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Personal Financial Planning

by: Hallman, G. Victor

Personal Financial Planning

by: Hallman, G. Victor

ISBN 13:
9780071419444
ISBN 10:
0071419446
Edition: 7th
Format: Hardcover
Copyright: 05/28/2003
Publisher: McGraw-Hill
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Summary

With more than 135,000 copies sold in previous editions,Personal Financial Planninghas become one of today's top answer books for people who want to know what to do with their money, and why.This streamlined seventh edition provides in-depth coverage and analysis of the latest tax law changes. In addition, it features an entirely new chapter on planning and paying for education expenses, including the new 529 plans; ramifications of the GST estate tax repeal; new checklists and questions to tie up each chapter; and more.

Preface	p. xxi
Coordinated Financial Planning	p. 1
Personal Financial Planning--The Process	p. 3
What Is Personal Financial Planning?	p. 3
Focus on Objectives	p. 4
Need for Personal Financial Planning	p. 5
Steps in the Planning Process	p. 6
Use of Financial Planning Statements	p. 7
Setting Financial Planning Objectives	p. 12
Importance of Setting Objectives	p. 12
Organizing Objectives	p. 12
Adjusting Objectives for Inflation and Possible Deflation (Recession or Depression)	p. 23
Adjusting Objectives to Changing Tax Laws	p. 24
Using Insurance Effectively	p. 27
Personal Insurance Principles and Selecting Insurers	p. 29
Personal Risk Management	p. 29
The Insurance Principle	p. 30
Considerations in Choosing an Insurer	p. 30
Considerations in Choosing an Agent or Broker	p. 34
Life Insurance and Social Security	p. 36
Sources of Life Insurance Protection	p. 36
Social Security	p. 38
Types of Individual Life Insurance Contracts	p. 42
Definitions of Life Insurance for Income Tax Purposes	p. 55
The Life Insurance Contract	p. 57
Planning and Using Life Insurance	p. 62
Substandard Risks	p. 64
Nonmedical Life Insurance	p. 64
What Actions Can an Uninsurable Person Take?	p. 65
Group Life Insurance	p. 65
How Much Life Insurance Is Needed?	p. 67
Health Insurance	p. 70
Sources of Health Insurance Protection	p. 70
Disability Income (Loss-of-Time) Coverages	p. 71
Medical Expense Coverages	p. 79
Individual Health Insurance Policy Provisions	p. 90
Medical Savings Accounts	p. 92
Health Reimbursement Arrangements (HRAs)	p. 93
Long-Term Care Insurance and Medicaid Planning	p. 94
Nature of Exposure	p. 94
Basic Planning Approaches	p. 95
Long-Term Care Insurance and Other Arrangements	p. 95
Medicaid Planning for Long-Term (Custodial) Care	p. 101
Property and Liability Insurance	p. 109
Property Insurance	p. 109
Personal Liability	p. 110
Homeowners Insurance	p. 112
Automobile Insurance	p. 116
Other Property and Liability Policies to Consider	p. 120
Insurance Companies and Premiums	p. 122
Investments and Investment Planning	p. 125
Basic Investment Principles	p. 127
The Basic Investment Objective	p. 127
Investment Directly or Through Financial Intermediaries	p. 127
Investment and Speculation	p. 129
Factors in the Choice of Investments	p. 130
Security of Principal and Income	p. 130
Rates of Return	p. 137
Marketability and Liquidity	p. 146
Diversification	p. 146
Tax Status	p. 148
Size of Investment Units (or Denominations)	p. 148
Use of Collateral for Loans	p. 148
Callability	p. 148
Freedom from Care	p. 149
Common Stocks	p. 150
Characteristics of Common Stocks	p. 150
Some Measures of Value for Common Stocks	p. 150
Information About Common Stocks	p. 154
The Investment Process	p. 155
Diversifying a Common Stock Portfolio	p. 157
Periodic Review	p. 157
Decisions Concerning Selling Common Stocks	p. 157
Dollar-Cost Averaging	p. 158
The Mechanics of Buying and Selling Common Stocks	p. 158
Margin Accounts	p. 160
Selling Short	p. 160
Securities Investor Protection Corporation	p. 161
Investment Categories of Common Stocks	p. 161
Some Theories of Common Stock Investment	p. 164
Common Stocks and Market Cycles	p. 166
The Case for Long-Term Investments in Common Stocks	p. 166
Some Caveats	p. 170
Other Equity Investments	p. 174
Real Estate	p. 174
Oil and Gas (Natural Resource) Ventures	p. 182
Other Tax Shelters	p. 182
Impact of Passive Activity Loss Rules	p. 183
Put and Call Options	p. 184
New Issues or Initial Public Offerings (IPOs)	p. 186
Commodity Futures Trading	p. 186
Art, Antiques, Coins, Stamps, Gold, and Other Precious Metals	p. 188
Fixed-Income Investments	p. 189
Types of Fixed-Income Investments	p. 189
Ways of Taking Returns from Bonds	p. 189
Corporate Bonds	p. 191
Municipal Bonds (Munis)	p. 192
U.S. Government Obligations	p. 196
Market Discount Bonds	p. 199
Zero-Coupon Bonds (Zeros)	p. 200
Preferred Stocks	p. 201
Guaranteed Principal Fixed-Income Investments	p. 202
Liquid Assets	p. 204
Conversion Privileges in Fixed-Income Securities	p. 204
Bond Ratings and Investment Quality	p. 204
Strategies for Investing in Fixed-Income Securities	p. 207
Mutual Funds and Other Investment Companies	p. 209
Kinds of Investment Companies	p. 209
Why Invest in Mutual Funds?	p. 209
Disadvantages of Mutual Funds	p. 210
Types of Funds--Some Planning Considerations	p. 210
Regulation of Investment Companies	p. 213
How to Invest in Mutual Funds	p. 213
Distributions from and Exchanges of Mutual Funds	p. 214
Mutual Funds and Their Investment Objectives	p. 215
Getting Information About Mutual Funds	p. 222
Mutual Fund Performance	p. 222
Mutual Fund Expenses	p. 225
Factors Involved in Selecting Mutual Funds	p. 226
Planning Considerations for Mutual Funds	p. 227
Tax Aspects of Mutual Funds	p. 227
Exchange-Traded Funds	p. 230
Hedge Funds	p. 230
Asset Allocation Strategies and Models	p. 232
Fundamentals of Asset Allocation	p. 232
Steps in the Asset Allocation Process	p. 233
Personal Factors and Asset Allocation	p. 233
Investment Objectives	p. 235
Investment Policies	p. 236
Possible Asset Classes to Be Considered	p. 237
Investment Vehicles to Be Considered	p. 237
Return-Risk Considerations	p. 239
Allocations Within Asset Classes	p. 243
How Investments (Asset Classes) Should Be Held	p. 243
Illustrations of Asset Allocation Strategies	p. 245
Income Tax Planning	p. 255
Income Tax Fundamentals	p. 257
The Federal Income Tax on Individuals	p. 257
The Federal Income Tax on Corporations	p. 273
Pass-Through Business Entities	p. 277
Federal Income Taxation of Trusts and Estates	p. 278
State and Local Income Taxes	p. 280
Basic Income Tax Saving Techniques for Individuals	p. 281
Eliminating or Reducing Taxes	p. 281
Shifting the Tax Burden to Others	p. 287
Allowing Wealth to Accumulate Without Current Taxation and Postponing Taxation	p. 288
Taking Returns as Capital Gains	p. 290
Taxation and the Capital Gains Lock-in Problem	p. 290
Tax-Planning Caveats	p. 298
Charitable Giving	p. 300
Basic Tax Principles	p. 300
Planning Techniques	p. 302
Planning for Retirement and Capital Accumulation Plans	p. 317
Employer-Provided Qualified Retirement Plans and Social Security Benefits	p. 319
Economic Problems of Retirement Years	p. 319
Steps in Planning for Retirement Income	p. 319
Sources of Retirement Income	p. 320
Characteristics of Employer-Provided Retirement Plans	p. 322
Pension Plans	p. 333
Profit-Sharing Plans	p. 336
Savings (Thrift) Plans	p. 338
Stock Bonus Plans and Employee Stock Ownership Plans (ESOPs)	p. 344
Hybrid Qualified Retirement Plans	p. 345
Retirement Plans for the Self-Employed (HR-10 or Keogh Plans)	p. 346
Other Employer-Provided Retirement Plans and Other Employee Benefits	p. 351
Other Employer-Provided Retirement Plans	p. 351
Other Employee Benefits	p. 358
Individual Retirement Accounts and Annuities (IRAs)	p. 361
Basic Concepts	p. 361
Types of IRAs	p. 362
Other Aspects of IRAs	p. 371
Planning Issues for IRAs	p. 372
Planning for Taking Distributions from Qualified Retirement Plans and IRAs	p. 377
General Considerations	p. 377
Taxation of Benefits from Qualified Plans and IRAs	p. 379
Planning for Distributions from Qualified Retirement Plans and IRAs	p. 397
Individual Investment Annuity Contracts	p. 406
Fundamental Purposes of Annuities	p. 406
Types of Individual Annuities	p. 406
Parties to the Annuity Contract	p. 409
Phases of Annuities	p. 409
Investment Returns on Annuities	p. 410
Expense Charges on Annuities	p. 412
Withdrawals and Loans	p. 413
Exchanges of Annuities	p. 414
Annuity Distribution (Payout) Options	p. 414
Annuity Death Benefits	p. 414
Split-Funded Annuities	p. 415
Taxation of Nonqualified Annuities	p. 416
Other Individual Annuity Arrangements	p. 418
Using Life Insurance Values to Provide Retirement Income	p. 418
Employee Stock Compensation Plans	p. 420
General Considerations	p. 420
Types of Plans	p. 420
Statutory Plans	p. 421
Nonstatutory Plans	p. 424
Provisions of Stock Option Plans	p. 428
Valuation of Stock Options	p. 431
Some Caveats Concerning Stock Options and Other Plans	p. 434
Planning Issues Regarding Stock Options and Other Stock Plans	p. 434
Estate Planning	p. 437
Estate Planning Principles	p. 439
Objectives of Estate Planning	p. 439
Methods of Property Disposition	p. 440
Property and Property Interests	p. 441
What Is Meant by the "Estate"?	p. 448
Settling the Estate	p. 452
Trusts in Estate Planning	p. 454
The Transfer Tax System	p. 462
Impact of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA)	p. 462
Applicable Credit Amount (Unified Credit) and Applicable Exclusion Amount	p. 463
Federal Gift Tax	p. 464
Federal Estate Tax	p. 472
Federal Generation-Skipping Transfer (GST) Tax	p. 480
Lifetime Giving and Sales Within the Family	p. 486
Making Lifetime (Inter Vivos) Gifts to Noncharitable Donees	p. 486
Sales Within the Family	p. 503
Loans to Family Members	p. 506
Marital Deduction Planning, Postmortem Planning, and Estate Liquidity	p. 507
Marital Deduction Planning	p. 507
Postmortem Estate Planning	p. 522
Estate Liquidity	p. 524
Life Insurance in Estate Planning	p. 526
Taxation of Life Insurance	p. 526
How to Arrange Life Insurance	p. 533
Gifts of Life Insurance	p. 540
Revocable Living Trusts, Other Will Substitutes, and Property Management Arrangements	p. 544
Revocable Living Trusts as a Will Substitute	p. 544
Joint Property with Right of Survivorship	p. 548
Property Management Arrangements to Deal with Physical or Mental Incapacity	p. 549
Financing Education Expenses	p. 552
Importance as a Financial Objective	p. 552
Nature and Growth of Education Costs	p. 552
Estimating Education Costs	p. 553
Financial Aid Considerations	p. 554
Tax "Breaks" for Education Costs	p. 555
Strategies in Planning for Education Costs	p. 557
Planning for Business Interests	p. 572
Potential Issues	p. 572
Characteristics of Closely Held Businesses	p. 573
Types of Business Entities	p. 573
Check-the-Box Regulations	p. 581
Income Tax Basis in Business Interests	p. 582
Factors in Choice of Entity	p. 583
Disposition of Business Interests	p. 588
Retention of Business Interests	p. 598
Index	p. 601
Table of Contents provided by Ingram. All Rights Reserved.

Amazon no longer offers textbook rentals. We do!

Personal Financial Planning

Personal Financial Planning

9780071419444

0071419446

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Personal Financial Planning

Personal Financial Planning

9780071419444

0071419446

Summary

Author Biography

Table of Contents

Supplemental Materials

Write a Review

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