My significant other and I, who are both in our sixties, are buying a home together and will be listed on the deed as tenants...Read more
Why Wills Won't Work
- January 22nd, 2008
Armond Budish. Why Wills Won't Work (If You Want to Protect Your Assets). Penguin Group, New York, NY. 2007. 215 pages.
$17.90 on Amazon (click on book to order).
The premise of Why Wills Won't Work is that the most common planning strategies -- wills, joint ownership, beneficiary designations, and living trusts -- are not enough to protect your assets for your heirs. The author, elder law attorney Armond Budish, recommends using a combination of different kinds of trusts as a way to make sure your assets go where you want them to go after you die
Budish, an ElderLawAnswers member attorney and a member of the Ohio House of Representatives, explains how his customized SAFE (Safeguard Assets for your Family Exclusively) method is the only solution that will ensure designated heirs will receive their intended inheritances.
The book begins with a questionnaire that allows you to pinpoint the issues you are concerned with so you and your attorney can figure out the right strategies to protect your assets. Through helpful real-life stories, Budish explains how to use trusts to protect a child's inheritance in the event of a divorce, how to protect grandchildrens' inheritances after a child dies, and how to protect your family from creditors and lawsuits. He also recommends methods to avoid estate taxes, protect disabled beneficiaries, and shield assets from nursing home costs (the book includes a discussion of Medicaid).
In addition to providing details on types of trusts, Why Wills Won't Work also covers selecting a trustee, what to put in a trust, how to choose a lawyer, and what steps to take when a spouse dies. Writing in an easy-to-understand style and using numerous examples, Budish provides practical information that can be applied to anyone's situation.