Description
Book SynopsisAn 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,
Table of Contents
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
A Real-World Success Story 1
What Risks Are You Facing? 5
Chapter 2 My-Oh-My, How Far You Have Come! 9
Remember Your First Apartment? 9
Chapter 3 Life Is Too Short to Drink Cheap Wine 23
A Look at Managing Valuables and Collectibles Schedules 24
Now to the Wine Cellar for a Vertical Tasting of Lafite 34
Then There’s the Antiques, Rugs, China, and Other Treasures 36
Chapter 4 The Hired Help—Who’s Watching Whom? 39
The Real Risk of “Nanny Revenge” 39
What Can Go Wrong? Everything 40
Managing the Risks of Household Staff 41
Four Things All Domestic Employers Need to Know about Employee Law 42
Workers Compensation, Employee Benefits, and the Employment Practices Issues Domestic Staff Present 44
Chapter 5 Which Car Will I Drive Today, the Ferrari or the Bentley? 49
It’s Not Your Oldsmobile’s Insurance Coverage 49
Insuring for the Underinsured and Uninsured 52
High-End Cars Need High-End Insurance Coverage 55
Chapter 6 How Big Is Your Umbrella? 57
Standard Umbrella Policies versus Specialized Umbrella Policies 58
How Much Is Enough? 59
Filling the Gaps 60
Not-for-Profit Board Members—Are You at Risk? 61
Summary 62
Chapter 7 Toys, Toys, and More Toys 63
Case-in-Point 64
Managing Your Risks at Sea . . . 65
. . . and in the Air 68
You’d Better Sweat the Small Stuff 74
Chapter 8 Personal and Family Security Risks 77
Whom Are We Really Dealing with Here? 78
We’re All an Open Book 78
Understanding the Threats 82
The World Is Your Liability 84
Preemptive Security Planning 86
Chapter 9 The Dangers of Wealth 89
High Profile Equals High Risk 89
What Exactly Is Defamation? 90
Professional Liability 91
The Higher the Profile, the Bigger the Lawsuits 92
The Wealthy Need to Prepare for the Worst 93
You Are Your Brand, So You’d Better Protect It 94
Protecting Your Intellectual Capital 95
Chapter 10 Personal Risk Management Planning at the Next Level 97
It’s All Downhill from Here 97
The Personal Risk Management Process 99
Generic Solutions Just Don’t Cut It at the Next Level 101
Chapter 11 Would You See an MD Generalist for a Heart Transplant? 103
It Takes Three to Tango 103
What Your Property-Casualty Agent Doesn’t Know Can Hurt You 105
It’s Not Just about Insurance 107
Advantages of Consolidating Your Personal Risk Program 109
Service Fit for Kings and Queens 111
It Takes a Village 112
Chapter 12 Getting Started with Next-Level Planning 115
It’s Not Going to Get Any Easier 116
How Do You Eat an Elephant? 117
Go Ahead and Rip Off that Band-Aid! 118
Chapter 13 Making the Move Abroad 121
It’s All in the Planning 122
What Every Expatriate Should Know About International Insurance Coverage 122
International Property Coverage 125
Valuable Articles versus Regular Property 126
Scheduling Your Valuables 126
Storing Your Property 127
Transit Insurance 127
International Personal Umbrella Liability Coverage 127
Key Takeaway—Don’t Leave Home without It 129
Chapter 14 Weaving It all Together 131
Francesca’s Fabulous Life—A Case Study 131
Francesca’s Directorship 139
Final Strategies for Francesca and John 140
Summary 141
Conclusion 143
It’s Easier than You Think 144
Appendix A Sample Personal Lines Checklist 145
Appendix B Coverage and Service Comparison 149
Appendix C Specialized Flood Insurance versus Standard Flood Insurance 155
Appendix D Ten Items to Include in Family Disaster Plan 157
Appendix E Breakdown of Audio and Video Recording Laws 159
Notes 161
Insurance Glossary 163
Useful Websites for Personal Risk Management and Insurance Information 173
About the Author 175
Index 177
