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estate planning, 17, 315–333 bypass trusts in, 325–326 charitable remainder trusts in, 326 defining assets and estate for, 316 directly owned assets and, 28–29 disinheriting beneficiaries (divorce, etc.), 320–321 estate taxes and, 317–319 exclusion allowance amounts for, 319 gay and lesbian couples and, 331–333 generation skipping tax (GST) and, 317–318 gift tax rates in, 318 inheritance maximization principles in, 316–317 irrevocable life insurance trusts in, 326 irrevocable trusts in, 323–324 life insurance and, 326–329 living trusts in, 324–325 living wills and proxies in, 321 revocable trusts in, 323–324 second-to-die policies in, 329–330 step-up in basis, stocks and, 330–331 tax-advantaged plans and, 30–31 trusts in, 317, 322–326 unmarried persons and, 331–333 wills in, 317, 319–322 ethics, 5 expiration dates for options, 64

face value of bonds, 108 family and survivor?s benefits, Social Security

and, 256–258 family residence trust, 194 Fannie Maes, 119–120 fear of loss, 10–12 Federal Deposit Insurance Corporation (FDIC),

125 Federal Farm Credit Bank, 119 Federal Home Loan Mortgage Corporation (See

Freddie Mac) Federal National Mortgage Association (See

Fannie Mae) fees, 8, 9–10

annuities and, 104 mutual funds, 76, 78 FICA taxes and Social Security, 247–248 final trusts, 194 financial advisors, 2–5, 2 financial planning

avoiding, risks of, 18–19 benefit of, 17–18 estate planning and, 17 goal setting for, 13–17 investment planning in, 15–16

INDEX

financial planning (Cont.):

process of, 12–13 retirement planning in, 16–17 tax planning in, 16 financial situation

CFPs understanding of, 8 present-day, 14 fixed annuities, 97–98 flexible portfolio mutual funds, 82 flexible-premium annuities, 96 foreign stocks, 57–59 Fortune, 67 401k, 403(b), and 457 accounts, 8, 25–31, 298–300

maximum contribution to, 45 taxes and, 171–172 Freddie Mac, 120 front- vs. back-end load mutual funds, 74

gain, calculation of, 150–151 gay and lesbian couples, estate planning for,

331–333 general obligation municipal bonds, 115 general partnerships, taxes and, 190–191 generation skipping tax (GST), 317–318 gift tax rates, 318 Ginnie Maes, 119–120

mutual funds, 83 global bond mutual funds, 84 global equity mutual funds, 80 global investing, 27

American Depository Receipts (ADR) and, 57–59 foreign stocks and, 57–59 global bond mutual funds and, 84 global equity mutual funds, 80 international bond mutual funds, 83–84 international equity mutual funds, 80 goals of investing, 4, 13–17, 37–39

retirement planning and, 280 short- vs. long-term, 38–39, 38 Government National Mortgage Association

(See Ginnie Mae) growth mutual funds, 79 growth and income mutual funds, 80 growth and income stocks, 56 growth stocks, 55 guaranteed insurability option, in disability

insurance and, 227 guaranteed investment contracts (GICs), 128–129

health insurance, 274–275 health maintenance organizations (HMOs), Medicare and, 274

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