{"product_id":"rattiners-secrets-of-financial-planning-isbn-9781119594277","title":"Rattiner's Secrets of Financial Planning","description":"\u003cp\u003e\u003cb\u003eLearn what it takes to be a success from the ‘all-stars’ of the financial planning and advisory profession\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial planning involves everything from determining the client's financial position, cash flow, and investment strategies, to income tax planning, risk management, insurance, and retirement and estate planning. Financial planners and advisors are responsible for recommendations and decisions that help people define and achieve their financial goals. \u003ci\u003eRattiner's Secrets of Financial Planning \u003c\/i\u003egives industry professionals the opportunity to hear and learn from ‘the best of the best’ in the field.\u003c\/p\u003e \u003cp\u003eAuthor Jeffrey H. Rattiner, a respected leader in Certified Financial Planning (CFP), shares real-world insights and expert advice from hundreds of top-level advisors in the financial planning industry. Readers gain firsthand knowledge of the challenges these successful planners have faced and how they continue to build their practices and reap success in a dynamic financial environment. This comprehensive resource includes templates based on what the best CFPs use in their practices for work programs, data quantification reports, asset allocation model portfolios, pro forma statements, and checklists for each technical financial planning discipline. Designed specifically for industry professionals, this in-depth book:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eOffers CFPs and financial advisors proven advice and practical methods to take their practice to the next level\u003c\/li\u003e \u003cli\u003eIncludes contributions from and interviews with the leading advisors in the profession\u003c\/li\u003e \u003cli\u003eProvides templates taken from the practices of high-level financial advisors\u003c\/li\u003e \u003cli\u003eExplains the key ingredients for building a superior financial planning practice\u003c\/li\u003e \u003cli\u003eHelps develop successful financial planners and strengthen profitable practices\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003ci\u003eRattiner's Secrets of Financial Planning: From Running Your Practice to Optimizing Your Client's Experience \u003c\/i\u003eis an important resource for CFPs, CPAs, financial advisors, financial planners, and high-level corporate executives working in the financial services industry.\u003c\/p\u003e \u003cp\u003eForeword xxi\u003c\/p\u003e \u003cp\u003ePreface xxiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xxvii\u003c\/p\u003e \u003cp\u003eAbout the Author xxix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Today’s Financial Planning Profession 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview 1\u003c\/p\u003e \u003cp\u003eFinancial Planner vs. Financial Advisor 3\u003c\/p\u003e \u003cp\u003eWhat Are the “Expectations for Change” in Our Profession? 4\u003c\/p\u003e \u003cp\u003eFinancial Planning as a “Profession” 5\u003c\/p\u003e \u003cp\u003eLandscape 7\u003c\/p\u003e \u003cp\u003eDeveloping Human Capital: Training and Recruiting Techniques for Entering the Profession 10\u003c\/p\u003e \u003cp\u003eSpecific Ideas for Growing Your Skill Set in Our Profession 13\u003c\/p\u003e \u003cp\u003eCompensation 15\u003c\/p\u003e \u003cp\u003eTechnology 16\u003c\/p\u003e \u003cp\u003eGrowth and Entry Into Our Profession: Buy vs. Build 18\u003c\/p\u003e \u003cp\u003eChange in Regulation 20\u003c\/p\u003e \u003cp\u003eHolistic Financial Planning 21\u003c\/p\u003e \u003cp\u003eChanging of the Guards: The Expanded Family Base and Addressing Additional Needs 21\u003c\/p\u003e \u003cp\u003ePlanner Approach: “Cause vs. Effect” 23\u003c\/p\u003e \u003cp\u003eBehavior Patterns: Making Sure the Client “Gets” It 24\u003c\/p\u003e \u003cp\u003eCommunication and People Skills 28\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 How to Structure Your Practice 31\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOffice Procedures Manual 33\u003c\/p\u003e \u003cp\u003eOffice Expectations Strategies 35\u003c\/p\u003e \u003cp\u003eWhat we expect from each other: 37\u003c\/p\u003e \u003cp\u003eAccountability and Monitoring Client Progress 39\u003c\/p\u003e \u003cp\u003eDetermining the Type of Practice You Are Looking to Run 40\u003c\/p\u003e \u003cp\u003eOperational Thoughts 42\u003c\/p\u003e \u003cp\u003eThe Setup: Establishing Your Business Entity 43\u003c\/p\u003e \u003cp\u003eDevelopment and Follow-Through of Your Business Plan 44\u003c\/p\u003e \u003cp\u003eStrengths 45\u003c\/p\u003e \u003cp\u003eWeaknesses 45\u003c\/p\u003e \u003cp\u003eOpportunities 45\u003c\/p\u003e \u003cp\u003eThreats 46\u003c\/p\u003e \u003cp\u003eDevelopment of a Marketing Plan 47\u003c\/p\u003e \u003cp\u003eLife Coaching and Changing Behavior 47\u003c\/p\u003e \u003cp\u003eIntellectual Capital\/Structuring the Model Firm for the 2020s 50\u003c\/p\u003e \u003cp\u003eMarketing 51\u003c\/p\u003e \u003cp\u003eKnow your target market 52\u003c\/p\u003e \u003cp\u003eSet up a professional advisory board 52\u003c\/p\u003e \u003cp\u003eSet up a client advisory board 53\u003c\/p\u003e \u003cp\u003eBe dedicated in getting to know, understand, and motivate your clients 54\u003c\/p\u003e \u003cp\u003eFind a qualified mentor 55\u003c\/p\u003e \u003cp\u003eIt’s all about referrals! 55\u003c\/p\u003e \u003cp\u003eObtain a professional certification 56\u003c\/p\u003e \u003cp\u003eHost a client event 56\u003c\/p\u003e \u003cp\u003eSend out birthday cards, personal notes, and thank-you letters 56\u003c\/p\u003e \u003cp\u003eWrite articles, be featured in industry\/trade publications, and speak to industry\/trade groups 57\u003c\/p\u003e \u003cp\u003eMake your website professional 57\u003c\/p\u003e \u003cp\u003eBecome an industrywide consumer speaker, starting with local employers 58\u003c\/p\u003e \u003cp\u003eStart a blog 58\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Developing a Well-Thought-Out Personal Financial Plan 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGetting Through to Our Clients: Making Sure We Are on the Same Page 63\u003c\/p\u003e \u003cp\u003eRelating with Clients 64\u003c\/p\u003e \u003cp\u003eCommunicating with Clients 67\u003c\/p\u003e \u003cp\u003eNonverbal Behaviors 67\u003c\/p\u003e \u003cp\u003eListening Skills 68\u003c\/p\u003e \u003cp\u003eSteps in the Personal Financial Planning Process 68\u003c\/p\u003e \u003cp\u003e1. Learning and Understanding the Client’s Personal and Financial Circumstances 69\u003c\/p\u003e \u003cp\u003eEngagement letter 72\u003c\/p\u003e \u003cp\u003eOur Tenets: 73\u003c\/p\u003e \u003cp\u003eWhat We Deliver: 74\u003c\/p\u003e \u003cp\u003eWhat We Expect from You: 75\u003c\/p\u003e \u003cp\u003eOur responsibilities to you 76\u003c\/p\u003e \u003cp\u003eScope of engagement 77\u003c\/p\u003e \u003cp\u003eYour responsibilities to us 78\u003c\/p\u003e \u003cp\u003eOther considerations that are part of this engagement letter 78\u003c\/p\u003e \u003cp\u003e2. Identifying, Evaluating, and Selecting Objectives 80\u003c\/p\u003e \u003cp\u003e3. Analyzing the Client’s Current Course of Action and Potential Alternative Course(s) of Action 84\u003c\/p\u003e \u003cp\u003eStatement of financial position 84\u003c\/p\u003e \u003cp\u003eStatement of cash flow 85\u003c\/p\u003e \u003cp\u003eEffect on Financial Statements 87\u003c\/p\u003e \u003cp\u003e4. Developing the Financial Planning Recommendations 91\u003c\/p\u003e \u003cp\u003e5. Presenting the Financial Planning Recommendations 93\u003c\/p\u003e \u003cp\u003e6. Implementing the Financial Plan 94\u003c\/p\u003e \u003cp\u003e7. Monitoring the Financial Plan 95\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Dispensing Advice on Cash Flow Management and Budgeting Concerns 99\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCash Flow Planning 100\u003c\/p\u003e \u003cp\u003eBudgeting 102\u003c\/p\u003e \u003cp\u003eChange in Cash Flow Alignment 111\u003c\/p\u003e \u003cp\u003eEmergency Fund Planning 112\u003c\/p\u003e \u003cp\u003eDebt Management Ratios 114\u003c\/p\u003e \u003cp\u003eConsumer Debt 115\u003c\/p\u003e \u003cp\u003eHousing Costs 115\u003c\/p\u003e \u003cp\u003eTotal Debt 116\u003c\/p\u003e \u003cp\u003eSavings Strategies 116\u003c\/p\u003e \u003cp\u003eDebt Management 117\u003c\/p\u003e \u003cp\u003eSecured vs. Unsecured Debt 118\u003c\/p\u003e \u003cp\u003eBuy vs. Lease\/Rent 118\u003c\/p\u003e \u003cp\u003eMortgage Financing 119\u003c\/p\u003e \u003cp\u003eTypes of Mortgages 120\u003c\/p\u003e \u003cp\u003eHome Equity Loan and Line of Credit 122\u003c\/p\u003e \u003cp\u003eRefinancing 122\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Dispensing Advice on Insurance 125\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eRisk Management 126\u003c\/p\u003e \u003cp\u003eHow much insurance is necessary? 129\u003c\/p\u003e \u003cp\u003eLife Insurance 130\u003c\/p\u003e \u003cp\u003eTypes of term insurance 131\u003c\/p\u003e \u003cp\u003eTypes of cash value insurance policies 132\u003c\/p\u003e \u003cp\u003eWhole life insurance 132\u003c\/p\u003e \u003cp\u003eNonforfeiture options 136\u003c\/p\u003e \u003cp\u003eLong-term care rider 137\u003c\/p\u003e \u003cp\u003eSettlement options 137\u003c\/p\u003e \u003cp\u003eDisability Income Insurance (Individual) 138\u003c\/p\u003e \u003cp\u003eBenefit period 140\u003c\/p\u003e \u003cp\u003eElimination period 141\u003c\/p\u003e \u003cp\u003eBenefit amount 141\u003c\/p\u003e \u003cp\u003eContinuation provisions 143\u003c\/p\u003e \u003cp\u003eTaxation of premiums and benefits 143\u003c\/p\u003e \u003cp\u003eHealth Insurance 144\u003c\/p\u003e \u003cp\u003eLong-Term Care Insurance (Individual) 145\u003c\/p\u003e \u003cp\u003eADLs 146\u003c\/p\u003e \u003cp\u003eServices covered 146\u003c\/p\u003e \u003cp\u003eBenefit period 147\u003c\/p\u003e \u003cp\u003eElimination period 147\u003c\/p\u003e \u003cp\u003eHomeowners Insurance 150\u003c\/p\u003e \u003cp\u003ePolicy coverages 151\u003c\/p\u003e \u003cp\u003eSection I Coverages 151\u003c\/p\u003e \u003cp\u003eSection II Coverages 151\u003c\/p\u003e \u003cp\u003eHomeowner policy types 152\u003c\/p\u003e \u003cp\u003eTerminology 154\u003c\/p\u003e \u003cp\u003eHow much coverage does a homeowner need? 155\u003c\/p\u003e \u003cp\u003eCalculation for benefits paid from partial coverage paid from a loss 155\u003c\/p\u003e \u003cp\u003eAutomobile Insurance 156\u003c\/p\u003e \u003cp\u003eCoverages 156\u003c\/p\u003e \u003cp\u003ePersonal Umbrella Liability Insurance 159\u003c\/p\u003e \u003cp\u003eProfessional liability 161\u003c\/p\u003e \u003cp\u003eDirectors and Officers (D\u0026amp;O) Liability 161\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Dispensing Advice on Investing 163\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Risk 165\u003c\/p\u003e \u003cp\u003eSystematic risk 165\u003c\/p\u003e \u003cp\u003eUnsystematic risk 168\u003c\/p\u003e \u003cp\u003eStandard deviation 169\u003c\/p\u003e \u003cp\u003eCovariance 170\u003c\/p\u003e \u003cp\u003eSemi-variance 171\u003c\/p\u003e \u003cp\u003eOther Issues That May Impact Investment Decisions 171\u003c\/p\u003e \u003cp\u003eTax risk 171\u003c\/p\u003e \u003cp\u003eInvestment manager risk 171\u003c\/p\u003e \u003cp\u003eLiquidity and marketability 172\u003c\/p\u003e \u003cp\u003eRisk tolerance 173\u003c\/p\u003e \u003cp\u003eTime horizon 173\u003c\/p\u003e \u003cp\u003eDiversification 173\u003c\/p\u003e \u003cp\u003eAppropriate benchmarks 174\u003c\/p\u003e \u003cp\u003eInvestor Returns 174\u003c\/p\u003e \u003cp\u003eExpected return 174\u003c\/p\u003e \u003cp\u003eRealized or actual return 175\u003c\/p\u003e \u003cp\u003eTotal return 175\u003c\/p\u003e \u003cp\u003eTaxable equivalent yield (TEY) 175\u003c\/p\u003e \u003cp\u003eCorrelation coefficient (R) 176\u003c\/p\u003e \u003cp\u003eCoefficient of determination (R2) 176\u003c\/p\u003e \u003cp\u003eUse of R2 in portfolio evaluation 177\u003c\/p\u003e \u003cp\u003eRisk-Adjusted Performance Measures 178\u003c\/p\u003e \u003cp\u003eMinimum required rate of return 178\u003c\/p\u003e \u003cp\u003eCapital asset pricing model (CAPM) 179\u003c\/p\u003e \u003cp\u003eSharpe ratio 180\u003c\/p\u003e \u003cp\u003eSharpe Performance Index (Si) 181\u003c\/p\u003e \u003cp\u003eTreynor ratio 182\u003c\/p\u003e \u003cp\u003eTreynor Performance Index (Ti) 182\u003c\/p\u003e \u003cp\u003eJensen ratio (aka “alpha”) 183\u003c\/p\u003e \u003cp\u003eJensen Performance Index (𝛼, alpha) 183\u003c\/p\u003e \u003cp\u003eInvestment Policy Statements 184\u003c\/p\u003e \u003cp\u003eAsset Allocation and Portfolio Diversification 186\u003c\/p\u003e \u003cp\u003eStrategic asset allocation 187\u003c\/p\u003e \u003cp\u003eRebalancing 188\u003c\/p\u003e \u003cp\u003ePractical Approaches 188\u003c\/p\u003e \u003cp\u003eModern Portfolio Theory (MPT) 188\u003c\/p\u003e \u003cp\u003eEfficient Market Hypothesis (EMH) 189\u003c\/p\u003e \u003cp\u003eBehavioral finance 189\u003c\/p\u003e \u003cp\u003eStrategies for concentrated portfolios 190\u003c\/p\u003e \u003cp\u003eBond duration 190\u003c\/p\u003e \u003cp\u003eCapitalized earnings 191\u003c\/p\u003e \u003cp\u003eFundamental analysis 192\u003c\/p\u003e \u003cp\u003eProbability analysis\/Monte Carlo simulation 193\u003c\/p\u003e \u003cp\u003ePassive investing\/indexing 193\u003c\/p\u003e \u003cp\u003eBuy and hold 194\u003c\/p\u003e \u003cp\u003eDollar cost averaging 194\u003c\/p\u003e \u003cp\u003eDividend reinvestment plans (DRIPs) 195\u003c\/p\u003e \u003cp\u003eTax Efficiency 195\u003c\/p\u003e \u003cp\u003eWash sale rule 197\u003c\/p\u003e \u003cp\u003eQualified dividends 197\u003c\/p\u003e \u003cp\u003eTax-free income 197\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Dispensing Advice on Income Tax 199\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFiling Status Issues 200\u003c\/p\u003e \u003cp\u003eTax implications of marriage 200\u003c\/p\u003e \u003cp\u003eSeven Steps to Calculating Income Tax Liability 203\u003c\/p\u003e \u003cp\u003eStep 1: Gross income 203\u003c\/p\u003e \u003cp\u003eStep 2: Adjustments to income: above-the-line deductions 205\u003c\/p\u003e \u003cp\u003eSteps 3 and 4: Determine the higher of the standard deduction or itemized deductions 206\u003c\/p\u003e \u003cp\u003eStep 5: Tax liability is calculated, credits are a way of reducing that liability 207\u003c\/p\u003e \u003cp\u003eStep 6: Tax credits 208\u003c\/p\u003e \u003cp\u003eStep 7: Comparing amounts paid in through estimated payments or federal withholding tax against tax liability will determine gains and losses 211\u003c\/p\u003e \u003cp\u003eBusiness Entities 211\u003c\/p\u003e \u003cp\u003eSection 199A deduction for qualified business income 211\u003c\/p\u003e \u003cp\u003eSole proprietorship 212\u003c\/p\u003e \u003cp\u003eAdvantages: 212\u003c\/p\u003e \u003cp\u003eDisadvantages: 213\u003c\/p\u003e \u003cp\u003ePartnership 213\u003c\/p\u003e \u003cp\u003eAdvantages: 214\u003c\/p\u003e \u003cp\u003eDisadvantages: 214\u003c\/p\u003e \u003cp\u003eLimited partnership 214\u003c\/p\u003e \u003cp\u003eAdvantages: 215\u003c\/p\u003e \u003cp\u003eDisadvantages: 215\u003c\/p\u003e \u003cp\u003eLimited liability company (LLC) 215\u003c\/p\u003e \u003cp\u003eAdvantages: 215\u003c\/p\u003e \u003cp\u003eLimited liability partnership (LLP) 216\u003c\/p\u003e \u003cp\u003eAdvantages: 216\u003c\/p\u003e \u003cp\u003eS corporation 216\u003c\/p\u003e \u003cp\u003eAdvantages: 216\u003c\/p\u003e \u003cp\u003eDisadvantages: 217\u003c\/p\u003e \u003cp\u003eC corporation 219\u003c\/p\u003e \u003cp\u003eAdvantages: 220\u003c\/p\u003e \u003cp\u003eSection 1244 stock (small business stock election) 220\u003c\/p\u003e \u003cp\u003eAdvantages: 221\u003c\/p\u003e \u003cp\u003eDisadvantages: 221\u003c\/p\u003e \u003cp\u003ePersonal capital gains and losses 222\u003c\/p\u003e \u003cp\u003eBasis 222\u003c\/p\u003e \u003cp\u003eSection 179 Deduction 223\u003c\/p\u003e \u003cp\u003eTax Planning Strategies 225\u003c\/p\u003e \u003cp\u003eAccelerated deductions 225\u003c\/p\u003e \u003cp\u003eDeferral of income 226\u003c\/p\u003e \u003cp\u003eLike-Kind Exchanges 227\u003c\/p\u003e \u003cp\u003eSection 1031 227\u003c\/p\u003e \u003cp\u003eSale of personal residence 229\u003c\/p\u003e \u003cp\u003eVacation homes 231\u003c\/p\u003e \u003cp\u003eIncome Recognition 231\u003c\/p\u003e \u003cp\u003eCash vs. accrual basis taxpayer 232\u003c\/p\u003e \u003cp\u003eActive income 232\u003c\/p\u003e \u003cp\u003ePassive income 232\u003c\/p\u003e \u003cp\u003ePortfolio income 234\u003c\/p\u003e \u003cp\u003eInstallment sales 234\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Dispensing Advice on Retirement Planning 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eShift in The Definition of Retirement Planning 238\u003c\/p\u003e \u003cp\u003eThe Stages of Retirement 240\u003c\/p\u003e \u003cp\u003eRetirement Needs Analysis 240\u003c\/p\u003e \u003cp\u003eAccumulation Stage 244\u003c\/p\u003e \u003cp\u003eTypes of retirement plans 244\u003c\/p\u003e \u003cp\u003eQualified Plans 245\u003c\/p\u003e \u003cp\u003eDifferences between defined benefit and defined contribution plans 245\u003c\/p\u003e \u003cp\u003eRelevant factors and limitations affecting contributions or benefits 246\u003c\/p\u003e \u003cp\u003eMultiple plans 247\u003c\/p\u003e \u003cp\u003eDefined benefit plan 248\u003c\/p\u003e \u003cp\u003eCash balance plan 249\u003c\/p\u003e \u003cp\u003eDefined contribution plan 250\u003c\/p\u003e \u003cp\u003eMoney purchase plan 251\u003c\/p\u003e \u003cp\u003eTarget benefit plan 251\u003c\/p\u003e \u003cp\u003eProfit-sharing plan 252\u003c\/p\u003e \u003cp\u003eSection 401(k) retirement plan 252\u003c\/p\u003e \u003cp\u003eSolo 401(k) plan 254\u003c\/p\u003e \u003cp\u003eAge-based (profit-sharing) plan 255\u003c\/p\u003e \u003cp\u003eStock bonus plan 256\u003c\/p\u003e \u003cp\u003eEmployee stock ownership plan (ESOP) 256\u003c\/p\u003e \u003cp\u003eNew comparability plan 257\u003c\/p\u003e \u003cp\u003eThrift (or savings) plan 257\u003c\/p\u003e \u003cp\u003ePersonal Retirement Plans 258\u003c\/p\u003e \u003cp\u003eTraditional IRAs 258\u003c\/p\u003e \u003cp\u003eDeductibility 258\u003c\/p\u003e \u003cp\u003eRoth IRAs 259\u003c\/p\u003e \u003cp\u003eConverting a traditional IRA into a Roth IRA 259\u003c\/p\u003e \u003cp\u003eFive-year rule 260\u003c\/p\u003e \u003cp\u003eSimplified employee pension IRAs (SEP IRAs) 261\u003c\/p\u003e \u003cp\u003eSIMPLEs 262\u003c\/p\u003e \u003cp\u003eSection 403(b) plans (aka “tax sheltered annuity” or TSA) 264\u003c\/p\u003e \u003cp\u003eSection 457 plans 264\u003c\/p\u003e \u003cp\u003eNonqualified deferred compensation 265\u003c\/p\u003e \u003cp\u003eConservation Stage 266\u003c\/p\u003e \u003cp\u003eDistribution Stage 266\u003c\/p\u003e \u003cp\u003eDistribution options 267\u003c\/p\u003e \u003cp\u003ePremature distributions 267\u003c\/p\u003e \u003cp\u003eReverse mortgages 268\u003c\/p\u003e \u003cp\u003eRequired minimum distributions (RMDs) 269\u003c\/p\u003e \u003cp\u003eInherited IRAs 269\u003c\/p\u003e \u003cp\u003eQualified domestic relations orders (QDROs) 269\u003c\/p\u003e \u003cp\u003eNet unrealized appreciation (NUA) 270\u003c\/p\u003e \u003cp\u003eSocial Security 270\u003c\/p\u003e \u003cp\u003eThe basics 271\u003c\/p\u003e \u003cp\u003eEligibility and benefit 272\u003c\/p\u003e \u003cp\u003eRetirement benefits 272\u003c\/p\u003e \u003cp\u003eDisability benefits 273\u003c\/p\u003e \u003cp\u003eSurvivor benefits 273\u003c\/p\u003e \u003cp\u003eFamily limitations 274\u003c\/p\u003e \u003cp\u003eHow benefits are calculated 274\u003c\/p\u003e \u003cp\u003eWorking after retirement 274\u003c\/p\u003e \u003cp\u003eTaxation of Social Security benefits 275\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Dispensing Advice on Estate Planning 277\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEstate Planning Mistakes 281\u003c\/p\u003e \u003cp\u003eProperty Titling 283\u003c\/p\u003e \u003cp\u003eCommunity property versus noncommunity property 283\u003c\/p\u003e \u003cp\u003eCommon law 284\u003c\/p\u003e \u003cp\u003eCommunity property 284\u003c\/p\u003e \u003cp\u003eQuasi-community property 286\u003c\/p\u003e \u003cp\u003eSole ownership 286\u003c\/p\u003e \u003cp\u003eJoint tenancy with right of survivorship (JTWROS) 286\u003c\/p\u003e \u003cp\u003eTenancy-by-the-entirety 287\u003c\/p\u003e \u003cp\u003eTenancy-in-common 287\u003c\/p\u003e \u003cp\u003eProbate 288\u003c\/p\u003e \u003cp\u003eAncillary probate 289\u003c\/p\u003e \u003cp\u003eWills 289\u003c\/p\u003e \u003cp\u003eTypes of wills 289\u003c\/p\u003e \u003cp\u003eModifying or revoking a will 290\u003c\/p\u003e \u003cp\u003eAvoiding will contests 290\u003c\/p\u003e \u003cp\u003eContents xvii\u003c\/p\u003e \u003cp\u003ePowers of Attorney 291\u003c\/p\u003e \u003cp\u003eTrusts 291\u003c\/p\u003e \u003cp\u003eSimple and complex 292\u003c\/p\u003e \u003cp\u003eRevocable and irrevocable 292\u003c\/p\u003e \u003cp\u003eTypes and basic provisions (of trusts) 294\u003c\/p\u003e \u003cp\u003eMarital Trust (Type A) 294\u003c\/p\u003e \u003cp\u003eBypass Trust (Type B) 294\u003c\/p\u003e \u003cp\u003eQualified Terminable Interest Property (QTIP) Trust (Type C) 294\u003c\/p\u003e \u003cp\u003ePour-over trust 295\u003c\/p\u003e \u003cp\u003eSpendthrift trust 296\u003c\/p\u003e \u003cp\u003eSpecial needs trust 296\u003c\/p\u003e \u003cp\u003eQualified domestic trust (QDOT) 296\u003c\/p\u003e \u003cp\u003eSprinkling provision 296\u003c\/p\u003e \u003cp\u003eTrust beneficiaries: income and remainder 297\u003c\/p\u003e \u003cp\u003eEstate and gift taxation 297\u003c\/p\u003e \u003cp\u003eGifting strategies 298\u003c\/p\u003e \u003cp\u003eInter-vivos Gifting 298\u003c\/p\u003e \u003cp\u003eGift-giving techniques and strategies 299\u003c\/p\u003e \u003cp\u003eTax Implications 300\u003c\/p\u003e \u003cp\u003eIncome 300\u003c\/p\u003e \u003cp\u003eGift 300\u003c\/p\u003e \u003cp\u003eEstate 301\u003c\/p\u003e \u003cp\u003eEducation and medical exclusions 301\u003c\/p\u003e \u003cp\u003eMarital and charitable deductions 301\u003c\/p\u003e \u003cp\u003eGross Estate 302\u003c\/p\u003e \u003cp\u003eInclusions 302\u003c\/p\u003e \u003cp\u003eExclusions 303\u003c\/p\u003e \u003cp\u003eSources for Estate Liquidity 303\u003c\/p\u003e \u003cp\u003eSale of assets 303\u003c\/p\u003e \u003cp\u003eLife insurance 304\u003c\/p\u003e \u003cp\u003eLoan 304\u003c\/p\u003e \u003cp\u003eValuation Issues 304\u003c\/p\u003e \u003cp\u003eEstate freezes 304\u003c\/p\u003e \u003cp\u003eMinority (interest) discounts 305\u003c\/p\u003e \u003cp\u003eMarketability discounts 305\u003c\/p\u003e \u003cp\u003eBlockage discounts 306\u003c\/p\u003e \u003cp\u003eKey person discounts 306\u003c\/p\u003e \u003cp\u003ePowers of Appointment 306\u003c\/p\u003e \u003cp\u003eGeneral and special (limited) powers: 5 and 5 power 307\u003c\/p\u003e \u003cp\u003eCrummey power 307\u003c\/p\u003e \u003cp\u003eDistributions for an ascertainable standard (HEMS standard) 307\u003c\/p\u003e \u003cp\u003eDeferral and Minimization of Estate Taxes 308\u003c\/p\u003e \u003cp\u003eExclusion of property from the gross estate 308\u003c\/p\u003e \u003cp\u003eLifetime gifting strategies 308\u003c\/p\u003e \u003cp\u003eInter-vivos and testamentary charitable gifts 309\u003c\/p\u003e \u003cp\u003eCharitable Transfers 309\u003c\/p\u003e \u003cp\u003eOutright gifts 309\u003c\/p\u003e \u003cp\u003eCharitable remainder trusts (CRTs) 309\u003c\/p\u003e \u003cp\u003eUnitrusts (CRUTs) 309\u003c\/p\u003e \u003cp\u003eAnnuity trusts (CRATs) 310\u003c\/p\u003e \u003cp\u003eCharitable lead trusts (CLTs) 310\u003c\/p\u003e \u003cp\u003eGeneration-Skipping Transfer Tax (GSTT) 310\u003c\/p\u003e \u003cp\u003eIntra-Family and Other Business Transfer Techniques 311\u003c\/p\u003e \u003cp\u003eInstallment note 311\u003c\/p\u003e \u003cp\u003eSelf-canceling installment note (SCIN) 312\u003c\/p\u003e \u003cp\u003ePrivate annuity 312\u003c\/p\u003e \u003cp\u003eIntentionally defective grantor trust 312\u003c\/p\u003e \u003cp\u003eIntra-family loan 313\u003c\/p\u003e \u003cp\u003eBargain sale 313\u003c\/p\u003e \u003cp\u003eGift or sale-leaseback 314\u003c\/p\u003e \u003cp\u003eFamily limited partnership 314\u003c\/p\u003e \u003cp\u003eLimited liability company 314\u003c\/p\u003e \u003cp\u003eAsset protection 314\u003c\/p\u003e \u003cp\u003eGrantor retained annuity trusts (GRATs) (qualified interest trusts) 315\u003c\/p\u003e \u003cp\u003eGrantor retained unitrusts (GRUTs) 315\u003c\/p\u003e \u003cp\u003eQualified personal residence trusts (QPRTs or house-GRITs) 315\u003c\/p\u003e \u003cp\u003ePostmortem Estate Planning Techniques 317\u003c\/p\u003e \u003cp\u003eAlternate valuation date (AVD) 317\u003c\/p\u003e \u003cp\u003eQualified disclaimer 318\u003c\/p\u003e \u003cp\u003eDeferral of estate tax (IRC Section 6166) 318\u003c\/p\u003e \u003cp\u003eCorporate stock redemption (IRC Section 303) 319\u003c\/p\u003e \u003cp\u003eSpecial use valuation (IRC Section 2032A) 319\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Dispensing Advice on Niche Planning 321\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEducation Planning 322\u003c\/p\u003e \u003cp\u003eAnalyzing the education issues 322\u003c\/p\u003e \u003cp\u003eEducation needs analysis 324\u003c\/p\u003e \u003cp\u003eEducation savings vehicles 325\u003c\/p\u003e \u003cp\u003e529 Plans (Qualified Tuition Programs (QTPs)) 325\u003c\/p\u003e \u003cp\u003eAdvantages: 325\u003c\/p\u003e \u003cp\u003eCoverdell Education Savings Account 326\u003c\/p\u003e \u003cp\u003eDivorce 327\u003c\/p\u003e \u003cp\u003eAnalyzing the divorce issues 328\u003c\/p\u003e \u003cp\u003eAlimony and child support 330\u003c\/p\u003e \u003cp\u003ePre-2019 Alimony Deductibility Criteria 330\u003c\/p\u003e \u003cp\u003eProperty settlements per IRC Section 1041 330\u003c\/p\u003e \u003cp\u003eMarriages, cohabitation, and remarriages 330\u003c\/p\u003e \u003cp\u003ePrenuptial agreement (marital property agreement) 331\u003c\/p\u003e \u003cp\u003eClosely-Held Business Owner (CHBO) 331\u003c\/p\u003e \u003cp\u003eAnalyzing the CHBO issues 331\u003c\/p\u003e \u003cp\u003eBuy-sell agreements 332\u003c\/p\u003e \u003cp\u003eBuy-sell agreements – estate planning context 333\u003c\/p\u003e \u003cp\u003eBuy-sell disability income insurance funding 334\u003c\/p\u003e \u003cp\u003eKey-employee life insurance 335\u003c\/p\u003e \u003cp\u003eSplit-dollar life insurance 335\u003c\/p\u003e \u003cp\u003eStrategies for closely-held business owners 336\u003c\/p\u003e \u003cp\u003eIndex 339\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eJEFFREY H. RATTINER, CPA, CFP\u003csup\u003e®\u003c\/sup\u003e, MBA,\u003c\/b\u003e is a renowned author, speaker, and educator with over 31 years of experience as a trainer, mentor, industry liaison, tax professional, and financial planner. He is the recipient of numerous financial planning industry awards and is a leading innovator on financial planning educational programs. He is best known as the \"lively and entertaining instructor\" through his nationally acclaimed CFP\u003csup\u003e®\u003c\/sup\u003e educational program, \u003ci\u003eRattiner's Financial Planning Fast Tr\u003csup\u003ea\u003c\/sup\u003eck©.\u003c\/i\u003e   \u003c\/p\u003e\u003cp\u003e\u003ci\u003eRattiner's Secrets of Financial Planning: From Running Your  Practice to Optimizing Your Client's Experience\u003c\/i\u003e provides readers with a practical, strategic, and technical approach to improving and growing their financial planning practice. Filled with the actionable and concrete advice distilled from the author's three decades of experience in the industry, this book reflects on his experiences over that time and how you can apply them to better serve your clients and your practice. \u003c\/p\u003e\u003cp\u003e\u003ci\u003eRattiner's Secrets of Financial Planning\u003c\/i\u003e begins with an insightful analysis of the current state of the financial planning profession. The author goes on to advise the reader on how to structure their practice to best serve their clients and how to develop a well-thought out personal financial plan. \u003c\/p\u003e\u003cp\u003eThe rest of the book is split into chapters that discuss the issues that arise when advising clients on specific and commonly encountered financial planning topics. Insurance, investing, income tax, retirement, and estate planning are all covered in illuminating detail. Finally, the book concludes with a chapter on niche financial planning topics that, while less common, deserve specific attention. \u003c\/p\u003e\u003cp\u003ePeppered throughout the book are \"Rattiner's Secrets,\" full of specific advice for situations that financial planners may encounter throughout the course of their careers. The author applies his decades of experience to these examples, showing readers how they can use problems and dilemmas to the advantage of their practice and their clients. \u003c\/p\u003e\u003cp\u003ePerfect for anyone involved in the financial planning industry, as well as aspiring financial planners and students who have yet to enter the industry, this book belongs on the shelves of anyone who hopes to improve their financial planning practice and the lives of their clients.   \u003c\/p\u003e\u003cp\u003ePRAISE FOR \u003cb\u003eRATTINER'S SECRETS OF Financial Planning \u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"Being practical and proven are two foundations of a compelling advisor book, and this one has both! Throughout this insightful (and sometimes humorous) collection of best practices, Jeffrey Rattiner hands advisors a detailed recipe for success in building a modern-day practice designed to serve clients at the highest level. We need more wisdom—and advisors—like this to further our industry!\" \u003cb\u003e—RON CARSON,\u003c\/b\u003e CEO and Founder, Carson Group \u003c\/p\u003e\u003cp\u003e\"Jeff Rattiner has a wealth of knowledge when it comes to financial planning. The profession is lucky that he shares his expertise both through his writing and fantastic teaching style. We are fortunate he has added another book to his armamentarium.\" \u003cb\u003e—CAROLYN M\u003csmall\u003eC\u003c\/small\u003eCLANAHAN,\u003c\/b\u003e Founder, Life Planning Partners, Inc. \u003c\/p\u003e\u003cp\u003e\"For decades, Jeff Rattiner has been one of financial planning's most insightful commentators, most effective educators, and most productive convenors of the industry's thought leaders. \u003ci\u003eRattiner's Secrets of Financial Planning\u003c\/i\u003e makes yet another important contribution to understanding the industry's past, present, and future. Even more importantly, it sets out pathways to success for practitioners and, especially, for their clients.\" \u003cb\u003e—TIM KOCHIS,\u003c\/b\u003e CEO, Kochis Global \u003c\/p\u003e\u003cp\u003e\"Jeff Rattiner is not only an expert on financial planning, he is an expert on financial planners. His ability to simplify complex issues is well respected, but he is most adept at discovering the things we may not be thinking about but should be.\" \u003cb\u003e—ROSS LEVIN,\u003c\/b\u003e CEO and Founder, Accredited Investors Wealth Management \u003c\/p\u003e\u003cp\u003e\"Jeff Rattiner has been an excellent resource and advocate for the financial planning profession for years. His newest book follows in this path as a resource of advice on key issues for financial planning success.\" \u003cb\u003e—WADE D. PFAU,\u003c\/b\u003e Professor of Retirement Income, The American College\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989914403045,"sku":"NP9781119594277","price":60.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119594277.jpg?v=1761785890","url":"https:\/\/k12savings.com\/es\/products\/rattiners-secrets-of-financial-planning-isbn-9781119594277","provider":"K12savings","version":"1.0","type":"link"}