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L. Rush Hunt - Financial Planning for You & Your Clients: What Every Lawyer Should Know about Insurance, Investments, Estate Planning & Taxes

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Page i
Financial Planning for You & Your Clients
What Every Lawyer Should Know about Insurance, Investments, Estate Planning & Taxes
L. Rush Hunt
Stephen R. Appel
Page ii Cover design by Jim Colao The materials contained herein - photo 2
Page ii
Cover design by Jim Colao.
The materials contained herein represent the opinions of the authors and editors and should not be construed to be the action of either the American Bar Association or the General Practice, Solo and Small Firm Section unless adopted pursuant to the bylaws of the Association.
Nothing contained in this book is to be considered as the rendering of legal or financial advice for specific cases, and readers are responsible for obtaining such advice from their own legal counsel. This book and any forms and agreements herein are intended for educational and informational purposes only.
1997 American Bar Association. All rights reserved.
Printed in the United States of America.
Hunt, L. Rush.
A lawyer's guide to financial planning: fundamentals for the legal practitioner/L. Rush Hunt.
p. cm.
ISBN 1-57073-446-1 (pbk.)
1. Estate planningUnited States. 2. LawyersUnited StatesHandbooks,
manuals, etc. 3. Finance, PersonalUnited States.
I. Title.
KF750.H854 1997
332.024'01dc21 97-18484
CIP
Discounts are available for books ordered in bulk. Special consideration is given to state bars, CLE programs, and other bar-related organizations. Inquire at ABA Publishing, Book Publishing, American Bar Association, 750 North Lake Shore Drive, Chicago, Illinois 60611.
Page iii
Dedications
L. Rush Hunt
To my wife, Barbie, with love.
Stephen R. Appel
To my parents, Frederick and Lois Appel, with a world of thanks.
Page v
Contents
Preface
xi
Acknowledgments
xiii
Chapter One
Financial Planning Overview
Picture 3
General Considerations
1
Picture 4
The Financial Planning Process
2
Picture 5
Planning ConsiderationsA Baker's Dozen
5
Picture 6
Budgeting
5
Picture 7
Debt
14
Picture 8
Emergency Fund
15
Picture 9
Regular Savings
15
Picture 10
Future Value of Money
15
Picture 11
Inflation Dilemma
18
Picture 12
Diversification
19
Picture 13
Risk Tolerance
20
Picture 14
Company Retirement Benefits
20
Picture 15
Watch the Great Deal
23
Picture 16
Tax Leverage
23
Picture 17
Watch the Tax Cost
24
Picture 18
Protect Assets
25
Picture 19
Appendix A Data Survey Form
26
Chapter Two
Investments
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