Wealth (eBook)
XV, 131 Seiten
Springer International Publishing (Verlag)
978-3-030-24497-2 (ISBN)
With few exceptions, books on personal finance focus on investing. And with few exceptions, these same books focus on the general public. This book takes a comprehensive approach to the subject, directed to the ultra-high net worth reader, filling this void.
While there is no shortage of experts in legal, tax, investment, and other matters, in many ways, ultra-high net worth individuals are underserved, even as they are confronted with potentially increasing challenges to the growth and protection of their wealth. Planning strategies lacking a foundation of client-driven values and purpose, coordination and a mechanism for ongoing review and maintenance result in suboptimal outcomes.
As a Certified Financial Planner Professional with over 30 years of experience serving individuals with substantial wealth, Richard Rojeck presents an alternative approach, one based upon a comprehensive planning process. He addresses the eight key planning areas for the ultra-high net worth individual, describing the top strategies within each. He challenges you to assess your current planning and provides guidance on how to select an often-missing member of the advisory team.
With a readable and approachable style, this book will help you more effectively grow and protect your assets for yourself, your family, and your charitable causes.
Richard P. Rojeck specializes in helping business owners, senior executives, and other high net worth individuals enjoy their wealth today while growing and protecting it for tomorrow. He has earned the CERTIFIED FINANCIAL PLANNER™ professional certification and the Accredited Investment Fiduciary designation. He has over 30 years of experience in developing and helping implement comprehensive financial plans that integrate financial independence analysis, estate and business succession planning, investment and risk management, and more. His goal is for his clients to enjoy clarity and confidence regarding the accumulation and preservation of wealth for themselves, their families, and their charitable causes.
Prior to beginning his financial planning practice, Rich served for six years as a commissioned Naval officer. He served on the national board of the International Association for Financial Planning. As its chairman, he was instrumental in a merger, leading to the creation of the Financial Planning Association, today the profession's largest. In 2010, Rich was elected to the board of the CFP Board of Standards, the standards setting and certifying body for CERTIFIED FINANCIAL PLANNER™ professionals. He served as its chairman in 2015. From 2004 to 2016, he was a Managing Director with Lincoln Financial Advisors, the broker-dealer with which he is affiliated. Rich holds a Bachelor's Degree in business administration from Oregon State University and an MBA in finance from San Diego State University.
Preface 6
Acknowledgements 8
Contents 9
List of Figures 10
List of Tables 11
1 Wealth 12
By the Numbers 13
Enough Already 15
2 Estate Planning 17
Shirtsleeves to Shirtsleeves 18
Planning for Success 19
George and Linda 21
Advantage—Lifetime Transfers 22
A Matter of Trust 25
IDGTs, GRATs and QPRTs 26
The Freeze 29
A Taxing History 30
Thinking About the Unthinkable 32
Postscript—Keys to a Family Flourishing 33
Questions to Consider 33
3 Charitable Planning 35
CRATs, CRUTs, CLATs, and CLUTs 36
Private Foundation 39
Advantage-Lifetime Transfers (Again) 41
Other Strategies 42
Final Thoughts 44
4 Business Succession 47
Sale to a Co-owner 48
All in the Family 50
Sale to Employees 54
Sale to Outsiders 55
Is It Time Yet? 55
5 Asset Protection Planning 57
SLATs, BDITs, and DAPTs 58
Captive Insurance Company 61
6 Life Insurance 64
Types of Insurance 65
Policy Taxation 67
Ways to Pay Estate Tax 67
The Economics of Life Insurance 69
Other Uses 70
7 Investment Management 72
Modern Portfolio Theory 73
A Model of Efficiency 74
Asset Class Diversification 76
The Penalty for Missing the Market 76
Stocks 78
Risk and Return as a Function of Time 79
Stocks and the Economy 80
Slicing and Dicing—Large vs. Small Company Stocks 80
Slicing and Dicing—Value vs. Growth Stocks 81
Slicing and Dicing—Domestic vs. Foreign Stocks 81
Factors 82
Bonds 82
A Comparison 83
Real Estate 83
Real Estate Economics 85
Tax Benefits 87
Commodities 88
Investing in Commodities 89
Principles of Portfolio Construction 92
Implementation 94
On-Going Management 97
Time for a Family Office? 99
8 Income Tax Planning 101
Deferral 102
Earned Income 103
Retirement Plans 103
Individual Retirement Accounts 103
C Corporation/January 31st Fiscal Year 104
Salary and Bonus Deferral 105
Investment Income 106
Charitable Remainder Trust 106
Deferred Annuity 106
Employee Stock Ownership Plan 106
Health Savings Account (HSA) 107
Installment Sale 107
Private Placement Life Insurance 108
Qualified Opportunity Zone 108
Qualified Small Business Stock 109
Tax Deferred Exchange 109
Tax Free Reorganization 110
Tax Loss Harvesting 110
Conversion 111
Corporate Loans to Shareholders/Employees 111
Death 111
Educational Savings Account 111
Municipal Bonds 112
New State of Residence 112
Rent in Lieu of Salary 113
Roth IRA 113
Diverting 114
Gifts to Children 114
Pass-Through Distributions in Lieu of a Salary 115
Deductions 115
Charitable Contributions 116
Cost Segregation 116
Home Mortgage Interest 117
Incomplete Non-grantor Trust 117
AMT 118
Stock Options: The Risks and Rewards 118
9 Selecting a Financial Planner 120
Choose Wisely 121
Credential 121
Experience 123
Educational Background 123
Specialization 124
Disciplinary Actions 124
Affiliation 125
Compensation 125
References 126
Fiduciary Status 126
What to Expect 126
The Team 127
10 Tying It All Together 128
Financial Independence 128
Vision and Values 129
Involving the Next Generations 129
Estate Planning 129
Philanthropy 129
Business Succession Planning (If a Business Owner) 130
Asset Protection 130
Life Insurance 130
Investment Management 131
Income Tax 131
How Did You Score? 131
Index 133
| Erscheint lt. Verlag | 6.8.2019 |
|---|---|
| Zusatzinfo | XV, 131 p. 21 illus., 2 illus. in color. |
| Sprache | englisch |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung |
| Schlagworte | Estate Planning • financial advising • Financial Planning • Household finance • income and estate tax • personal finance • Tax Reform • Wealth Management |
| ISBN-10 | 3-030-24497-0 / 3030244970 |
| ISBN-13 | 978-3-030-24497-2 / 9783030244972 |
| Haben Sie eine Frage zum Produkt? |
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