Wealth Protection. Build and Preserve Your Financial Fortress

  • ID: 2209999
  • Book
  • 416 Pages
  • John Wiley and Sons Ltd
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"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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INTRODUCTION

WHY WE WROTE THIS BOOK XIX

PART I The System/the Book

CHAPTER ONE WHY THIS BOOK SHOULD COST $5,000 3

CHAPTER TWO WHAT IS WEALTH PROTECTION? 9

CHAPTER THREE FINDING YOUR PERSONAL ECONOMY 17

PART II Customizing This Book for You

CHAPTER FOUR INTRODUCING THE RISK FACTOR ANALYSIS 23

CHAPTER FIVE THE QUESTIONS 25

CHAPTER SIX THE INTERPRETATION OF YOUR ANSWERS 33

PART III Tax Planning

CHAPTER SEVEN MAKE SURE YOU DON T GIVE AWAY MORE THAN NECESSARY 51

CHAPTER EIGHT UNCLE SAM S PIECES OF YOUR PIE 53

CHAPTER NINE RETIREMENT PLANS 58

CHAPTER TEN GETTING DEDUCTIONS FOR BUYING INSURANCE WELFARE BENEFIT PLANS (419S) 60

CHAPTER ELEVEN HOW TO BORROW YOUR CHILDREN S LOWER TAX RATES WITH FLPS/LLCS 62

CHAPTER TWELVE DEDUCTING LONG–TERM–CARE INSURANCE 66

CHAPTER THIRTEEN USING CHARITABLE GIVING TO REDUCE INCOME TAXES 69

CHAPTER FOURTEEN THE TAX–ADVANTAGED TOOL FOR COLLEGE SAVINGS 529 PLANS 76

CHAPTER FIFTEEN INCOME IN RESPECT OF A DECEDENT 83

CHAPTER SIXTEEN IS YOUR TAX ADVISOR HELPING YOU OR HURTING YOU? 85

PART IV Investing

CHAPTER SEVENTEEN YOUR MONEY DOESN T COME WITH INSTRUCTIONS 91

CHAPTER EIGHTEEN UNDERSTANDING INVESTING 93

CHAPTER NINETEEN TAXES, INFLATION, AND YOUR INVESTMENTS 99

CHAPTER TWENTY WHEN (AND HOW) TO GET BACK INTO THE MARKET 103

CHAPTER TWENTY–ONE VARIABLE ANNUITIES 107

CHAPTER TWENTY–TWO LIFE INSURANCE AS AN INVESTMENT 112

CHAPTER TWENTY–THREE HAVE YOU OUTGROWN MUTUAL FUNDS? 113

CHAPTER TWENTY–FOUR CONVERTIBLE BONDS 121

PART V Asset Protection

CHAPTER TWENTY–FIVE WHY ASSET PROTECTION IS SO IMPORTANT TODAY 131

CHAPTER TWENTY–SIX OWNERSHIP FORMS YOU MUST AVOID: YOUR OWN NAME, JOINT OWNERSHIP, AND GENERAL PARTNERSHIPS 136

CHAPTER TWENTY–SEVEN USING INSURANCE AS AN ASSET PROTECTOR: A MIXED BLESSING 144

CHAPTER TWENTY–EIGHT INSURANCE AND ANNUITIES: PROTECTED INVESTMENTS 149

CHAPTER TWENTY–NINE FAMILY LIMITED PARTNERSHIPS AND LIMITED LIABILITY COMPANIES: TWIN ASSET PROTECTION POWERHOUSES 153

CHAPTER THIRTY USING TRUSTS TO SHIELD WEALTH: FLEXIBLE TOOLS FOR EXCELLENT ASSET PROTECTION 163

CHAPTER THIRTY–ONE USING OFFSHORE PLANNING TO PROTECT ASSETS 171

CHAPTER THIRTY–TWO OFFSHORE LLCS AND TRUSTS: THE DYNAMIC DUO OF OFFSHORE PLANNING 180

CHAPTER THIRTY–THREE HOW TO PROTECT YOUR HOME: TURNING YOUR CASTLE INTO A LAWSUIT–PROOF FORTRESS 186

CHAPTER THIRTY–FOUR PROTECTING WEALTH FROM DIVORCE 193

PART VI Insurance Planning

CHAPTER THIRTY–FIVE AVOID THE BIGGEST PITFALLS, HELP YOURSELF AND YOUR FAMILY, AND SAVE MONEY IN THE PROCESS 205

CHAPTER THIRTY–SIX LIFE INSURANCE: THE BACKBONE OF WEALTH PROTECTION PLANNING 207

CHAPTER THIRTY–SEVEN DISABILITY INSURANCE: INADEQUATE COVERAGE CAN BE MORE COSTLY THAN DEATH, DIVORCE, OR A LAWSUIT 213

CHAPTER THIRTY–EIGHT LONG–TERM CARE: PROTECT YOURSELVES, YOUR CHILDREN, AND YOUR PARENTS 224

CHAPTER THIRTY–NINE HOW TO BUY INSURANCE EVEN IF YOU RE UNINSURABLE 229

CHAPTER FORTY FREE INSURANCE: USING OTHER PEOPLE S MONEY TO PAY FOR YOUR ESTATE PLANNING 234

PART VII Retirement Planning

CHAPTER FORTY–ONE WE DON T KNOW WHERE WE RE GOING, BUT WE ALL WANT TO GET THERE 239

CHAPTER FORTY–TWO DEFINED–CONTRIBUTION PLANS: THE TRUTH ABOUT YOUR 401(K), PENSION, AND IRAS 241

CHAPTER FORTY–THREE DEFINED–BENEFIT PLANS: CATCH UP IN YOUR RETIREMENT PLANNING 244

CHAPTER FORTY–FOUR THE PERFECT RETIREMENT PLAN IF YOU ARE OVER AGE 50: THE 412(I) PLAN 247

CHAPTER FORTY–FIVE VARIABLE ANNUITIES: ASSET PROTECTION, TAX DEFERRAL, AND CAPITAL PRESERVATION FOR YOUR RETIREMENT PLAN 251

CHAPTER FORTY–SIX LIFE INSURANCE AS A RETIREMENT TOOL 254

CHAPTER FORTY–SEVEN DON T RUN OUT OF MONEY (OR PAY TOO MUCH IN TAXES) IN RETIREMENT: LIFE ANNUITIES 259

CHAPTER FORTY–EIGHT AVOIDING OUTRAGEOUS TAXES ON RETIREMENT PLAN WITHDRAWALS 263

CHAPTER FORTY–NINE DON T LET MEDICAL CONDITIONS RUIN YOUR RETIREMENT: TAKE ADVANTAGE OF LONGTERM–CARE INSURANCE 266

PART VIII Estate Planning

CHAPTER FIFTY MAKING SURE FAMILY ASSETS AREN T LOST TO DISINHERITANCE, COURTS, OR THE IRS 271

CHAPTER FIFTY–ONE THE TRUTH ABOUT THE ESTATE TAX REPEAL 273

CHAPTER FIFTY–TWO WILLS AND LIVING TRUSTS: THE BUILDING BLOCKS OF EVERY ESTATE PLAN 278

CHAPTER FIFTY–THREE THE A–B LIVING TRUST: HOW TO SAVE OVER $400,000 IN ESTATE TAXES FOR UNDER $3,000 284

CHAPTER FIFTY–FOUR AVOIDING JOINT OWNERSHIP AND THE DISINHERITANCE RISK 289

CHAPTER FIFTY–FIVE KEEP THE VALUE OF YOUR LIFE INSURANCE BY USING AN IRREVOCABLE LIFE INSURANCE TRUST 292

CHAPTER FIFTY–SIX FLPS AND LLCS: TRIPLE–PLAY TOOLS FOR ESTATE PLANNING 298

CHAPTER FIFTY–SEVEN WHY YOUR PENSION, 401(K), OR IRA MAY BE AN 80 PERCENT TAX TRAP 303

CHAPTER FIFTY–EIGHT AVOIDING THE 80 PERCENT RETIREMENT PLAN TAX TRAP 311

CHAPTER FIFTY–NINE GETTING LIFE INSURANCE FOR HALF THE COST 321

CHAPTER SIXTY LONG–TERM–CARE INSURANCE FOR ESTATE PLANNING: PROTECT YOUR ESTATE FROM RISING MEDICAL COSTS 322

CHAPTER SIXTY–ONE CHARITABLE ESTATE PLANNING: HOW TO GET MORE TO YOUR FAMILY AND BENEFIT A CHARITY 324

PART IX Business Planning

CHAPTER SIXTY–TWO TURNING YOUR COMPANY INTO A FINANCIAL POWERHOUSE 331

CHAPTER SIXTY–THREE WELFARE BENEFIT PLANS: ASSET PROTECTION, TAX REDUCTION, AND ESTATE PLANNING ALL IN ONE 333

CHAPTER SIXTY–FOUR WHY YOU SHOULD CONSIDER A CAPTIVE INSURANCE COMPANY 338

CHAPTER SIXTY–FIVE BUY–SELL AGREEMENTS ARE ESSENTIAL 346

CHAPTER SIXTY–SIX CORPORATIONS: THE STANDARD BUSINESS ENTITY 352

CHAPTER SIXTY–SEVEN ADVANCED ASSET PROTECTION FOR YOUR BUSINESS: TURNING YOUR BUSINESS INTO A CREDITOR–PROOF FORTRESS 358

CHAPTER SIXTY–EIGHT REMOVE HEADACHES AND COSTS WITH PEOS 365

APPENDIX ONE THE 10 COMMANDMENTS OF OFFSHORE 369

APPENDIX TWO PREVENTING FRAUDULENT TRANSFER 372

APPENDIX THREE INTESTACY: WHAT HAPPENS IF YOU DIE WITHOUT A WILL OR LIVING TRUST 377

APPENDIX FOUR 2002 INCOME TAX TABLES 380

APPENDIX FIVE ASSET QUESTIONNAIRE 381

APPENDIX SIX SAMPLE EMPLOYEE CENSUS FOR RETIREMENT AND OTHER BENEFITS PLANNING 383

INDEX 385

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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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