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Protecting Clients from Fraud, Incompetence and Scams
Lance Wallach (Author)
9780470539743, Wiley
Hardback, published 12 March 2010
240 pages
23.6 x 16 x 2.3 cm, 0.426 kg
Protect your clients – and yourself – from all kinds of financial chicanery and stupidity with this vital new book It doesn't matter if a financial error was made because of malice or ignorance – the end result is that you lose money. Luckily, you don't have to sit idly and take it. If you have Protecting Clients from Fraud, Incompetence and Scams, you can identify and avoid the dysfunctional sectors of the financial industry, steer clear of the fallout from the Madoff Era, and guide your clients to real, healthy, sustainable returns. This powerful book Offering insightful information to protect your clients from all sorts of frauds and incompetence, this essential guide equips you with tips and techniques to spot the red flags of fraud and prevent it before it starts.
Acknowledgments ix Introduction: Every Accountant and Attorney Should Read This Book xiii Chapter 1 Meltdown 1 The Party’s Over 2 We All Know the Result 3 Grim Statistics 4 Retirement Plans and the IRS 8 Summary 12 Chapter 2 Everyone Needs a Family Office 15 Why a Family Office? 15 Retaining a Firm 18 The Family Office Advantage 19 Summary 20 Chapter 3 Protect Your (Retirement) Assets 21 The Fiduciary Duty 21 Documenting a Process 22 Plan Options/Simple IRA 23 You Cannot Save Enough 24 Another Option—The 412(e)(3) 25 The Cash-Balance Plan 26 Summary 28 Chapter 4 How Much Did You Lose Last Year? 29 Basic Financial Strategies Quiz 29 Estate and Financial Planning 30 Life Insurance 31 Succession Planning 31 The Buy-Sell 32 Medical Insurance 32 Asset Protection 32 Veba 33 Other Post-Employment Benefits 33 OPEB Cost 34 VEBA Plan Benefits 37 Taxes 38 Retirement 39 Legislative Changes 39 Hsa/hra 39 412(e) 40 Audits 40 Shelters 41 6707a 43 Captives 50 Summary 50 Chapter 5 Self-Defense 51 Captive Insurance 52 Basics 52 Sharing 53 Caveats 54 Summary 55 Chapter 6 Asset Protection Basics 57 Asset Protection—Necessity, Not Luxury 57 Who Needs Asset Protection? 58 Separating Ownership from Control 60 What Is an Asset Protection Plan? 61 What Is a Trust? 62 How Does a Trust Work? 63 How Is a Trust Used? 63 Offshore Trusts 65 Asset Protection FAQs 67 Summary 70 Chapter 7 Shifting the Risk Equation—Insurance Maneuvers 73 Key Employee Insurance 73 LTCi for the Business Owner 76 Life Insurance for Business Continuation 80 Summary 81 Chapter 8 Reevaluating Existing Insurance 83 Evaluation or Audit 83 Consultative Leverage 87 Summary 89 Chapter 9 What Financial Advisors “Forget” to Tell Their Clients 91 Fiduciary Duty 93 Summary 95 Chapter 10 The Truth About Variable Annuities 97 Variable Annuity Components 98 Mortality and Expense Charges 99 Guarantees 100 Summary 100 Chapter 11 What Life Insurance Agents “Forget” to Tell Their Clients 103 Questionable Aspirations 103 Coverage Needs 104 Estate Taxes 104 The ILIT 106 Summary 107 Chapter 12 What You Must Know About Life Settlements 109 Life Settlements 109 Industry Regulation and Compliance 111 Licensing and Reporting 112 Compensation 113 Compensation Abuse 114 Suitability 115 Best Execution and Due Diligence 118 Fraud Prevention 119 Stoli 122 Evaluation and Processing 123 Tax Treatment 126 Case Studies 133 Caveat Venditor 138 Summary 139 Chapter 13 What Health Insurance Agents “Forget” to Tell Their Clients 143 Out of Control Costs 143 Small Business at Risk 146 The Risk of On-Site Medical Clinics 151 Using an HSA for Your Personal Retirement 152 Creating an Employee Retirement Vehicle 153 IRS Form 8889 (HSA) 153 More Effective Strategy 154 Aggregate Cap Planning 155 Hra 156 Managing General Underwriter 158 Summary 160 Chapter 14 College Funding Strategies and Solutions 163 The Traditional Approach 163 Good Intentions, Disastrous Consequences 166 Traditional Vehicles 168 Real Life 180 Summary 187 Chapter 15 Two Alternative Investments for Financial Independence 189 The Tertiary Market 190 History 191 Risk 192 Reward 194 Another Alternative 194 O&G Advantages 195 Summary 197 Chapter 16 Avoiding Fraud: Small Business Case Study 199 Introduction 199 Suspicion 200 Investigation 201 Fraud 202 Dismissal and Prosecution 204 New Mechanisms 205 Summary 206 Appendix A Best of the Best 207 Insurance Advisors 207 Investment Advisors 207 Law 209 Business Services 210 Mark Boehm, MBA, CWPP 217 Aaron Skloff, AIF, CFA, MBA 217 Carl Allen, III 218
Epilogue 213
About the Author 215
About the Contributors 217
Index 219
Subject Areas: Finance & accounting [KF]
