An indispensable survival guide for high-net-worth individuals and their advisors
If you're like most high-net-worth individuals nowadays, you are underinsured, over-targeted in litigation, and dangerously exposed to risks that can profoundly jeopardize your lifestyle and rob you and your family of what they ve worked so hard to achieve. Don't risk it all for lack of basic knowledge. Read Wealth Exposed and get the practical guidance and real-world solutions you need to protect your hard-earned assets.
Written by a leading national risk management expert with extensive experience advising high-net-worth individuals, Wealth Exposed alerts you to the full range of risks to which high-net-worth individuals are exposed, while schooling you in your risk management ABCs. Designed for high-net-worth individuals, their CPAs, attorneys, family office managers, and others, Wealth Exposed arms you with the knowledge and tools you need to protect yourself, or your clients, from mayhem.* Provides a framework for creating a comprehensive personal risk management strategy * Contains numerous real-life anecdotes and case studies drawn from the author's case files * Discusses insurance solutions for property, cars, jewelry, aircraft, watercraft, wine, cars, and more
Read Wealth Exposed and find out what you need to know to protect your assets from risk and secure your peace of mind.
Introduction xi
The Challenges of Wealth and the Next Level xii
Why Wealth Exposed Needed to Be Written xiii
How to Use This Book xiv
Chapter 1 Welcome! You Are at the Next Level 1 (8)
A Real-World Success Story 1 (4)
What Risks Are You Facing? 5 (4)
Chapter 2 My-Oh-My, How Far You Have Come! 9 (14)
Remember Your First Apartment? 9 (14)
Chapter 3 Lite is Too Short to Drink Cheap 23 (16)
Wine
A Look at Managing Valuables and 24 (10)
Collectibles Schedules
Now to the Wine Cellar for a Vertical 34 (2)
Tasting of Lafite
Then There's the Antiques, Rugs, China, 36 (3)
and Other Treasures
Chapter 4 The Hired Help---Who's Watching 39 (10)
Whom?
The Real Risk of "Nanny Revenge" 39 (1)
What Can Go Wrong? Everything 40 (1)
Managing the Risks of Household Staff 41 (1)
Four Things All Domestic Employers Need 42 (2)
to Know about Employee Law
Workers Compensation, Employee Benefits, 44 (5)
and the Employment Practices Issues
Domestic Staff Present
Chapter 5 Which Car Will I Drive Today, the 49 (8)
Ferrari or the Bentley?
It's Not Your Oldsmobile's Insurance 49 (3)
Coverage
Insuring for the Underinsured and 52 (3)
Uninsured
High-End Cars Need High-End Insurance 55 (2)
Coverage
Chapter 6 How Big is Your Umbrella? 57 (6)
Standard Umbrella Policies versus 58 (1)
Specialized Umbrella Policies
How Much Is Enough? 59 (1)
Filling the Gaps 60 (1)
Not-for-Profit Board Members---Are You at 61 (1)
Risk?
Summary 62 (1)
Chapter 7 Toys, Toys, and More Toys 63 (14)
Case-in-Point 64 (1)
Managing Your Risks at Sea... 65 (3)
... and in the Air 68 (6)
You'd Better Sweat the Small Stuff 74 (3)
Chapter 8 Personal and Family Security Risks 77 (12)
Whom Are We Really Dealing with Here? 78 (1)
We're All an Open Book 78 (4)
Understanding the Threats 82 (2)
The World Is Your Liability 84 (2)
Preemptive Security Planning 86 (3)
Chapter 9 The Dangers of Wealth 89 (8)
High Profile Equals High Risk 89 (1)
What Exactly Is Defamation? 90 (1)
Professional Liability 91 (1)
The Higher the Profile, the Bigger the 92 (1)
Lawsuits
The Wealthy Need to Prepare for the Worst 93 (1)
You Are Your Brand, So You'd Better 94 (1)
Protect It
Protecting Your Intellectual Capital 95 (2)
Chapter 10 Personal Risk Management 97 (6)
Planning at the Next Level
It's All Downhill from Here 97 (2)
The Personal Risk Management Process 99 (2)
Generic Solutions Just Don't Cut It at 101 (2)
the Next Level
Chapter 11 Would You See an MD Generalist 103 (12)
for a Heart Transplant?
It Takes Three to Tango 103 (2)
What Your Property-Casualty Agent Doesn't 105 (2)
Know Can Hurt You
It's Not Just about Insurance 107 (2)
Advantages of Consolidating Your Personal 109 (2)
Risk Program
Service Fit for Kings and Queens 111 (1)
It Takes a Village 112 (3)
Chapter 12 Getting Started with Next-Leiel 115 (6)
Planning
It's Not Going to Get Any Easier 116 (1)
How Do You Eat an Elephant? 117 (1)
Go Ahead and Rip Off that Band-Aid! 118 (3)
Chapter 13 Making the Move Abroad 121 (10)
It's All in the Planning 122 (1)
What Every Expatriate Should Know about 122 (3)
International Insurance Coverage
International Property Coverage 125 (1)
Valuable Articles versus Regular Property 126 (1)
Scheduling Your Valuables 126 (1)
Storing Your Property 127 (1)
Transit Insurance 127 (1)
International Personal Umbrella Liability 127 (2)
Coverage
Key Takeaway---Don't Leave Home without It 129 (2)
Chapter 14 Weaving It all Together 131 (14)
Francesca's Fabulous Life---A Case Study 131 (8)
Francesca's Directorship 139 (1)
Final Strategies for Francesca and John 140 (1)
Summary 141 (2)
Conclusion 143 (1)
It's Easier than You Think 144 (1)
Appendix A Sample Personal Laws Checklist 145 (4)
Appendix B Coverage and Service Comparison 149 (6)
Appendix C Specialized Flood Insurance versus 155 (2)
Standard Flood Insurance
Appendix D Ten Items to Include In Family 157 (2)
Disaster Plan
Appendix E Breakdown of Audio and Video 159 (2)
Recording Laws
Notes 161 (2)
Insurance Glossary 163 (15)
Useful Websites for Personal Risk Management 178
and Insurance Information
About the Author 175 (2)
Index 177
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