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Staying Wealthy

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Staying Wealthy

Strategies for Protecting Your Assets

Bloomberg Press,

15 min read
10 take-aways
Audio & text

What's inside?

So you’ve made a fortune. Now comes the hard part: Keeping it.

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Editorial Rating

5

Qualities

  • Comprehensive
  • Applicable
  • For Beginners

Recommendation

Brian H. Breuel gives detailed advice about estate planning, business succession, investing, and long-term care. He argues that many wealth-eroding pitfalls can be avoided with diligent planning and professional advice. He covers common problems, including dying without a will, outdated wills, and business succession. Keeping your business’s value in your family’s hands requires planning well in advance of your retirement or death. The well-organized advice here is detailed enough to be useful to sophisticated readers. getAbstract recommends this book to anyone looking for detailed guidance about estate planning and business succession. [getAbstract note: The legal matters covered are based entirely on U.S. law.]

Summary

Fluctuating Wealth

Everyone would love to have the problems that come with being wealthy, but they are still problems. For instance, taxflation - the combined effects of inflation, higher standards of living, and progressive taxation - is a financial pitfall unique to the wealthy. Wealth can be eaten away by insufficient planning about estate matters or business succession. It can deteriorate as people live longer. Investment mistakes or family problems can also erode wealth. However, the biggest potential pitfall in estate planning is failing to act at all.

Issue One: No Will, an Old Will, or No Estate Plan

Some seventy percent of Americans die intestate, that is, without a will, a large and avoidable mistake. If you die without a will, your heirs will have little control over how your assets are distributed. State laws impose distribution plans for the intestate without regard for the survivors’ individual needs and unique situations. Dying with an outdated will also is common. Finally, estate planning means more than just having a will. You must analyze your assets and liabilities, the changing tax laws, and the needs of your heirs. Take these steps:

About the Author

Brian Breuel has worked in financial services since 1968, including stints as a financial planner and life insurance executive. He has earned the ChFC and CLU designations. Breuel has a bachelor’s degree from Princeton, a law degree from the University of Florida, and master’s degrees in management and financial services. This is his second financial planning book.

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