Wealth Secrets of the Affluent. Keys to Fortune Building and Asset Protection

  • ID: 2325196
  • Book
  • 376 Pages
  • John Wiley and Sons Ltd
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Wealth Secrets of the Affluent

Most of the financial guidance you′ll find in books, magazines, and on the Internet is directed toward the average American. Editors have no choice but to generate content for the masses in their quest to garner the highest possible advertising dollar. Financial and legal firms also tend to focus on this large group because it is more profitable to provide "cookie–cutter" financial planning to the many than highly specialized planning to the elite. As a result of this focus on the masses, millions of affluent families and hard–working Americans who strive to be wealthy are left with inappropriate, "off–the–rack" advice instead of the customized solutions their unique financial situations require.

Financial expert Christopher Jarvis and asset protection attorney David Mandell have created Wealth Secrets of the Affluent to fill this void. Containing in–depth insights and practical advice, this reliable resource is the first book designed to help affluent families and their advisors build and preserve wealth. Industry experts Jarvis and Mandell share their extensive real–world experiences and focus on the ten essential "keys" to fortune building and asset protection that this country′s wealthiest families have relied upon for decades. If you are a member of a wealthy family, are an advisor to the affluent, or would like to be in either of these categories, Wealth Secrets of the Affluent is a must read. Some of the topics covered include:

  • The only successful strategy to achieve affluence

  • Using other people to make you more money

  • Building the right team of advisors

  • Protecting your assets from lawsuits, taxes, and divorce

  • Avoiding financial disasters

  • Legally reducing taxes

There are certain financial solutions that make sense for affluent families, and with Wealth Secrets of the Affluent, you′ll quickly discover what they are and how to apply them in your endeavor to build an affluent family of your own.

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Acknowledgments xiii

About the Authors xv

Introduction xvii

The First Key Understanding and Embracing Affluence 1

Chapter 1 Who Are the Affluent? 3

Chapter 2 Understanding the Average American 8

Chapter 3 Unique Advice for the Affluent 16

Chapter 4 The Affluent Don t Want to Fit In 21

The Second Key Use Leverage to Achieve Affluence 27

Chapter 5 The Basics of Leverage 29

Chapter 6 Financial Leverage 32

Chapter 7 Leveraging Effort 34

Chapter 8 Leveraging Assets 37

Chapter 9 Leveraging People 42

The Third Key Build the Right Team of Advisors 49

Chapter 10 The Value of Advisors 51

Chapter 11 Types of Advisors 56

Chapter 12 Seven Mistakes to Avoid 68

The Fourth Key Protect Assets 77

Chapter 13 The Importance of Asset Protection 79

Chapter 14 The Sliding Scale of Asset Protection 83

Chapter 15 Asset Protection Myths 87

Chapter 16 The Mixed Blessing of Property and Casualty Insurance 91

Chapter 17 Business Protection Often Ignored 96

Chapter 18 Maximizing Exempt Assets 101

Chapter 19 Family Limited Partnerships and Limited Liability Companies 107

Chapter 20 Using Trusts to Shield Wealth 117

Chapter 21 International Planning 125

Chapter 22 Protecting Your Home 134

Chapter 23 Divorce Protection 140

Chapter 24 Using Captive Insurance Companies to Protect Businesses 148

The Fifth Key Always Consider Taxes 155

Chapter 25 Uncle Sam s Pieces of Your Pie 157

Chapter 26 Use Retirement Plans 165

Chapter 27 Borrowing Lower Tax Rates 168

Chapter 28 Long–Term Care Insurance 171

Chapter 29 Charitable Planning 174

Chapter 30 Educational Planning 181

Chapter 31 Is Your Tax Advisor Helping or Hurting You? 191

The Sixth Key Preserve Your Estate 195

Chapter 32 The Truth about the Estate Tax Repeal 197

Chapter 33 Wills and Living Trusts 203

Chapter 34 The A–B Living Trust 209

Chapter 35 Joint Ownership and Disinheritance Risk 213

Chapter 36 Estate Planning Life Insurance Policies 216

Chapter 37 Family Limited Partnerships and Limited Liability Companies 220

Chapter 38 Avoiding the 70 Percent Tax Trap of Pensions and IRAs 225

Chapter 39 Protection from Rising Medical Costs 238

Chapter 40 Charitable Estate Planning 242

The Seventh Key Avoid Financial Disasters 247

Chapter 41 Premature Death of a Family Member 249

Chapter 42 Premature Death of a Business Partner 253

Chapter 43 Disability of a Breadwinner or Business Partner 260

Chapter 44 Long–Term Care Needs for Families 268

Chapter 45 Running Out of Money in Retirement 274

The Eighth Key Invest Wisely 279

Chapter 46 A Nobel Prize Is Not Enough 281

Chapter 47 Taxes, Inflation, and Your Investments 288

Chapter 48 Outgrowing Mutual Funds 292

Chapter 49 Alternative Investment Strategies 300

The Ninth Key Use the Secret Investments of the Affluent 307

Chapter 50 Investment Efficiency 309

Chapter 51 Real Estate Basics 312

Chapter 52 Real Estate Leverage 316

Chapter 53 Flexibility and Efficiency of Real Estate 319

Chapter 54 Life Insurance Basics 325

Chapter 55 Life Insurance Leverage 332

Chapter 56 Flexibility and Efficiency of Life Insurance 337

Chapter 57 Proof that Life Insurance Outperforms Mutual Funds 340

Chapter 58 Creative Applications of Insurance 349

Chapter 59 Leveraging the Ultimate Leverage Tool 352

The Tenth Key Plan for Success 357

Index 365

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Christopher R. Jarvis, MBA, is a financial planner with experience as an actuary and entrepreneur. He is cofounder, with Mr. Mandell and Jason M. O′Dell, of O′Dell Jarvis Mandell, LLC, which is based in the cities of Austin, New York, Cincinnati, and Ft. Lauderdale, and has affiliate offices nationwide (www.ojmgroup.com).

David B. Mandell, JD, MBA, is an attorney and financial advisor to high–net–worth clientele. He is the shareholder of the Law Offices of David B. Mandell, PC(www.mandellpc.com). Along with Mr. Jarvis, Mandell is coauthor of the Wiley title Wealth Protection: Build and Preserve Your Financial Fortress.

www.secretsoftheaffluent.com

www.ojmgroup.com

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