Some investors pay little or no tax on their income; their wealth grows faster and faster and gives them more cash to spend. Some families hand down large fortunes without paying a gift or estate tax. And some know how to turn their easy-to-seize investments into wealth that would be repellent to someone thinking of suing them. Keep What You Earn tells the secrets of these canny investors--and shows how any other investor can use them, too.
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Book Description
Editorial Reviews
From Library Journal
For those Americans who are eager to protect their wealth from overzealous tax collectors, attorneys, and other potential creditors, Coxon, an investment consultant and president of a mutual fund company, serves up a comprehensive guide for developing a strategy for asset protection. Coxon's financial acumen is quickly discernible. Familiar yet nebulous financial terms such as family limited partnership, deferred annuity, and foreign trust are but a few of the wealth-preserving concepts he illustrates. He thoroughly explains strategies for implementing these methods of protecting personal assets within an overall investment portfolio. Well written and thoughtfully organized, his book will be an excellent resource for savvy investors determined to defend their wealth to the last penny from any financial predator on the prowl. Recommended for both public and academic libraries.?Dennis Krieb, St. Charles Cty. Community Coll. Lib., St. Peters, Mo.
Copyright 1996 Reed Business Information, Inc.
Copyright 1996 Reed Business Information, Inc.
From Booklist
Coxon manages several mutual funds in the Permanent Portfolio Family of Funds that advisory services recommend for the "very conservative" investor. Coxon's investment strategy is to take minimum risk in exchange for low return. In the past, he also adopted a complex tax-saving strategy whose legality some industry analysts questioned. Coxon assures us here that all is above board; but the financial advice he offers shows a suspicion and distrust of the IRS and lawyers, and it will certainly appeal to like-minded investors. He offers "financial sovereignty," providing guidance on tax avoidance, financial privacy, and protection from lawsuits. Coxon's tips focus on tax planning, reducing risk, and shielding assets using trusts, shelters, and havens. David Rouse
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Most Helpful Customer Reviews
13 of 15 people found the following review helpful:
4.0 out of 5 stars
a good first line of defense for people with net worth.,
By moneyblows books (Lee, NH) - See all my reviews
This review is from: Keep What You Earn: Practical Strategies to Protect Your Assets from Taxes, Lawsuits, and Financial Predators (Hardcover)
A friend was telling me what happened after his promotion to senior vice president was announced in the newspaper. Dozens of free offers began to come in the mail, such as coupons to use in exclusive clothing stores and free lunches for two at expense-account restaurants. One of the latter was for a restaurant he'd always wanted to visit. So he took the offer and was immediately surprised at how gracious the service was. He and his friend weren't that hungry, so they turned down an appetizer and a cocktail. After they had ordered a meal and told the waiter they would not have room for dessert, the waiter leaned in conspiratorially and whispered, "have some, for goodness sakes. It's all free!" My friend's unwillingness to capitalize on the restaurant's hospitality reminds me of the way some high net worth individuals look at taxes. They figure they owe it to someone to take some of the government's free offers, but not all of them. By "government free offers" I mean the ability of the system to give as well as take away. It doesn't necessarily give tax advantages out of social generosity (although it may seem that way politically sometimes). We simply have a system that can't know what you're doing all the time, and it doesn't want to know, either. Terry Coxon plumbs the principles and pragmatics behind the limits of the system. Planning to avoid taxes depends on knowing the world according to the IRS and the world as it really is, with all the gaps so implied. You should understand baically where tax rules come from and how they are enforced and changed. Investing is another activity where you can get easily sidetracked. You may think that the identity of a particular investment or strategy is of paramount importance. In reality, the only think important in your portfolio is results. Successful investors act on this instinctually. Others tend to get caught up in minutiae. Coxon also emphasizes protecting yourself against lawsuits, where anything you own could be used against you to satisfy a judgment or just scare you into submission. Litigation is not a gentlemen's game, as many losers of lawsuits find out the hard way. To maintain your financial privacy, don't use credit cards and checks routinely. Keep your checking account in another county, and change banks every few years. He also advises the use of a money market fund for checking, "so that no one can dig through your records without digging through the fund's records." The author also advocates tax deferral through the use of mutual funds, deferred annuities, and even types of life insurance. This is where he loses me. Knowing a little about such things seems more dangerous than knowing nothing at all, and the chapters on these subjects are brief. Other tax deferral vehicles are outlined here: deferred-payment sales help you defer capital gains or interest income. A number of acceptable strategies exist to drag your feet abou recognizing gains which can be taxed. Coxon's attitude about recognizing losses is something I hadn't heard before, but it's consistent with the rest of his book: "A loss is an insult to the investor's pride, and no mere tax savings will make it tolerable. Selling is too much like putting on a dunce cap. "This attitude is difficult to escape. I can only point out that, if your investment is worth less than you paid for it, the loss has already occurred. So you should feel bad even if you don't sell. Selling is simply a way of getting the tax collector to share your grief." This kind of advice is refreshing and will hit different people different ways. On balance, this book is a good first line of defense for people with net worth they want to protect.
4 of 6 people found the following review helpful:
4.0 out of 5 stars
Find financial privacy and financial protection in the US.,
By A Customer
This review is from: Keep What You Earn: Practical Strategies to Protect Your Assets from Taxes, Lawsuits, and Financial Predators (Hardcover)
How would you like to be able to use a charge card that is private? I did not know there was such a card, but you can get one! Do you want to protect yourself from being financially destroyed by a simple lawsuit or an out-of-control predatory government agency? This book explains how simple anyone can set up a private foreign bank account. It gives a very good explanation of a protective foreign trust that can protect you, save taxes for you, and even more for your beneficiaries.
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