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chapter XI TABLE OF CONTENTS Chapter 1 | Introduction to Financial Planning Learning Objectives ..................................................................................... 2 Introduction............................................................................................. 2 Personal Financial Planning ............................................................................. 3 Contents of the Financial Plan ............................................................................... 4 Establish and Define the Client Relationship ................................................................. 5 Understanding the Client’s Personal and Financial Circumstances (Gather Client Data) ......................10 Identifying and Selecting Goals .............................................................................14 Analyzing, Developing, Presenting, Implementing and Monitoring ..........................................15 Financial Planning Profession .......................................................................... 18 The Benefits from Financial Planning ......................................................................18 Why Use a Professional Financial Planner ..................................................................18 The Practice of Financial Planning .........................................................................19 Recognized Certifications in Financial Planning ............................................................19 Job Satisfaction ............................................................................................20 Employment and Job Outlook ..............................................................................20 The Business of Financial Planning .........................................................................21 The Role of Fiduciaries in Financial Planning ...............................................................23 Discussion Questions ................................................................................... 27 Multiple-Choice Problems .............................................................................. 28 Quick Quiz Explanations ................................................................................ 29 Chapter 2 | Interpersonal Communication & Behavioral Finance Learning Objectives .................................................................................... 32 Introduction............................................................................................ 32 Communication with Clients from a Counseling Perspective............................................. 33 The “Developmental” School of Thought....................................................................34 The “Humanistic” School of Thought .......................................................................34 The “Cognitive-Behavioral” School of Thought ..............................................................35 Communication Tools and Techniques for Financial Counselors......................................... 37 Elements of Communication ...............................................................................37 Nonverbal Behavior or “Body Language” ...................................................................38 Active Listening Versus Passive Listening ..................................................................39 Using Open and Closed Questions ..........................................................................40 Clarifying or Restating a Client’s Statement .................................................................41 Client Data Collection ......................................................................................44 Concepts and Theories Behind Behavioral Finance...................................................... 45 Introduction to Behavioral Finance ........................................................................45 Assumptions and Building Blocks of Traditional Finance ...................................................46 Behavioral Finance ........................................................................................48 What Makes Investors Normal Instead of Rational: Cognitive Biases, Errors and Being Human ..............52 Conclusion About Behavioral Finance ......................................................................59

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Page 1: TABLE OF CONTENTS - Money Education...chapter Table of Contents XV TOC Pie Chart Approach

c h a p t e r

XI

TABLE OF CONTENTS

Chapter 1 | Introduction to Financial PlanningLearningObjectives .....................................................................................2Introduction.............................................................................................2PersonalFinancialPlanning.............................................................................3ContentsoftheFinancialPlan............................................................................... 4EstablishandDefinetheClientRelationship................................................................. 5UnderstandingtheClient’sPersonalandFinancialCircumstances(GatherClientData)......................10IdentifyingandSelectingGoals.............................................................................14Analyzing,Developing,Presenting,ImplementingandMonitoring..........................................15FinancialPlanningProfession .......................................................................... 18TheBenefitsfromFinancialPlanning ......................................................................18WhyUseaProfessionalFinancialPlanner ..................................................................18ThePracticeofFinancialPlanning .........................................................................19RecognizedCertificationsinFinancialPlanning ............................................................19JobSatisfaction............................................................................................20EmploymentandJobOutlook..............................................................................20TheBusinessofFinancialPlanning.........................................................................21TheRoleofFiduciariesinFinancialPlanning ...............................................................23DiscussionQuestions ................................................................................... 27Multiple-ChoiceProblems .............................................................................. 28QuickQuizExplanations ................................................................................ 29

Chapter 2 | Interpersonal Communication & Behavioral FinanceLearningObjectives .................................................................................... 32Introduction............................................................................................ 32CommunicationwithClientsfromaCounselingPerspective............................................. 33The“Developmental”SchoolofThought....................................................................34The“Humanistic”SchoolofThought .......................................................................34The“Cognitive-Behavioral”SchoolofThought..............................................................35CommunicationToolsandTechniquesforFinancialCounselors......................................... 37ElementsofCommunication...............................................................................37NonverbalBehavioror“BodyLanguage”...................................................................38ActiveListeningVersusPassiveListening..................................................................39UsingOpenandClosedQuestions..........................................................................40ClarifyingorRestatingaClient’sStatement.................................................................41ClientDataCollection ......................................................................................44ConceptsandTheoriesBehindBehavioralFinance...................................................... 45IntroductiontoBehavioralFinance ........................................................................45AssumptionsandBuildingBlocksofTraditionalFinance ...................................................46BehavioralFinance ........................................................................................48WhatMakesInvestorsNormalInsteadofRational:CognitiveBiases,ErrorsandBeingHuman..............52ConclusionAboutBehavioralFinance......................................................................59

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DiscussionQuestions ................................................................................... 61Multiple-ChoiceProblems .............................................................................. 62QuickQuizExplanations ................................................................................ 63

Chapter 3 | Financial Planning Approaches: Analysis and RecommendationsLearningObjectives .................................................................................... 66Introduction............................................................................................ 66ReasonableAssumptions............................................................................... 67TheAnalysis............................................................................................ 67TheApproachestoFinancialPlanningAnalysisandRecommendations ................................. 68TheLifeCycleApproach................................................................................ 72ThePieChartApproach ................................................................................ 74IncomeStatementPieChart ............................................................................... 74BalanceSheetPieChart................................................................................... 77SummaryRegardingtheLifeCycleandPieChartApproaches .............................................. 79TheFinancialStatementandRatioAnalysisApproach .................................................. 80LiquidityRatios ........................................................................................... 80DebtRatios............................................................................................... 82RatiosforFinancialSecurityGoals......................................................................... 84PerformanceRatios ....................................................................................... 90GuideforCalculatingFinancialRatios ..................................................................... 93HessCase............................................................................................... 95FinancialStatements:StatementofIncomeandExpenses.................................................. 96PieChartAnalysisforHessCase........................................................................... 98FinancialRatiosforHessCase ............................................................................. 99TheTwo-Step/Three-Panel/MetricsApproach.......................................................101Two-StepApproach ...................................................................................... 101Three-PanelApproach................................................................................... 101MetricsApproach ........................................................................................ 103RiskToleranceandAssetAllocation ...................................................................... 105ThePresentValueofAllGoalsApproach ...............................................................108PresentationofthePresentValueofallGoalsApproach................................................112TheCashFlowApproach...............................................................................115RiskManagement ........................................................................................ 115DebtManagement ....................................................................................... 117SavingsandInvestingManagement ...................................................................... 122TheStrategicApproach................................................................................124MissionStatement(AnEnduringLong-TermStatement).................................................. 124Goals(BroadlyConceivedGoals)......................................................................... 124Objectives(NarrowMeasurableObjectives).............................................................. 125InvestmentAnalysis ..................................................................................... 125DiscussionQuestions ..................................................................................126Multiple-ChoiceProblems .............................................................................127QuickQuizExplanations ...............................................................................129

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TOCChapter 4 | Personal Financial Statements: Preparation and AnalysisLearningObjectives ...................................................................................132Introduction...........................................................................................132BalanceSheet(StatementofFinancialPosition) .......................................................133CashandCashEquivalents ...............................................................................134InvestmentAssets.......................................................................................134PersonalUseAssets......................................................................................135Liabilities................................................................................................136ValuingAssetsandLiabilities ............................................................................138NetWorth ...............................................................................................138SourcesofInformation...................................................................................141AccountOwnership ......................................................................................141FootnotestotheFinancialStatements....................................................................142StatementofIncomeandExpenses ....................................................................143Income..................................................................................................143SavingsContributions ...................................................................................143Expenses................................................................................................143NetDiscretionaryCashFlows ............................................................................145SourcesofInformation...................................................................................147ProjectedIncomeStatements............................................................................147StatementofNetWorth................................................................................148CashFlowStatement ..................................................................................148Forecasting............................................................................................149ImportanceofBudgeting.................................................................................150FinancialStatementAnalysis ..........................................................................154ComparativeFinancialStatementTools..................................................................154RatioAnalysis ...........................................................................................159FinancialStatementAnalysis-TheBowdens ...........................................................160BrandonandJillBowden.................................................................................160CategoriesofFinancialRatios ............................................................................164LiquidityRatios..........................................................................................164RatiosforFinancialSecurityGoals .......................................................................173PerformanceRatios......................................................................................176LimitationsofFinancialStatementAnalysis..............................................................182DiscussionQuestions ..................................................................................184Multiple-ChoiceProblems .............................................................................185QuickQuizExplanations ...............................................................................186

Chapter 5 | Risk Management for the Individual ClientLearningObjectives ...................................................................................188Introduction...........................................................................................188ThePersonalRiskManagementProcess..................................................................188CausesofandContributorstoLosses ..................................................................192Perils ....................................................................................................192Hazards .................................................................................................192

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InsurableLosses.......................................................................................193RequisitesforanInsurableRisk .......................................................................... 193InsuranceasaLegalContract ..........................................................................193ElementsofaValidContract ............................................................................. 193InsuranceonthePerson ...............................................................................194LifeInsurance ........................................................................................... 194TypesofLifeInsurance .................................................................................. 200HealthInsurance......................................................................................... 202Long-TermDisability .................................................................................... 203Long-TermCareInsurance ............................................................................... 205HomeownersandRentersInsurance ..................................................................206AutomobileInsurance .................................................................................208Exclusions............................................................................................... 208Rates.................................................................................................... 208PersonalLiabilityInsurance ...........................................................................210Conclusion ............................................................................................210DiscussionQuestions ..................................................................................211Multiple-ChoiceProblems .............................................................................212QuickQuizExplanations ...............................................................................214

Chapter 6 | John and Mary Burke Case and Case AnalysisLearningObjectives ...................................................................................216JohnandMaryBurkeCase .............................................................................216MikeMitchell’sPreliminaryConclusionsRegardingtheBurkes:........................................... 219EngagementLetter....................................................................................... 222PersonalBackgroundandInformationCollected.......................................................223TheFamily............................................................................................... 223ExternalInformation..................................................................................223EconomicInformation ................................................................................... 223BankLendingRates ...................................................................................... 224ExpectedInvestmentReturns............................................................................ 224InternalInformation ..................................................................................225InsuranceInformation................................................................................... 225InvestmentInformation.................................................................................. 226FinancialStatements ..................................................................................... 228IncomeTaxInformation ................................................................................. 230RetirementInformation.................................................................................. 230Gifts,Estates,Trusts,andWillInformation ............................................................... 230InformationRegardingAssetsandLiabilities ..........................................................230Automobile.............................................................................................. 230FinancialGoals........................................................................................... 230CaseAnalysis ..........................................................................................231MikeMitchell’sPreliminaryConclusionsRegardingtheBurkes:........................................... 231ApplyingFinancialPlanningApproaches................................................................. 232

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TOCPieChartApproach ....................................................................................232Introduction .............................................................................................232DataforPieChartApproach-BalanceSheet1/1/20X2 ...................................................233DataforPieChartApproach-IncomeStatement1/1/20X2...............................................234FinancialStatementAnalysis-RatioAnalysisApproach..................................................235TheTwo-Step/Three-Panel/MetricsApproach .......................................................237Introduction .............................................................................................237HomePurchaseAnalysis-ScheduleA....................................................................239SavingsSchedule-ScheduleB............................................................................240PaymentSchedule-ScheduleC ..........................................................................240AutoInterest-ScheduleD ...............................................................................240CommentsonThree-Panel/MetricsApproachAnalysis ..................................................240RiskToleranceandAssetAllocation......................................................................242ThePresentValueofallGoalsApproach..................................................................244SummaryofthePresentValueofAllGoals ...............................................................245TheCashFlowApproach...............................................................................246BurkeCashFlowApproachwithRecommendations ......................................................246AssetsSoldtoPayOffCreditCards-ScheduleA..........................................................247StrategicApproach ....................................................................................247Introduction .............................................................................................247MissionStatement(AnEnduringLong-TermStatement) .................................................247Goals(BroadlyConceivedGoals) .........................................................................247Objectives(NarrowMeasurableObjectives) ..............................................................247CommentsonStrategicApproach ........................................................................248PresentationtoJohnandMaryBurke ..................................................................248ProjectedFinancialStatementsandRatios .............................................................248ScheduleA-AnalysisofJohn’s401(k)Plan ...............................................................248ScheduleB-AnalysisofMary’s401(k)Plan..............................................................249ScheduleC-CombinedSavingsRateAfterRecommendations ............................................249ScheduleD-IncomeTaxAnalysis ........................................................................249ProjectedStatementofFinancialPosition................................................................251ScheduleE-ReconciliationofYear-EndNetWorth.......................................................252ProjectedStatementofIncomeandExpenses ............................................................253SelectedRatios........................................................................................254ScheduleF-CurrentandProjectedRatios ................................................................254Summary ..............................................................................................254ClosingEngagementLetter..............................................................................255Chapter 7 | Time Value of MoneyLearningObjectives ...................................................................................258Introduction...........................................................................................258ApproachforSolvingTimeValueofMoneyCalculations................................................259StepOne:StartwithaTimeline ..........................................................................260StepTwo:WriteDowntheTVMVariables ................................................................261StepThree:ClearallRegistersintheFinancialCalculator .................................................262StepFour:PopulatetheTVMVariablesintheCalculator ..................................................262

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TimeValueofMoneyConcepts.........................................................................262PresentValueof$1 ...................................................................................... 262FutureValueof$1 ....................................................................................... 263PeriodsofCompoundingOtherthanAnnual .............................................................. 263Annuities................................................................................................ 266PresentValueofanOrdinaryAnnuityof$1(EvenCashFlows)............................................ 268PresentValueofanAnnuityDueof$1(EvenCashFlows) ................................................. 269FutureValueofanOrdinaryAnnuityof$1(EvenCashFlows)............................................. 270FutureValueofanAnnuityDueof$1(EvenCashFlows).................................................. 270FutureValueofanOrdinaryAnnuityvsAnnuityDueComparison......................................... 271OrdinaryAnnuityPaymentsfromaLump-SumDeposit ................................................... 272AnnuityDuePaymentsfromaLump-SumDeposit ........................................................ 273SolvingforTerm(N)..................................................................................... 273SolvingforInterestRate(i) .............................................................................. 275UnevenCashFlows ...................................................................................... 275NetPresentValue ........................................................................................ 276InternalRateofReturn(IRR)............................................................................. 279InflationAdjustedRateofReturn......................................................................... 280SerialPayments.......................................................................................... 283DebtRepayments ........................................................................................ 286AmortizationSchedule ................................................................................... 288OtherPracticalApplications ...........................................................................289CashRebateorZeroPercentFinancing ................................................................... 289PaymentofPointsonaMortgage......................................................................... 290LotteryWinnings-LumpSumorAnnuity ................................................................ 291MortgageReductionTechniques ......................................................................... 292Buyvs.Lease/Rent....................................................................................... 293Conclusion ............................................................................................295DiscussionQuestions ..................................................................................296Multiple-ChoiceProblems .............................................................................297QuickQuizExplanations ...............................................................................299

Chapter 8 | Education and Education FundingLearningObjectives ...................................................................................302Introduction...........................................................................................302CurrentEducationCosts ................................................................................. 302OtherCostsBesidesTuition .............................................................................. 305FutureTuitionCosts..................................................................................... 306FinancialAid............................................................................................. 307FinancialAidProcess ..................................................................................307RegularFormula:IncomeandAssets..................................................................... 308SimplifiedMethod ....................................................................................... 308AutomaticallyAssessedFormula......................................................................... 309TypesofFinancialAid .................................................................................310Grants................................................................................................... 310FinancialAid-Loans ..................................................................................... 311ConsequencesofDefaultingonStudentLoans............................................................ 322FinancialAid-FederalWork-Study....................................................................... 323

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TOCTaxDeferredSavings,Deductions,CreditsorOtherEducationPlanningBenefits ..........................324QualifiedTuitionPlans...................................................................................324CoverdellEducationSavingsAccount ....................................................................330U.S.GovernmentSavingsBonds ..........................................................................332TaxImplications.......................................................................................333TaxDeductionsforEducationExpenses ..................................................................333StudentLoanInterestDeduction .........................................................................333LoanForgiveness ........................................................................................334TaxCreditsforEducationRelatedExpenses ..............................................................335TheAmericanOpportunityTaxCredit(FormerlytheHopeScholarshipCredit) ...........................335LifetimeLearningCredit .................................................................................336OtherEducationSourcesofFunding ...................................................................340ScholarshipsandFellowships ............................................................................340IRADistributions........................................................................................341UniformGifttoMinorsAct(UGMA)&UniformTransfertoMinorsAct(UTMA)CustodialAccounts ........343Employer-ProvidedEducationAssistance ................................................................344LifeInsurance...........................................................................................345PrivateStudentLoans ...................................................................................345HomeEquityLoans ......................................................................................346401(k)Loans............................................................................................346CoordinatingCollegeSavingswithFinancialAid .......................................................347EducationFunding ....................................................................................349UnevenCashFlowMethod ...............................................................................350TraditionalMethod......................................................................................355SummaryofSavingsOptions .............................................................................356AccountBalanceMethod.................................................................................358ComparisonoftheAccountBalanceMethodtotheTraditionalMethod ...................................359HybridApproach........................................................................................360Conclusion ............................................................................................362DiscussionQuestions ..................................................................................363Multiple-ChoiceProblems .............................................................................364QuickQuizExplanations ...............................................................................365

Chapter 9 | InvestmentsLearningObjectives ...................................................................................368Introduction...........................................................................................368InvestmentPlanning ..................................................................................369RiskTolerance(AbilitytoHandleRisk) ..................................................................369RiskToleranceQuestionnaire(WillingnesstoTakeonRisk) ..............................................369TheInvestmentPlanningProcess........................................................................372InvestmentPolicyStatement.............................................................................372MeasuringInvestmentReturns........................................................................375TheHoldingPeriodReturn(HPR) ........................................................................375TheArithmetic(Average)Return(AR)orArithmeticMean...............................................376TheGeometricReturn(GR)..............................................................................377EffectiveAnnualRate(EAR) .............................................................................378

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TheWeightedAverage(Expected)Return(WAR)......................................................... 379TheInternalRateofReturn(IRR) ........................................................................ 379Dollar-WeightedandTime-WeightedReturns............................................................ 380InvestmentRisks ......................................................................................381TypesofInvestmentRisks ............................................................................... 381SystematicRisks ......................................................................................... 381UnsystematicRisks ...................................................................................... 382MeasuringInvestmentRisks ............................................................................. 384RiskAdjustedReturnMeasures .......................................................................... 389ModernPortfolioTheory ..............................................................................389ResultsoftheEfficientFrontier .......................................................................... 390CapitalMarketLine...................................................................................... 391Portfolio(MPT)Statistics ................................................................................ 392InvestmentAlternatives ...............................................................................397EquitySecurities ......................................................................................... 397DebtSecurities........................................................................................... 401RealEstateandTangibleInvestments.................................................................... 405DerivativeSecurities ..................................................................................... 405InvestmentCompanies ................................................................................406UnitInvestmentTrusts................................................................................... 406ExchangeTradedFunds.................................................................................. 407Open-EndInvestmentCompanies........................................................................ 408Closed-EndInvestmentCompanies ....................................................................... 411TypesofMutualFunds ................................................................................... 411PerformanceMeasures................................................................................415Jensen’sAlpha........................................................................................... 416SharpeRatio ............................................................................................. 417TreynorRatio............................................................................................ 418InformationRatio(IR) ................................................................................... 419AssetAllocation .......................................................................................420InvestmentAnalysisforanIndividualClient...........................................................421DiscussionQuestions ..................................................................................422Multiple-ChoiceProblems .............................................................................423QuickQuizExplanations ...............................................................................424

Chapter 10 | David and Amy Rudolph Case & Case Analysis Part 1LearningObjectives ...................................................................................426David&AmyRudolphCase-InternalData .............................................................426TheFamily(January1,20X2) ............................................................................ 426PersonalandFinancialObjectives........................................................................ 427SummaryofInitialDataCollected-LifeCycleApproach .................................................. 427PreliminaryConclusionsRegardingtheRudolphs(LifeCycleApproach).................................. 427RudolphCaseFile-AdditionalData ....................................................................428ExternalInformation..................................................................................... 428AdditionalInternalInformation .......................................................................... 429InsuranceInformation................................................................................... 429InvestmentInformation.................................................................................. 435

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TOCIncomeTaxandSocialSecurityTaxInformation..........................................................438RetirementInformation..................................................................................438EstateInformation.......................................................................................439OtherInformationRegardingAssetsandLiabilities.......................................................439PieChartApproach ....................................................................................440Introduction .............................................................................................440DataforPieChartApproach-IncomeStatement .........................................................440DataforPieChartApproach-BalanceSheet..............................................................441FinancialStatementAnalysis-RatioAnalysisApproach................................................442Introduction .............................................................................................442TheTwo-Step/Three-Panel/MetricsApproach.........................................................444Introduction .............................................................................................444RiskManagementData-ScheduleA......................................................................445Short-TermSavingsandInvestments-ScheduleB........................................................446Long-TermSavingsandInvestments-ScheduleC........................................................447TheCashFlowApproach...............................................................................448CashFlowApproachwithRecommendations-ScheduleD................................................449DebtManagement-ScheduleE ..........................................................................450StrategicApproach ....................................................................................450MissionStatement .......................................................................................450Goals....................................................................................................450PersonalandFinancialObjectivesoftheRudolphs .......................................................451PersonalandFinancialObjectivesRecommendedbytheFinancialPlanner ...............................451PresentationtoDavidandAmyRudolph-FinancialStatementsandRatiosPostRecommendations ....452NewEmergencyFundRatio..............................................................................452NewSavingsRate(EE=employee,ER=employer) .......................................................452HousingRatios ..........................................................................................453InvestmentAnalysis.....................................................................................453InvestmentPortfolioAnalysis ............................................................................454ChangeinNetWorth-Reconciliation ....................................................................457RetirementGoal .......................................................................................457EducationGoal ........................................................................................458Summary ..............................................................................................459Strengths ................................................................................................459Weaknesses.............................................................................................459Recommendations-Implemented........................................................................460UnmetGoals .............................................................................................460Chapter 11 | Retirement Planning Accumulations and DistributionsLearningObjectives ...................................................................................462Introduction...........................................................................................462FactorsAffectingRetirementPlanning .................................................................462RemainingWorkLifeExpectancy(RWLE) ................................................................463RetirementLifeExpectancy(RLE) .......................................................................466SavingsandInvestmentIssues ...........................................................................468RetirementNeedsAnalysis ..............................................................................480WageReplacementRatio(WRR).........................................................................480SourcesofRetirementIncome...........................................................................485

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RetirementFunding(CapitalNeedsAnalysis) ..........................................................488AccurateAssumptions ................................................................................... 489AnnuityMethod(4-StepApproach) ...................................................................... 490UnevenCashFlowMethodofRetirementFunding ........................................................ 493CapitalPreservationModel............................................................................... 494PurchasingPowerPreservationModel ................................................................... 495TheSerialPaymentApproach ............................................................................ 497RangeEstimates,SensitivityAnalysis,Simulations,andMonteCarloAnalysis ............................. 499AlternativestoCompensateforProjectedCash-FlowShortfalls ........................................... 503ImplicationsofCapitalNeedsAnalysis .................................................................506OtherConsiderations ..................................................................................506ManagingRetirementDistributions ...................................................................5074PercentofCapitalBalanceApproach.................................................................... 508Money-for-LifeApproach ................................................................................ 509DiscussionQuestions ..................................................................................510MultipleChoiceProblems .............................................................................512QuickQuizExplanations ...............................................................................514

Chapter 12 | Income Tax PlanningLearningObjectives ...................................................................................516IncomeTaxesandtheIRS..............................................................................516TheThreeTaxSystems .................................................................................. 516ThreeTypesofIncome ................................................................................... 517ThreeTypesofTaxAccounting ........................................................................... 517ThreeKeyTaxPrinciples................................................................................. 518SourcesofTaxLaw ...................................................................................... 518InterestandPenaltiesforNoncompliance................................................................ 520PreparerPenalties....................................................................................... 521TaxFormulaforIndividualTaxpayers.................................................................522Income .................................................................................................. 523GrossIncome............................................................................................ 523Exclusions............................................................................................... 523Deductions .............................................................................................. 524DeductionsforAGI(Above-the-Line) ..................................................................... 525ItemizedDeductions(Below-the-Line) ................................................................... 526WhichTypeofDeductionisBetter–AboveorBelow-the-LineDeductions? ............................... 526AdjustedGrossIncome(AGI)............................................................................. 527StandardDeduction ...................................................................................... 527CalculationoftheStandardDeductionforaDependent................................................... 528ClaimingDependents .................................................................................... 528TaxonTaxableIncome................................................................................... 528FilingStatus ............................................................................................. 530PaymentofTaxesThroughWithholdings ................................................................. 532TaxCredits .............................................................................................. 533TaxCreditsvs.TaxDeductions........................................................................... 535TaxCreditRequirements................................................................................. 535

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TOCIntroductiontoBasis ..................................................................................536UsesofBasis.............................................................................................536DeterminingBasis.......................................................................................536AdjustmentstoBasis ....................................................................................537RealizationandRecognition .............................................................................537CapitalGainHoldingPeriodsandTaxRates............................................................537HoldingPeriods .........................................................................................537CapitalGainsTaxRates..................................................................................538SaleofPersonalResidence(Section121) ..............................................................539DiscussionQuestions ..................................................................................540Multiple-ChoiceProblems .............................................................................541QuickQuizExplanations ...............................................................................542

Chapter 13 | Business Entity Selection and TaxationLearningObjectives ...................................................................................544Introduction...........................................................................................544EaseandCostofFormation..............................................................................544ComplexityofManagementandGovernance .............................................................544TransferabilityandDissolution ..........................................................................545LiabilityProtectionforOwners’PersonalAssets..........................................................545ReportingRequirementsandTaxation...................................................................545SoleProprietorships...................................................................................546Formation ...............................................................................................546Interest,DisposalofInterest,andDissolution ............................................................547Capital...................................................................................................547Liability .................................................................................................547Management/Operations................................................................................547IncomeTaxationandPayroll(SocialSecurity)Taxes .....................................................547GeneralPartnerships ..................................................................................556Formation ...............................................................................................556Interest,DisposalofInterest,andDissolution ............................................................556Capital...................................................................................................556Liability .................................................................................................557Management/Operations................................................................................557IncomeTaxationandPayroll(SocialSecurity)Taxation ..................................................557Partners’BasisinaPartnership ..........................................................................558LimitedPartnerships(LP).............................................................................563Formation ...............................................................................................563Interest,DisposalofInterest,andDissolution ............................................................563Capital...................................................................................................563Liability .................................................................................................563Management/Operations................................................................................563IncomeTaxationandPayroll(SocialSecurity)Taxes .....................................................564

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LimitedLiabilityPartnerships(LLP) ...................................................................564Formation............................................................................................... 564Interest,DisposalofInterest,andDissolution............................................................. 564Capital ................................................................................................... 565Liability.................................................................................................. 565Management/Operations ................................................................................ 565IncomeTaxationandPayroll(SocialSecurity)Taxes...................................................... 565FamilyLimitedPartnerships(FLP) ....................................................................566Formation............................................................................................... 566Interest,DisposalofInterest,andDissolution............................................................. 567Capital ................................................................................................... 567Liability.................................................................................................. 568Taxation ................................................................................................. 568LimitedLiabilityCompanies(LLC).....................................................................569Formation............................................................................................... 569Interest,DisposalofInterest,andDissolution............................................................. 569Capital ................................................................................................... 569Liability.................................................................................................. 570Management/Operations ................................................................................ 570IncomeTaxationandPayroll(SocialSecurity)Taxes...................................................... 570CCorporations ........................................................................................572Formation............................................................................................... 572Interest,DisposalofInterest,andDissolution............................................................. 572Capital ................................................................................................... 572Liability.................................................................................................. 572Management/Operations ................................................................................ 572IncomeTaxationandPayroll(SocialSecurity)Taxes...................................................... 573SCorporations ........................................................................................576Interest,DisposalofInterest,andDissolution............................................................. 576Capital ................................................................................................... 576Liability.................................................................................................. 576Management/Operations ................................................................................ 576IncomeTaxationandPayroll(SocialSecurity)Taxes...................................................... 576SCorporationOwners'Basis............................................................................. 577ComparisonofSCorporationsandLLCs .................................................................. 580TheQualifiedBusinessIncome(QBI,orSec.199A)Deduction..........................................582Introduction............................................................................................. 582QualifiedBusinessIncome ............................................................................... 582TheQBIDeductionGeneralRule ......................................................................... 583PlanningApplications .................................................................................... 584TaxAnalysis:CCorporationversusPass-ThroughEntitywithQBIDeduction ............................. 584ProtectingOwnersfromEachOther ...................................................................585ProtectingMinorityShareholders/Members.............................................................. 585ElementsofShareholder/PartnershipAgreements ....................................................... 585IssuesRegardingAdditionalCapitalRequired ............................................................ 586DiscussionQuestions ..................................................................................587MultipleChoiceProblems .............................................................................588QuickQuizExplanations ...............................................................................589

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TOCChapter 14 | Estate PlanningLearningObjectives ...................................................................................592Introduction...........................................................................................592EstatePlanningDefined..................................................................................593Goals,Objectives,andRisksofEstatePlanning .........................................................593TheEstatePlanningProcess ...........................................................................594TheSevenBasicSteps ...................................................................................594EstablishtheClient/PlannerRelationship ................................................................594CollectingClientInformationandDefiningTransferObjectives...........................................595BasicDocumentsIncludedinanEstatePlan ...........................................................596Wills ....................................................................................................596SideInstructionLetter ...................................................................................597PowersofAttorneyandPowersofAppointment .........................................................597DirectivesRegardingHealthCare ........................................................................600TypesofPropertyInterest .............................................................................602OwnershipandTransferofProperty.....................................................................602SoleOwnership-FeeSimple .............................................................................602TenancyinCommon(TIC)...............................................................................603JointTenancywithRightofSurvivorship(JTWROS)......................................................604TenancybytheEntirety(TE) ............................................................................604CommunityPropertyandSeparatePropertyinCommunityRegimes .....................................605TheProbateProcessDefined ..........................................................................606Testatevs.IntestateSuccession..........................................................................606AdvantagesofProbate ...................................................................................606DisadvantagesoftheProbateProcess ....................................................................607PropertyPassingThroughProbate .......................................................................607PropertyPassingOutsideoftheProbateProcess.........................................................607TrustProperty ........................................................................................608Parties ..................................................................................................609WhyUseaTrust?........................................................................................609FederalEstateandGiftTaxes..........................................................................610TheGiftTaxSystem ...................................................................................611HistoricalBackgroundandPurpose ......................................................................611IntroductiontoGifts.....................................................................................611CharacteristicsofaGift ..................................................................................611ValuationofaGift........................................................................................612ExclusionsandExemptions..............................................................................612EstateTax.............................................................................................612EstatePlanningLimits .................................................................................614UpdateforEstate,Gifts,andGSTTax .....................................................................614DiscussionQuestions ..................................................................................615Multiple-ChoiceProblems .............................................................................616QuickQuizExplanations ...............................................................................617

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Chapter 15 | Economics and the External EnvironmentLearningObjectives ...................................................................................620Introduction..........................................................................................621Macroeconomics ......................................................................................623EconomicOutput ........................................................................................ 623Inflation................................................................................................. 624InterestRates ............................................................................................ 626Unemployment.......................................................................................... 627BusinessCycle........................................................................................... 628EconomicIndicators..................................................................................... 630MonetaryPolicy ......................................................................................... 631FiscalPolicy ............................................................................................. 635Microeconomics .......................................................................................636Demand ................................................................................................. 636Supply ................................................................................................... 640OpportunityCostsandDiminishingReturns .............................................................. 643TheExternalLegalEnvironment.......................................................................644ConsumerProtection .................................................................................... 644OtherConsumerProtectionLawsandAgencies........................................................... 648InvestorProtection ...................................................................................... 655Dodd-FrankWallStreetReformandConsumerProtectionAct ............................................ 664WorkerProtection ....................................................................................... 666Conclusion ............................................................................................669DiscussionQuestions ..................................................................................670Multiple-ChoiceProblems .............................................................................671QuickQuizExplanations ...............................................................................673

Chapter 16 | Ethics & Standards of ConductLearningObjectives ...................................................................................676Introduction...........................................................................................676CodeofEthics .........................................................................................678StandardsofConduct ..................................................................................679SectionA:DutiesOwedtoClients......................................................................... 682SectionB:FinancialPlanningandApplicationofthePracticeStandards ................................... 689SectionC:PracticeStandardsfortheFinancialPlanningProcess.......................................... 692SectionD:DutiesOwedtoFirmsandSubordinates ....................................................... 697SectionE:DutiesOwedtoCFPBoard ..................................................................... 697SectionF:ProhibitiononCircumvention.................................................................. 701SummaryofStandardsofConduct........................................................................ 702DisciplinaryRulesandProcedures ....................................................................702Investigation............................................................................................. 703HearingProcessandFormsofDiscipline ................................................................. 704FitnessStandardsforCandidatesandProfessionalsEligibleforReinstatement(PER) ..................706RecentAmendmentsIncludingAdditionofProfessionalsEligibleforReinstatementtoFitnessStandards.. 706DifferingLevelsofUnacceptableConduct................................................................. 707PetitionsforReconsideration ............................................................................ 708

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c h a p t e r

Table of Contents XXV

TOCAnonymousCaseHistories.............................................................................709AnonymousCaseHistory#1.............................................................................709AnonymousCaseHistory#2.............................................................................710AnonymousCaseHistory#3.............................................................................710AnonymousCaseHistory#4.............................................................................710AnonymousCaseHistory#5.............................................................................711AnonymousCaseHistory#6.............................................................................711AnonymousCaseHistory#7.............................................................................712Summary ..............................................................................................712DiscussionQuestions ..................................................................................713Multiple-ChoiceProblems .............................................................................714QuickQuizExplanations ...............................................................................715

Chapter 17 | Planning for Special CircumstancesLearningObjectives ...................................................................................718Introduction...........................................................................................719FinancialPlanninginRelationtoSpecialCircumstances..................................................720PlanningforaDependentwithSpecialNeeds..........................................................721SpecialNeedsPlanninginRelationtoMajorFinancialPlanningAreas.....................................722TypicalFederal,State,andOtherBenefits................................................................725Non-ProfitOrganizations ................................................................................725WhatShouldaCaretakerDo.............................................................................726SpecialNeedsTrusts.....................................................................................727AchievingaBetterLifeExperience(ABLE)Accounts......................................................729LetterofIntent ..........................................................................................730PlanningforDivorce...................................................................................732DivorcePlanninginRelationtoMajorFinancialPlanningAreas...........................................733FinancialPlanningRecommendationsforDivorcingCouples .............................................735CommonMistakesinDivorce............................................................................736PlanningforTerminalIllness ..........................................................................736PreparingforCare .......................................................................................737FinancialPlanningRecommendationsforTerminalIllnessPlanning......................................738PlanningforNon-TraditionalHouseholds..............................................................739CivilUnionsandRegisteredPartners.....................................................................740PlanningforNon-TraditionalFamiliesinRelationtoMajorFinancialPlanningAreas ......................740PropertyTransfersatDeath .............................................................................742PlanningforJobLossorJobChange....................................................................742CashFlows..............................................................................................743AgeasaFactor ..........................................................................................743HealthInsurance ........................................................................................744FinancialPlanningAdvice................................................................................744PlanningforaFinancialWindfall ......................................................................745PlanningforFinancialWindfallsinRelationtoMajorFinancialPlanningAreas............................745FinancialPlanningRecommendationsforaFinancialWindfallRecipient ..................................746DiscussionQuestions ..................................................................................747Multiple-ChoiceProblems .............................................................................748QuickQuizExplanations ...............................................................................749

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Chapter 18 | David and Amy Rudolph Case & Case Analysis Part 2LearningObjectives ...................................................................................752Introduction...........................................................................................752January1,20X3 .......................................................................................... 752David&AmyRudolphCase-InternalData .............................................................752TheFamily............................................................................................... 752PersonalandFinancialObjectives(AchievedWithintheLastYear) ....................................... 753PersonalandFinancialObjectives(Current) .............................................................. 753UpdatedSummaryofInitialDataCollected-LifeCycleApproach ......................................... 754ExternalData..........................................................................................755EconomicInformation ................................................................................... 755UpdatedInternalInformation(1/1/20X3) .............................................................756InsuranceInformation................................................................................... 756FinancialStatements ..................................................................................... 759ChangeinNetWorth-Reconciliation(From1/20X2to1/20X3) .......................................... 762InvestmentAssets ....................................................................................... 762PersonalUseAssets ...................................................................................... 764OtherFinancialProfileInformation ...................................................................... 765FinancialStatementAnalysis-RatioAnalysisApproach................................................766Introduction............................................................................................. 766LiquidityandDebtRatios1/1/20X3-ScheduleA......................................................... 768Long-TermSavingsandInvestments-ScheduleB ........................................................ 769ImmediateandLong-TermObjectivesandAnalysis ....................................................770PersonalandFinancialObjectives(Current) .............................................................. 770Objective1:EducationFunding-529SavingsPlan2forTrevorJr......................................... 771Objective2:SaleofDRI................................................................................... 772Objective3:RetirementCapitalNeedsAnalysis ........................................................... 772Objective4:EstatePlanning .............................................................................. 776Objective5:BusinessEntityChangeforAmy’sSoleProprietorship........................................ 776Objective6:InvestmentAnalysis......................................................................... 777InvestmentPortfolioAnalysis............................................................................ 778Objective7:Long-TermCareInsurance................................................................... 784TaxAnalysis............................................................................................. 785Implementation.......................................................................................... 785TheCashFlowApproach...............................................................................786RestatedFinancialStatements .........................................................................787Summary ..............................................................................................788Strengths................................................................................................ 788Weaknesses(andResponses)............................................................................ 788Recommendations-Implemented........................................................................ 789UnmetGoals............................................................................................. 789AppendicesAppendixA:Glossary ..................................................................................791AppendixB:Index .....................................................................................815


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