Die Rich and Tax Freeby Barry Kaye
Barry Kaye, one of the nation's foremost experts on estate planning, outlines more than 50 techniques for preserving and creating wealth. He explains how to increase an IRA or pension 10 to 20 times, increase charitable contributions at no cost, double a gross estate and triple a net estate, turn $100,000 a year into $86 million, and more. 272 pp. Pub: 3/97.
- Kaplan Publishing
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- Product dimensions:
- 6.03(w) x 8.96(h) x 0.63(d)
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I think this book is one of the best on the subject of wealth creation and preservation. Although I am living in Kuwait, there is no government tax at death, yet these techniques are still the best and also my best regards to Barry Kaye. He is indeed a legend of insurance industry.
I think this book is very misleading and very biased to promote insurance products. Most of the projections were based on illustrations that are within legal bounds but unrealistic in today's market. For example, the book notes of a technique to borrow at effectively 1/2 percent by purchasing a single payment life insurance policy by borrowing the funds for the premium at 5%. First of all, even in today's low interest market, it is impossible to guarranty a fixed 5% loan rate until death. Secondly, the price of the life insurance is based on an internal rate of return of 12% (maximum allowed by law), also not guarranteed--following below this rate return will force the policy holder to pay additional amount of premiums to keep it intact. Third, it makes no comment that these figures are not guarranteed. The entire book appears to have similar assumptions which aren't guarranteed and fail to to mention it isn't guarranteed. Rule of thumb with reading any money oriented books--'If it sounds too good to be true...'