Protecting Clients from Fraud, Incompetence and Scams (eBook)

LANCE WALLACH, CLU, CHFC, is a leading speaker on accounting and taxation topics and the author of numerous AICPA CPE exam publications. In addition to developing CPE courses, he is also a member of the AICPA faculty of teaching professionals, and has been featured in the Wall Street Journal, the New York Times, Bloomberg Financial News, NBC, National Public Radio's All Things Considered, and other radio talk shows. Mr. Wallach is listed in Who's Who in Finance and Business.

Acknowledgments.

Introduction: Every Accountant and Attorney Should Read This Book.

CHAPTER 1 Meltdown.

The Party's Over.

We All Know The Result.

Grim Statistics.

Retirement Plans and the IRS.

Summary.

CHAPTER 2 Everyone Needs a Family Office.

Why a Family Office?

Retaining a Firm.

The Family Office Advantage.

Summary.

CHAPTER 3 Protect Your (Retirement) Assets.

The Fiduciary Duty.

Documenting a Process.

Plan Options/Simple IRA.

You Cannot Save Enough.

Another Option - The 412(e)(3).

The Cash-Balance Plan.

Summary.

CHAPTER 4 How Much Did You Lose Last Year?

Basic Financial Strategies Quiz.

Estate and Financial Planning.

Life Insurance.

Succession Planning.

The Buy-Sell.

Medical Insurance.

Asset Protection.

VEBA.

Other Post-Employment Benefits.

OPEB Cost.

VEBA Plan Benefits.

Taxes.

Retirement.

Legislative Changes.

HSA/HRA.

412(e).

Audits.

Shelters.

6707A.

Captives.

Summary.

CHAPTER 5 Self-Defense.

Captive Insurance.

Basics.

Sharing.

Caveats.

Summary.

CHAPTER 6 Asset Protection Basics.

Asset Protection--Necessity, Not Luxury.

Who Needs Asset Protection?

Separating Ownership from Control.

What Is a Trust?

How Does a Trust Work?

How Is a Trust Used?

Offshore Trusts.

Asset Protection FAQs.

Summary.

CHAPTER 7 Shifting the Risk Equation--Insurance Maneuvers.

Key Employee Insurance.

LTCi for The Business Owner.

Life Insurance for Business Continuation.

Summary.

CHAPTER 8 Reevaluating Existing Insurance.

Evaluation or Audit.

Consultative Leverage.

Summary.

CHAPTER 9 What Financial Advisors "Forget" to Tell Their Clients.

Fiduciary Duty.

Summary.

CHAPTER 10 The Truth About Variable Annuities.

Variable Annuity Components.

Mortality and Expense Charges.

Guarantees.

Summary.

CHAPTER 11 What Life Insurance Agents "Forget" to Tell Their Clients.

Questionable Aspirations.

Coverage Needs.

Estate Taxes.

The ILIT.

Summary.

CHAPTER 12 What You Must Know About Life Settlements.

Life Settlements.

Industry Regulation and Compliance.

Licensing and Reporting.

Compensation.

Compensation Abuse.

Suitability.

Best Execution and Due Diligence.

Fraud Prevention.

STOLI.

Evaluation and Processing.

Tax Treatment.

Case Studies.

Caveat Venditor.

Summary.

CHAPTER 13 What Health Insurance Agents "Forget" to Tell Their Clients".

Out of Control Costs.

Small Business at Risk.

The Risk of On-Site Medical Clinics.

Using an HSA for Your Personal Retirement.

Creating an Employee Retirement Vehicle.

IRS Form 8889 (HSA).

More Effective Strategy.

Aggregate Cap Planning.

HRA.

Managing General Underwriter.

Summary.

CHAPTER 14 College Funding Strategies and Solutions.

The Traditional Approach.

Good Intentions, Disastrous Consequences.

Traditional Vehicles.

Real Life.

Summary.

CHAPTER 15 Two Alternative Investments for Financial Independence.

The Tertiary Market.

History.

Risk.

Reward.

Another Alternative.

O&G Advantages.

Summary.

CHAPTER 16 Avoiding Fraud: Small Business Case Study.

Introduction.

Suspicion.

Investigation.

Fraud.

Dismissal and Prosecution.

New Mechanisms.

Summary.

Appendix A Best of the Best.

Insurance Advisors.

Investment Advisors.

Law.

Business Services.

Epilogue.

About the Authors.

About the Contributors.

Mark Boehm, MBA, CWPP

Aaron Skloff, AIF, CFA, MBA.

Carl Allen, III.

Index.