Estate-planning

Have you even gone on a trip and suddenly recalled that the front door was unlocked and the gas stove was still burning? In "Estate Planning Made Easy", the open front door is analogous to the probate process and the mounting gas bill is the endless stream of leagal and adminstrative fees left by a poorly planned estate. Author Herbert F. Starr correctly points out that every estate, no matter how big or small, untimately has an heir: those you designate, or the IRS and lawyers.

Starr demystifies the process of estate planning by illustrating how and why the individual, not some high-priced "expert", is best suited to this task. He explains with specific fill-in-the-blank examples the pitfalls in estate planning, how to avoid probate entirely, how to reduce administrative fees from 40-50% with probate down to 5-10% and how to arrange for the minimum amount of estate tax (and how this payment can be deferred to later generations!).

This well-written book explains in clear, concise terms estate planning tools such as living wills, living trusts, life insurance as a tax tool, gifting before death to reduce an estate, ensuring asset transfer to a spouse or grandchildren and how the estate tax code and probate process really work (standard probate fees for each state, and the IRS estate tax worksheet, are included in the appendices).

After reading this book (it only takes a few days at most), you will be ready to plan your estate, using, as Starr recommends, the lawyer or tax expert for only for specific advice once the entire framework of your estate transition is in place.

Though the phrase "empowerment" is often overused, it truly applies here for while everyone has the right to leave their life as they please, they have no such right to leave a mess behind to their loved ones. Thanks to Estate Planning Made Easy, you can leave your loved ones the ultimate gift - security and peace of mind in your absence.

This book explains the problems associated with development along the sound, and what future problems to expect if you do live on the water. I recommend this if you are looking for a home on Puget Sound, or already have one.

The book goes over the advantages and disadvantages of wills vs. trusts, with a definite slant in favor of trusts. While I think trusts are a very good estate planning tool, I don't think they are absolutely right for everyone. You should read the book with the understanding that wills can still play an important role in planning how one's assets are distributed after death.

The book is not a do-it-yourself tome, either. Don't make MORE money for lawyers by trying to write a will and fouling it up - even after reading the book and making your choices, you'll need to consult with a an attorney and a professional tax planner before drawing up your estate planning documents.

If you want to understand how wills and trusts work, and you want it in plain English, this is the one to read.