Personal Finance work areas and work plans
This page will eventually provide tables of contents of several personal finance books that may be used for identifying area of work. See calendarization and concepts to daily action. Some of the approaches and ideas in Power of an Hour might be useful—depends on a person's developmental desires. See Financial Investing
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The Consumer Reports Money Book
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Foreword
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I Banking
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1 Checking Accounts
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Checking Accounts: The Workhorses of Personal Finance
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Kinds of Checking Accounts
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Choosing an Account
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Close-up: Special Situations in Checking
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Close-up: What's in the Fine Print?
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2 Savings Accounts
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How Much Liquidity Do You Need?
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Passbook and Statement Savings Accounts
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Money Market Accounts
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Certificates of Deposit
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Are Bank Investments the Best for You?
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Close-up: Legal Protection for Depositors
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3 Loans
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Borrowing: Some Pros and Cons
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Mortgages
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Automobile Loans
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Personal Loans
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Home Equity Loans
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Close-up: How to Shop for a Loan
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Close-up: Refinancing Your Mortgage
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4 Charge Cards
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Types of Cards
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Your Personal Charge-Card Portfolio
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Convenience and Its Costs
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Shopping for Charge Cards
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Loss and Fraudulent Use
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Close-up: Legal Protection for Cardholders
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5 Banking Alternatives
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New Competition for Banks
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Credit Unions
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Money Market Mutual Funds
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Asset Management Accounts
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Loan Alternatives
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Close-up: Shopping in the Financial Supermarket
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Close-up: What's in the Fine Print?
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II Money Management
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6 Budgeting
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The Advantages of Budgeting
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Step One: Cash-Flow Analysis
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Step Two: Setting Budget Goals
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Step Three: Allocating Resources
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Step Four: Year-End Review
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Close-up: Budgeting for the Unexpected
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Close-up: Keeping Your Documents
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Close-up: Making Your Budget Work
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7 Financial Planning
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Setting Your Goals
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Achieving Your Goals
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Close-up: Regulating Financial Planners
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8 Credit Rating
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How Credit Ratings Are Built
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Dealing with the Credit Bureau
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Problems Encountered by Women
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If You Are at Fault
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If You Are Denied Credit
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Close-up: Credit Report Checklist
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9 Bankruptcy
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Bankruptcy: Protection from Creditors
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Personal Bankruptcy
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Avoiding Bankruptcy
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The Bankruptcy Process
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Close-up: How Much Debt Is Too Much Debt?
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III Taxes
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10 Tax Planning
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The New Rules of the Game
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Tax Rules That May Affect You
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Maintaining Tax-Related Records
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A Tax-Planning Calendar
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Close-up: Withholding
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11 Special Tax Situations
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Business Deductions
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Investments
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Divorce
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Alternative Minimum Tax
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Close-up: Help with Your Return
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Close-up: Scrutiny by the IRS
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IV Insurance
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12 Health Insurance
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Protecting Your Most Valuable Asset
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Traditional Indemnity Insurance
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Dental Coverage
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HMOs and Health Service Contractors
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Medicare
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Medicaid
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Close-up: Tips for Buying Health Insurance
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Close-up: Health Coverage for the Unemployed
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13 Life Insurance
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Who Needs Life Insurance?
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How Much Life Insurance Do You Need?
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How Insurance Companies Measure You as a Risk
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Types of Policies
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How to Buy Life Insurance
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Close-up: Life Insurance for the Elderly
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14 Homeowner's Insurance
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Homeowner's Insurance: Peace of Mind and Protection from
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Losses
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Insurance for the Home
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Insurance for Your Personal Property
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Liability Insurance
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Insurance for Renters
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Close-up: Your Household Inventory
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Close-up: Discounts for Homeowner's Insurance Shoppers
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Close-up: What to Do If Disaster Strikes
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15 Automobile Insurance
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Protection for You and Your Car
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Basic Automobile Insurance Protection
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No-Fault Insurance
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How Premiums Are Established
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Insurance for High-Risk Drivers
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Shopping for Insurance
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Close-up: Watch out for Packaged Policies
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Close-up: If You Are Involved in an Accident
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16 Other Insurance
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Disability Insurance
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Dread-Disease Insurance
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Title Insurance
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Legal Insurance
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V Investing
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17 Principles of Investing
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Liquidity Safety and Total Return
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An Investment Strategy
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Is Sound Advice Available?
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Do-It-Yourself Investing
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Investment Alternatives
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Timing and Diversification
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18 Stocks
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Stocks: A Piece of the Action-And the Risk
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Stock Market Basics
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Investing in the Stock Market
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Can Anyone Beat the Stock Market?
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Close-up: A Short Course in Living Dangerously
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Close-up: Technical Analysis
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Close-up: How to Handle Problems with Your Broker
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19 Bonds
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Bonds: Fixed-Income Securities
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Investing in Bonds
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Types of Bonds
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20 Mutual Funds
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Types of Mutual Funds
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Fees Charged by Mutual Funds
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The Performance of Mutual Funds
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Selecting a Fund
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Close-up: Funds for Each Phase of Your Life
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21 Your Home
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Determining How Much You Can Afford
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Deciding What Kind of Home to Buy
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Finding the Right Location and Structure
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Making an Offer
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Financing the Purchase
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The Closing
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Protecting Your Investment
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Selling Your Home
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Renting
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22 Other Real Estate
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The Second Home
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Other Real Estate Investments
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VI Retirement Planning
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23 How to Plan for Your Retirement
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Preparing the 30-Year Plan
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Early Planning (Ages 20 to 50)
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Late-Stage Planning (Ages 50 to 60)
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Implementing the Plan (Ages 60+)
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Close-up: Early Retirement
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Close-up: Housing Alternatives
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24 IRAs, Keoghs, and 401(k) Plans
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IRAs
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The Roth IRA
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Keoghs
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Simplified Employee Pensions (SEPs)
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401(k) and 403(b) Plans
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Close-up: Borrowing from Your 401(k)
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25 Social Security and Pensions
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Social Security
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Employee Pension Plans
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26 Wills and Trusts
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Providing for Your Heirs: Wills, Trusts, and Taxes
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Wills
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Trusts
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Power of Attorney
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Unified Federal Gift and Estate Taxes
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Letter of Instruction
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Your Living Will
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The Complete Estate Planning Guide
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Creating Your Estate
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The Modern Dilemma: Creating an Estate in an Affluent Society
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Getting Started
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The dynamics of the "Four firsts"
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Residence
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Income
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Savings account
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Life insurance
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Need for Objectives
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How to begin
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Your inventory analysis
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Your estate picture
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Life insurance: The universal estate builder
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Your occupation and its opportunities:
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The Corporation Compensation Package
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Selective Bargaining for the Executive
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Self-help for the self employed
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Investments:
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Making your capital work for you
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Putting your capital in Real Estate
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The Day the Work Stops: Disability and Retirements
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Conserving and Transferring your estate
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Estate Transference: The Problem of goals
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The Unified Estate Gift Tax and How It Works
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Giving During Your Lifetime: The Benefits of Family Ownership of Property
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The Living Trust
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Why Everyone Needs a Will
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An Ounce of Prevention: Meeting the Problem of Tax Erosion
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Assessing Your Estate: What to Leave and How to Leave it
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It Pays to be Charitable
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What to Do with Your Business
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The Sole Proprietor
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The Family Enterprise
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The Part Owner
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Choosing Your Estate Managers
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A Last Word on Estate Planning: Don't do it all yourself
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Appendix
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Worksheets
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My Advisors Are
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Categories
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Attorneys
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Accountants
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Life insurance
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General insurance
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Stockbroker
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Investments
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Bank officers
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Advisor name
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Advisor address
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My Records and documents are kept at
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Document name
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Wills and trust
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Securities
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Insurance policies
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Receivables
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Mortgages and deeds
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Business interests
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Safety deposit box
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Other
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Location name
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Location address
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Property Records
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Identify as h=husband, w=wife, j=joint
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Cash
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Cash on hand
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Bank
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Name
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Interest rate
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Amount
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Securities
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Number of shares
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Company
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Cost
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Value
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Income
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Bonds
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Company
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Cost
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Value
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Income
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Due Date
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Receivables
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Debtor
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Address
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Amount
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Income
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Due Date
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Mutual Funds
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Real Estate
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Type
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Location
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Title
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Cost
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Value
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Mortgage
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Upkeep
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Income
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Mortgages Receivable
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Mortgagor
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Address
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Amount
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Income
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Due Date
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Patents and Royalties
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Personal Property
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Business Interests
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Name of Business
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Form of doing business
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Fiscal Year Ends
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Parties to business and participating shares
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Book value
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Estimated Estate Tax Value
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Is there an agreement to sell
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at disability
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at retirement
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at death
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If so has cash be provided
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Are the partners insured
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If interest is not to be sold at death
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Who will receive it?
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Who will take over management?
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What incentives should be arranges?
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Employee Benefits
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Plans
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Pension plan
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Profit-sharing plan
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Thrift plan
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Deferred Compensation
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Salary continuation
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Health, accident, etc.
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Self employment fund
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Other
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Company
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Amounts
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Vested
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Contributed
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Deferred
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Estimated income or lump sum payments
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Death benefit
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Government benefits
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Social security
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Veteran's Pension
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Veteran's Death Benefits
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Disability Benefits
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Other
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Health, accident, medical-surgical-hospitalization insurance
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Company or source
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Description
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Benefits
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Policy number
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Issued
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Expires
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Fire, liability, other insurance
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Company
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Description
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Amount
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Policy number
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Issued
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Expires
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Life insurance
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On husband's/wife's life
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Face amount
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Type
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Policy number
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Date of issue
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Cash value
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Owned by
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Beneficiary
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Other properties or income sources
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Description
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Cost
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Value
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Income
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Notes or accounts payable
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Amount
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Creditor
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When due
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Interest payable
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Remarks
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Trusts
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Grantor
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Revocable or Irrevocable
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Principal
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Income
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Termination date
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Life beneficiaries
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Remainder Beneficiaries
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Anticipate Inheritances
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Source
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Age
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Estimated Principal
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Estimated Income
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If inheritance will be in trust
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Termination date
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Life beneficiaries
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Remainder beneficiaries
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Estate Analysis Schedules
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Inventory Valuation
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Schedule
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Types of property
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Husband's
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Jointly owned
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Paid by husband
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Paid by wife
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Wife's
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Total
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Computation of Estate Costs and Taxes
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Schedule
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Assuming husband predeceases wife
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Property owned
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Estate Tax Valuation
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Gross Estate
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Debts and expenses
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Debts
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Funeral and Last Illness
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Income and other taxes due
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Administration costs 7.5%
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Adjusted Gross Estate
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Deduct
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Marital deduction
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Charitable contributions
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Net Taxable Estate
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US Estate tax
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Less unified credit
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Us Estate tax
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State tax credit
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Estate Cash Requirements
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Total Debts and Expenses
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Charitable contribution
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Estate taxes
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Cash bequest
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Liquidation and After-Death Income schedule
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Property
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Valuation
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Property sold to meet estate costs
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Balance available to family
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Other family property
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Total property available to family
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Estimated income to family
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Estimated income schedule
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Property and other sources
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Total value
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Present income
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Disability
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Retirement
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Death
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Family Objectives and needs estate planning questions
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Family Income and requirements
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During my working life
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Income
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Sources
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Projections 5, 10, 15, 20 years
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Living costs
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Non business
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Business
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Projections 5, 10, 15, 20 years
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In the event I become disabled, retire, or die
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Disabled
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Income needs
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Income actual
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Employment
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Investments and other sources
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Disability insurance
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Social security
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Vested benefits
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How much more disability insurance do I need
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How can I pay for it
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What difference does it make if I become disables 5,10,15, 20
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Die
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What will estate be?
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Estate costs
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Liquidation of assets to pay Estate costs
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How much will be left to support my family?
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How much income will my family need and for how long
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For my wife
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For my children
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For children's education
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For parents
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How much income will be available and in what form and for how long?
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Retire
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Estate Creation Objectives
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Residence
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Where should I live on the basis of my…
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Income
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Family needs
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Occupational needs
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Should I own or rent?
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Would a move increase my standard of living, and what would be the consequent costs?
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Would the additional costs, if any, interfere with my long-term estate creation objectives?
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Savings
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Cushion saving account
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How much should I have to meet a 3-6 months' loss of income
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Investment savings account
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Life insurance investment
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Other investments
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Do I have a systematic, enforced saving program
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How much can I save in 5, 10, 15, 20 years
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Personal Insurance
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Insurance needed to make up family’s income deficit
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How much can I afford?
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Am I using tax-sheltered methods of financing the premiums
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Are the policies owned and payable in a way so as to minimize taxes and maximize use of the proceeds?
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Who are the beneficiaries?
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The estate, wife, children, parents, charity
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A trust in behalf of
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The trustees under my will
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Death payment options
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Lump sum
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According to what option?
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What installments and during what period
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Has insurance been integrated with my will and the rest of my estate?
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When did I see my insurance underwriter last?
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Has he give me a complete written audit and analysis of my insurance portfolio?
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Employment
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What opportunities do I have for creating or increasing my estate through my employment or business?
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The employed executive
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Pension, profit sharing, stock options, thrift plans.
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Group life, disability, medical and surgical and split-dollar insurance
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Deferred compensation, salary continuation, bonuses, and deferred bonuses
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How can I bargain for position, salary, capital gains returns, or any fringe benefits not now available me?
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The professional
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Fringe benefits from …
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Self-employed retirement plans
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Can I take part of the deal instead of a fee?
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If I have partners, have arrangements been made to cover the sale of a partner’s interest at the disability, retirement, or death of a partner?
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The business owner
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Am I using the best form of doing business … in order to obtain maximum tax advantages?
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Can I obtain corporate fringe benefits as a stockholder-executive (see employed executive)
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Should I use subchapter S treatment?
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Should I sell the business or an interest in it, reorganize stock, merge, etc., to obtain capital gains advantages?
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Have I arranged proper disposition of my business or shares in case of sale of an interest, or the disability, retirement, or death of a partner?
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Investments
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Have I looked at my investment portfolio critically?
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How much cash value do I have in my insurance policies?
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Have I established a proper ratio as between my fixed return and equity investments?
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Should I have tax-free bonds?
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Am I looking at my investment program on the basis of long-term objectives?
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Have I looked into the feasibility of an outside or a second business?
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Have I examined the possibilities for real estate investment:
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Estate Transfer and Conservation Objectives
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My family
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Have I assessed the character, abilities, and needs of my family and of each of its members?
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My wife
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Is she my primary beneficiary?
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What is her life expectancy? How long will she need support?
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Has she the ability to manage and invest property?
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How can I prepare her during my life for the management and investment of property?
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If property were left to her outright, could she maintain it intact for her own use by resisting the demands upon her of children or relatives?
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Should property be left to her outright or in trust?
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My children
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What is the educational status of each child?
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Have I supplied the sufficient funds to assure that each child can complete his education?
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Does one child require special consideration because of disability or handicap or, on the other hand, because of special educational requirements?
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Should boys be treated differently from girls?
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If they are adults, have they had experience in the management and investment of property?
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Are they stable and reliable?
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Should property be left to them outright or in trust?
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If in trust, should distribution of principal from the trust be made to them when they reach certain ages, or should it be kept in trust for life?
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Conservation
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Taxation
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Am I using available tax-shelter opportunities to reduce the combined total family income tax during the life and after my death?
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Would lifetime gifts of income-producing property to members of my family or to trusts in their behalf spread income and take advantage of lower tax brackets?
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Would short-term trusts be effective in providing greater spendable cash to my family, or to support my parents, or for financing insurance or other investments?
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Am I using multiple trusts, living and testamentary, to receive the proceeds of my estate, such as … so as to reduce my family’s combined income tax after my death?
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Insurance policies
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Qualified retirement
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Deferred compensation
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etc.
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Am I using available, tax-shelter opportunities to reduce estate and inheritance taxes?
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Do a dry run to determine estate taxes and administration costs
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Minimize transfer taxes and administration costs by integrating transfer patterns with my wife
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Should I make lifetime transfers of property in order to reduce the size of my taxable estate?
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Am I using the maximum marital deduction? Should I?
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Will there be double taxation on some part of my property, both in my estate and in my wife’s estate?
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Should I save estate taxes on my wife’s estate if she survives me, by setting up a “wasting” marital deduction trust in my will?
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Should I use the charitable deduction to reduce estate taxes?
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Liquidity
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How much cash will be needed to pay estate taxes, expenses, and debts?
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Will there be sufficient liquid assets to pay for these items?
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If not what steps shall I take to provide the necessary cash?
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Make investments more liquid
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More insurance
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Get money out the surplus of my business through a tax-free redemption of stock?
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Will estate taxes have to be paid within 15 months or within 10 years of my death?
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Management
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Date last discussed estate and objectives with advisors
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Attorney
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Accountant
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Life insurance advisor
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Trust or bank officer
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Investment counselor
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Have we carried out the plans we made?
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Have all of my advisors gotten together to work out an integrated, overall estate plan?
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Should my investments be managed by a trust or an investment management organization?
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Have I arranged for efficient management of my estate after my death
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Executors and trustees appointed
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Personal interest in family’s welfare
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Experience to do an efficient job of investment and management?
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Have I considered the use of a corporate fiduciary?
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Should members of my family be named as executors and trustees? If so, who?
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Should the investment duties and the discretion to distribute income and principle be placed in the hands of different fiduciaries?
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Have I arranged for substitute or successor fiduciaries?
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Have I given my executors and trustees broad powers to handle any changing requirements of my estate and my family? If I have a business, do they have the power to continue it?
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Charitable contribution
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Do I have charitable objectives?
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Should I make charitable contributions during my life or at my death? Or both?
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Would a charitable foundation help me achieve charitable, family, and business objectives?
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Would life insurance further my charitable objectives?
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How can I obtain maximum income and estate tax benefits in my charitable program? Can I have the advantage of both?
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Business Interests
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Shall my business interests be continued or sold at my death or retirement?
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If continued
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Who will continue their management?
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What training does successor management need?
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What incentives must be offered?
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Will there be sufficient cash and working capital available to the business?
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Will the family’s income be assured?
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If they are to be sold
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Who will buy them?
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Is there a buy-sell or stock redemption arrangement?
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Are the funds available to finances such an arrangement?
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Are there key men in the business who can purchase an interest?
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Should the transfer be made now through an outright sale or by a public issue of stock?
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Wills (Mine & wife’s)
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Date will was executed
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Date of last review
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Have changes occurred in my business or family situation which would require changes in the will provisions?
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Have I made an inventory of property which will pass under my will?
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Have I made an inventory of property which will pass at my death outside of my will?
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Have I integrated the transference of both of these types of property with my will so that my objectives will be achieved?
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Does my will use available opportunities to reduce my estate taxes and administrative expenses
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Does my will use available opportunities to reduce my income taxes and administrative expenses
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Does my will take advantage of the maximum martial deduction?
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If my wife has property of her own, should I use the maximum martial deduction?
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Does my will provide for distribution of my property, either outright or in trust, in such a way as to meet the specific needs of each of my beneficiaries?
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Does my will have a common disaster clause?
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Have I provided a guardian for minor children?
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Have I exercised any powers of appointment which I may have? Do I want to?
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Have I provided that adopted children or descendants shall inherit in the same way as natural-born ones?
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Have I provided that estate and inheritance shall be paid out of the residuary estate and shall not be apportioned among my beneficiaries? Do I want to?
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For questions on the appointment of executors and trustees, and their powers refer to Management on page 332
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Outline of my will
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Date executed
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Prepared by
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Following distribution of my property
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Specific bequests
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Personal property
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Name Property Description
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Money
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Charitable bequests
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Business interest or other property
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Name Property Description
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Residence and Real estate devised to
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Name Property Description
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Distribution of the rest
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To my wife
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If outright, how much and what
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If in trust, how much and what
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To my children
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If outright, how much and what property goes to each
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If in trust, how much and what
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Describe its income and principal distributions during each beneficiary’s life and after death
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To others
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Describe how much and what property each will get, and the way it will be distributed (outright or in trust)
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I have appointed the following fiduciaries
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Executors
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Successor executors
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Trustees
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Successor Trustees
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Guardians of minor children
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Successor guardians
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etc.
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