also visit their online website to confirm you have the most current information possible. Also, if your personal family situation is complex (e.g. second marriage, out of state real estate, such as a rental property or vacation home, or if you own one or more businesses, or have a spouse who is not a U.S. citizen), it would behoove you to use this text to draft the trust (to save money on that part of the process--most attorneys use "boilerplate" anyway, so why pay $250 per hour for that), then pay their hourly rate for a qualified estate planning attorney to review your trust for mistakes or specific language you need to include to cover these specific situations. For example, a common problem that can occur is that you name your trust as the beneficiary of an IRA, but your trust does not include the specific language the IRS and custodian of the IRA need to see in order to "pass through" the IRA to beneficiary IRAs. When this happens, the Inherited IRA can be taxed at the tax bracket of the Trust (instead of the beneficiaries which might be lower), and the IRA must be emptied by the fifth year after the death of the owner. Finally, if you do decide to use an estate planning attorney, be sure to ask them what % of their time is spend on this type of law. Many family lawyers and other lawyers dabble in estate planning. You have too much at stake. Look for an attorney for which this is at least 50% of their business.
28 of 29 people found the following review helpful.
DO IT NOW !
By Nick Saganis
I've been using Nolo (Press) products for over twenty-five years. I've given them as gifts and a 'starting point kick in the butt' for friends, family and clients. You can not imagine the problems you and your family will have without a will and / or trust. Yeah, yeah I know, "your dead so whaddaya care". Well, sometimes ya don't die and dying ain't the worst of it. Incapacitation is. No matter what you accomplish in life your inability to manage your own self interest will be what you're remembered for. You may not believe you've nothing to leave or give but you do. You have dignity, love, care, dreams, and all the things that make you you. Do not leave that to strangers who do not care for you or a corrupt probate system.
20 of 20 people found the following review helpful.
Great Resource Whether Making Your Own, Or Hiring Somone
By BelleNyx
I'm a kind of person that likes to do things myself when I can, but was on the border between just hiring someone to create a trust for me, or to do it on my own. I first went to go talk to a professional lawyer that specializes in Trusts. He was great. The price was high, but that was to be expected. He gave me a lot of information which I appreciated, but decided to learn more about it on my own anyway. I got this book to read on an upcoming trip at the time and am so glad that I did. I hate spending money on useless things or things that you can find free on the internet. But I highly recommend this book for anyone who wants to make a Trust him/herself, OR wants and has the time to understand how a Trust works before hiring someone else to do it. My parents hired someone to write their trust...shelled out a ton of money at the time...and it's pretty much crap (I hate to say). It works, but is the most generic thing ever. It's very easy for lawyers to say a lot of fancy things and give you a Trust and you don't even really know if it's "good" or not because you only know what they tell you. So if you plan on hiring someone to write your Trust, I really recommend doing some research (such as buying this book, which is great), or browsing around online. Bonus is that it's also a very interesting topic with a good writer. Very easy to follow for novices, and full of information for people even relatively knowledgeable about the topic.
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