ebook img

Ernst & Young's Personal Financial Planning Guide PDF

554 Pages·2004·2.57 MB·English
by  
Save to my drive
Quick download
Download
Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.

Preview Ernst & Young's Personal Financial Planning Guide

ffirs_ey.qxd 8/16/04 3:48 PM Page iii Ernst & Young’s Personal Financial Planning Guide Fifth Edition Revised & Fully Updated Martin Nissenbaum Barbara J. Raasch Charles L. Ratner John Wiley & Sons, Inc. ffirs_ey.qxd 8/16/04 3:48 PM Page ii ffirs_ey.qxd 8/16/04 3:48 PM Page i Ernst & Young’s Personal Financial Planning Guide ffirs_ey.qxd 8/16/04 3:48 PM Page ii ffirs_ey.qxd 8/16/04 3:48 PM Page iii Ernst & Young’s Personal Financial Planning Guide Fifth Edition Revised & Fully Updated Martin Nissenbaum Barbara J. Raasch Charles L. Ratner John Wiley & Sons, Inc. ffirs_ey.qxd 8/16/04 3:48 PM Page iv This book is printed on acid-free paper. Copyright © 2004 by Ernst & Young LLP. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or trans- mitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Pub- lisher, or authorization through payment of the appropriate per-copy fee to the Copy- right Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifi- cally disclaim any implied warranties of merchantability or fitness for a particular pur- pose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situ- ation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages. In the preparation of this book, every effort has been made to offer the most current, correct, and clearly expressed information possible. Nonetheless, inadvertent errors can occur, and tax rules and regulations often change. Further, the information in the text is intended to afford general guidelines on matters of interest to everyone. The applica- tion and impact of tax laws and financial matters can vary widely, however, from case to case, based on the specific or unique facts involved. Accordingly, the information in this book is not intended to serve as legal, accounting, or tax advice. Readers are encouraged to consult with professional advisors for advice concerning specific matters before making any decision, and the authors and publisher disclaim any responsibility for positions taken by taxpayers in their individual cases or for any misunderstanding on the part of the readers. Certain web sites and publications mentioned in this book are maintained and pro- duced by organizations and individuals over which Ernst & Young LLP has no control. Ernst & Young LLP makes no representations or warranties regarding the accuracy or any other aspect of the information located on such web sites or in such publications nor does it assure the continued existence of such web sites. For general information on our other products and services, or technical support, please contact our Customer Care Department within the United States at 800-762- 2974, outside the United States at 317-572-3993 or fax 317-572-4002. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com. ISBN 0-471-68724-3 Printed in the United States of America. 10 9 8 7 6 5 4 3 2 1 ftoc_ey.qxd 8/16/04 3:50 PM Page v CONTENTS Acknowledgments / vii About the Authors / ix Introduction / 1 PART 1 THE FUNDAMENTALS OF FINANCIAL PLANNING 1 Taking Charge of the Financial Planning Process / 9 2 Building Wealth to Meet Your Goals / 39 3 Building Wealth Through Investment Planning Set Your Financial Goals; Understand Investment Vehicles / 57 4 Building Wealth Through Investment Planning Understand Financial Markets and Concepts; Develop an Investment Strategy / 81 5 Building Wealth Through Investment Planning Implement Your Strategy; Monitor Your Investments / 93 6 Building Wealth (Concluded) / 103 7 Protecting Your Family and Assets Through Life Insurance / 123 8 Protecting Your Family and Assets Through Health, Disability, Property/Casualty, and Auto Insurance / 145 9 Providing for Your Family Through Estate Planning / 165 10 Estate Taxes and Deductions / 177 v ftoc_ey.qxd 8/16/04 3:50 PM Page vi vi CONTENTS 11 Gift Tax Fundamentals and Generation-Skipping Transfer Tax / 197 12 Sophisticated Estate Planning / 209 13 Estate Liquidity, Powers of Attorney, and Living Wills / 223 PART I1 THE LIFE EVENT APPROACH TO FINANCIAL PLANNING 14 Getting Married / 237 15 Raising a Family / 267 16 Coping With Divorce / 291 17 Being a Single Parent / 315 18 Buying and Selling a Home / 327 19 Funding a College Education / 353 20 Taking Advantage of Employment Benefits / 377 21 Starting Your Own Business / 391 22 Dealing With Your Parents / 427 23 Losing Your Spouse or Life Partner / 447 24 Planning for Retirement / 471 25 Planning for Retirement: Health Care and Insurance Needs / 493 26 A Few Words in Parting / 523 Index / 527 flast_ey.qxd 8/16/04 3:51 PM Page vii ACKNOWLEDGMENTS SPECIAL THANKS TO James S. Turley, Global Chairman and Chief Executive Officer of Ernst & Young LLP; James S. DiStasio, Americas Chief Operating Officer; Mark A. Weinberger, Vice Chairman—Americas, Tax Services; Curt Fochtmann, Global Director of Human Capital; David J. Kautter, Director of National Tax Department; Charles R. Kowal, Director of Personal Financial Counsel- ing; Jay D. Nibbe, Managing Partner of Markets–Tax; William Arnone; Elda A. Di Re; David Gerson; Glenn M. Pape. OTHER ACKNOWLEDGMENTS James J. Biles; Lynn P. Finkelstein; Robert J. Porter; Debra Englander and Janice Weisner of John Wiley & Sons, Inc.; and Jon H. Zonderman for his editorial assistance. vii flast_ey.qxd 8/16/04 3:51 PM Page viii

See more

The list of books you might like

Most books are stored in the elastic cloud where traffic is expensive. For this reason, we have a limit on daily download.