Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
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Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Just a big shout out of thanks to someone along the thread of a thread who suggested “Beyond the Grave” by Jeffery Condon Esq. What a helpful read in attempting to update our 20year old estate plan which we review every 2-5yrs..
and I’ve read quite a few books on saving the family compound. Really, thank you!
and I’ve read quite a few books on saving the family compound. Really, thank you!
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Re: Estate Planning Books
I agree I read it upon suggestion here and found it opened my eyes to risks and approaches never considered before. I suggest everyone read it BEFORE they visit the lawyer to update their plan. That way they have thought the problems to address before putting the lawyer on the clock. We plan on updating our estate plan later this year, earlier than planned because we are a lot more informed in large part due to the book as well as real life experience with another estate completely in line with Condon’s examples. In other words that estate exhibited traits of several issues described in the book such as second marriages, death of children first and trust implications, family business and real estate holdings, spendthrift heirs, etc. I hadn’t fully thought through the consequences of many of those issues before setting up most recent plan.2kids&pets wrote: ↑Fri Jun 07, 2019 1:03 pm Just a big shout out of thanks to someone along the thread of a thread who suggested “Beyond the Grave” by Jeffery Condon Esq. What a helpful read in attempting to update our 20year old estate plan which we review every 2-5yrs..
and I’ve read quite a few books on saving the family compound. Really, thank you!
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
This thread is now in the Personal Finance (Not Investing) forum (estate planning). I retitled the thread for clarity.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
I added this book to the wiki: Books: recommendations and reviews (Estate planning)
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Remember bsteiner’s words for context. Paraphrasing, it focuses on certain states and the extremes. Some suggest a graduated transfer of control from the trust to the beneficiary. Worth reviewing previous threads on this book to get his perspective. I appreciate the shock of extreme situations in the book and bsteiner’s practical suggestions.2kids&pets wrote: ↑Fri Jun 07, 2019 1:03 pm Just a big shout out of thanks to someone along the thread of a thread who suggested “Beyond the Grave” by Jeffery Condon Esq. What a helpful read in attempting to update our 20year old estate plan which we review every 2-5yrs..
and I’ve read quite a few books on saving the family compound. Really, thank you!
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Ah, you beat me to bsteiner's remarks, as some of the info in the book is California-centric.FoolStreet wrote: ↑Sat Jun 08, 2019 4:38 pmRemember bsteiner’s words for context. Paraphrasing, it focuses on certain states and the extremes. Some suggest a graduated transfer of control from the trust to the beneficiary. Worth reviewing previous threads on this book to get his perspective. I appreciate the shock of extreme situations in the book and bsteiner’s practical suggestions.2kids&pets wrote: ↑Fri Jun 07, 2019 1:03 pm Just a big shout out of thanks to someone along the thread of a thread who suggested “Beyond the Grave” by Jeffery Condon Esq. What a helpful read in attempting to update our 20year old estate plan which we review every 2-5yrs..
and I’ve read quite a few books on saving the family compound. Really, thank you!
Still very useful to me though. The family dynamics info was very interesting.
Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven then I shall not go." - Mark Twain
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Heads-up: The Kindle version is now on sale for a limited time. $1.99. Normal price $20.00. (You don't need to own a Kindle to read it... Any phone, computer, or tablet that you can install the Kindle app on will suffice.)2kids&pets wrote: ↑Fri Jun 07, 2019 1:03 pm Just a big shout out of thanks to someone along the thread of a thread who suggested “Beyond the Grave” by Jeffery Condon Esq. What a helpful read in attempting to update our 20year old estate plan which we review every 2-5yrs..
and I’ve read quite a few books on saving the family compound. Really, thank you!
https://www.amazon.com/s?k=beyond+the+g ... _sb_noss_1
Based on previous recommendations on Bogleheads, I'd checked the older edition of this book out from the library and found it to be excellent. So I went to Amazon planning on buying it at the full price, and was pleasantly surprised to find it deeply discounted. Thought I'd share in case anyone else is in the market...
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
I would recommend this excellent book by estate planning attorney Harry Margolis:
Get Your Ducks in a Row: The Baby Boomers Guide to Estate Planning – 2020 EDITION
Get Your Ducks in a Row: The Baby Boomers Guide to Estate Planning – 2020 EDITION
"October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May March, June, December, August and February." - M. Twain
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
I'm in CA and it's still extreme and really controlling. Some of the stuff I found a little patronizing and doesn't allow people to grow. I do come from a family that has serious money problems; bankruptcies, foreclosures et cetera. While that stuff didn't happen to me it really strained and damaged the family relationships.Broken Man 1999 wrote: ↑Sat Jun 08, 2019 4:46 pmAh, you beat me to bsteiner's remarks, as some of the info in the book is California-centric.FoolStreet wrote: ↑Sat Jun 08, 2019 4:38 pmRemember bsteiner’s words for context. Paraphrasing, it focuses on certain states and the extremes. Some suggest a graduated transfer of control from the trust to the beneficiary. Worth reviewing previous threads on this book to get his perspective. I appreciate the shock of extreme situations in the book and bsteiner’s practical suggestions.2kids&pets wrote: ↑Fri Jun 07, 2019 1:03 pm Just a big shout out of thanks to someone along the thread of a thread who suggested “Beyond the Grave” by Jeffery Condon Esq. What a helpful read in attempting to update our 20year old estate plan which we review every 2-5yrs..
and I’ve read quite a few books on saving the family compound. Really, thank you!
Still very useful to me though. The family dynamics info was very interesting.
Broken Man 1999
ETA: After reading the book I did e-mail Condon. He responded and I directed him to Bogleheads. He was pretty impressed with us!
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
It would be enlightening to get him to chime in a few Estate Planning threads for sureCarefreeap wrote: ↑Tue Apr 20, 2021 9:58 am Some of the stuff I found a little patronizing and doesn't allow people to grow. I do come from a family that has serious money problems; bankruptcies, foreclosures et cetera. While that stuff didn't happen to me it really strained and damaged the family relationships.
ETA: After reading the book I did e-mail Condon. He responded and I directed him to Bogleheads. He was pretty impressed with us!
The way I believe it is best to read Condon's book is to consider it a menu of worst case outcomes (not average/normal). Then look at the menu and identify the several items that are likely to arise in your own legacy. Use that ideas and guidance as a way to inform your decision making process. Don't get paranoid, get informed.
Most of the major dynamics described are not location or legal regime centric, but instead the darker, messier side of human nature.
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Thanks for the heads-up. I just downloaded it to my PC.Finridge wrote: ↑Tue Apr 20, 2021 3:37 amHeads-up: The Kindle version is now on sale for a limited time. $1.99. Normal price $20.00. (You don't need to own a Kindle to read it... Any phone, computer, or tablet that you can install the Kindle app on will suffice.)2kids&pets wrote: ↑Fri Jun 07, 2019 1:03 pm Just a big shout out of thanks to someone along the thread of a thread who suggested “Beyond the Grave” by Jeffery Condon Esq. What a helpful read in attempting to update our 20year old estate plan which we review every 2-5yrs..
and I’ve read quite a few books on saving the family compound. Really, thank you!
https://www.amazon.com/s?k=beyond+the+g ... _sb_noss_1
Based on previous recommendations on Bogleheads, I'd checked the older edition of this book out from the library and found it to be excellent. So I went to Amazon planning on buying it at the full price, and was pleasantly surprised to find it deeply discounted. Thought I'd share in case anyone else is in the market...
I also did not know there was an app. Now I guess my Kindles will gather even more dust than previously
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
He's mainly an elder law (Medicaid) attorney. However, I thought he did a good job with this book.
I agree. It might be interesting if he were to comment on some of the threads here. Even if his focus is community property, particularly California, about 30% of the country's population lives in community property states, and about 1/8 of the population is in California.retiringwhen wrote: ↑Tue Apr 20, 2021 11:08 amIt would be enlightening to get him to chime in a few Estate Planning threads for sure.Carefreeap wrote: ↑Tue Apr 20, 2021 9:58 am Some of the stuff I found a little patronizing and doesn't allow people to grow. I do come from a family that has serious money problems; bankruptcies, foreclosures et cetera. While that stuff didn't happen to me it really strained and damaged the family relationships.
ETA: After reading the book I did e-mail Condon. He responded and I directed him to Bogleheads. He was pretty impressed with us!
The way I believe it is best to read Condon's book is to consider it a menu of worst case outcomes (not average/normal). Then look at the menu and identify the several items that are likely to arise in your own legacy. Use that ideas and guidance as a way to inform your decision making process. Don't get paranoid, get informed.
Most of the major dynamics described are not location or legal regime centric, but instead the darker, messier side of human nature.
While he focuses on the ends rather than the middle of the spectrum in terms of how to provide for children and other beneficiaries, sometimes the ends are appropriate.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
I bought the book and read it before setting up my will and living trust. I found it very helpful to have heard of issues that can arise, most of which never would have occurred to me. For a more nuts-and-bolts I also read "Every Californian's Guide to Estate Planning" by Liza Hanks prior to meeting with the attorney. I think the pair of books complement each other.
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
I believe this book recommended the “greed letter”. A distasteful thought, but it works (seen it firsthand).
(A “greed letter” is written to a recalcitrant or absent/estranged potential heir to warn them that xyz is in jeopardy if they don’t get their act together, because someone is writing them out of their will because of ... doing nothing with their own life, going no-contact with mom/dad for no good reason...for examples.)
A fascinating peek into human nature, this book is one of select few in our very small, heavily curated library of books at home. I think of it every time I hear someone say, “oh, we’re just leaving the kids to divide it up evenly”. Hahahahahaha
(A “greed letter” is written to a recalcitrant or absent/estranged potential heir to warn them that xyz is in jeopardy if they don’t get their act together, because someone is writing them out of their will because of ... doing nothing with their own life, going no-contact with mom/dad for no good reason...for examples.)
A fascinating peek into human nature, this book is one of select few in our very small, heavily curated library of books at home. I think of it every time I hear someone say, “oh, we’re just leaving the kids to divide it up evenly”. Hahahahahaha
Please spell out new acronyms. Thank you.
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
retiringwhen wrote:
I especially leaned from the insights into family dynamics documented in some of the cases he describes.
This is how I understood and used the book as well. Not so much a "how to" as a "how not to" or "think through the consequences of this approach" first.The way I believe it is best to read Condon's book is to consider it a menu of worst case outcomes (not average/normal). Then look at the menu and identify the several items that are likely to arise in your own legacy. Use that ideas and guidance as a way to inform your decision making process. Don't get paranoid, get informed.
I especially leaned from the insights into family dynamics documented in some of the cases he describes.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
For those not interest in estate planning regarding Medicaid but instead leaving the largest legacy to heirs and charity can bsteiner recommend a few current Estate Planning Books that would be good reading material for Bogleheads ?
Do you feel estate and gift tax exemption of $11.7 million per individual / 23.4 per couple for 2021 is the best we will ever see in the next decade?
It sure seems the people in Washington will probably lower the estate and gift tax exemption to $3-5M per individual.
Finally if there is a lowering of the exemption do you think there is any chance it will be retro-active to January 2021?
Sorry I know you are not a fortune teller but you sure must have some gut feeling what is going to happen the lifetime gift tax exemption.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
^^^ Speculation about future legislation is prohibited by forum policy, see: Unacceptable Topics
The whole point of the policy is to (1) eliminate contentious disagreements that result from these discussions and (2) keep investors from making bad decisions. Proposed legislation changes many times between the time it's introduced and signed into law.
The best approach is to make your decision about current law. When the law changes, make your decision at that time.
This forum is focused on investing that is directly actionable to personal investors. We don't hold debates on conjecture.Politics and Religion
In order to avoid the inevitable frictions that arise from these topics, political or religious posts and comments are prohibited. The only exceptions to this rule are:
- Common religious expressions such as sending your prayers to an ailing member.
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- Proposed regulations that are directly related to investing may be discussed if and when they are published for public comments.
The whole point of the policy is to (1) eliminate contentious disagreements that result from these discussions and (2) keep investors from making bad decisions. Proposed legislation changes many times between the time it's introduced and signed into law.
The best approach is to make your decision about current law. When the law changes, make your decision at that time.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
I can't think of any appropriate books. It would be difficult to write such a book, and the market would be limited.Shaneman wrote: ↑Tue Apr 20, 2021 8:27 pmFor those not interest in estate planning regarding Medicaid but instead leaving the largest legacy to heirs and charity can bsteiner recommend a few current Estate Planning Books that would be good reading material for Bogleheads ?
Do you feel estate and gift tax exemption of $11.7 million per individual / 23.4 per couple for 2021 is the best we will ever see in the next decade?
It sure seems the people in Washington will probably lower the estate and gift tax exemption to $3-5M per individual.
Finally if there is a lowering of the exemption do you think there is any chance it will be retro-active to January 2021?
Sorry I know you are not a fortune teller but you sure must have some gut feeling what is going to happen the lifetime gift tax exemption.
As Lady Geek pointed out, we're not supposed to discuss proposed changes in the law. It's so we don't end up in political arguments. But as Niels Bohr and Yogi Berra said, it's difficult to make predictions, especially about the future.
Nevertheless, we've been suggesting that people take advantage of the opportunities available under current law where appropriate. For example, you could give away $11.7 million ($23.4 million for a married couple) now.
If you're concerned about possible retroactive changes, in addition to making the gifts sooner rather than later, you could do it in a way so that there wouldn't be a taxable gift if that were to happen.
For example, if you're married, you could make the gift to a marital (QTIP) type trust, and elect QTIP on your gift tax return if you want it not to be a taxable gift. If you put your 2021 income tax return on extension, you'll have until October 15, 2022, to decide. (If you don't elect QTIP, and it becomes a taxable gift, there would be some leakage since the spouse would get all the income, but presumably the trustees would invest for growth so as to limit the amount of income.)
It might also be possible to provide that if a named individual disclaims, the trust assets either revert to you or go to a marital (QTIP) trust.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
A clarification - It's not only the politics, but that investors in this forum are focused on retirement - your life's savings. For example, you make a change based on "X" reported everywhere in the news media. At the last minute, the politicians compromise and decide on "Y". If you had known they would have done "Y", you would have never made that change and your portfolio is now in a heap of trouble.
That's why we're insistant about holding the line with regards to legislation in process. We want to protect investors from bad decisions that can ruin their retirement. Waiting a short while until the legislation is signed into law is the only assurance you have of making the correct decision.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
That's a good point as well.LadyGeek wrote: ↑Wed Apr 21, 2021 7:41 amA clarification - It's not only the politics, but that investors in this forum are focused on retirement - your life's savings. For example, you make a change based on "X" reported everywhere in the news media. At the last minute, the politicians compromise and decide on "Y". If you had known they would have done "Y", you would have never made that change and your portfolio is now in a heap of trouble.
That's why we're insistent about holding the line with regards to legislation in process. We want to protect investors from bad decisions that can ruin their retirement. Waiting a short while until the legislation is signed into law is the only assurance you have of making the correct decision.
I remember in the mid-1990s when the estate tax exempt amount was $600,000 there was a proposal to reduce it to $200,000 or $300,000. A couple of relatively modest means in this context wanted to give away $1.2 million in case that happened. For various reasons, they only gave $600,000 -- one spouse created a trust of which the other was a beneficiary along with the children. Needless to say, that proposal didn't pass, and a couple of years later Congress instead increased the exempt amount. Also needless to say the couple wasn't happy.
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Sorry, but wasn't there a previous thread on the forum that suggested another book superior to Condon's? Tried the search but could not find it. Thanks in advance.
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Get Your Ducks In A Row by Harry Margolis. Condon also wrote another book, The Living Trust Advisor. Margolis also answers submitted questions on his blog: askharry.infoDerpalator wrote: ↑Tue Sep 21, 2021 5:38 am Sorry, but wasn't there a previous thread on the forum that suggested another book superior to Condon's? Tried the search but could not find it. Thanks in advance.
"October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May March, June, December, August and February." - M. Twain
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Thanks!FBN2014 wrote: ↑Tue Sep 21, 2021 6:10 amGet Your Ducks In A Row by Harry Margolis. Condon also wrote another book, The Living Trust Advisor. Margolis also answers submitted questions on his blog: askharry.infoDerpalator wrote: ↑Tue Sep 21, 2021 5:38 am Sorry, but wasn't there a previous thread on the forum that suggested another book superior to Condon's? Tried the search but could not find it. Thanks in advance.
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Does the "Beyond the Grave" cover Special Needs Trusts by any chance? We need to set one up for one of our kids. Not sure if discussion re: trusts in general would suffice (so no need for separate section on SNT's), but trusts & estate planning is something I need to do & want to do in the next few months.
We have a special needs lawyer we work with now (to assist us with guardianship stuff), I want to be educated on trusts & estate planning in general BEFORE I have a consultation meeting with the lawyer.
We have a special needs lawyer we work with now (to assist us with guardianship stuff), I want to be educated on trusts & estate planning in general BEFORE I have a consultation meeting with the lawyer.
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Just buy the "Beyond the Grave" by Condon, book in softcover from Amazon and read it.cflannagan wrote: ↑Tue Sep 21, 2021 7:26 am Does the "Beyond the Grave" cover Special Needs Trusts by any chance? We need to set one up for one of our kids. Not sure if discussion re: trusts in general would suffice (so no need for separate section on SNT's), but trusts & estate planning is something I need to do & want to do in the next few months.
We have a special needs lawyer we work with now (to assist us with guardianship stuff), I want to be educated on trusts & estate planning in general BEFORE I have a consultation meeting with the lawyer.
There are many other books that cover "trust structure" better than this book. But, this book, AFAIK, is excellent at covering family dynamics and consequences of poor estate planning, etc. It is written by 2 attorneys with extensive estate planning experience.
But, as far as "legal" advice, there is no substitute for in person legal counsel consult. There's only so much that can be done "before" meeting with a lawyer. Make a list of what you want, your concerns, and questions, and then ask what you might be missing.
Also, sometimes, it is worthwhile to talk to more than one lawyer. They can have different focuses and areas of concern, etc.
j
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Check out this website. Lots of good information on special needs planning and recorded webinars to view.cflannagan wrote: ↑Tue Sep 21, 2021 7:26 am Does the "Beyond the Grave" cover Special Needs Trusts by any chance? We need to set one up for one of our kids. Not sure if discussion re: trusts in general would suffice (so no need for separate section on SNT's), but trusts & estate planning is something I need to do & want to do in the next few months.
We have a special needs lawyer we work with now (to assist us with guardianship stuff), I want to be educated on trusts & estate planning in general BEFORE I have a consultation meeting with the lawyer.
howtosecurethefuture.com
"October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May March, June, December, August and February." - M. Twain
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
It's been a few years, but I recall that book having almost no procedural or actionable information. It read, to me, like a Jerry Springer episode about everything that can go wrong with inheritance. Which is somewhat useful -- it gives some food for thought -- but I recall walking away with no better sense of trust types, procedures, costs/benefits, or appropriate next steps (aside from talking to an attorney in person).cflannagan wrote: ↑Tue Sep 21, 2021 7:26 am Does the "Beyond the Grave" cover Special Needs Trusts by any chance?
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Hahaha, yes it did read like Jerry Springer. I can tell you from experience that if you are a trustee or executor and you have disgruntled beneficiaries from a dysfunctional family then it gets worse then Jerry Springer. No amount of planning can account for all situations that may occur in the future. If the beneficiaries decide to contest a will or trust then you end up in a costly legal battle even though they may have no grounds to sue. Anyone can sue anyone for anything in our litigious system and hope for a nice settlement agreement to end to end the legal shenanigans.senex wrote: ↑Tue Sep 21, 2021 2:36 pmIt's been a few years, but I recall that book having almost no procedural or actionable information. It read, to me, like a Jerry Springer episode about everything that can go wrong with inheritance. Which is somewhat useful -- it gives some food for thought -- but I recall walking away with no better sense of trust types, procedures, costs/benefits, or appropriate next steps (aside from talking to an attorney in person).cflannagan wrote: ↑Tue Sep 21, 2021 7:26 am Does the "Beyond the Grave" cover Special Needs Trusts by any chance?
"October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May March, June, December, August and February." - M. Twain
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Condon tried to make trusts more approachable to the lay person in “The Living Trust Advisor” (or at least the financial planning workplace), but quite honestly, the book more or less just rehashes the family dynamics outlined in Beyond the Grave and adds very little practical information.
You can buy a practice book such as any of those listed on NAEPC’s study materials list found here: https://www.naepc.org/designations/esta ... -materials
However, it’d be a waste of money if you aren’t a lawyer and practice or want to practice in the area. There are a lot of interconnected and always changing tax laws and state laws.
I’m not entirely sure the topic is amenable to a simple and easy to read book intended for mass consumption. Even blog posts are usually severely dumbed down to practical uselessness unless written for practitioners (but even then, they usually just tease the material they’re trying to sell).
Just my two cents. I suppose I didn’t add much to the conversation I hadn’t already said (Condon’s original book is entertaining and gives some insight into family dynamics after you pass and gives some insight into protection trusts).
You can buy a practice book such as any of those listed on NAEPC’s study materials list found here: https://www.naepc.org/designations/esta ... -materials
However, it’d be a waste of money if you aren’t a lawyer and practice or want to practice in the area. There are a lot of interconnected and always changing tax laws and state laws.
I’m not entirely sure the topic is amenable to a simple and easy to read book intended for mass consumption. Even blog posts are usually severely dumbed down to practical uselessness unless written for practitioners (but even then, they usually just tease the material they’re trying to sell).
Just my two cents. I suppose I didn’t add much to the conversation I hadn’t already said (Condon’s original book is entertaining and gives some insight into family dynamics after you pass and gives some insight into protection trusts).
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Yes, that is why estate planning is considered a high risk practice to insurers.FBN2014 wrote: ↑Tue Sep 21, 2021 2:56 pmHahaha, yes it did read like Jerry Springer. I can tell you from experience that if you are a trustee or executor and you have disgruntled beneficiaries from a dysfunctional family then it gets worse then Jerry Springer. No amount of planning can account for all situations that may occur in the future. If the beneficiaries decide to contest a will or trust then you end up in a costly legal battle even though they may have no grounds to sue. Anyone can sue anyone for anything in our litigious system and hope for a nice settlement agreement to end to end the legal shenanigans.senex wrote: ↑Tue Sep 21, 2021 2:36 pmIt's been a few years, but I recall that book having almost no procedural or actionable information. It read, to me, like a Jerry Springer episode about everything that can go wrong with inheritance. Which is somewhat useful -- it gives some food for thought -- but I recall walking away with no better sense of trust types, procedures, costs/benefits, or appropriate next steps (aside from talking to an attorney in person).cflannagan wrote: ↑Tue Sep 21, 2021 7:26 am Does the "Beyond the Grave" cover Special Needs Trusts by any chance?
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Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
Agree!Peter Foley wrote: ↑Tue Apr 20, 2021 7:45 pm retiringwhen wrote:
This is how I understood and used the book as well. Not so much a "how to" as a "how not to" or "think through the consequences of this approach" first.The way I believe it is best to read Condon's book is to consider it a menu of worst case outcomes (not average/normal). Then look at the menu and identify the several items that are likely to arise in your own legacy. Use that ideas and guidance as a way to inform your decision making process. Don't get paranoid, get informed.
I especially leaned from the insights into family dynamics documented in some of the cases he describes.
"Take calculated risks - that is quite different from being rash." |
General George S. Patton
Re: Estate Planning Books [“Beyond the Grave” by Jeffery Condon Esq.]
The trust for the child with special needs is for the most part the same as the trust for the child without special needs. Depending on the nature of the child's special needs, he/she might have a lesser degree of control (or no control at all) over his/her trust.cflannagan wrote: ↑Tue Sep 21, 2021 7:26 am Does the "Beyond the Grave" cover Special Needs Trusts by any chance? We need to set one up for one of our kids. Not sure if discussion re: trusts in general would suffice (so no need for separate section on SNT's), but trusts & estate planning is something I need to do & want to do in the next few months.
We have a special needs lawyer we work with now (to assist us with guardianship stuff), I want to be educated on trusts & estate planning in general BEFORE I have a consultation meeting with the lawyer.
For this purpose, control would be the right to become a trustee, the power to remove and replace one's co-trustee (provided the replacement trustee isn't a close relative or subordinate employee), and the power to appoint (give or leave) trust assets to or in trust for anyone he/she wants (other than himself/herself or his/her estate or creditors), or to a narrower class of persons. A beneficiary may have some but not all of these powers, and may only have some or all of these powers after reaching a specified age.
Any law firm with a good trusts and estates practice will have many clients who have children with special needs. So you may be better off going to a trusts and estates lawyer for your estate planning than to one who focuses on Medicaid and guardianships.