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Title: Tax-Smart Investing : Maximizing Your Client's Profits by Andrew D. Westhem, Stewart J. Weissman, Marketplace Books ISBN: 0-471-33261-5 Publisher: John Wiley & Sons Pub. Date: 28 May, 1999 Format: Hardcover Volumes: 1 List Price(USD): $49.95

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Average Customer Rating: 3 (2 reviews)

Rating: 2
Summary: Pre-Modern
Comment: Not worthy. Despite the promising title and subtitle, the book is written in the pre-modern tax-minimization mode. The proper goal of tax-smart investment management is not minimizing taxes. Rather, the modern view is that tax-smart investing should focus on maximizing after-tax risk-adjusted returns. The chapter topics--direct ownership, munis, tax-deferred savings plans, employer retirement plans, annuities, whole life, MFs, VAs, VLI, MECs, real estate, FLPs, asset location, estate tax, estate strategies--are reasonable and do include nuggets of insight, but lack the over-arching modern view of taxable investment management. The variable annuity chapter, for example, does include 3 paragraphs on the "minus" of extra expenses but considers the fact in isolation. Details building a case for this "minus" are weak--they seem stacked against persuading someone that expenses are a significant negative. (When in fact, many VA policies have expense levels egregious enough to defeat the tax-smart aspect of VAs.) Note further that at least 100 pages of the thin book are fluff--appendices of minimal usefulness. The more so since this 1999 book cannot reflect the 2001 tax changes. Even if the tax code weren't evolving, I'd question the appropriateness of this book in the "Wiley Financial Advisor" series for any but the greenest advisor unacquainted with the pre-modern rudiments of after-tax investing.

Rating: 4
Summary: Great Read
Comment: The books moves from the basics to the more complex. It would be a great book for new advisors.

The authors do a great job of explaining a concept and then giving an example to drive the points home.