Product Description
What happens to an individual’s estate after they are gone is very much within their control. Estate planning is not only for the wealthy; it is for everyone. It is simply the process of deciding where your assets are to be distributed after your death.
For those people who wish to preserve their assets for designated purposes such as family or special charities it becomes necessary to make special advance preparations. Performing these important preparations is commonly referred to as estate planning.
For an individual to help ensure that his assets are protected and final wishes carried out, there are some common actions that need to be taken now. Proper estate planning allows you to plan for yourself and your loved ones without giving up control of your affairs.
Your estate plan should allow for the possibility of your own disability. It should give what you own to whom you want, at a time of your choosing, the way you want. Your estate plan should include fully disclosed, controlled costs for you and for those you love. The last thing you want to worry about is having it drained of value through taxes and legal costs. The right plan can protect the value of your estate and spare your loved ones unnecessary hassles and legal conflicts. This new book will help you glide through the complicated process.
One of the biggest issues you need to consider is estate taxes. For starters, Uncle Sam begins collecting gift taxes at the $1 million level. Married couples with estates over $4 million are subject to estate taxes that soar up to 46 percent and if you wish to leave money to grandchildren, estate taxes can reach as high as 73 percent!
Many books on estate planning indicate you do not need the services of an attorney, but we highly recommend an attorney versed in this area to assist you. You should not go through the process alone. What this book will do though is explain the complicated issues, terminology, and planning strategies of estate planning to the lay person (me and you) so that when you do meet with a qualified attorney, you will be well prepared. You will understand legal terms and be ready to discuss issues and strategies with familiarity, saving time and legal fees and ensuring peace of mind.
Some of the contents of the book are wills, assets, and settlement costs, probate, guardianship and minor children, executors and trustees, life insurance, living trusts, living wills, durable power of attorney, catastrophic illness, potential long-term care needs, marital deductions, types of trusts, federal and state estate exemptions, irrevocable life insurance trusts, gift splitting, survivorship deeds, charitable remainder trusts, 529 plans, health care proxy, power of attorney, reducing or eliminating estate taxes, avoiding tax on life insurance, using insurance to pay estate taxes, gift tax issues, generation skipping transfer tax, and tax deferred accounts.
Estate planning should be a positive experience. It involves reviewing your situation and planning for your future. Although most people also find it unpleasant to think about the possibility of disability or death, advance planning is also a way to show your love and to reduce potential distress later. Get started today.
Sandy Baker covers the immense detail of personal estate planning in her “Complete Guide to Planning Your Estate–a Step-by-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes are Fulfilled.”
Baker knows what it takes when it comes to putting your plan together, and helps the reader understand the entire process. Each chapter is easy to comprehend for anyone interested in their , or their loved ones future financial security.
The book begins with helping you find what you’re financially worth, the value of your home, and separating your debts. Baker then describes how you can then figure out what it will take to make sure those actions are carried out.
Although the information is basic, I like the way the author reviews the steps in an easy to read fashion. Baker’s step-by-step plan includes what it takes not just to save money, but to make sure that your financial decisions remain intact.
Rating: 3 / 5
If you are an adult, this book is relevant to you regardless of what your stage in life is; it is important to have proper estate planning in place. This book is an excellent source of information on what goes into estate planning, providing both an excellent overview and attention to a myriad of specific circumstances. Ms. Baker describes the types of professional help available in estate planning and how to evaluate credentials. This book even provides time tables involved in the length of time to make these plans.
The reader of this book will be provided information regarding real estate, debt, taxes, and how divorce affects estate distribution. This book can help you determine what steps to take in order to avoid probate, how different types of insurance are handled, and how to make sure that wills and living trusts are enforced.
There are several case studies throughout this book, which provide helpful insight into the necessity for proper estate planning.
Rating: 5 / 5
Many people think estate planning is complicated and is only necessary if there is a substantial estate to consider, but after going through the process courtesy of Sandy Baker’s manual, I highly recommend this guide to planning your goals, protecting your family and for the preservation of your hard-earned assets. Let’s face it, many of us still think divorce or death when the subject of estate planning comes up, and we may want to postpone what we feel to be a chore until a later date. I found Baker’s text to be non-intimidating and instructive, beginning with the how-to’s on choosing the right Attorney, Accountant and Insurance Agent, the intricacies of avoiding Probate, creating Trusts, and my favorite, lowering the Federal estate taxes. Baker’s thorough examinaton lays bare a few myths I had, and covers every eventuality in dealing with the FAQ’s of creating an ironclad will. Through presenting several case studies, the author makes the entire planning process as simple as ABC, and a much more pleasant exercise than I had expected!
Rating: 5 / 5
The author chose a topic that a lot of people worry about when preparing for the future of their loved ones after they are gone. This book definitely broke down, in an easy way to understand, how to plan one’s estate. The detailed explanation of each topic, people to help in the process and the case examples make this book one that can be referred to as frequently as possible. Majority of the information in the book is not common knowledge and what most people may not consider. No family would go wrong in reading this book in knowing what actions to take.
Rating: 5 / 5
Estate planning isn’t exactly a topic for leisure reading; cracking any book on the subject, one expects, will mean trudging through dry and excruciating legalese.
Fortunately, The Complete Guide to Planning Your Estate makes the subject far less painful. A practical, usable guide for the layperson, The Complete Guide to Planning Your Estate breaks the topic down into easily digestible pieces. Part readable narrative, part reference book, the guide covers estate planning considerations from the most basic (what is an estate? What are you worth?) to the more complex (various legal statutes, for example, and understanding estate taxes).
Practical advice includes how to select your key supporting players (attorney, financial planner, accountant, insurance agent) and how to plan for long-term care, retirement, and unexpected events like divorce and disability.
Compact easy-to-read case studies put the concepts into real-life context, and the inclusion of a handy glossary of common estate terminology and an appendix containing useful, reproducible forms including a living will and power of attorney, make The Complete Guide to Planning Your Estate an asset to any home library.
Rating: 5 / 5