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Wealth Protection: Build and Preserve Your Financial Fortress

Overview

"As an asset protection lawyer, I think Mandell and Jarvis brilliantly explain the most effective wealth protection strategies. A must-read for advisors and clients alike."
–Arnold S. Goldstein, PhD, LLM, JD
author, Asset Protection Secrets

"I really appreciate the ‘Risk Factor Analysis.’ It is a unique tool for diagnosing–and then solving–some of the toughest problems in maintaining and protecting your wealth."
–Gordon Klein, JD, CPA, lecturer, UCLA’s Anderson Graduate
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Overview

"As an asset protection lawyer, I think Mandell and Jarvis brilliantly explain the most effective wealth protection strategies. A must-read for advisors and clients alike."
–Arnold S. Goldstein, PhD, LLM, JD
author, Asset Protection Secrets

"I really appreciate the ‘Risk Factor Analysis.’ It is a unique tool for diagnosing–and then solving–some of the toughest problems in maintaining and protecting your wealth."
–Gordon Klein, JD, CPA, lecturer, UCLA’s Anderson Graduate
School of Management, frequent CNBC Commentator

"Chris and David’s concept of a ‘Personal Economy’ should be heeded by every individual investor. If you want to grow and shield what’s yours, this book is a great start."
–Jonathan Guryan, PhD, Asst. Professor of Economics
University of Chicago Graduate School of Business

The interest in protecting one’s wealth is universal. Wealth Protection: Build and Preserve Your Financial Fortress serves as the ultimate handbook for readers who want to build their family’s financial fortress and shield it from potential risks.

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Editorial Reviews

From the Publisher
The authors of Wealth Protection-a financial adviser and a tax attorney-boast that their book should cost $5,000 because reading it is akin to meeting with a top wealth manager, minus the fancy office. For the most part, they deliver: Written specifically for wealthy investors, the advice ranges from fairly rudimentary (diversification, mutual fund costs) to very sophisticated (offshore trusts, business planning), without any Suze Orman-style hand-holding. A nifty "risk factor analysis" quiz even helps readers customize the information to their needs. Even so, this is more useful as a reference for savvy investors than as a do-it-yourself financial adviser. —Melissa Phipps (Worth Magazine, December 2002)
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Product Details

  • ISBN-13: 9780471221425
  • Publisher: Wiley
  • Publication date: 10/28/2002
  • Edition number: 1
  • Pages: 416
  • Product dimensions: 6.38 (w) x 10.88 (h) x 1.38 (d)

Meet the Author

CHRISTOPHER R. JARVIS, MBA, is a financial planner with experience as an actuary, insurance expert, investment advisor representative, and entrepreneur. He has been quoted in numerous publications, including The Wall Street Journal. He is cofounder, with David Mandell, of Jarvis & Mandell, LLC based in Los Angeles and New York, with affiliate offices around the country (www.jarvisandmandell.com).

DAVID B. MANDELL, JD, MBA, is an attorney and financial advisor to high net worth clientele. David is the author of three prior books and hundreds of articles on his areas of expertise. He is the shareholder of David B. Mandell & Associates, P.C. (www.mandellpc.com).

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Read an Excerpt

Wealth Protection

Build and Preserve Your Financial Fortress
By Christopher R. Jarvis David B. Mandell

John Wiley & Sons

ISBN: 0-471-22142-2


Chapter One

Why This Book Should Cost $5,000

This book allows you access to top advisors' secrets and strategies-and have them tailored to your Wealth Protection situation

Imagine for a moment that instead of reading this book you are opening the door of a ritzy professional office in a New York City corporate center. When you open the door, you are greeted by a receptionist, who asks you to sit in the waiting area while she offers you a cup of coffee and explains what will happen today.

First, you will meet with an asset protection, tax, and estate planning attorney from one of the top-rated law firms in the country. He graduated from the nation's best schools, has written two books on areas of his practice, and has lectured to fellow attorneys and accountants in professional seminars.

In your meeting with the attorney, he will take over an hour to ask you questions about your goals in the areas of asset protection, tax, and estate planning, analyzing what types of planning you have already done with prior attorneys or accountants. Once his questions are answered, he will give you an overview of the types of strategies and tools that might make sense in your legal plan. He will even give you articles and executive summaries on these solutions, so you can review them later at your leisure.

Next, you will break for 15 minutes and go to another office where, for another two hours, a leading financial planner will evaluate your investments, insurance, retirement plan, educational funding, and other financial issues. This financial planner, who has an M.B.A. from a leading university and is the author of over a hundred articles in his field, has just flown in from Beverly Hills, California, to meet with you.

In your two-hour meeting with the financial planner, he will ask you questions about your present financial situation. Your answers will help him provide you with recommendations for such issues as saving for retirement, reducing income taxes, protecting your family finances in the case of a premature death or disability of the breadwinner(s), saving for college education costs, saving for long-term-care costs for you and for your parents, using charitable gifts to benefit your family, and maximizing the estate you leave your heirs. Like the attorney with whom you met, the financial planner will give you materials to read so you can review them later and discuss them with your family members or advisors.

After this meeting, you will break for lunch. Meanwhile, the attorney and the financial planner will be discussing your case, coordinating their evaluations and recommendations into one cohesive Wealth Protection plan.

When you return from lunch, you will meet with both advisors, who will not only explain their coordinated Wealth Protection plan for you, but also provide you with this plan in the form of a clear, comprehensive write-up, which you can then evaluate at your leisure.

What would you expect to pay for this kind of tailored Wealth Protection advice from leading professionals? It's a good bet that the figure you choose would be closer to $5,000 than to the price of this book. Yet the detailed, tailored analysis of your plan from a coordinated legal-financial perspective is precisely what this book will provide for you, if you complete the risk factor analysis (RFA) and follow its results. (We'll discuss this more in Chapter 4.)

This book will transport you to our offices

Through this book, we have attempted to deliver to you the entire process just described, without the morning coffee or lunch break. In fact, our goal is to make you feel that you are sitting right in our offices, where we ask you the same questions and give you the same detailed advice that we will in these chapters.

As we explained in our introduction, we feel strongly that families and individuals need to protect their wealth in order to avoid the problems our own families experienced. Every day, in our professional practices, we meet with clients, analyze their risks, and present a coordinated Wealth Protection plan to be executed.

When we set out to write this book, we wanted to recreate, to as great a degree as possible, the advisory experience we have with our clients in our own offices. This has been a challenging, but successful, task. The result of our hard work is a book that you can use not only to learn general principles, but also to create your Wealth Protection plan.

Of course, we welcome new clients in our practices and would like to meet with you to help you achieve your Wealth Protection goals. However, this is not always possible. This book can serve as a substitute for meeting with us personally, at least initially. Also, you can use the book to help you evaluate the type of "Wealth Protection specialist" you might need to help you achieve your goals-attorneys, accountants, financial planners, asset protection specialists, and others. This will prevent you from paying advisors who really don't have the expertise for your particular situation. In using the book in these ways, you may save yourself hundreds, if not thousands, of dollars in professional fees.

You need wealth protection planning

You may think that you don't need this type of planning or won't benefit from meeting with the attorney and the financial planner. In our practices, we have assisted clients as varied as the entire population-from extremely wealthy families to individuals just starting their careers; from physicians and business owners to employees of Fortune 1000 companies, from high-profile celebrities to anonymous farmers. Moreover, our practices address goals from estate planning (like Dorothy and Tom, discussed in the Introduction) and asset protection (Karen and Steve also from the Introduction) to tax reduction, from retirement planning to benefits packaging, and more. From this vast experience, we can make this bold statement:

No matter your age, particular circumstances, or level of wealth, you need Wealth Protection planning.

How can we be so certain that you need Wealth Protection planning when we haven't had the opportunity to meet with you in our offices? We can be so certain because of the one principle we have each learned in our practices:

Every client wants to either build greater wealth or preserve existing wealth, or perhaps both.

Think hard. Does this axiom apply to you? Don't you want to build more wealth than you have today so you can enjoy it in retirement, leave it to your family, or give it to a worthy cause? If not, don't you at least want to preserve what you have already built so it isn't eroded by taxes, investment downturns, or lawsuits? If either of these goals seems worthy, then Wealth Protection planning should appeal to you.

Although you may think that your advisors have already put you in the right position in terms of Wealth Protection, we think that is unlikely.

Your advisors have not done enough

1. Most advisors do a poor job, and their clients don't even know it. You may feel that your present advisors are excellent, or perhaps competent. How can you tell? By their education? The size of their firm? Their reputation? Certainly, these are good criteria for screening an advisor, but they really don't tell you whether she's doing a good job once she is hired. How can you tell whether or not that trust you have will achieve the tax benefits it is supposed to? How can you evaluate whether this insurance product was really the best one for your situation? How can you tell if you paid too much in taxes this year because you neglected possible tax-saving strategies for your business? Often, there is no way for clients to truly evaluate any of these issues effectively. A new client of David's law firm recently discovered this costly lesson, although the ending was a happy one.

2. Even our society's wealthiest, most prominent families get poor advice every day. Anyone can be caught in the trap of poor planning. Let's examine some examples.

Elvis's family lost over $8 million because of poor legal advice. Elvis Presley, one of the most famous celebrities of the twentieth century, was someone who should have had top legal talent advising his family on estate planning. In fact, the Presleys lost over two-thirds of their net worth to estate taxes and probate fees when Elvis died. In this way, poor planning cost Elvis's family over 65 percent of their net worth. If this doesn't have Elvis singing the blues from his grave, then we don't know what would.

The Wrigley family is one of the best-known family names in the United States. They built a huge fortune in the twentieth century on the strength of their chewing gum empire. Nonetheless, William Wrigley (the third generation of the family) was forced to sell one of the family's most precious assets, the Chicago Cubs baseball team, just to pay the estate taxes due when both of his parents died in 1977. Estate taxes are quite easy to plan for, as you'll see in future chapters. But this leading U.S. family did not engage in such planning, and their financial fortune was vulnerable.

Willie Nelson, Francis Ford Coppola, Kim Basinger, Burt Reynolds, Larry King, Stan Lee, and numerous other highprofile people have filed for bankruptcy over the past 30 years. Obviously someone was not giving them the proper Wealth Protection advice.

3. Even with top professionals, advice is rarely coordinated into one plan. In the next chapter, you'll learn why proper Wealth Protection planning must be implemented by professionals from different disciplines, including law, tax, finance, insurance, and so on. You'll learn about a key diagnostic question that always shows how well individuals or families have their planning coordinated. The question is: Do your accountant, lawyer, insurance advisor, broker, and financial planner all meet together at least once annually to review your particular situation? If you answer "no," then our first two points are moot. In other words, even if your existing advisors are competent, or even excellent, in their own fields, if they are not coordinated, then your plan is lacking. If this is true, you need Wealth Protection planning, if for nothing else than to coordinate your existing planning and to fill in the gaps where the lack of coordination has left holes.

Throughout the Introduction and this chapter, we have used the term Wealth Protection planning. From our own family stories in the Introduction and the various references here, you may have a sense of what we mean by this term. However, if you are going to get the maximum benefit from this book, it is important that you have a specific knowledge of what Wealth Protection really means. We'll examine this in the next chapter.

Chapter Two

What Is Wealth Protection?

5 key concepts are essential to understanding your plan

Before we begin addressing your Wealth Protection planning needs, it is crucial that you understand exactly what Wealth Protection planning is. Without a complete understanding of the field of Wealth Protection planning, it is nearly impossible to oversee your own wealth in an effective way for the long term. We have put together a working definition that will serve you throughout the book and in your personal planning:

Wealth Protection planning (WPP) is a multidisciplinary process of shielding your wealth from all internal and external threats.

This is a fairly short definition, but there are five distinct concepts that you should grasp before continuing the book or beginning your individual Wealth Protection planning. After you truly understand what WPP is, you will have a greater appreciation for the value of this book to your overall financial situation.

Concept #1: Multidisciplinary

Protecting and growing your "wealth health" is like maintaining your physical health-you need to draw on the knowledge of many specialists with the oversight of a generalist. During your lifetime, you will undoubtedly spend more time with your primary physician than with any other doctor. However, the average person interacts directly with at least five other specialists and possibly indirectly with dozens more.

As a child, you may have developed allergies and visited an allergist or you may have broken a bone and seen an orthopedic specialist. As a teenager, you may have become concerned with your acne and consulted a dermatologist. At some point, you may have had your tonsils or appendix removed and had experience with a general surgeon and an anesthesiologist. Women will eventually consult a gynecologist and, perhaps, an obstetrician. As most people age, they will unfortunately have reason to consult a urologist, a cardiologist, an oncologist, or other specialist.

Throughout your life, you will probably consult with at least 5 to 10 doctors from different specialties and subspecialties. Different challenges require distinct expertise-and you will likely do the best you can to get the advice you need. In this way, your physical health demands a multidisciplinary approach. This doesn't make us hypochondriacs-it makes us smart!

The same principal of using a multidisciplinary approach should also apply to your financial "wealth health." Unfortunately, most of us are not as adamant about using this approach in our financial planning as we are for our health care. Believe us when we tell you that very few clients have addressed their "wealth health" with a combined legal-financial approach. Most prospective clients show the symptoms of a Wealth Protection plan that lacks a multidisciplinary interaction. Does yours?

How would you answer these questions?

Do you write a check for any of your life insurance policies?

Do you have separate firms handling different portions of your investments (pensions, IRAs, brokerage accounts, etc.)?

Did you have a lawyer friend (not a specialist) draft your will or any of your more complex estate or tax documents?

Have you put off funding any of your trusts or other legal entities?

Is there a chance that your accountant, lawyer, insurance advisor, broker, and financial planner don't meet together at least once annually to review your particular situation?

If the answer to any of these questions is "yes," then you are a prime candidate for WPP, and you will benefit greatly from this book.

Continues...


Excerpted from Wealth Protection by Christopher R. Jarvis David B. Mandell Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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Table of Contents

INTRODUCTION.

WHY WE WROTE THIS BOOK.

PART I: The System/the Book.

CHAPTER ONE: WHY THIS BOOK SHOULD COST $5,000.

THIS BOOK WILL TRANSPORT YOU TO OUR OFFICES.

YOU NEED WEALTH PROTECTION PLANNING.

YOUR ADVISORS HAVE NOT DONE ENOUGH.

CHAPTER TWO: WHAT IS WEALTH PROTECTION?

CONCEPT #1: MULTIDISCIPLINARY.

CONCEPT #2: PROCESS.

CONCEPT #3: SHIELDING.

CONCEPT #4: YOUR WEALTH.

CONCEPT #5: ALL INTERNAL AND EXTERNAL THREATS.

CHAPTER THREE: FINDING YOUR PERSONAL ECONOMY.

IT'S YOUR ECONOMY THAT COUNTS.

WHICH EVENTS ARE REALLY MORE IMPORTANT TO YOUR PERSONAL FINANCIAL SITUATION?

THE CONCEPT OF THE PERSONAL ECONOMY.

PART II: Customizing This Book for You.

CHAPTER FOUR: INTRODUCING THE RISK FACTOR ANALYSIS.

CHAPTER FIVE: THE QUESTIONS.

SECTION A-TAX PLANNING.

SECTION B-INVESTING.

SECTION C-ASSET PROTECTION.

SECTION D-INSURANCE.

SECTION E-RETIREMENT.

SECTION F-ESTATE PLANNING.

SECTION G-BUSINESS PLANNING.

CHAPTER SIX: THE INTERPRETATION OF YOUR ANSWERS.

SECTION A-TAX PLANNING.

SECTION B-INVESTING.

SECTION C-ASSET PROTECTION.

SECTION D-INSURANCE.

SECTION E-RETIREMENT.

SECTION F-ESTATE PLANNING.

SECTION G-BUSINESS PLANNING.

PART III: Tax Planning.

CHAPTER SEVEN: MAKE SURE YOU DON'T GIVE AWAY MORE THAN NECESSARY.

CHAPTER EIGHT: UNCLE SAM'S PIECES OF YOUR PIE.

CHAPTER NINE: RETIREMENT PLANS.

CHAPTER TEN: GETTING DEDUCTIONS FOR BUYING INSURANCE- WELFARE BENEFIT PLANS (419S).

BACKGROUND INFORMATION.

PLAN BENEFITS.

CHAPTER ELEVEN: HOW TO BORROW YOUR CHILDREN'S LOWER TAX RATES WITH FLPS/LLCS.

TWO CENTERPIECES OF WEALTH PROTECTION PLANNING.

KEY CHARACTERISTICS OF FLPS AND LLCS FOR INCOME TAX PLANNING.

HOW FLPS AND LLCS CAN HELP YOU REDUCE INCOME TAXES.

LAST WORD.

CHAPTER TWELVE: DEDUCTING LONG-TERM-CARE INSURANCE.

THE IRS GIVES YOU A BREAK.

WOULD YOU PURCHASE LONG-TERM-CARE INSURANCE IF IT WERE FREE?

CHAPTER THIRTEEN: USING CHARITABLE GIVING TO REDUCE INCOME TAXES.

CHARITABLE INTENT.

TAX BACKGROUND.

COMMON CHARITABLE GIVING SCENARIOS.

THE MOST COMMON CHARITABLE TOOL: THE CHARITABLE REMAINDER TRUST.

THE CRT'S "COUSIN": THE CHARITABLE LEAD TRUST (CLT).

LAST WORD.

CHAPTER FOURTEEN: THE TAX-ADVANTAGED TOOL FOR COLLEGE SAVINGS-529 PLANS.

CONTRIBUTIONS OVER $22,000 PER YEAR ARE ALLOWED- GIFT-TAX FREE.

YOU, THE DONOR, CONTROL THE WITHDRAWALS.

YOU RECEIVE THE TAX BENEFITS.

YOU DIRECT THE TYPE OF INVESTMENTS.

YOU MAY CHANGE THE BENEFICIARIES.

THE MONEY GROWS TAX FREE.

THOSE OF YOU WITH UGMA ACCOUNTS.

SHORTFALL OF THE 529 PLAN.

LAST WORD.

CHAPTER FIFTEEN: INCOME IN RESPECT OF A DECEDENT.

CHAPTER SIXTEEN: IS YOUR TAX ADVISOR HELPING YOU OR HURTING YOU?

INCOMPETENCE: ADVISORS NOT ADMITTING WHEN AN AREA IS BEYOND THEIR EXPERTISE .

OVERCONSERVATIVENESS: IF EVERYONE ISN'T DOING IT, THEN IT ISN'T WISE PLANNING.

SOLVING THE PROBLEM: TAKE AN ACTIVE ROLE AND GET A SECOND OPINION.

LAST WORD.

PART IV: Investing.

CHAPTER SEVENTEEN: YOUR MONEY DOESN'T COME WITH INSTRUCTIONS.

CHAPTER EIGHTEEN: UNDERSTANDING INVESTING.

TYPES OF RISK.

RISK VERSUS REWARD.

DIVERSIFICATION.

HOW DO THE CAPM AND MPT WORK FOR YOU?

LAST WORD.

CHAPTER NINETEEN: TAXES, INFLATION, AND YOUR INVESTMENTS.

HOW MUCH TAX DO MUTUAL FUNDS COST YOU?

WHAT IS INFLATION?

HOW DO YOU CALCULATE THE IMPACT OF INFLATION?

HOW DO YOU INVEST TO PLAN FOR INFLATION?

LAST WORD.

CHAPTER TWENTY: WHEN (AND HOW) TO GET BACK INTO THE MARKET.

WHEN DO I NEED THE MONEY?

WHAT ARE MY OPTIONS?

LAST WORD.

CHAPTER TWENTY-ONE: VARIABLE ANNUITIES.

WHAT IS A VARIABLE ANNUITY?

HOW DO YOU LIKE THOSE 1099S AND K-1S?

ARE YOU STUCK INVESTING IN ONE COMPANY'S FUNDS?

HOW DOES A VARIABLE ANNUITY PROTECT MY INVESTMENT?

WHICH FUNDS ARE BEST SUITED FOR A VARIABLE ANNUITY?

HOW MUCH DO VARIABLE ANNUITIES COST?

LAST WORD.

CHAPTER TWENTY-TWO: LIFE INSURANCE AS AN INVESTMENT.

CHAPTER TWENTY-THREE: HAVE YOU OUTGROWN MUTUAL FUNDS?

WHAT ARE MUTUAL FUNDS?

WHAT ARE INDIVIDUALLY MANAGED ACCOUNTS?

ARE MANAGED ACCOUNTS WORTH THE MONEY?

IS YOUR TAX SITUATION COVERED?

SO, WHAT DO THEY REALLY COST?

THE FINAL DECISION.

CHAPTER TWENTY-FOUR: CONVERTIBLE BONDS.

CERTIFICATES OF DEPOSIT AND MONEY MARKETS: THE NONALTERNATIVES.

PROGRESSIVE IDEAS: THREE INVESTMENT ALTERNATIVES.

STOCKS AND BONDS.

WHAT IS A CONVERTIBLE BOND?

TIMING IS EVERYTHING: WHEN TO USE EACH VEHICLE.

LAST WORD.

PART V: Asset Protection.

CHAPTER TWENTY-FIVE: WHY ASSET PROTECTION IS SO IMPORTANT TODAY.

MORE LAWSUITS THAN EVER BEFORE.

YOUR ODDS OF BECOMING A LAWSUIT VICTIM.

YOU ARE MORE LIKELY TO BE SUED THAN TO . . . .

PEOPLE ABUSE THE LEGAL SYSTEM.

ENORMOUS AWARDS FOR NEGLIGIBLE DAMAGES.

THE RULES OF ASSET PROTECTION: FRAUDULENT TRANSFER LAWS.

LAST WORD.

CHAPTER TWENTY-SIX: OWNERSHIP FORMS YOU MUST AVOID: YOUR OWN NAME, JOINT OWNERSHIP, AND GENERAL PARTNERSHIPS.

DO NOT HOLD ASSETS IN YOUR OWN NAME.

WHY JOINT OWNERSHIP IS SO DANGEROUS.

GENERAL PARTNERSHIPS: A LIABILITY NIGHTMARE FOR BUSINESSES.

LAST WORD.

CHAPTER TWENTY-SEVEN: USING INSURANCE AS AN ASSET PROTECTOR: A MIXED BLESSING.

WHAT PROPERTY AND CASUALTY INSURANCE IS.

BEST USES OF PROPERTY AND CASUALTY INSURANCE.

FIVE LIMITATIONS OF PROPERTY AND CASUALTY INSURANCE .

LAST WORD.

CHAPTER TWENTY-EIGHT: INSURANCE AND ANNUITIES: PROTECTED INVESTMENTS.

FEDERAL LAW GENERALLY DOES NOT SHIELD INVESTMENTS.

STATE LAW DOES PROTECT CERTAIN INVESTMENTS.

LIFE INSURANCE: PROTECTED EVERYWHERE.

ANNUITIES ARE SHIELDED IN MANY STATES.

LAST WORD.

CHAPTER TWENTY-NINE: FAMILY LIMITED PARTNERSHIPS AND LIMITED LIABILITY

COMPANIES: TWIN ASSET PROTECTION POWERHOUSES.

SIMILARITIES BETWEEN THE FLP AND THE LLC.

TWO BIG DIFFERENCES BETWEEN THE FLP AND THE LLC.

HOW FLPS/LLCS POWERFULLY PROTECT ASSETS.

THE WEAKNESSES OF THE CHARGING ORDER.

TWO TACTICS FOR MAXIMIZING FLP/LLC PROTECTION.

LAST WORD.

CHAPTER THIRTY: USING TRUSTS TO SHIELD WEALTH: FLEXIBLE TOOLS FOR EXCELLENT ASSET PROTECTION.

DEFINITIONS.

TRUST CLASSIFICATIONS.

LIVING TRUSTS: ILLUSORY ASSET PROTECTION.

OTHER BENEFITS OF LIVING TRUSTS.

IRREVOCABLE TRUSTS: THE ASSET PROTECTORS.

FIVE STRATEGIES TO CREATE AN IRONCLAD IRREVOCABLE TRUST.

CHAPTER THIRTY-ONE: USING OFFSHORE PLANNING TO PROTECT ASSETS.

OFFSHORE PLANNING: A WORLDWIDE PHENOMENON.

THE THREE REASONS AMERICANS GO OFFSHORE.

DUAL THREATS TO YOUR OFFSHORE PLAN: THE DEVIL WITHIN AND THE DEVIL WITHOUT.

THE DEVIL WITHOUT: WHY YOUR ADVISOR MAY BE YOUR WORST ENEMY.

CHAPTER THIRTY-TWO: OFFSHORE LLCS AND TRUSTS: THE DYNAMIC DUO OF OFFSHORE PLANNING.

NEVIS: AN IMPORTANT JURISDICTION FOR LIMITED LIABILITY COMPANIES.

OFFSHORE TRUSTS: THE CLASSIC OFFSHORE TOOL.

LAST WORD.

CHAPTER THIRTY-THREE: HOW TO PROTECT YOUR HOME: TURNING YOUR CASTLE INTO A LAWSUIT-PROOF FORTRESS.

USING STATE HOMESTEAD LAWS TO SHIELD YOUR HOME.

OWNING YOUR HOME IN A LIMITED LIABILITY COMPANY.

USING "FRIENDLY MORTGAGES" TO SHIELD ALL OF YOUR HOME'S EQUITY.

LAST WORD.

CHAPTER THIRTY-FOUR: PROTECTING WEALTH FROM DIVORCE.

WHY DIVORCE CAN BE A FINANCIAL NIGHTMARE.

CAN A "PRE-NUP" PROTECT YOU?

REQUIREMENTS FOR A PREMARITAL AGREEMENT.

SPECIAL CONSIDERATIONS FOR FAMILY BUSINESS OWNERS.

IRREVOCABLE SPENDTHRIFT TRUSTS: IDEAL TOOLS TO KEEP ASSETS IN THE FAMILY.

PROTECT YOUR CHILDREN FROM DIVORCE.

LAST WORD.

PART VI: Insurance Planning.

CHAPTER THIRTY-FIVE: AVOID THE BIGGEST PITFALLS, HELP YOURSELF AND YOUR FAMILY, AND SAVE MONEY IN THE PROCESS.

CHAPTER THIRTY-SIX: LIFE INSURANCE: THE BACKBONE OF WEALTH PROTECTION PLANNING.

WHAT IS LIFE INSURANCE-KEY CHARACTERISTICS THAT MAKE LIFE INSURANCE SO VALUABLE .

TYPES OF LIFE INSURANCE.

CHAPTER THIRTY-SEVEN: DISABILITY INSURANCE: INADEQUATE COVERAGE CAN BE MORE COSTLY THAN DEATH, DIVORCE, OR A LAWSUIT.

EMPLOYER PROVIDED COVERAGE.

POLICY CHECKUP.

HOW DO I GET THE BEST COVERAGE FOR MY MONEY?

LAST WORD.

CHAPTER THIRTY-EIGHT: LONG-TERM CARE: PROTECT YOURSELVES, YOUR CHILDREN, AND YOUR PARENTS.WHAT IS LONG-TERM-CARE INSURANCE?

WHY DO YOU NEED LONG-TERM-CARE INSURANCE?

WON'T THE GOVERNMENT COVER THESE LONG-TERM-CARE COSTS?

WHY DON'T MOST PEOPLE HAVE LTCI?

WHAT SHOULD YOU LOOK FOR IN AN LTCI POLICY?

CHAPTER THIRTY-NINE: HOW TO BUY INSURANCE EVEN IF YOU'RE UNINSURABLE.

ARE YOU REALLY UNINSURABLE?

USE A "SURROGATE INSURED".

FOREIGN INSURANCE COMPANIES THAT INSURE THE UNINSURABLE.

LAST WORD.

CHAPTER FORTY: "FREE" INSURANCE: USING OTHER PEOPLE'S MONEY TO PAY FOR YOUR ESTATE PLANNING.

HOW DOES THIS WORK?

IS THIS POSSIBLE?

IS IT WORTH THE EFFORT?

PART VII: Retirement Planning.

CHAPTER FORTY-ONE: WE DON'T KNOW WHERE WE'RE GOING, BUT WE ALL WANT TO GET THERE.

CHAPTER FORTY-TWO: DEFINED-CONTRIBUTION PLANS: THE TRUTH ABOUT YOUR 401(K), PENSION, AND IRAS.

WHY HAVEN'T I HEARD THE TERM DEFINED CONTRIBUTION?

OTHER BENEFITS.

POTENTIAL PITFALLS.

CHOOSING THE RIGHT PLAN FOR YOU.

CHAPTER FORTY-THREE: DEFINED-BENEFIT PLANS: CATCH UP IN YOUR RETIREMENT PLANNING.

ARE YOU A GOOD CANDIDATE FOR A DEFINED-BENEFIT PLAN?

CHAPTER FORTY-FOUR: THE PERFECT RETIREMENT PLAN IF YOU ARE OVER AGE 50: THE 412(I) PLAN.

BEST CANDIDATES FOR A DEFINED-BENEFIT PLAN.

THE BASICS OF DEFINED-BENEFIT PLANS.

A VARIATION ON THE THEME-HOW TO DEDUCT OVER $100,000 PER YEAR.

WHY WOULD I WANT LOWER RETURNS?

PITFALLS OF DEFINED-BENEFIT PLANS.

LAST WORD.

CHAPTER FORTY-FIVE: VARIABLE ANNUITIES: ASSET PROTECTION, TAX DEFERRAL, AND CAPITAL PRESERVATION FOR YOUR RETIREMENT PLAN.

WHAT IS A VARIABLE ANNUITY?

WILL HAVING A VARIABLE ANNUITY AFFECT MY PENSION CONTRIBUTIONS?

ADDITIONAL BENEFITS OF VARIABLE ANNUITIES.

LAST WORD.

CHAPTER FORTY-SIX: LIFE INSURANCE AS A RETIREMENT TOOL.

WHAT ARE THE BEST TYPES OF INSURANCE TO USE FOR RETIREMENT PLANNING?

WHY USE AN INSURANCE POLICY AT ALL?

WHY USE A VARIABLE POLICY?

WHY USE A WHOLE LIFE POLICY?

LAST WORD.

CHAPTER FORTY-SEVEN: DON'T RUN OUT OF MONEY (OR PAY TOO MUCH IN TAXES) IN RETIREMENT: LIFE ANNUITIES.

HOW CAN I TAKE THE STOCK MARKET AND INTEREST RATE RISK OUT OF THE RETIREMENT PICTURE?

HOW MUCH INCOME CAN I EXPECT FROM A LIFE ANNUITY?

HOW DO I USE A LIFE ANNUITY AND STILL LEAVE SOMETHING FOR MY CHILDREN OR GRANDCHILDREN?

IS THERE A WAY TO GET TAX-FREE INCOME WITH A LIFE ANNUITY?

LAST WORD.

CHAPTER FORTY-EIGHT: AVOIDING OUTRAGEOUS TAXES ON RETIREMENT PLAN WITHDRAWALS.

CREATING TAX-FREE INCOME AND AN ESTATE TAX-FREE INHERITANCE.

LAST WORD.

CHAPTER FORTY-NINE: DON'T LET MEDICAL CONDITIONS RUIN YOUR RETIREMENT: TAKE ADVANTAGE OF LONGTERM-CARE INSURANCE.

PART VIII:

Estate Planning.

CHAPTER FIFTY: MAKING SURE FAMILY ASSETS AREN'T LOST TO DISINHERITANCE, COURTS, OR THE IRS.

CHAPTER FIFTY-ONE: THE TRUTH ABOUT THE ESTATE TAX "REPEAL".

THERE IS NO ESTATE TAX REPEAL: ONLY A GRADUAL REDUCTION OF THE ESTATE TAX BITE.

WILL THERE BE ANY SO-CALLED REPEAL AT ALL?

EVEN IF THE ESTATE TAX REPEAL MAKES IT THROUGH, THE GIFT TAX REMAINS.

STATE ESTATE TAXES MAY APPEAR.

ANY REPEAL MEANS A LOSS OF BASIS STEP-UP AT DEATH.

THE REPEAL LEAVES IRD ALONE.

CHAPTER FIFTY-TWO: WILLS AND LIVING TRUSTS: THE BUILDING BLOCKS OF EVERY ESTATE PLAN.

WHY YOU NEED A WILL AND A LIVING TRUST: TO SAVE TIME AND MONEY AND TO KEEP YOUR ESTATE PRIVATE.

THE PITFALLS OF PROBATE.

HOW A LIVING TRUST SOLVES THE PROBLEM.

HOW TO TRANSFER ASSETS TO A LIVING TRUST.

YOU MAY NAME YOURSELF OR SOMEONE ELSE AS TRUSTEE.

WHEN YOU DIE, YOUR SUCCESSOR TRUSTEE WILL TAKE OVER.

YOU DECIDE WHEN YOUR BENEFICIARIES RECEIVE THEIR INHERITANCES.

THE SUCCESSOR TRUSTEE MUST FOLLOW YOUR TRUST INSTRUCTIONS.

LAST WORD.

CHAPTER FIFTY-THREE: THE A-B LIVING TRUST: HOW TO SAVE OVER $400,000 IN ESTATE TAXES FOR UNDER $3,000.

THE UNIFIED ESTATE TAX CREDIT.

THE UNLIMITED MARITAL DEDUCTION.

HOW AN A-B LIVING TRUST USES BOTH GET-OUT-OF-ESTATE-TAXES-FREE CARDS.

LAST WORD.

CHAPTER FIFTY-FOUR: AVOIDING JOINT OWNERSHIP AND THE DISINHERITANCE RISK.

WHY JOINT OWNERSHIP IS SO DANGEROUS.

JOINT OWNERSHIP CAN RUIN YOUR ESTATE PLAN.

LAST WORD.

CHAPTER FIFTY-FIVE: KEEP THE VALUE OF YOUR LIFE INSURANCE BY USING AN IRREVOCABLE LIFE INSURANCE TRUST.

REMOVING THE INSURANCE FROM YOUR ESTATE.

THE SUPERIOR STRATEGY: USE AN IRREVOCABLE LIFE INSURANCE TRUST.

REQUIREMENTS FOR YOUR ILIT.

HOW TO USE AN ILIT AND KEEP AN INCOME STREAM DURING YOUR LIFETIME.

LAST WORD.

CHAPTER FIFTY-SIX: FLPS AND LLCS: TRIPLE-PLAY TOOLS FOR ESTATE PLANNING.

FLP/LLC ASSETS AVOID PROBATE AND CONTINUE TO OPERATE.

FLPS/LLCS ALLOW YOU TO GET PROPERTY OUT OF YOUR ESTATE WITHOUT GIVING UP CONTROL.

FLPS/LLCS LOWER ESTATE TAXES ON ASSETS THEY HOLD.

VALUATION DISCOUNTING USING FLPS/LLCS.

LAST WORD.

CHAPTER FIFTY-SEVEN: WHY YOUR PENSION, 401(K), OR IRA MAY BE AN 80 PERCENT TAX TRAP.

YOU MAY PAY TAX AT THE SAME-OR HIGHER-TAX RATES.

YOU MAY NOT NEED THE FUNDS IN RETIREMENT.

ANY FUNDS LEFT WILL BE DECIMATED BY TAXES.

BASICS OF INCOME IN RESPECT OF A DECEDENT.

CHAPTER FIFTY-EIGHT: AVOIDING THE 80 PERCENT RETIREMENT PLAN TAX TRAP.

IF YOU ARE EARLY IN YOUR CAREER, MONITOR PARTICIPATION IN QUALIFIED PLANS.

OPTION 1: STRETCH IRAS.

OPTION 2: LIQUIDATE AND LEVERAGE.

OPTION 3: THE CAPITAL TRANSFORMATION STRATEGY.

LAST WORD.

CHAPTER FIFTY-NINE: GETTING LIFE INSURANCE FOR HALF THE COST.

CHAPTER SIXTY: LONG-TERM-CARE INSURANCE FOR ESTATE PLANNING: PROTECT YOUR ESTATE FROM RISING MEDICAL COSTS.

DO YOU NEED LTCI?

LAST WORD.

CHAPTER SIXTY-ONE: CHARITABLE ESTATE PLANNING: HOW TO GET MORE TO YOUR FAMILY AND BENEFIT A CHARITY.

LAST WORD.

PART IX: Business Planning.

CHAPTER SIXTY-TWO: TURNING YOUR COMPANY INTO A FINANCIAL POWERHOUSE.

CHAPTER SIXTY-THREE: WELFARE BENEFIT PLANS: ASSET PROTECTION, TAX REDUCTION, AND ESTATE PLANNING ALL IN ONE.

BRIEF HISTORY OF WELFARE BENEFIT PLANS.HOW A WELFARE BENEFIT PLAN WORKS.

KEY BENEFITS OF WBPS.

BEWARE OF AGGRESSIVE WBP "CONSULTANTS".

LAST WORD.

CHAPTER SIXTY-FOUR: WHY YOU SHOULD CONSIDER A CAPTIVE INSURANCE COMPANY.

WHAT THE CIC IS.

CIC AS A RISK MANAGEMENT TOOL.

COMPARED WITH SELF-INSURING: ANNUAL DEDUCTIONS AND SUPERIOR ASSET PROTECTION.

CICS' ANCILLARY TAX BENEFITS.

NO LOSS OF CONTROL.

AVOIDING LAND MINES.

CAN YOU AFFORD A CIC?

LAST WORD.

CHAPTER SIXTY-FIVE: BUY-SELL AGREEMENTS ARE ESSENTIAL.

WHY THE BUY/SELL AGREEMENT IS SO CRUCIAL.

BUY/SELL BASICS.

FUNDING THE AGREEMENT.

THE NEED FOR A COORDINATED TEAM.

LAST WORD.

CHAPTER SIXTY-SIX: CORPORATIONS: THE STANDARD BUSINESS ENTITY.

CORPORATION BASICS.

CHARACTERISTICS OF A CORPORATION.

USING A CORPORATION TO PROTECT YOUR WEALTH FROM YOUR BUSINESS CREDITORS.

SPECIAL CONSIDERATIONS FOR PROFESSIONALS.

REQUIREMENTS FOR CORPORATE PROTECTION.

CHAPTER SIXTY-SEVEN: ADVANCED ASSET PROTECTION FOR YOUR BUSINESS: TURNING YOUR BUSINESS INTO A CREDITOR-PROOF FORTRESS.

STRUCTURE YOUR BUSINESS FOR MAXIMUM WEALTH PROTECTION.

ASSETS YOUR BUSINESS SHOULD NOT OWN.

STICK TO WHAT YOU KNOW.

CHAPTER SIXTY-EIGHT: REMOVE HEADACHES AND COSTS WITH PEOS.

THE SOLUTION.

BENEFITS.

CHOOSING A PROFESSIONAL EMPLOYER ORGANIZATION.

LAST WORD.

APPENDIX ONE: THE 10 COMMANDMENTS OF OFFSHORE.

APPENDIX TWO: PREVENTING FRAUDULENT TRANSFER.

HOW TO AVOID FRAUDULENT TRANSFER CLAIMS.

WHY AN ASSET PROTECTION EXPERT IS SO IMPORTANT.

APPENDIX THREE: INTESTACY: WHAT HAPPENS IF YOU DIE WITHOUT A WILL OR LIVING TRUST.

INTESTACY DEFINED.

SAMPLE INTESTACY LAW.

APPENDIX FOUR: 2002 INCOME TAX TABLES.

APPENDIX FIVE: ASSET QUESTIONNAIRE.

APPENDIX SIX: SAMPLE EMPLOYEE CENSUS FOR RETIREMENT AND OTHER BENEFITS PLANNING.

INDEX.

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  • Anonymous

    Posted April 8, 2003

    A Must Read!

    By taking the author's short quiz, you are directed to the chapters that make sense to you. This is not a one size fits all financial book. It actually gave me very different advice from what it gave my parents - both were helpful. I'd recommend it to anyone.

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