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More About This Title Wealth Secrets of the Affluent: Keys to Fortune Building and Asset Protection
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Christopher R. Jarvis, MBA, is a financial planner with experience as an actuary and entrepreneur. He is cofounder, with Mr. Mandell and Jason M. O'Dell, of O'Dell Jarvis Mandell, LLC, which is based in the cities of Austin, New York, Cincinnati, and Ft. Lauderdale, and has affiliate offices nationwide (www.ojmgroup.com).
David B. Mandell, JD, MBA, is an attorney and financial advisor to high-net-worth clientele. He is the shareholder of the Law Offices of David B. Mandell, PC(www.mandellpc.com). Along with Mr. Jarvis, Mandell is coauthor of the Wiley title Wealth Protection: Build and Preserve Your Financial Fortress.
www.secretsoftheaffluent.com
www.ojmgroup.com
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Acknowledgments xiii
About the Authors xv
Introduction xvii
The First Key Understanding and Embracing Affluence 1
Chapter 1 Who Are the Affluent? 3
Chapter 2 Understanding the Average American 8
Chapter 3 Unique Advice for the Affluent 16
Chapter 4 The Affluent Don’t Want to Fit In 21
The Second Key Use Leverage to Achieve Affluence 27
Chapter 5 The Basics of Leverage 29
Chapter 6 Financial Leverage 32
Chapter 7 Leveraging Effort 34
Chapter 8 Leveraging Assets 37
Chapter 9 Leveraging People 42
The Third Key Build the Right Team of Advisors 49
Chapter 10 The Value of Advisors 51
Chapter 11 Types of Advisors 56
Chapter 12 Seven Mistakes to Avoid 68
The Fourth Key Protect Assets 77
Chapter 13 The Importance of Asset Protection 79
Chapter 14 The Sliding Scale of Asset Protection 83
Chapter 15 Asset Protection Myths 87
Chapter 16 The Mixed Blessing of Property and Casualty Insurance 91
Chapter 17 Business Protection Often Ignored 96
Chapter 18 Maximizing Exempt Assets 101
Chapter 19 Family Limited Partnerships and Limited Liability Companies 107
Chapter 20 Using Trusts to Shield Wealth 117
Chapter 21 International Planning 125
Chapter 22 Protecting Your Home 134
Chapter 23 Divorce Protection 140
Chapter 24 Using Captive Insurance Companies to Protect Businesses 148
The Fifth Key Always Consider Taxes 155
Chapter 25 Uncle Sam’s Pieces of Your Pie 157
Chapter 26 Use Retirement Plans 165
Chapter 27 Borrowing Lower Tax Rates 168
Chapter 28 Long-Term Care Insurance 171
Chapter 29 Charitable Planning 174
Chapter 30 Educational Planning 181
Chapter 31 Is Your Tax Advisor Helping or Hurting You? 191
The Sixth Key Preserve Your Estate 195
Chapter 32 The Truth about the Estate Tax Repeal 197
Chapter 33 Wills and Living Trusts 203
Chapter 34 The A-B Living Trust 209
Chapter 35 Joint Ownership and Disinheritance Risk 213
Chapter 36 Estate Planning Life Insurance Policies 216
Chapter 37 Family Limited Partnerships and Limited Liability Companies 220
Chapter 38 Avoiding the 70 Percent Tax Trap of Pensions and IRAs 225
Chapter 39 Protection from Rising Medical Costs 238
Chapter 40 Charitable Estate Planning 242
The Seventh Key Avoid Financial Disasters 247
Chapter 41 Premature Death of a Family Member 249
Chapter 42 Premature Death of a Business Partner 253
Chapter 43 Disability of a Breadwinner or Business Partner 260
Chapter 44 Long-Term Care Needs for Families 268
Chapter 45 Running Out of Money in Retirement 274
The Eighth Key Invest Wisely 279
Chapter 46 A Nobel Prize Is Not Enough 281
Chapter 47 Taxes, Inflation, and Your Investments 288
Chapter 48 Outgrowing Mutual Funds 292
Chapter 49 Alternative Investment Strategies 300
The Ninth Key Use the Secret Investments of the Affluent 307
Chapter 50 Investment Efficiency 309
Chapter 51 Real Estate Basics 312
Chapter 52 Real Estate Leverage 316
Chapter 53 Flexibility and Efficiency of Real Estate 319
Chapter 54 Life Insurance Basics 325
Chapter 55 Life Insurance Leverage 332
Chapter 56 Flexibility and Efficiency of Life Insurance 337
Chapter 57 Proof that Life Insurance Outperforms Mutual Funds 340
Chapter 58 Creative Applications of Insurance 349
Chapter 59 Leveraging the Ultimate Leverage Tool 352
The Tenth Key Plan for Success 357
Index 365
