Most successful people who have amassed sizable wealth want to see their estates passed on to their heirs or chosen charities in full. While many books provide information on setting up a trust, preparing a will, and establishing a family partnership, they generally don’t warn you about the little-known, but critical, nuances that can spell the difference between a solid estate plan and disaster.
Keep Every Last Dime acquaints you with 201 common estate planning errors that could erode the value of your estate through high taxes and costly litigation. If you think this can’t happen to you, Richard W. Duff, noted estate planner, illustrates how even celebrities, such as Jacqueline Onassis, Jerry Garcia, and Groucho Marx, with access to top financial planners, left estates that became mired in these difficulties.
In an interesting, easy-to-read style, Duff addresses estate planning topics, such as business succession planning, retirement income and annuities, gifting, charitable tax planning, life insurance, and trusts. He identifies traps and pitfalls topic by topic, and provides recommendations for avoiding them.
Many valuable checklists are also included, such as seven tips for avoiding a lawsuit with an irrevocable life insurance trust (ILIT), and thirteen questions to help you assess your family business before preparing a business succession plan.