个人财务筹划 Personal Financial Planning(可编辑)

1、个人财务筹划 Personal Financial Planning Personal Financial Planning This page intentionally left blank. Personal Financial Planning G. Victor Hallman, Ph.D, J.D. Member of the Pennsylvania Bar and Lecturer, Wharton School, University of Pennsylvania Jerry S. Rosenbloom, Ph.D. Professor, Department of Ins

2、urance and Risk Management, Wharton School, University of Pennsylvania and Academic Director of the Certified Employee Benefit Specialist Program Seventh Edition McGraw-Hill New York Chicago San Francisco Lisbon London Madrid Mexico City Milan New Delhi San Juan Seoul Singapore Sydney Toronto Copyri

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13、n advised of the possibility of such damages. This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise. DOI: 10.1036/0071436413 Want to learn more? We hope you enjoy this McGraw-Hill eBook! , , If you d like more info

14、rmation about this book, its author, or related books and websites, please click here. For more information about this title, click here. Contents Preface xxi Part 1. Coordinated Financial Planning 1 1. Personal Financial PlanningThe Process 3 What Is Personal Financial Planning? 3 Focus on Objectiv

15、es 4 Need for Personal Financial Planning 5 Steps in the Planning Process 6 Use of Financial Planning Statements 7 2. Setting Financial Planning Objectives 12 Importance of Setting Objectives 12 Organizing Objectives 12 Adjusting Objectives for Inflation and Possible Deflation Recession or Depressio

16、n 23 Adjusting Objectives to Changing Tax Laws 24 Part 2. Using Insurance Effectively 27 3. Personal Insurance Principles and Selecting Insurers 29 Personal Risk Management 29 The Insurance Principle 30 Considerations in Choosing an Insurer 30 Considerations in Choosing an Agent or Broker 34 4. Life

17、 Insurance and Social Security 36 Sources of Life Insurance Protection 36 Social Security 38 Types of Individual Life Insurance Contracts 42 vv Copyright 2003 by The McGraw-Hill Companies, Inc. Click Here for Terms of Use. vi Contents Definitions of Life Insurance for Income Tax Purposes 55 The Life

18、 Insurance Contract 57 Planning and Using Life Insurance 62 Substandard Risks 64 Nonmedical Life Insurance 64 What Actions Can an Uninsurable Person Take? 65 Group Life Insurance 65 How Much Life Insurance Is Needed? 67 5. Health Insurance 70 Sources of Health Insurance Protection 70 Disability Inco

19、me Loss-of-Time Coverages 71 Medical Expense Coverages 79 Individual Health Insurance Policy Provisions 90 Medical Savings Accounts 92 Health Reimbursement Arrangements HRAs 93 6. Long-Term Care Insurance and Medicaid Planning 94 Nature of Exposure 94 Basic Planning Approaches 95 Long-Term Care Insu

20、rance and Other Arrangements 95 Medicaid Planning for Long-Term Custodial Care 101 7. Property and Liability Insurance 109 Property Insurance 109 Personal Liability 110 Homeowners Insurance 112 Automobile Insurance 116 Other Property and Liability Policies to Consider 120 Insurance Companies and Pre

21、miums 122 Part 3. Investments and Investment Planning 125 8. Basic Investment Principles 127 The Basic Investment Objective 127 Investment Directly or Through Financial Intermediaries 127 Investment and Speculation 129 Factors in the Choice of Investments 130 Security of Principal and Income 130 Rat

22、es of Return 137 Marketability and Liquidity 146 Diversification 146 Tax Status 148 Contents vii Size of Investment Units or Denominations 148 Use of Collateral for Loans 148 Callability 148 Freedom from Care 149 9. Common Stocks 150 Characteristics of Common Stocks 150 Some Measures of Value for Co

23、mmon Stocks 150 Information About Common Stocks 154 The Investment Process 155 Diversifying a Common Stock Portfolio 157 Periodic Review 157 Decisions Concerning Selling Common Stocks 157 Dollar-Cost Averaging 158 The Mechanics of Buying and Selling Common Stocks 158 Margin Accounts 160 Selling Shor

24、t 160 Securities Investor Protection Corporation 161 Investment Categories of Common Stocks 161 Some Theories of Common Stock Investment 164 Common Stocks and Market Cycles 166 The Case for Long-Term Investments in Common Stocks 166 Some Caveats 170 10. Other Equity Investments 174 Real Estate 174 O

25、il and Gas Natural Resource Ventures 182 Other Tax Shelters 182 Impact of Passive Activity Loss Rules 183 Put and Call Options 184 New Issues or Initial Public Offerings IPOs 186 Commodity Futures Trading 186 Art, Antiques, Coins, Stamps, Gold, and Other Precious Metals 188 11. Fixed-Income Investme

26、nts 189 Types of Fixed-Income Investments 189 Ways of Taking Returns from Bonds 189 Corporate Bonds 191 Municipal Bonds Munis 192 U.S. Government Obligations 196 Market Discount Bonds 199 Zero-Coupon Bonds Zeros 200 viii Contents Preferred Stocks 201 Guaranteed Principal Fixed-Income Investments 202

27、 Liquid Assets 204 Conversion Privileges in Fixed-Income Securities 204 Bond Ratings and Investment Quality 204 Strategies for Investing in Fixed-Income Securities 207 12. Mutual Funds and Other Investment Companies 209 Kinds of Investment Companies 209 Why Invest in Mutual Funds? 209 Disadvantages

28、of Mutual Funds 210 Types of FundsSome Planning Considerations 210 Regulation of Investment Companies 213 How to Invest in Mutual Funds 213 Distributions from and Exchanges of Mutual Funds 214 Mutual Funds and Their Investment Objectives 215 Getting Information About Mutual Funds 222 Mutual Fund Per

29、formance 222 Mutual Fund Expenses 225 Factors Involved in Selecting Mutual Funds 226 Planning Considerations for Mutual Funds 227 Tax Aspects of Mutual Funds 227 Exchange-Traded Funds 230 Hedge Funds 230 13. Asset Allocation Strategies and Models 232 Fundamentals of Asset Allocation 232 Steps in the

30、 Asset Allocation Process 233 Personal Factors and Asset Allocation 233 Investment Objectives 235 Investment Policies 236 Possible Asset Classes to Be Considered 237 Investment Vehicles to Be Considered 237 Return-Risk Considerations 239 Allocations Within Asset Classes 243 How Investments Asset Cla

31、sses Should Be Held 243 Illustrations of Asset Allocation Strategies 245 Part 4. Income Tax Planning 255 14. Income Tax Fundamentals 257 The Federal Income Tax on Individuals 257 The Federal Income Tax on Corporations 273 Contents ix Pass-Through Business Entities 277 Federal Income Taxation of Trus

32、ts and Estates 278 State and Local Income Taxes 280 15. Basic Income Tax Saving Techniques for Individuals 281 Eliminating or Reducing Taxes 281 Shifting the Tax Burden to Others 287 Allowing Wealth to Accumulate Without Current Taxation and Postponing Taxation 288 Taking Returns as Capital Gains 29

33、0 Taxation and the Capital Gains Lock-in Problem 290 Tax-Planning Caveats 298 16. Charitable Giving 300 Basic Tax Principles 300 Planning Techniques 302 Part 5. Planning for Retirement and Capital Accumulation Plans 317 17. Employer-Provided Qualified Retirement Plans and Social Security Benefits 31

34、9 Economic Problems of Retirement Years 319 Steps in Planning for Retirement Income 319 Sources of Retirement Income 320 Characteristics of Employer-Provided Retirement Plans 322 Pension Plans 333 Profit-Sharing Plans 336 Savings Thrift Plans 338 Stock Bonus Plans and Employee Stock Ownership Plans

35、ESOPs 344 Hybrid Qualified Retirement Plans 345 Retirement Plans for the Self-Employed HR-10 or Keogh Plans 346 18. Other Employer-Provided Retirement Plans and Other Employee Benefits 351 Other Employer-Provided Retirement Plans 351 Other Employee Benefits 358 19. Individual Retirement Accounts and

36、 Annuities IRAs 361 Basic Concepts 361 Types of IRAs 362 x Contents Other Aspects of IRAs 371 Planning Issues for IRAs 372 20. Planning for Taking Distributions from Qualified Retirement Plans and IRAs 377 General Considerations 377 Taxation of Benefits from Qualified Plans and IRAs 379 Planning for

37、 Distributions from Qualified Retirement Plans and IRAs 397 21. Individual Investment Annuity Contracts 406 Fundamental Purposes of Annuities 406 Types of Individual Annuities 406 Parties to the Annuity Contract 409 Phases of Annuities 409 Investment Returns on Annuities 410 Expense Charges on Annui

38、ties 412 Withdrawals and Loans 413 Exchanges of Annuities 414 Annuity Distribution Payout Options 414 Annuity Death Benefits 414 Split-Funded Annuities 415 Taxation of Nonqualified Annuities 416 Other Individual Annuity Arrangements 418 Using Life Insurance Values to Provide Retirement Income 418 22

39、. Employee Stock Compensation Plans 420 General Considerations 420 Types of Plans 420 Statutory Plans 421 Nonstatutory Plans 424 Provisions of Stock Option Plans 428 Valuation of Stock Options 431 Some Caveats Concerning Stock Options and Other Plans 434 Planning Issues Regarding Stock Options and O

40、ther Stock Plans 434 Part 6. Estate Planning 437 23. Estate Planning Principles 439 Objectives of Estate Planning 439 Methods of Property Disposition 440 Property and Property Interests 441 Contents xi What Is Meant by the “Estate”? 448 Settling the Estate 452 Trusts in Estate Planning 454 24. The T

41、ransfer Tax System 462 Impact of the Economic Growth and Tax Relief Reconciliation Act EGTRRA 462 Applicable Credit Amount Unified Credit and Applicable Exclusion Amount 463 Federal Gift Tax 464 Federal Estate Tax 472 Federal Generation-Skipping Transfer GST Tax 480 25. Lifetime Giving and Sales Within the Family 486 Making Lifetime Inter Vivos Gifts to Noncharitable Donees 486 Sales Within the Family 503 Loans to Family Members 506 26. Marital Deduction Planning, Postmortem Planning, and Est