Ernst & Young's Personal Financial Planning Guide, 5th Edition Revised and Fully Updated

by Ernst & Young; Martin Nissenbaum; Barbara J. Raasch; Charles L. Ratner

• ISBN13: 9780471687245
• ISBN10: 0471687243
• Edition: 5th
• Format: Paperback
• Copyright: 2004-10-01
• Publisher: Wiley

Summary

If you want to take control of your financial future and unlock the doors to financial success, you must have a plan that will allow you to find good investments, reduce taxes, beat inflation, and properly manage money. Whether you're new to financial planning or a seasoned veteran, this updated edition of Ernst & Young's Personal Financial Planning Guide provides valuable information and techniques you can use to create and implement a consistent personalized financial plan. It also takes into consideration the new tax rules that affect home ownership, saving for college, estate planning, and many other aspects of your financial life. Filled with in-depth insight and financial planning advice, this unique guide can help you: * Set goals * Build wealth * Manage your finances * Protect your assets * Plan your estate and investments It will also show you how to maintain a financial plan in conjunction with life events such as: * Getting married * Raising a family * Starting your own business * Aging parents * Planning for retirement Financial planning is a never-ending process, and with Ernst & Young's Personal Financial Planning Guide, you'll learn how to tailor a plan to help you improve all aspects of your financial life.

Author Biography

ERNST &amp; YOUNG is a global leader in professional services. It assists companies in businesses across all industries&#8211;from emerging growth companies to global powerhouses&#8211;to deal with a broad range of business issues. Its 103,000 people in over 140 countries worldwide provide a broad array of services in audit, tax, corporate finance, transactions, online security, enterprise risk management, the valuation of intangibles, and other critical business-performance issues. Ernst &amp; Young refers to all the members of the global Ernst &amp; Young organization. <p> <b>Martin Nissenbaum</b> is Ernst &amp; Young&#8217;s national director of personal income and retirement tax planning. He is a member of the AICPA Technical Resource Panel on Taxation of Individuals and is an advisory board member of mystockoptions.com. He is an attorney and CPA and holds an LL.M. in tax; he is a certified financial planner and holds the Personal Financial Specialist accreditation from the American Institute of Certified Public Accountants. Mr. Nissenbaum is a speaker on compensation and personal, financial, and tax planning to professional organizations, including the New York State Society of CPAs, the NYU Tax Society, and the Tax Executives Institute. He has been quoted in the <i>Wall Street Journal</i>, the <i>New York Times</i>, <i>Money</i> magazine, and many other publications, and has been named by <i>PRWeek</i> as one of the top quoted spokespeople in the business press. He is an author of <i>Ernst &amp; Young&#8217;s Retirement Planning Guide.</i> E-mail address: [e-mail] <p> <b>Barbara J. Raasch</b> is Ernst &amp; Young&#8217;s National Solution Leader for Investment Advisory Services as well as the partner-in-charge of this High Net Worth Practice in Metro New York. Providing investment counseling since 1978, she is a Chartered Financial Analyst, a Certified Public Accountant and a Personal Financial Specialist. Barbara has been recognized both externally and internally for her outstanding client service skills, knowledge and innovation. For example, <i>Worth</i> magazine has honored her as one of our nation&#8217;s top financial advisors each year since 1995. She has held various leadership positions since joining Ernst &amp; Young in 1984 including the firm&#8217;s National Director of Investment Advisory Services from 1992&#8211;1995. Barbara is often quoted in newspapers and magazines, and appears frequently on nationally televised news programs and at professional conferences. She is a member of the advisory board of the Commercial Clearing House (CCH) Financial Estate Planning Service, a contributing author of <i>Tips from the Top</i>, co-author the <i>Ernst &amp; Young&#8217;s Financial Planning for Women</i> and had authored a weekly personal financial planning column for the <i>Dallas Times Herald</i> and the <i>Milwaukee Journal</i> from 1989 to 1991 and 1985 to 1988, respectively. She is a member of the American Institute of Certified Public Accountants and the Association of Investment Management and Research. E-mail address: [e-mail] <p> <b>Charles L. Ratner</b> is the national director of the Personal Insurance Counseling section of Ernst &amp; Young&#8217;s Personal Financial Counseling practice. Mr. Ratner has authored articles published by the American Bar Association, Trusts and Estates, Commerce Clearing House, and <i>Best&#8217;s Review</i>. He is contributing editor to <i>Ernst &amp; Young&#8217;s Financial Planning Reporter</i> and a contributing editor on the American Bar Association&#8217;s Insurance Counselor Series. He has presented insurance topics to a wide range of audiences including the American Bar Association, the American Institute of Certified Public Accountants, and numerous estate planning councils and professional societies across the nation. He has been quoted on insurance in the <i>Wall Street Journal, BusinessWeek,</i> and other financial press. He is an author of <i>Ernst &amp; Young&#8217;s Retirement Planning Guide.</i> E-mail address: [e-mail]

Table of Contents

Acknowledgments.

About the Authors.

Introduction.

PART I: THE FUNDAMENTALS OF FINANCIAL PLANNING.

1. Taking Charge of the Financial Planning Process.

2. Building Wealth to Meet Your Goals.

3. Building Wealth Through Investment Planning

Set Your Financial Goals; Understand Investment Vehicles.

4. Building Wealth Through Investment Planning

Understand Financial Markets and Concepts; Develop an Investment Strategy.

5. Building Wealth Through Investment Planning

Implement Your Strategy; Monitor Your Investments.

6. Building Wealth (Concluded).

7. Protecting Your Family and Assets Through Life Insurance.

8. Protecting Your Family and Assets Through Health, Disability, Property/Casualty, and Auto Insurance.

9. Providing for Your Family Through Estate Planning.

10. Estate Taxes and Deductions.

11. Gift Tax Fundamentals and Generation-Skipping Transfer Tax.

12. Sophisticated Estate Planning.

13. Estate Liquidity, Powers of Attorney, and Living Wills.

PART II: THE LIFE EVENT APPROACH TO FINANCIAL PLANNING.

14. Getting Married.

15. Raising a Family.

16. Coping With Divorce.

17. Being a Single Parent.

18. Buying and Selling a Home.

19. Funding a College Education.

20. Taking Advantage of Employment Benefits.

21. Starting Your Own Business.

22. Dealing With Your Parents.

23. Losing Your Spouse or Life Partner.

24. Planning for Retirement.

25. Planning for Retirement: Health Care and Insurance Needs.

26. A Few Words in Parting.

Index.