Wealth Management in the New Economy: Investor Strategies for Growing, Protecting and Transferring Wealth -- Contents -- Preface -- Acknowledgments -- Introduction -- The Train Set -- Family Influences -- High School Experiences and the Gypsy Cab -- Higher Education -- Gaining Credentials -- Practicing Law and Teaching Accounting -- The Person and the Professional -- Part I: Evolution of a Wealth Manager: My History, World, Experience, Clients, and Company -- Chapter 1: Starting Out -- Inflation, Stagflation, and High Interest Rates -- Finding Partners -- Founding Terra -- Tax Shelter -- Creating a New Business Model -- Lesson 1 -- Evolution of Our Products -- Lesson 2 -- Lesson 3 -- Lesson 4 -- Introducing Asset Allocation -- Chapter 2: A Decade of Active Management -- Working with Mutual Funds -- Understanding Wholesalers -- Making Asset Allocation Work -- The Value of an Adviser: Black Monday, 1987 -- Lesson 5 -- Lesson 6 -- Specialized Approaches -- Lesson 7 -- Lesson 8 -- Lesson 9 -- Morningstar -- Why I Did Not Pick Stocks-and Why I Would Never Pick Stocks -- Becoming a Fee-Based Adviser -- Understanding Mutual Fund Fees -- Basis Points and Percentage Points -- A Final Note on the Terra Years -- Chapter 3: Working with Individual Investors -- The Emotions of Investing -- Wealth Creation and Investment Style -- Behavioral Finance -- The Professors of Behavioral Finance: Kahneman, Tversky, Thaler -- The Bottom Line -- Part II: Investments and Managing Risk -- Chapter 4: The Futility of Active Management -- The Demise of Wall Street -- Moral Hazard: The Painful Lessons of 2008 -- The Media and the Market -- The Futility of Active Management -- Timing the Market -- Chapter 5: The Academic Background -- Background to the Story -- Center for Research in Security Prices -- Markowitz Introduces the Idea of Risk -- Defining Risk.

Sharpe and the Capital Asset Pricing Model -- Fama and the Efficient Market Hypothesis -- Creating Index Fund Investing -- What Is an Index and Why Is It Important? -- The Problems with Indexing -- Brinson and the Importance of Asset Allocation -- Weaknesses in the Theories -- Fama and French and the Three-Factor Model -- Chapter 6: Implementing the Strategy -- Continuing the Search for a Sustainable Investment Strategy -- The Cost of Active Management -- Implementing a Sustainable Investment Strategy -- Understanding Volatility -- Building the Portfolio: Overweighting in Value and Small Companies Improves Performance -- Use of Risk Tolerance and Its Impact on a Sustainable Strategy -- Living through Bear Markets -- Where Do We Go from Here? -- Living with the Equity Premium -- Letter to My Clients -- Part III: Managing Your Retirement -- Chapter 7: Planning for Your Retirement and Creating Income for Life -- Understanding Uncertainty: Portfolio Withdrawal Calculations Using Monte Carlo -- Calculating Withdrawals -- Recap of Risk/Remedy Discussion -- Seeing It Clearly -- Chapter 8: Using Annuities as an Income Tool -- Introducing Annuities -- Index Annuities-Buyer Beware -- Variable Income Annuities Using Income Riders-the Next Generation -- The Newest Risk: Insurance Company Risk -- On the Horizon: The Deferred Income or Longevity Annuity -- Annuity Summary -- The EAGR System: A Model for Retirement Planning -- Allocating for Longevity and Point-in-Time Risks -- Chapter 9: Using IRAs and Company Retirement Plans -- Introducing the IRA -- Understanding the Basics -- Individual Retirement Plans: IRAs and Roth IRAs -- Taxes: Don't Take Out Too Little, Too Much, Too Early, or Too Late! -- Special Comment for Very Large IRAs -- Working with Beneficiaries -- The Challenges of Inherited IRAs.

Common Mistakes with IRAs, Self-Directed Plans, and Qualified Plans -- Frequently Asked Questions about Managing Your 401(k) -- Final Words of Wisdom -- Part IV: Wealth Protection: Facing a World of Risk -- Chapter 10: Best Uses for Life Insurance -- Confessions of an Insurance Agent -- Why Do So Many People Dislike Insurance? -- Types of Insurance -- Term Insurance -- Permanent Insurance -- Whole Life -- Universal Life -- Abusive Sales Practices -- Borrowing Against Life Insurance -- Trying to Fund Retirement with Life Insurance -- Common Sense for Cash-value Products -- Getting the Insurance You Need -- Using Life Insurance to Transfer Wealth -- Buying Life Insurance -- Going Forward from Norm -- An Insurance Agent's Final Thoughts -- Chapter 11: The Importance of Long-Term-Care Insurance -- Protection from Disaster-Level Medical Care -- The Cost of Not Including Long-Term Care in Your Retirement Planning -- The Medicare Fallacy -- The Cost of Waiting -- Why Car Insurance Is Like Long-Term-Care Insurance -- Final Thoughts: Pay Now or Pay Later -- Part V: Transferring Wealth and the Next Generation -- Chapter 12: Transferring Wealth with Estate Planning -- Don't Try This at Home -- Property Ownership -- A Sneak Peak into Title Holding -- Main Goals of Estate Planning -- Protection from Tort Liability -- The Basics of Estate Planning -- A Complicated Caveat about Community Property States -- The Next Generation -- Planning with Living Trusts -- Introducing Estate Taxation -- Transferring Wealth Using Gifts -- A Note about Tax Basis -- Life, Death, Taxes, Revocable Trusts and Irrevocable Trusts -- Common Sense versus Estate Principles -- Final Thoughts -- Chapter 13: Transferring Wealth within the Family: Inheritance Issues for Family Businesses -- Family Inheritance 101 -- Meet the Family -- When There Is No Family Leader.

Thinking a Generation Ahead -- Using Insurance -- Using Assets in Novel Ways to Solve Problems -- Specialized Inheritance Techniques -- Vacation Homes -- Heirlooms and Jewelry -- Some Concluding Thoughts -- Epilogue -- Notes -- About the Authors -- Index.