Rich in America: Secrets to Creating and Preserving Wealth PDF
Preview Rich in America: Secrets to Creating and Preserving Wealth
00 FM Maurer 6/20/03 4:55 PM Page i Rich in America 00FMMaurer 6/20/03 4:55PM Pageii 00FMMaurer 6/20/03 4:55PM Pageiii Rich in America Secrets to Creating and Preserving Wealth Jeffrey S. Maurer for U.S. Trust John Wiley & Sons, Inc. 00 FM Maurer 6/20/03 4:55 PM Page iv Copyright © 2003 by United States Trust Company of New York.All rights reserved. Published by John Wiley & Sons,Inc.,Hoboken,New Jersey. Published simultaneously in Canada. No part of the 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 Publisher,or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center,Inc.,222 Rosewood Drive,Danvers,MA 01923,978- 750-8400,fax 978-750-4470,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,e-mail:[email protected] 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 sit- uation.You should consult with a professional where appropriate.Neither the pub- lisher 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. 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 additional information about Wiley products,visit our web site at www.wiley.com. Library ofCongress Cataloging-in-Publication Data: Maurer,Jeffrey S. Rich in America :secrets to creating and preserving wealth / Jeffrey S.Maurer. p. cm. Published simultaneously in Canada. ISBN:0-471-44548-7 (cloth) 1. Finance,Personal—United States. 2. Investments. 3. United States Trust Company of New York. I. Title. HG179.M354 2003 332.024(cid:1)01—dc21 2003011339 Printed in the United States of America 10 9 8 7 6 5 4 3 2 1 00 FM Maurer 6/20/03 4:55 PM Page v To my wife Wendy, for her love,support,and encouragement—and for sharing me with U.S.Trust,its staff,and its clients for 33 years. 00 FM Maurer 6/20/03 4:55 PM Page vi 00FMMaurer 6/20/03 4:55PM Pagevii Contents ACKNOWLEDGMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix PREFACE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi INTRODUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 CHAPTER1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Financial Planning CHAPTER2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Investments CHAPTER3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 Taxes CHAPTER4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 Insurance CHAPTER5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 Retirement CHAPTER6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187 Estate Planning CHAPTER7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217 How to Choose a Financial Advisor CONCLUSION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239 APPENDIX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247 Examples of Financial Planning Schedules INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259 vii 00FMMaurer 6/20/03 4:55PM Pageviii 00 FM Maurer 6/20/03 4:55 PM Page ix Acknowledgments W riting a book may sound like a solitary occupation,but the truth is that without the help of countless people, this book could never have been finished. Most of all,I would like to thank the current and former staff of U.S. Trust for their remarkable professionalism and talent. Without them,there wouldn't be a U.S.Trust,nor a book. There are a few people who deserve special mention for their superb support and guidance: John Apruzzese, Drew Bender, Matt Canner,Leslie Draper,Mitchell Drossman,Linda Franciscovich,Nancy Gabel, Daina Hill, Stephen Kao, Steve Lavner, Lynn Lederman, Geraldine McNamara,Lee Paula Miller,Teresa Periera,Ralph Rittenour, Donna Romer,Ray Russolillo,Kathy Segal,Fraser Seitel,Fred Taylor, and Chris Zander. I am very grateful to each and everyone of the above.Thank you. Also helpful were: Gene Bernstein, Gerald Calder, Kevin Casey, Gavin Cuneo,Marti Dinerstein,Kathleen Donohue,Tom Evnin,Dick Foley,Gary Gildersleeve,John Gregg,Kathy Kamerer,Lori Jackson, Robert MacDonnell, Lisa Marcus, Paul Napoli, Robin Petty, Susan Porter,Paul Sawina,Carol Strickland,Bob Stolar,Bruce Tavel,Barry Waldorf,and Sean White. ix
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