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    Make Your Own Living Trust

    ISBN-10: 0873379853
    ISBN-13: 9780873379854
    Author(s): Denis Clifford
    Description: If you create a living trust, your property will bypass lengthy and expensive probate proceedings at your death and go directly to your beneficiaries, quickly and easily. And if you and your spouse create an AB trust, you may also be able to save  More...
    Buy it from: $3.94
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    List Price: $39.99
    Edition: 6th
    Publisher: NOLO
    Binding: Mixed Media
    Pages: 250
    Size: 8.00" wide x 10.50" long x 0.75" tall
    Weight: 1.738
    Language: English

    If you create a living trust, your property will bypass lengthy and expensive probate proceedings at your death and go directly to your beneficiaries, quickly and easily. And if you and your spouse create an AB trust, you may also be able to save your family thousands of dollars in estate taxes. In plain English, Make Your Own Living Trust explains how to create a trust yourself, without hiring a lawyer. Unless you take steps before your death, your property will probably have to go through an expensive -- and needless -- probate court process. This book has everything you need to create your own probate-avoiding living trust. Even under the new tax laws, if you and your spouse have a combined net worth of more than1.5 million, federal estate taxes may be due after the second spouse dies. An AB trust allows you to both avoid probate and reduce or eliminate estate taxes. Make Your Own Living Trust helps you create this type of trust. Completely updated and revised, the 6th edition covers the decreasing federal estate tax -- and the subsequent rise of many states' estate taxes in response. Book jacket.

    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, Nolo's Simple Will Book and Make Your Own Living Trust and co-author of Plan Your Estate and 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.

    Introduction
    An Overview of Living Trusts
    Living Trusts Explained
    Probate and Why You Want to Avoid It
    Avoiding Probate
    Reducing Estate Taxes
    Other Advantages of a Living Trust
    Possible Drawbacks of a Living Trust
    Human Emotions and Living Trusts
    Leaving Unequal Amounts of Property to Children
    Second or Subsequent Marriages
    Disinheriting a Child
    Special Concerns of Unmarried Couples
    Communicating Your Decisions to Family and Friends
    Common Questions About Living Trusts
    Does Everyone Need a Living Trust?
    If I Prepare a Living Trust, Do I Need a Will?
    How Can I Leave Trust Property to Children and Young Adults?
    Will My Living Trust Reduce Estate Taxes?
    Will I Have to Pay Gift Taxes?
    Will a Living Trust Shield My Property From Creditors?
    Do I Need a "Catastrophic Illness Clause" in My Trust?
    How Does Where I Live Affect My Living Trust?
    Can I Place Real Estate in a Living Trust?
    Can I Sell or Give Away Trust Property While I'm Alive?
    Is My Bank Account in the Trust's Name Insured by the FDIC?
    Will Property in My Living Trust Get a "Stepped-Up" Tax Basis When I Die?
    Who Must Know About My Living Trust?
    Could Someone Challenge My Living Trust?
    Will Congress or My State Legislature Abolish or Restrict Living Trusts?
    What Type of Trust do You Need?
    If You Are Single
    If You Are Part of a Couple
    Individual Trusts for Members of a Couple
    A Basic Shared Living Trust
    The Tax-Saving AB Trust
    Nolo's AB Trust
    Nolo's Tax-saving AB Trust
    The Size of Your Estate
    Should You Do It Yourself?
    How Nolo's AB Trust Works
    Alternatives to Nolo's AB Trust
    Choosing What Property to Put in Your Living Trust
    Listing the Property to Be Put in Your Trust
    Property That Should Not Be Put in Your Living Trust
    Property You Can Put in Your Living Trust
    Marital Property Laws
    Completing the Property Worksheet
    Trustees
    The Initial Trustee
    The Trustee After One Spouse's Death or Incapacity
    The Successor Trustee
    Choosing Your Beneficiaries
    Kinds of Trust Beneficiaries
    Naming Your Primary Beneficiaries
    Simultaneous Death Clauses
    Cobeneficiaries
    Some Common Concerns About Beneficiaries
    Naming Alternate Beneficiaries
    Residuary Beneficiaries
    Disinheritance
    Putting Conditions on Beneficiaries
    Property You Leave in Your Trust That You No Longer Own at Your Death
    Beneficiary Worksheets
    Property Left to Minor Children or Young Adults
    Property Management Options
    Which Method Is Better for You: Children's Trust or Custodianship?
    Tax-Saving Educational Investment Plans
    Children's Trusts
    Custodianships
    Preparing Your Living Trust Document
    Choosing the Right Trust Form
    Getting Started
    Making Changes in a Trust Form
    Step-by-Step Instructions
    Prepare Your Final Trust Document
    Consider Having Your Work Checked by a Lawyer
    Sign Your Living Trust in Front of a Notary
    Transferring Property to Your Trust
    Paperwork
    Technical Ownership
    An Abstract of Trust
    Property That Names the Living Trust as a Beneficiary
    Real Estate
    Bank Accounts and Safe Deposit Boxes
    Securities
    Vehicles, Boats, and Planes
    Business Interests
    Limited Partnerships
    Copyrights
    Patents
    Royalties
    Copying, Storing, and Registering Your Trust Document
    Making Copies
    Storing the Trust Document
    Registering the Trust
    Living with Your Living Trust
    If You Move to Another State
    Adding Property to Your Living Trust
    Selling or Giving Away Trust Property
    When to Amend Your Living Trust Document
    Amending a Living Trust Document
    How to Amend Your Trust Document
    Revoking Your Living Trust
    After a Grantor Dies
    Who Serves as Trustee After the Grantor's Death
    The Trustee's Duties
    Transferring Property to Beneficiaries
    Preparing and Filing Tax Returns
    Administering a Child's Trust
    Administering a Custodianship
    A Living Trust as Part of Your Estate Plan
    Using a Back-up Will
    Other Probate-Avoidance Methods
    Federal Gift and Estate Taxes
    State Death Taxes
    Planning for Incapacity
    Long-Term Trusts to Control Property
    Wills
    Why Prepare a Back-up Will?
    What You Can Do in a Back-up Will
    Pour-Over Wills
    Avoiding Conflicts Between Your Will and Living Trust
    Filling in the Will Form
    Signing and Witnessing Your Will
    If You Need Expert Help
    Hiring a Lawyer to Review Your Living Trust
    Working With an Expert
    Lawyer Fees
    Doing Your Own Legal Research
    Glossary
    How to Use the Forms CD-ROM
    Installing the Form Files Onto Your Computer
    Using the Word Processing Files to Create Documents
    Forms
    Basic Living Trust for One Person
    Basic Shared Living Trust
    AB Living Trust
    Witness Statement for a Florida Living Trust
    Assignment of Property to a Trust for One Person
    Assignment of Shared Property to a Trust for a Couple
    Amendment to Living Trust for One Person
    Amendment to Basic Shared Living Trust or AB Trust
    Revocation of Living Trust
    Basic Will for One Person
    Basic Will for a Member of a Couple
    Affidavit of Successor Trustee
    Index

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