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Plan Your Financial Future - A Comprehensive Guidebook to Growing Your Net Worth
von: Keith R. Fevurly
Apress, 2018
ISBN: 9781484236376 , 361 Seiten
2. Auflage
Format: PDF, Online Lesen
Kopierschutz: Wasserzeichen
Preis: 39,99 EUR
eBook anfordern
Contents
5
About the Author
7
Foreword to the First Edition
8
Acknowledgments
10
Preface
11
Part I: The Financial-Planning Process
12
Chapter 1: Understanding the Challenge: The Need to Begin
13
Wealth and the PADD Approach
14
Steps in the Financial-Planning Process
15
Determine Where You Are Now
17
Creating a Personal Balance Sheet
18
Creating a Cash-Flow Statement
21
Budgeting
23
Cash Flow and Debt Management
24
Monitor Your Progress and Life-Cycle Planning
26
Chapter 2: Do You Need a Financial Planner?
29
A Word About Self-Help
30
Types of Financial Planners
31
The Certified Financial Planner Professional and Other Financial-Planning Designations
32
Questions to Ask a Financial Planner
34
Chapter 3: Elements of Personal Financial Planning and the Wealth-Management Process
40
Personal Financial Planning and Wealth Management
41
The Need for an Investment Policy Statement
43
Statement of the Investor’s Objectives
43
Statement of Investment Constraints or Limitations
44
Meeting the Investor’s Objectives and Allocation of Investment Resources
45
Monitoring the Performance of the Investment Plan
46
The Basics of a Diversified Portfolio
46
The Basics of Rebalancing
47
Investment Strategies
48
Dollar-Cost Averaging and Share Averaging
48
Averaging Down
50
Dividend Reinvestment Programs
51
Laddering
51
Buy and Hold
52
Market Timing
52
Value vs. Growth Investing
53
Investing in Real Estate
54
Part II: Protecting Yourself, Your Family, and Your Property
55
Chapter 4: Insuring Yourself and Your Family
56
Do I Need Life Insurance? How Much?
57
Term vs. Cash Value Insurance
59
Types of Term Insurance
60
Types of Cash Value Insurance
61
Insurance Company Selection and Ratings
63
Chapter 5: Insuring Your Health and Long-Term Care
65
Considerations in Selecting a Health Insurance Policy
66
Consider Participating in Your Employer’s Plan
67
Carefully Review Plan Details
67
Flexibility Costs Money
68
Know Your Rights
68
Patient Protection and Affordable Care Act of 2010
69
Types of Health Insurance Policies
70
Indemnity (Fee-for-Service) Policies
71
Managed Care Policies
71
Health Savings Accounts
72
Continuation of Health Insurance Coverage After You Have Left Your Job
73
Portability of Health Insurance Coverage
74
Medicare and Medigap
74
The Importance of Long-Term Care Insurance in Protecting Your Wealth
77
Alternatives to Long-Term Care Insurance
81
Chapter 6: Insuring Your Earning Power
84
Is the Loss of Your Earning Power Already Adequately Covered?
85
Definitions of Disability
86
Additional Important Provisions in an Individual Disability Policy
87
Policy Continuation Provisions
89
Additional Policy Benefits to Consider
89
Policy Exclusions
90
Questions to Ask Before Purchasing an Individual Disability Income Policy
91
Chapter 7: Insuring Your Property
92
What to Consider When Insuring Your Home
93
Coverage A: Dwelling
93
Coverage B: Other Structures
94
Coverage C: Contents or Personal Property
94
Coverage D: Loss of Use
95
Coverage E: Personal Liability
95
Coverage F: Medical Payments to Others
96
Types of Homeowner’s Policies (and the One You Want)
96
What to Consider When Insuring Your Automobile
99
Coverage A: Personal Liability
99
Coverage B: Medical Payments
100
Coverage C: Uninsured Motorist’s Coverage
101
Coverage D: Physical Damage or Loss Coverage
101
No-Fault Insurance
102
Umbrella Liability Insurance
102
Business Property Insurance
103
Chapter 8: Optimizing Your Employment Benefits
105
Group Medical and Dental Insurance
106
Group Life Insurance
107
Group Disability Insurance
108
Group Long-Term Care Insurance
109
Dependent Care Assistance
110
Employer Educational Assistance
111
Saving for Retirement Through Employer-Sponsored Plans
112
Section 401(k) Retirement Plans
113
Section 403(b) Retirement Plans
114
Other Retirement Plans
115
Company Stock Purchase Plans
116
Stock Options and Other Forms of Incentive Compensation
117
Restricted Stock
119
Nonqualified Deferred Compensation
120
Part III: Accumulating Wealth
121
Chapter 9: Investing in Financial Assets
122
Cash Investments and When to Use Them
123
Bank Deposits
123
Money Market Deposits
124
Bonds and When to Use Them
126
Corporate Bonds
127
Government Bonds
128
Municipal Bonds
130
Bonds as a Part of Your Portfolio
131
Stocks and When to Use Them
132
Stocks as a Part of Your Portfolio
134
Mutual Funds and When to Use Them
135
Index Funds
136
Exchange Traded Funds
137
Mutual Funds as a Part of Your Portfolio
137
International Investing
138
Chapter 10: Investing in Real Assets
140
Direct Investments in Real Estate
140
Vacation Homes
141
Rental Homes
142
Commercial Real Estate
143
Raw or Unimproved Land
144
Indirect Investments in Real Estate
145
Real Estate Investment Trusts
145
Real Estate Limited Partnerships
146
The Use of Leverage in Real-Estate Investing
147
Correlation
148
Financial or Real Assets: Which Are Better?
149
Chapter 11: Investing in Use Assets
150
Your Home as an Investment
150
Buying vs. Renting a Home
154
Selling Your Home
156
Automobiles: Do You Really Need That New Lamborghini?
158
Tangible Personal Property and Collectibles
159
Part IV: Defending Wealth
161
Chapter 12: Income-Tax Planning and Management
162
Basics of Income-Tax Rates, Withholding, and Estimated Taxes
163
Social Security and Medicare Taxes
165
Regular Income Tax vs. Individual Alternative Minimum Tax
165
Basic Tax-Planning Technique #1: Tax Avoidance
166
Tax Avoidance vs. Tax Evasion
168
Basic Tax-Planning Technique #2: Tax Deferral
169
Basic Tax-Planning Technique #3: Conversion of Income
170
Tax-Smart Investing
171
What You Can Learn From Your Own Tax Return
172
Chapter 13: Transfer-Tax Planning and Management
175
The Advantages of Lifetime Gifting
176
Gifts to Minors
178
A Basic Primer on the Use of Trusts
178
Revocable Trusts
179
Irrevocable Trusts
180
Components and Valuation of the Gross Estate
181
Deductions and Credits Available to the Estate
182
Tax Rates and the Possible Repeal of the Death Tax
184
Do I Really Want to Leave It All to My Spouse or Charity?
184
The Unintended Danger of Generation-Skipping Transfers
186
Chapter 14: Life Events that Endanger Wealth
188
Divorce
188
Alimony
189
Child Support
191
Property Settlements
192
Principal Residence
194
Loss of Employment
195
Death of a Spouse or Life Partner
196
Titling Assets Jointly
198
Using Beneficiary Designations
198
Establishing and Funding a Revocable Living Trust
199
Dependent Parents
200
Claiming Your Parent as a Dependent for Income-Tax Purposes
202
A Developmentally Disabled Child
202
Your Own Physical or Mental Incapacity
203
Part V: Distributing Wealth During Your Lifetime
206
Chapter 15: Planning for Your Child’s Higher Education
207
How Much Will I Need?
208
In Whose Name Do I Save?
210
Types of Financial Aid
213
How Do I Save?
214
Custodial Accounts
214
Education Savings Accounts
216
Section 529 Savings Plans
217
Other Methods of Saving for College
220
Tax Deductions and Credits Available for Paying for College
221
Deduction for Student Loan Interest
221
Qualified Higher-Education Tuition and Fees Deduction
221
Higher-Education Tax Credits
222
American Opportunity Tax Credit
222
Lifetime Learning Credit
223
The Tax-Coordination Rules: Why Can’t I Do That?
223
Using a Roth IRA in College Funding
224
Chapter 16: Planning for the Financial Aspects of Retirement
226
How Much Will I Need?
227
Other Questions to Ask When Planning for Retirement
229
Mortgage Expenses
229
Health Care Expenses
230
The Financial Risks of Retirement
231
The “Three-Legged Stool” of Retirement Savings
233
Employer-Sponsored Retirement Plans
233
Personal Savings Plans
235
Social Security
237
When Should I Elect to Begin Receiving Social Security Retirement Benefits?
239
Understanding Distribution Options from an Employer-Sponsored Retirement Plan
240
Required Minimum Distributions
242
No Loopholes
244
IRA Rollovers and Conversions
245
IRA Conversions
247
The Use of Annuities in Retirement Planning
248
How Much Should I Withdraw Annually During Retirement?
249
Chapter 17: Planning for the Lifestyle Needs of Retirement
251
Housing Options for Retirees
252
Single-Family Dwellings
252
Town Homes
253
Condominiums
253
Apartments
254
Living with One or More of Your Children
254
Independent-Living Communities
254
Assisted-Living Communities
255
Continuing-Care Retirement Communities
256
Skilled Nursing-Care Facilities
256
Nursing-Home Care
257
Using Your Home to Fund Retirement: Reverse Mortgages
258
Do I Need Life Insurance During Retirement?
259
Retiree Health Insurance
261
Medicare and Medicare Supplemental Insurance (Medigap)
263
So, I am Retired! Now What?
263
Future Work
263
Education
265
Travel and Recreation
265
Accommodating Change
266
Chapter 18: Planning for Other Lifetime Financial Goals
268
Starting Your Own Business
268
Begin a Business with What You Already Know
269
Write a Business Plan
270
Consider the Form of Business Operation
271
Possibility of Personal Liability
272
Ease of Formation and Ability to Raise Capital
272
Income-Tax Consequences
273
Recruit Individuals with Different Strengths
274
Plan for Business Succession
274
Buying a Personal Residence
275
Saving for a Home
275
Understanding Types of Mortgages
275
Purchasing and Using a Vacation Home
276
Like-Kind Exchanges
277
QPRT
278
Investing a Windfall: So You Won the Lottery!
279
Part VI: Distributing Wealth at Death
280
Chapter 19: Estate Planning
281
Do I Need a Will?
282
Leaving Property via Beneficiary Designations
284
Titling Property
285
Should I Avoid the Probate Process at Death?
286
Estate Taxes
287
The Importance of Durable Powers of Attorney
290
Living Wills
292
Personal Letter of Instructions
294
When Should I Change My Estate Plan?
294
Chapter 20: Philanthropy
296
Choosing a Charity to Benefit
296
Public Charities
297
Private Charities
299
Substantiation Requirements
301
Gifts to Charity Using Trusts and Annuities
301
Charitable Trusts
301
Charitable Gift Annuities
303
Hail, Hail to Your Dear Old Alma Mater
303
Private Foundations
304
Donor-Advised Funds
305
Part VII: Summarizing the Personal Financial-Planning Process
309
Chapter 21: Reaping the Rewards
310
Appendix A: Sample Data-Gathering Form
312
Appendix B: Sample Budget
323
Appendix C: Power of Attorney
325
Durable General and Financial Power of Attorney
325
Section 1: Designation of Attorney-in-Fact
325
Section 2: Effective Date of Power of Attorney
326
Section 3: Powers
326
Section 4: Ratification; Use of Photocopy; Revocation of Prior Powers: Construction of Instrument
328
Appendix D: Declaration as to Medical or Surgical Treatment and Medical Durable Power of Attorney
330
Declaration as to Medical or Surgical Treatment
331
Life-Sustaining Procedures
331
Artificial Nourishment
331
Other Specific Requests:
331
Medical Durable Power of Attorney
332
Designation of Health Care Agent
332
Creation of Medical Durable Power of Attorney
332
General Statement of Authority Granted
332
Access to Medical Records
333
Advance Medical Directive
333
Autopsy, Anatomical Gifts, Disposition of Remains
333
Designation of Alternate Agent
333
Nomination of Guardian and Conservator
334
General Provisions
334
Hold Harmless and Third-Party Reliance
334
Severability
334
Statement of Intentions
334
Inconsistency in Provisions
334
Revocation of Prior Powers
335
Applicable Law
335
Statement of Witness
335
Appendix E: Sample Personal Letter of Instruction
337
Glossary
339
A
339
B
340
C
340
D
342
E
343
F
343
G
344
H
344
I
344
J
344
L
345
M
345
N
345
O
346
P
346
Q
347
R
347
S
348
T
349
U
350
V
350
W
351
Index
352