Product Description
Scrutinized for accuracy by AARP’s legal specialists, this indispensable volume covers every aspect of planning an estate and creating a will. A crash course in one handy volume, the book walks readers through the entire process, from understanding the distinction between probate and nonprobate property to delegating a durable power of attorney, and from resolving possible tax issues ahead of time to safeguarding your assets.
In these pages you will find:
• comparisons of wills and simple living trusts;
• advice on guardianship and advance medical directives;
• explanations of the role and powers of a trustee—and what steps to take in the case of suspected misconduct;
• a primer on marshaling and protecting retirement assets;
• help in planning for children with disabilities;
• ideas for making sure your money stays in the family in case a spouse remarries; and much, much more.
AARP Crash Course in Estate Planning: The Essential Guide to Wills, Trusts, and Your Personal Legacy
It is difficult to understand how this book got the endorsement of AARP. It has only had three reviews and the last one was in October of 2005. Being published in 2004 puts the information behind the times, especially if you live in California. As the author of the book “Everything A Baby Boomer Should Know,” published only weeks ago, I think AARP should reevaluate what it recommends to us Baby Boomers as a reliable resource to educate our need to know how the system works.
Rating: 3 / 5
I recently prepared my first comprehensive estate plan, which is of medium size and will include several trusts. My wife and I have a couple of complicating factors, such as the possibility of needing to consider estate taxes in our planning, and children from previous marriages. Before consulting an attorney I read this book as well as a couple of others, including the Nolo book. This one is the best for getting a comprehensive understanding of the legal fundamentals and nuances of estate planning. It is written for an ordinary joe, not a lawyer, but the author takes the time to first explain the basics (such as the various legal forms of ownership) of property law, which provides even the most uninitiated reader with a solid foundation for comprehending the far more advanced topics discussed later in the book. It is easy to follow and is also chock full of good practical advice (such as things to consider to keep your heirs from tearing each other apart or challenging your estate in court). I highly recommend it for anyone planning any size estate.
After having read this book my wife and I felt prepared to face the task of hiring an attorney and working through our estate plan with him. Armed with the knowledge gained from this book, we were able to steer the attorney toward some ideas which were the authors, rather than our attorney’s. He considered them, decided they were good ideas for our situation, and we ended up incorporating them into our plan.
I would strongly recommend reading the book before hiring an attorney. The Nolo book is good too, but if you had to pick just one, pick this one.
Rating: 5 / 5
This is a well written, very readable treatment of the subject of estate planning. If one submits to the discipline of reading it thoroughly one will secure the necessary knowledge to ask and answer the pertinent questions of an estate planning lawyer.
Rating: 4 / 5
This book is a must for senions who need to understand the ramifacations of nursing home costs and related retirement issues. Attorney costs as high as $200.00 per hour and or flat fees of thousands of dollars, cause seniors to procasinate from getting their financial house in order. This book does a good job of explaining the need for proper planning and the ease in which it can be done withour having an attorney do ever phase, and prepare every document. Yet it does point out the need for an attorney in properly preparing the more difficult documents. I highly recoment this book for seniors and others also.
Rating: 5 / 5
As an estate planner and attorney, I know that presenting this kind of information in an easy-to-grasp way isn’t, well . . . easy. But Michael Palermo has done it. In Crash Course in Estate Planning, he explains everything from wills to planning for children to protecting your investment interests. The fact that the AARP endorses The Essential Guide is a great indication of the value of the information. The “Hints” and “Warnings” that Michael gives throughout the book could only have come from a real life practicing estate attorney who has faced these problems with clients many times. In addition to having an estate planning practice, Michael is also a Certified Financial Planner and the combination of wisdom garnered from his financial background and legal background serves his readers well. Michael knows which issues take a little more effort to understand, and he provides more detail accordingly. This is a great book for anyone who is preparing to tackle the estate planning process. Palermo provides clear and direct answers to very difficult questions. I highly recommend his book. Be advised though, if you read the book you may, at least in some areas, find you know more than your attorney!
James Lange, CPA/Attorney and author of Retire Secure! Pay Taxes Later: The Key to Making Your Money Last as Long as You Do
Rating: 5 / 5