Estate Planning Books

Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family

Ed Slott

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Customer Reviews:
Total reviews: 8 Average rating: 4.5 of 5

Good IRA Reference, but Stretch IRA Wildly Overhyped 3 out of 5 stars.
9 of 10 people found this review helpful.

This is both a very good and very bad book. Slott is a CPA and his bio indicates that he specializes in IRA law and estate planning. The retirement column in the Wall St. Journal uses him as an IRA expert. If you've seen Slott on PBS, you know he is also a pitchman and showman. This book is a mixture of expert IRA info and advice and wild overselling.

On the plus side:
This book is full of IRA information and good IRA advice presented in a very readable manner. I made dozens of notes in the front cover while reading this book. An excellent IRA reference. And I think the book does a service by pointing out that the IRA code has (sort of) a loophole that allows the 'effective' taxes paid on the IRA to be greatly reduced if the IRA is passed on to younger family members who should (Slott recommends) only take out the minimum annually over their lifetimes. Slott calls this the 'stretch' IRA.

On the negative side:
Your IRA can grow into a FAMILY FORTUNE, he screams, with pages of tables showing a 100 thousand IRA growing to millions (in one case to nearly 300 million if left to grow into well into the 21 century!). Nonsense, what about the time value of money? Slott never heard of it (or pretends he never heard of it). The reality, of course, is that if your income tax rate is, say, 33% then when you withdraw IRA funds you lose 1/3rd of it to taxes. The best that even a perfect tax strategy can do is recover this 1/3rd. Nice, but hardly a fortune.

Slott provides a useful check list of features an IRA contract should have. You would think that maybe he would read the IRA contracts of top IRA providers (like Fidelity, Vanguard) and tell us how they stack up? Nope, that's our job, not his.

Convert to a Roth IRA and your money will grow TAX FREE he screams. Slott's very positive on Roth IRA's, too positive. I worked through a Roth conversion example and find that the extra shielding that a Roth IRA allows can boost your after-tax returns a little. (Calculation details are in 'Roth Primer' section of the 'Charity' essay on my home page.) I calculate in a 6% market environment that Roth IRA will yield 6% vs an after tax yield for a traditional IRA of approx 5.4%, or an extra 0.6%/yr investment gain. However, there can be a serious downside to doing a Roth conversion that Slott doesn't mention. A large Roth conversion will likely be taxed at a much higher incremental income tax rate than normal minimum withdrawals, and since Roth has only a tiny yield advantage over a traditional IRA it could easily take a decade or more just to get even.

Editorial Review:

Ed Slott is without a doubt “one of the country’s leading IRA experts” (Reader’s Digest). Appearing at a time when virtually everyone is concerned about retirement savings, this authoritative thoroughly accessible book presents an easy-to-follow plan for making money—a lot of money— with your IRA. Slott shows readers how to choose the right financial advisor, manage vital information and deadlines, and create a retirement fortune that will not only benefit the individual, but continue to enrich beneficiaries for generations. This powerful, straightforward tool is the book for Americans interested in creating a fiscal windfall for the future.

Get It Together: Organize Your Records So Your Family Won't Have To (Book with CD-Rom)

Melanie Cullen, Shae Irving

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Customer Reviews:
Total reviews: 10 Average rating: 5.0 of 5

Covered All The Bases...And More 5 out of 5 stars.
61 of 61 people found this review helpful.

I bought this book thru Amazon in June 2006 because of my experiences working with a close friend who had just lost his father rather unexpectedly. My friend faced a monstrous task of trying to track down his father's assets, business records, last will, credit accounts, etc. just to scratch the surface. As a participant in his frustration, I began to think about the arrangement of my personal life and how my loved ones would tend to my estate.

"Get It Together" brings so much to the table to deal with. I think most people refuse to face their mortality and the task of making such arrangements, let alone there really is a large volume of papers, decisions, conversations, and organization to be handled. GIT is very thorough in all topic areas (see Table of Contents). The book discusses the emotions involved with each topic area, numerous websites to obtain additional information, what to get a copy of, keeping the info current and arranging your "estate" or life, for that matter, to benefit those close to you.

My parents or other people I look up to would never or be highly uncomfortable discussing these topics in detail. This book is perfect to compensate for the lack of those conversations. Now, just a warning for those willing to purchase and conform to this book. I was quite diligent in following all their instructions and recommendations to the "t". It took longer than expected, about 12 weekends, until I had gathered and organized everything to my satisfaction and I don't have a wife, kids or other complicated situations...just me alone.

But I have such a peace of mind that my successors will have no trouble making decisions or tracking down stuff because it's all there with explicit directions from me. I find going forward that I try to keep my life organized in a simple fashion and refuse to take on unnecessary stuff that I will need to add to my planner. And I feel no stress at all looking at my desk now because all the meaningless clutter is gone and GIT was a big reason for that.

Finally, the greatest resource is the forms CD included with the book, which saves a great deal of time when the organizing process starts and got me unstuck in some areas.

Editorial Review:

The best "get your life organized" workbook available!

Everyone has important paperwork and personal information -- but it's not always easy to find. Whether you need to organize records for yourself, your family or your executor, Get It Together will show you how to keep track of:

instructions for survivors

secured places and passwords

final arrangements

estate planning documents

employment records

insurance policies

tax records

retirement accounts

government benefits

real estate records

and much more

This workbook provides a complete system for structuring and organizing a records binder. If you'd like to work on your computer, use the CD-ROM -- then simply print your work and put it in a binder.

Suze Orman's Will & Trust Kit: The Ultimate Protection Portfolio

Suze Orman

Amazon Price: $13.57 List Price: $19.95 Usually ships in 24 hours By: Hay House Amazon Marketplace: 19 new & used starting at $12.30

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Customer Reviews:
Total reviews: 14 Average rating: 3.5 of 5

Editorial Review:

NEW, ONLINE VERSION!

This is an easy-to-use and fast way for you and other members of your household to create your own will, living revocable trust, and all the other must-have documents you need to protect you and your family. It’s as easy as 1-2-3—simply personalize, print, and protect.
Suze Orman and her own estate trust attorney have created the most state-of-the-art documents found anywhere. There are more than $2,500 worth of estate documents in this kit. Why pay thousands of dollars when you can get the same documents in this kit for $19.95!
This kit includes:
• More than 50 state-of-the-art documents
• Free automatic on-line updates
• Verbal and written instructions taking you step by step through the four must-have documents
• Password protection securing multiple users’ information
• A tutorial that shows you everything you need to know
• 10 electronic books

PC and Macintosh Compatible . . . and good in all 50 states!

Family Wealth--Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations

James E. Hughes Jr.

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Customer Reviews:
Total reviews: 19 Average rating: 4.5 of 5

copyright 1997 edition of the book is now outdated 2 out of 5 stars.
3 of 3 people found this review helpful.

Buy the 2004 edition published by Bloomberg Press and don't waste your money on this. The 2004 edition has much more material.

A must read for people with any ambition to create Legacy 5 out of 5 stars.
1 of 1 people found this review helpful.

This is a must read for those of you who have or plan to have over $5 Million in Net worth. If you want to fulfill your responsibility to your family and give them the tools necessary to carry on your legacy, this is a great starting point.

Clear, concise and THOROUGH 5 out of 5 stars.
1 of 1 people found this review helpful.

This is the BEST book I have found (after looking a long time) to instruct those who understand AND believe in themselves in how to perpetuate their ideals.

While I may not fully share the author's bias (clearly described in an opening chapter), I emphatically endorse his diagram for perpetuation. This book is a treasure map for the future.

Gotta run.....hunting for treasure, y'know....

Editorial Review:

This is the landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations - now revised and expanded. "A masterpiece. No one is more astute than Jay Hughes about the topics of family wealth and family life." - Charles W. Collier, Senior Philanthropic Adviser, Harvard Univesity.

Make Your Own Living Trust (Book & CD-ROM)

Denis Clifford

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Customer Reviews:
Total reviews: 12 Average rating: 4.5 of 5

Editorial Review:

Most of us know that upon our demise, a succession of fees and taxes will eat into our estates--no matter their size--if we don't plan now to protect them. Unfortunately, many of us still postpone this process because we hesitate to summon the outside legal assistance that's traditionally been required. The folks at Nolo Press have made it their mission to provide us with the means to complete a relatively uncomplicated official arrangement like this without lawyers, however, and their third edition of Make Your Own Living Trust offers hope even to the most hesitant among us. With easy-to-follow instructions, helpful worksheets, and all of the forms necessary, attorney Denis Clifford shows both individuals and couples how to avoid otherwise inevitable delays and costs by preparing on their own to transfer their property directly to their designated heirs. Clifford's method involves the creation of a "living trust," which is a basic legal entity that allows property to be simply passed along in this way immediately upon the death of the person who created it. He outlines advantages and drawbacks, and then clearly lays out the entire process. The excuses stop here. --Howard Rothman

Beyond the Grave revised edition: The Right Way and the Wrong Way of Leaving Money To Your Children (and Others)

Gerald M. Condon

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Customer Reviews:
Total reviews: 25 Average rating: 5.0 of 5

Do right by your kids...get this book 5 out of 5 stars.
2 of 2 people found this review helpful.

I have several estate planning books...the "how to" type and they are great. This is the book you need to read before you start filling in the blanks. I wish my parents had read this book. It would have saved my family relationships. This book gives you the basic information you need before drawing up your trust. Protect your beneficiaries and prevent family conflict by reading this book!

Editorial Review:

This expert, one-of-a-kind handbook shows you how to:

• Ensure that your inheritance instructions will he carried out -- the way you want them to be

• Protect your child's inheritance from creditors, ex-spouses, addictions, tax troubles, mismanagement, squandering, and other risks of loss

• Prevent family conflict that can arise when parents die and children divide the "family money"

• Leave more money to your children and grandchildren, and less to the IRS -- and understand the hidden cost of a "death tax" repeal

Plan Your Estate (National Edition)

Denis Clifford

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Customer Reviews:
Total reviews: 9 Average rating: 4.5 of 5

Editorial Review:

The most comprehensive -- yet easy to read -- guide to estate planning on the market!

Plan Your Estate covers everything from the basics of wills and living trusts to sophisticated tax-saving strategies. The authors give you straightforward, plain-English explanations of every significant estate-planning option available, so you can make the best decisions for you and those you love.

The book covers:

wills

probate and how to avoid it

living trusts

property-control trusts

naming guardians for children

leaving property to children

estate taxes and how to reduce them

living wills (health care directives)

financial powers of attorney

final arrangements

strategies for business owners

and much more.

The 9th edition is completely updated with the latest federal and state laws, and now covers ethical wills -- a new way to pass on values, beliefs and important personal experiences. Good for all states except Louisiana.

AARP Crash Course in Estate Planning, Updated Edition: The Essential Guide to Wills, Trusts, and Your Personal Legacy (AARP)

Michael T. Palermo

Amazon Price: $10.17 List Price: $14.95 Usually ships in 24 hours By: Sterling Amazon Marketplace: 28 new & used starting at $8.99

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Customer Reviews:
Total reviews: 3 Average rating: 3.5 of 5

Editorial Review:

Scrutinized for accuracy by AARP’s legal specialists, and completely up-to-date, 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 advanced 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.
• 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.

Estate Planning for Dummies

Jordan Simon, Brian Caverly

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Customer Reviews:
Total reviews: 9 Average rating: 3.5 of 5

Editorial Review:

If you’re like most people, you want to be sure that, once you’ve passed on, no more of your property and money will be lost to the government than is absolutely necessary. You want to know that you’ll be leaving your heirs your assets and not your debts. You want to be absolutely certain that your will is ship-shape, your insurance policies are structured properly, and that every conceivable hole in your estate plan has been filled. And most of all, you’d like to do all of this without driving yourself crazy trying to make sense of the complicated jargon, jumble of paperwork, and welter of state and federal laws involved in the estate planning process.

Written by two estate planning pros, this simple, easy-to-use guide takes the pain out of planning for your ultimate financial future. In plain English, the authors walk you step-by-step through everything you need to know to:

• Put your estate into order
• Minimize estate taxes
• Write a proper will
• Deal with probate
• Set up trusts
• Make sure your insurance policies are structured properly
• Plan for special situations, like becoming incompetent and pet care 
• Craft a solid estate plan and keep it up-to-date

Don’t leave the final disposition of your estate up to chance and the whims of bureaucrats. Estate Planning For Dummies gives you the complete lowdown on:

• Figuring out what you're really worth
• Mastering the basics of wills and probate
• Using will substitutes and dodging probate taxes
• Setting up protective trusts, charitable trusts, living trusts and more
• Making sense of state and federal inheritance taxes
• Avoiding the generation skipping transfer tax
• Minimizing all your estate-related taxes
• Estate planning for family businesses
• Creating a comprehensive estate plan

Straightforward, reader-friendly, easy-to-use, Estate Planning For Dummies is the ultimate guide to planning your family’s future.

How to Pay Zero Taxes, 2008 (How to Pay Zero Taxes)

Jeff A. Schnepper

Amazon Price: $12.21 List Price: $17.95 Usually ships in 24 hours By: McGraw-Hill Amazon Marketplace: 30 new & used starting at $8.03

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Editorial Review:

Make 2008 the year you pay zero taxes!

Fully updated to include all the latest tax law changes, How to Pay Zero Taxes outlines the easiest, most practical strategies you can use to lower your taxes this year, next year, and beyond. From converting personal expenses into business expenses to avoiding or surviving an IRS audit, Jeff Schnepper's guide comprehensively covers more deductions than any other tax book, all conveniently organized in six fast-access categories: exclusions, credits, “above-the-line” deductions, “below-the-line” deductions, traditional tax shelters, and supertax shelters.

In the 2008 edition you will find coverage of:

• The new 2007 tax laws
• Credits and deductions for higher education expenses
• The special capital gains and dividends rules
• Increased dependent care and “kiddie” tax credits
• Coverdell Education Accounts for elementary and secondary school expenses
• Increased IRA and retirement plan limits
• Home equity loans
• Real estate trusts
• Theft and casualty losses
• Educational and ROTH IRAs
• Divorce and separation costs