Covering Your ASSets

COVERING YOUR ASSets Introduction The one thing that readers of this book will have in common is they have “made it”. If you’re looking for a roadmap to financial independence, this is not the book for you. There are plenty of well-written guides to investing in stocks, bonds, mutual funds, gold and silver, oil and gas, real estate and any number of other “good ideas”. Likewise, there is a multitude of qualified Financial Planners ready, willing and able to assist you in charting a course to wealth accumulation. If you’re in the accumulation phase of your life you may find this book interesting but probably not pertinent at this point in your life. The clients with whom I have had the privilege of working have all had the same basic concerns- Preserving what they have, and Protecting what they have. This book is about preservation of wealth. Wealth is a very relative thing, and I have not predisposed exactly what constitutes being wealthy. If you have wealth, any degree of wealth, and you’re concerned about preserving and protecting that wealth, this book will probably help you. However, keep in mind that some of the strategies and techniques discussed here may not have any application whatsoever to you and your situation. This book explores many strategies that are available under current tax law to preserve and protect what you have accumulated, but it is written in such a way that you can hone in on those strategies most pertinent to your life and the uniqueness of your particular situation. There are five sections in the book. The first section is entitled, “A Must Read.” I strongly urge you to read the two chapters in this section before moving on. Both are vitally important as you begin the process of preserving and protecting your assets. These chapters have vital importance to anyone taking the time to wade through the material included in the sections that follow. The second section is a simple explanation of terms and acronyms that you will probably encounter when talking with “know-it-all” friends and family, cocktail party “planners”, and credentialed planning professionals that sometimes forget that their lingo isn’t always understood by the layman. Unless you have a burning interest in learning more about a particular strategy covered in the fourth section, one you may have heard about, or one that has been recommended to you, I suggest that you begin your quest with the third section. This section is a compilation of real life situations and the issues that are unique to that particular situation. It will also recommend specific strategies you may want to consider. Chances are there will not be an exact rendering of your unique situation, but you should find something more than reasonably close. And, keep in mind that as your life progresses there is one thing that is certain- things will change, and as they do you may want to consider strategies that were not under consideration previously. The fourth section delves into various planning strategies and techniques. Each strategy is described in what I hope is easy to understand language and includes some pros and cons that should be considered. Each of these strategies and techniques should be covered in detail with professional advisors as they each have legal and tax implications for you to consider prior to implementing any of them in your Wealth Planning. The fifth section is a potpourri of “Things In My Head That Must Be Said”. It contains a discussion of a variety of situations, concepts, ideas and approaches that simply did not fit anywhere else but may be of importance to you. Take a look at what is contained in this section. From time to time you will encounter words and short phrases that will jump out in bold print. This has been done to get you to shake your head, clear the cobwebs that can come from reading what can become some pretty dry and boring stuff and concentrate on something I think is really important for you to understand and retain. Also, I have taken great pains to try and make this effort as “entertaining” as possible. Each section is pretty well written in second person so YOU are the one involved in the strategy. You will obviously find some personal prejudices woven into this material. After spending a working lifetime in the Financial Services Industry it’s only natural that I have found it difficult to ignore some of “the good, the bad and the ugly” I have encountered. If you see a personal prejudice creep into something and you think that prejudice is an anomaly or just doesn’t apply to you, feel free to ignore what is written. Hopefully, these prejudices have been kept to a minimum. One last word. This book is designed to be an educational resource and a catalyst for you to seek professional advice. It is not in any way providing you with tax and/or legal advice; only a competent professional can guide you through the complexities of those worlds. However, if you have a basic knowledge of what may be applicable to your situation and what you are trying to accomplish it will result in a more meaningful and fruitful dialogue with your advisors. B. Leonard Critcher, B.A., M.A., ChFC, CLU, CWS www.leonardcritcher.com www.coveringassets.com