2024 | Book

Wealth

Strategies to Grow and Protect What Matters

Author: Richard P. Rojeck

Part of: Springer Professional "Business + Economics & Engineering + Technology" , Springer Professional "Business + Economics"

Table of Contents

About this book

When hard work and good fortune intersect, wealth is often produced and in abundance.

For the wealthy, questions of “will I have enough?” are often supplanted by “how much is too much?”

Concerns about how to deploy such wealth to enrich their children’s and grandchildren’s lives while not depriving them of their individual purpose and fulfillment that comes in meeting life’s challenges on their own, are common. And methods to most effectively secure a legacy through philanthropy are of keen interest. These are the issues that, for the wealthy, often matter most.

The second edition of Wealth: Strategies to Grow and Protect What Matters helps answer these questions and more. Newly revised, Wealth covers such topics as: How much wealth is enough?; defining a legacy; family governance, estate, gift and income tax strategies; charitable planning; family business; succession planning, and more. Wealth is comprehensive yet written in an approachable, entertaining style.

In this second edition, case studies – based upon real life examples of high net worth individuals – have been incorporated into each chapter to further illustrate the concepts presented. Perhaps you will identify with some of them.

Throughout, questions are presented to help you think about how the principles apply to your own situation. And in the concluding chapter, Tying It All Together, a comprehensive checklist helps you to determine how you “score” in arranging and managing your affairs to grow and protect what matters most to you.

Frontmatter

Chapter 1. Wealth

Abstract

In his book, The Affluent Society, American economist John Kenneth Galbraith writes, “Wealth is not without its advantages and the case to the contrary, although it has often been made, has never proved widely persuasive.”

Richard P. Rojeck

Chapter 2. Your Legacy

Abstract

For many, the thought of planning one’s estate is about as enticing as a root canal. Estate planning involves confronting one’s mortality: that we won’t live forever and that our demise from any number of causes—accident or illness—could come suddenly upon us.

Richard P. Rojeck

Chapter 3. Family Governance

Abstract

Family governance deals with decision making about collective activities as well as for the entities supporting family wealth—its growth and preservation. As a family’s wealth grows, and with it the number of business, investment and charitable structures, so does the need for effective family governance.

Richard P. Rojeck

Chapter 4. Estate Tax Planning

Abstract

Estate planning basically entails the arrangement of your affairs to ensure that your worldly assets pass to whom you want, when you want, and in the proper portion. Ideally that distribution will be unencumbered by the cost, delays, and publicity involved in the probate process.

Richard P. Rojeck

Chapter 5. Charitable Planning

Abstract

Realistically, everyone dying with a taxable estate is a philanthropist—their causes are the federal and state governments, exacted by federal estate and potentially, state inheritance or estate taxes.

Richard P. Rojeck

Chapter 6. Business Succession

Abstract

Very often, a closely held business represents the lion’s share of an individual’s estate. Planning for its continuation or ultimate disposition is paramount within an overall financial plan.

Richard P. Rojeck

Chapter 7. Asset Protection Planning

Abstract

The estate planning process may yield an advantage in addition to the desired distribution of assets with reduced administrative and tax-induced shrinkage. And that is asset protection: techniques designed to protect assets from loss due to creditors and legal judgments. To be clear this isn’t about efforts to avoid legitimate debts and other obligations, but rather to insulate your assets from the depredations of a litigious society—frivolous or excessive claims, in some instances arising merely because of your wealth or visibility within the community.

Richard P. Rojeck

Chapter 8. Life Insurance

Abstract

We live in a world of uncertainty, of risks. This includes risks to our property brought about by events over which we have little or no control, and those we do: storms, earthquakes, fires, floods, accidents and our own actions—liability. We can accept the risk of loss or shift it to a third party—an insurance company. In most cases it makes sense to trade a few premium cents in exchange for dollars, should a claim arise.

Richard P. Rojeck

Chapter 9. Investment Fundamentals

Abstract

Chances are, if you are reading this, you have already achieved financial success, having amassed significant wealth. You are likely financially independent, as defined in chapter one, by a significant multiple. You may continue to lead a public corporation, run a large farm or cattle ranch operation or other private company, or develop real estate, because you love doing it. But your thoughts may be turning to the question of preserving capital, in addition to accumulating more of it.

Richard P. Rojeck

Chapter 10. Principles of Portfolio Management

Abstract

Now that we’ve covered investment fundamentals, let’s put them into practice in the design and management of a portfolio.

Richard P. Rojeck

Chapter 11. Income Tax Planning

Abstract

As the saying goes, only two things in life are certain: death and taxes which of the two is most objectionable is open to debate. Few of us dispute the necessity of income taxes as a means to pay for services that local, state and federal governments provide. The argument is, which services and at what price. Assuming you’re in the top federal bracket, you’ve likely been working about five months each year to pay your income tax.

Richard P. Rojeck

Chapter 12. Selecting a Financial Planner

Abstract

In the last eleven chapters we have covered topics ranging from the efficient frontier to charitable lead trusts and from private placement life insurance to wait and see buy-sell agreements.

Richard P. Rojeck

Chapter 13. Tying It All Together

Abstract

It’s often said that it’s easier to make money than to keep it. While perhaps an exaggeration, it makes the point that properly integrating the disciplines and underlying strategies of investment management, estate and philanthropic planning, risk management, governance and succession of a closely-held business, income tax planning and other considerations into a comprehensive plan and managing them on an ongoing basis is no easy task.

Richard P. Rojeck

Backmatter

Title: Wealth
Author: Richard P. Rojeck
Publisher: Springer Nature Switzerland
Electronic ISBN: 978-3-031-73054-2
Print ISBN: 978-3-031-73053-5
DOI: https://doi.org/10.1007/978-3-031-73054-2