The Living Trust
The Failproof Way to Pass Along Your Estate to Your Heirs
By: Henry W. Abts, III
If you are concerned about estate planning you may be surprised that, even with a will, the probate system can eat up as much as 10 percent of an inheritance and delay the process two years. In The Living Trust, noted living trust authority Henry Abts presents a simple, inexpensive legal alternative that eliminates the costs and delays of probate and ensures that your loved ones will receive their inheritance promptly and exactly as you intended. This new edition has been completely updated to reflect the federal tax codes and up-to-the-minute developments in the legal system.
AI Overview
Comprehensive Overview of "The Living Trust" by Henry W. Abts, III
Author and Background Henry W. Abts III is a nationally recognized authority on living trusts and the chairman and founder of The Estate Plan, the nation's oldest and largest living trust production corporation. He has written extensively on estate planning and has created more than 60,000 living trusts throughout his career.
Book Overview "The Living Trust: The Failproof Way to Pass Along Your Estate to Your Heirs" is a seminal work in the field of estate planning. The book presents a simple, inexpensive legal alternative to traditional wills, aiming to eliminate the costs and delays associated with probate.
Key Themes
- Estate Planning Alternatives: The book highlights the advantages of using a living trust over traditional wills, emphasizing how it can avoid probate charges and attorneys' fees, ensuring a timely distribution of funds to heirs.
- Tax Considerations: It includes information on estate tax, gift tax, and generation-skipping tax, helping readers navigate these complex legal areas.
- Probate System Critique: The book provides insight into abuses within the probate system and offers advice on how to protect business, savings, and retirement funds from frivolous lawsuits.
- Legal Validity: It assures that the living trust is legally valid in all fifty states, providing a comprehensive solution for estate planning across the country.
Plot Summary
The book is structured to guide readers through the process of creating and utilizing a living trust. It covers topics such as trust formations, tax changes, distribution rules, and more. The updated editions reflect federal tax codes and up-to-date legal developments, ensuring the information remains relevant and effective.
Critical Reception
While specific reviews are not provided in the sources, the book's success and popularity are evident. It has been updated multiple times, with over one million copies sold, indicating a strong reception among readers concerned with estate planning. The book's reputation as a "bible" on how to avoid probate further underscores its significance in the field.
Editions and Publication Details
- First Edition: Published in June 1989, it took four years to write and a year to edit.
- Updated Editions: The book was updated in 1993, 1997, and 2002. The third edition was published on October 28, 2002, by McGraw Hill LLC.
- ISBNs: The book has multiple ISBNs, including 9780071387095 for the third edition.
In summary, "The Living Trust" by Henry W. Abts III is a comprehensive guide to estate planning, offering a practical and legally sound alternative to traditional wills. Its success and multiple updates reflect its importance in the field of estate planning.