Page 19 - Boca Exposure - August '24

Boca Exposure, Page 19
Book Review

The Book Of Charlie: Wisdom For that man was But from the friendship that developed between these
From The Remarkable Life Of Charlie White, already two men, and which prompted this bestselling book, was
the author’s evolving awareness of the extraordinary
102 years of age—a
A 109-Year-Old Man retired physician who wisdom and positive philosophy that had enabled Charlie
had been born before the to survive all that life had placed in his path those many
By Nils A. Shapiro invention of radio and years. He had taken to heart the lesson his mother had
David Von Drehle was lived long enough to use taught him from an early age: Do the right thing.
already a noted writer—a a smartphone; a man born For Von Drehle, this became an opportunity to pass
columnist and editor at the soon after the first flight along to his own children the kinds of lessons he had
Washington Post and author of the Wright Brothers always hoped he could provide for them.
of four earlier successful who l a t e r wa t c he d The following excerpt makes it clear that everyone
books—when he decided to man’s landing on the fortunate enough to read this wonderful book can derive
move with his wife and four moon, and whose own that same benefit:
young children to Kansas medical practice began “Charlie was a man of science. As a physician, he
City, Mo. But he had no idea before the discovery of knew how the human body goes—and how it stops. He
when he first met the elderly penicillin, was limited to was the first to say that his extraordinary life span was
neighbor who lived in the comforting the patient so that the body could heal itself a fluke of genetics and fortune. Still, as I’ve reflected on
house across the street, who said he was “washing his girlfriend’s … and continued through the discovery of antibiotics and this remarkable friend, I’ve come to see that he was more
car,” that it was a moment that would change his life forever. today’s latest pharmaceutical and surgical advances. than a living history lesson, and more than just the winner
of a genetic Powerball. He was a case study in how to
thrive—not just survive but thrive—through any span of
years, short or long. People often asked him about the
secret of longevity, and Charlie was always scrupulously
honest: there’s no secret, just luck. But if he knew no secrets
to a long life, he knew plenty about a happy life. Through
Asset Protection in Estate Planning tragedy and loss, poverty and setbacks, missteps and blown
chances, he maintained a steadiness, an evenness, and a
self-reliance that today might be called resilience. He had
You’re beginning to accumulate substantial wealth, but you worry about protecting it from future potential creditors. Whether your concern
is for your personal assets or your business, various tools exist to keep your property safe from tax collectors, accident victims, health-care a gift for seizing joy, grabbing opportunities, and holding
providers, credit card issuers, business creditors, and creditors of others. on to things that matter. And he had an unusual knack for
To insulate your property from such claims, you’ll have to evaluate each tool in terms of your own situation. You may decide that insurance an even more difficult task: letting go of all the rest.”
and a Declaration of Homestead may be sufficient protection for your home because your exposure to a claim is low. For high exposure, you may
want to create a business entity or an offshore trust to shield your assets. Remember, no asset protection tool is guaranteed to work, and you may There were many highs and lows in a life as long
have to adjust your asset protection strategies as your situation or the laws change. as this. And witnessing them over more than a century
Liability insurance is your first and best line of defense through Charlie’s eyes is a remarkable experience,
Liability insurance is at the top of any plan for asset protection. You should consider purchasing or increasing umbrella coverage on your especially in the words of such a gifted writer. As just a
homeowners policy. For business-related liability, purchase or increase your liability coverage under your business insurance policy. Generally, the cost few of many, many examples:
of the premiums for this type of coverage is minimal compared to what you might be required to pay under a court judgment should you ever be sued. Dr. Charlie White’s medical career began in the depths
A Declaration of Homestead protects the family residence of the Great Depression of the early 1930s, when making
Your primary residence may be your most significant asset. State law determines the creditor and judgment protection afforded a residence by house calls was a typical way to treat patients. The
way of a Declaration of Homestead, which varies greatly from state to state. For example, a state may provide a complete exemption for a residence
(i.e., its entire value), a limited exemption (e.g., up to $100,000), or an exemption under certain circumstances (e.g., a judgment for medical bills). A situation sometimes called for the emergency removal of
Declaration of Homestead is easy to file. You pay a small fee, fill out a simple form, and file it at the registry where your deed is recorded. a child’s tonsils. At such and similar occasions, parents
Dividing assets between spouses can limit exposure to potential liability who literally could not afford a nickel in payment instead
Perhaps you work in an occupation or business that exposes you to greater potential liability than your spouse’s job does. If so, it may be a invited the doctor for dinner or offered anything he would
good idea to divide assets between you so that you keep only the income and assets from your job, while your spouse takes sole ownership of like to take from their cupboard.
your investments and other valuable assets. Generally, your creditors can reach only those assets that are in your name. Charlie had a tough childhood. His father, whom
Business entities can provide two types of protection — shielding your personal assets from your he loved dearly, was a pastor. One day, when the man
business creditors and shielding business assets from your personal creditors was entering the elevator in an office building the
Consider using a corporation, limited partnership, or limited liability company (LLC) to operate the business. Such business entities shield
the personal assets of the shareholders, limited partners, or LLC members from liabilities that arise from the business. The liability of these inexperienced operator of the elevator accidentally raised
owners will be limited to the assets of the business. it and Charlie’s father slipped and fell many floors into
Conversely, corporations, limited partnerships, and LLCs provide some protection from the personal creditors of a shareholder, the empty chute and was killed. Charlie’s mother was left
limited partner, or member. In a corporation, a creditor of an individual owner is able to place a lien on, and eventually acquire, the shares of the
debtor/shareholder, but would not have any rights greater than the rights conferred by the shares. In limited partnerships or LLCs, under most with five children and no source of income.
state laws, a creditor of a partner or member is entitled to obtain only a charging order with respect to the partner or member’s interest. The One of Charlie’s high school buddies owned a
charging order gives the creditor the right to receive any distributions with respect to the interest. In all respects, the creditor is treated as a mere 1917 Model T Ford touring car with bicycle fenders,
assignee and is not entitled to exercise any voting rights or other rights that the partner or member possessed. Chesterfield seats and a fold-up canopy. Several of the
Certain trusts can preserve trust assets from claims guys decided to set out for California after their graduation
People have used trusts to protect their assets for generations. The key to using a trust as an asset protection tool is that the trust must be
irrevocable and become the owner of your property. Once given away, these assets are no longer yours and are not available to satisfy claims in May 1922, taking on farm work to pay their way cross
against you. To properly establish an asset protection trust, you must not keep any interest in the trust assets or control over the trust. country. The description of that trip includes instructions
Trusts can also protect trust assets from potential creditors of the beneficiaries of the trust. The extent to which a beneficiary’s on how to drive that Model T.
creditors can reach trust property depends on how much access the beneficiary has to the trust property. The more access the
beneficiary has to the trust property, the more access the beneficiary’s creditors will have. Thus, the terms of the trust are critical. Charlie volunteered and served in the U.S. Army Air
There are many types of asset protection trusts, each having its own benefits and drawbacks. These trusts include: Force. When anesthesia was discovered as a way to ease
• Spendthrift trusts patients’ suffering, he was trained in its application and
• Discretionary trusts
• Support trusts became one of the military’s leading anesthesiologists,
• Personal trusts training many others under his command.
• Self-settled trusts Charlie was married more than once. Life was not
Since certain claims can pierce domestic protective trusts (e.g., claims by a spouse or child for support and state or federal claims), you can
bolster your protection by placing the trust in a foreign jurisdiction. Offshore or foreign trusts are established under, or made subject to, the laws always ideal. In his final years he was interviewed many
of another country (e.g., the Bahamas, the Cayman Islands, Bermuda, Belize, Jersey, Liechtenstein, and the Cook Islands) that does not generally times by the media and asked about his philosophy of life.
honor judgments made in the United States. “I haven’t given it much thought,” he would reply, except
A word about fraudulent transfers to add that his mother’s advice to “Do the right thing”
The court will ignore transfers to an asset protection trust if: covers a lot of situations. But among the items Charlie’s
• A creditor’s claim arose before you made the transfer
• You made the transfer with the intent to defraud a creditor family found when he was gone was a single sheet of
• You incurred debts without a reasonable expectation of paying them notepaper on which he had written a list of 15 definitive
rules that serve perfectly as a guide to a successful life.
This information, developed by an independent third party, has been obtained from sources considered to be reliable, but Raymond James Financial Services, Inc. does not guarantee that the
foregoing material is accurate or complete. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a I will list only five here and urge you to read this book
recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is
not intended as a solicitation or an offer to buy or sell any security referred to herein. Investments mentioned may not be suitable for all investors. The material is general in nature. Past performance to get the full terrific story … and the other 10 secrets
may not be indicative of future results. Raymond James Financial Services, Inc. does not provide advice on tax, legal or mortgage issues. These matters should be discussed with the appropriate
professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC, an independent broker/dealer, and are not insured by FDIC, NCUA or any other government you will want to know of Charlie’s well-lived life:
agency, are not deposits or obligations of the financial institution, are not guaranteed by the financial institution, and are subject to risks, including the possible loss of principal. Investment Advisory
services offered through Raymond James Financial Services Advisors, Inc. The information contained within this commercial email has been obtained from sources considered reliable, but we do Savor special moments.
not guarantee the foregoing material is accurate or complete.
Cry when you need to.
Feel deeply.
Raymond James Financial Services Take a chance.
Arthur Rottenstein Enjoy wonder.

Registered Securities Principal

301 E. Yamato Road, Suite 3160
Boca Raton, FL 33431
561-241-6616

Arthur.Rottenstein@RaymondJames.com
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