DON'T DIE BROKE! by Melvin Jay Swartz


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Don't Die Broke!, intended for widows or retired people with ""minimum assets,"" nevertheless assumes that you've put something away, more than the $60,000 tax free bequest. In fact you'll need $100,000 if you are going to establish a trust (banks won't bother with less)--a trust is a good thing. Life insurance and pension plans are not. Nor are mutual funds or savings banks (for more than $10,000). After a few words on retirement in general (don't relocate to a new community too quickly) Swartz gets down to the business of getting your negotiables together and planning your estate and will (you will need a tax-estate attorney, which he is). No corners are to be cut (don't draw up your own will or try to circumvent probate); avoid Joint Tenancy or little ""passions"" (special requests re grave upkeep); don't give your money away too quickly to your children or your second spouse; don't make your child co-investor or trustee; etc., etc. There are many blunt caveats re the specific dangers ahead for the uninformed who is best protected by a living Trust or a Testamentary Trust assuming there is this much money to live off and leave behind. Cautionary, astringent and salutary.

Pub Date: July 1st, 1975
Publisher: Macmillan