Authors: Christopher R. Jarvis, David B. Mandell
ISBN-13: 9780471221425, ISBN-10: 0471221422
Format: Hardcover
Publisher: Wiley, John & Sons, Incorporated
Date Published: October 2002
Edition: (Non-applicable)
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).
The interest in protecting ones wealth is universal. Everyone has a desire to protect their familys wealth from the threats of investment downturns, taxes, lawsuits, education costs, poor health, and death. Wealth Protection: Build and Preserve Your Financial Fortress serves as the ultimate handbook for readers who want to build their familys financial fortress and shield it from these risks.
In Wealth Protection, attorney David Mandell and financial planning expert Christopher Jarvis share their Wealth Protection knowledge and experience with the world. With this book as your guide, you can begin to protect, build, and enjoy your wealthinstead of worrying about it.
Wealth Protection opens with a critical lesson on how to understand "your own personal economy." What many people dont realize is that the state of their "personal economy" is the single most important factor to building their financial fortress. Unfortunately, many people are obsessed with the worlds economic indicators. As a result, since no one person can change the economy, many people feel helpless in their planning.
How does Wealth Protection allow you to take control of your "personal economy?" This book includes the proprietary Risk Factor Analysis (RFA), a questionnaire designed to tailor recommendations directly to you. These eighty-five questions include:
Based on your answers to these RFA questions, you will be directed to the appropriate chapter in the books next section, which contains over sixty chapters, each with its own distinct Wealth Protection strategy. These self-contained chapters will allow you to use this invaluable resource as your personal financial advisor time and again. Everything from how to reduce taxes on your income to avoiding the most prevalent investment mistakes are addressed in full detail.
These issues and many more are discussed in the following seven sections:
Filled with proven techniques and expert guidance, Wealth Protection offers you access to the secrets and strategies of two top financial advisors.
Take this opportunity to understand why a Wealth Protection Plan is so important and learn how to put your personal Wealth Protection Plan into action.
Introduction: Why We Wrote This Book | XIX | |
Part I | The System/the Book | |
Chapter 1 | Why This Book Should Cost $5,000 | 3 |
Chapter 2 | What Is Wealth Protection? | 9 |
Chapter 3 | Finding Your Personal Economy | 17 |
Part II | Customizing This Book for You | |
Chapter 4 | Introducing the Risk Factor Analysis | 23 |
Chapter 5 | The Questions | 25 |
Chapter 6 | The Interpretation of Your Answers | 33 |
Part III | Tax Planning | |
Chapter 7 | Make Sure You Don't Give Away More Than Necessary | 51 |
Chapter 8 | Uncle Sam's Pieces of Your Pie | 53 |
Chapter 9 | Retirement Plans | 58 |
Chapter 10 | Getting Deductions for Buying Insurance--Welfare Benefit Plans (419s) | 60 |
Chapter 11 | How to Borrow Your Children's Lower Tax Rates with FLPs/LLCs | 62 |
Chapter 12 | Deducting Long-Term-Care Insurance | 66 |
Chapter 13 | Using Charitable Giving to Reduce Income Taxes | 69 |
Chapter 14 | The Tax-Advantaged Tool for College Savings--529 Plans | 76 |
Chapter 15 | Income in Respect of a Decedent | 83 |
Chapter 16 | Is Your Tax Advisor Helping You or Hurting You? | 85 |
Part IV | Investing | |
Chapter 17 | Your Money Doesn't Come with Instructions | 91 |
Chapter 18 | Understanding Investing | 93 |
Chapter 19 | Taxes, Inflation, and Your Investments | 99 |
Chapter 20 | When (and How) to Get Back into the Market | 103 |
Chapter 21 | Variable Annuities | 107 |
Chapter 22 | Life Insurance as an Investment | 112 |
Chapter 23 | Have You Outgrown Mutual Funds? | 113 |
Chapter 24 | Convertible Bonds | 121 |
Part V | Asset Protection | |
Chapter 25 | Why Asset Protection Is So Important Today | 131 |
Chapter 26 | Ownership Forms You Must Avoid: Your Own Name, Joint Ownership, and General Partnerships | 136 |
Chapter 27 | Using Insurance as an Asset Protector: A Mixed Blessing | 144 |
Chapter 28 | Insurance and Annuities: Protected Investments | 149 |
Chapter 29 | Family Limited Partnerships and Limited Liability Companies: Twin Asset Protection Powerhouses | 153 |
Chapter 30 | Using Trusts to Shield Wealth: Flexible Tools for Excellent Asset Protection | 163 |
Chapter 31 | Using Offshore Planning to Protect Assets | 171 |
Chapter 32 | Offshore LLCs and Trusts: The Dynamic Duo of Offshore Planning | 180 |
Chapter 33 | How to Protect Your Home: Turning Your Castle into a Lawsuit-Proof Fortress | 186 |
Chapter 34 | Protecting Wealth from Divorce | 193 |
Part VI | Insurance Planning | |
Chapter 35 | Avoid the Biggest Pitfalls, Help Yourself and Your Family, and Save Money in the Process | 205 |
Chapter 36 | Life Insurance: The Backbone of Wealth Protection Planning | 207 |
Chapter 37 | Disability Insurance: Inadequate Coverage Can Be More Costly Than Death, Divorce, or a Lawsuit | 213 |
Chapter 38 | Long-Term Care: Protect Yourselves, Your Children, and Your Parents | 224 |
Chapter 39 | How to Buy Insurance Even If You're Uninsurable | 229 |
Chapter 40 | "Free" Insurance: Using Other People's Money to Pay for Your Estate Planning | 234 |
Part VII | Retirement Planning | |
Chapter 41 | We Don't Know Where We're Going, but We All Want to Get There | 239 |
Chapter 42 | Defined-Contribution Plans: The Truth about Your 401(k), Pension, and IRAs | 241 |
Chapter 43 | Defined-Benefit Plans: Catch Up in Your Retirement Planning | 244 |
Chapter 44 | The Perfect Retirement Plan If You Are Over Age 50: The 412(1) Plan | 247 |
Chapter 45 | Variable Annuities: Asset Protection, Tax Deferral, and Capital Preservation for Your Retirement Plan | 251 |
Chapter 46 | Life Insurance as a Retirement Tool | 254 |
Chapter 47 | Don't Run Out of Money (or Pay Too Much in Taxes) in Retirement: Life Annuities | 259 |
Chapter 48 | Avoiding Outrageous Taxes on Retirement Plan Withdrawals | 263 |
Chapter 49 | Don't Let Medical Conditions Ruin Your Retirement: Take Advantage of Long-Term-Care Insurance | 266 |
Part VIII | Estate Planning | |
Chapter 50 | Making Sure Family Assets Aren't Lost to Disinheritance, Courts, or the IRS | 271 |
Chapter 51 | The Truth about the Estate Tax "Repeal" | 273 |
Chapter 52 | Wills and Living Trusts: The Building Blocks of Every Estate Plan | 278 |
Chapter 53 | The A-B Living Trust: How to Save over $400,000 in Estate Taxes for Under $3,000 | 284 |
Chapter 54 | Avoiding Joint Ownership and the Disinheritance Risk | 289 |
Chapter 55 | Keep the Value of Your Life Insurance by Using an Irrevocable Life Insurance Trust | 292 |
Chapter 56 | FLPs and LLCs: Triple-Play Tools for Estate Planning | 298 |
Chapter 57 | Why Your Pension, 401(k), or IRA May Be an 80 Percent Tax Trap | 303 |
Chapter 58 | Avoiding the 80 Percent Retirement Plan Tax Trap | 311 |
Chapter 59 | Getting Life Insurance for Half the Cost | 321 |
Chapter 60 | Long-Term-Care Insurance for Estate Planning: Protect Your Estate from Rising Medical Costs | 322 |
Chapter 61 | Charitable Estate Planning: How to Get More to Your Family and Benefit a Charity | 324 |
Part IX | Business Planning | |
Chapter 62 | Turning Your Company into a Financial Powerhouse | 331 |
Chapter 63 | Welfare Benefit Plans: Asset Protection, Tax Reduction, and Estate Planning All in One | 333 |
Chapter 64 | Why You Should Consider a Captive Insurance Company | 338 |
Chapter 65 | Buy-Sell agreements Are Essential | 346 |
Chapter 66 | Corporations: The Standard Business Entity | 352 |
Chapter 67 | Advanced Asset Protection for Your Business: Turning Your Business into a Creditor-Proof Fortress | 358 |
Chapter 68 | Remove Headaches and Costs with PEOs | 365 |
Appendix 1 | The 10 Commandments of Offshore | 369 |
Appendix 2 | Preventing Fraudulent Transfer | 372 |
How to avoid fraudulent transfer claims | 375 | |
Why an asset protection expert is so important | 376 | |
Appendix 3 | Intestacy: What Happens If You Die without a Will or Living Trust | 377 |
Intestacy Defined | 377 | |
Sample intestacy law | 377 | |
Appendix 4 | 2002 Income Tax Tables | 380 |
Appendix 5 | Asset Questionnaire | 381 |
Appendix 6 | Sample Employee Census for Retirement and Other Benefits Planning | 383 |
Index | 385 |