More planning goes into estate planning than most people realize. Because it has implications beyond legal, tax, and family dynamics, leaving a financial legacy involves more than deathbed whispers. Sandra Foster's framework for estate planning in You Can't Take It With You
consists of the six D's: decide, design, develop, discuss, document, and distribute. Charts and checklists in the companion Estate Planning Workbook
(sold separately) assist with the six steps. You want to follow the advice in You Can't Take It With You
as much for your children as for yourself. With practical examples, tips, tables, summaries, what-ifs, and Q&A, it covers wills, powers of attorney, taxes, guardianship for minor children, and funeral planning--all the areas we would rather not think about but must if we are going to leave something for our families. It's not a do-it-yourself book, but rather an aid to help you navigate the process and prepare you to talk to the lawyers, accountants, financial planners, and trustees who have to be consulted.
"Estate Planning is not something reserved for the elderly," Foster explains. "It is as much about life as it is about death." Nor is it just for the fabulously wealthy; anyone who owns a dwelling, has some jewellery or family heirlooms stashed away, or a savings account should plan their estate. Besides, if you don't decide what to do with your wealth while you're alive, the government could distribute it for you after you're gone. --Edward Trapunski
--This text refers to an alternate
"You Can’t Take It With You
is a highly organized, easily usable foray into a topic that generally fills us with either tedium or dread…offers straightforward discussions of thorny issues.... Maybe you can’t take it with you. But before you go, this book will help you find out the next best things to do with it."—Martin Levin, The Globe & Mail
"…astonishingly good. It’s a fine reference book and an essential guide to those who have or will have wills to sign, estates to administer, or assets to pass on to future generations."
—Andrew Allentuck, Quill & Quire
"It addresses more estate-planning issues than any other book I have seen and…gives balanced sensible advice.... I’m adding it to my recommended list of personal finance books."
—Ron Chalmers, Money Matters, The Edmonton Journal