Financial Plan

Income Tax Planning –

Income tax considerations impact almost every aspect of a financial plan. A general rule of thumb holds that deferring taxable income and accelerating deductions are good strategies for minimizing taxes. Some other factors to consider include charitable giving, sale of residence and maximizing retirement contributions.

Investment Planning –

Investment planning is essentially structuring and monitoring a client’s assets in order to accomplish financial goals. The Financial Advisor and client work together to identify investment objectives, risk tolerance and time horizons.

Retirement Planning –

A key step in retirement planning is to prepare a retirement projection. With rising life expectancies and early retirements becoming more common, it is more important than ever to plan for the years you are not receiving a regular paycheck.

Retirement fund sources can be broken down into three categories: employer sponsored plans, Social Security or other government programs and individually owned plans such as an IRA. By reviewing your fund sources and financial goals, a Financial Advisor can assist you in acquiring sufficient funds to maintain your lifestyle in retirement.

Disability and Income Protection –

Disability and income protection planning is one of the most important topics in the context of comprehensive personal financial planning. The two major areas of disability planning are pre-retirement (when you are actively earning a living) and post-retirement long-term care planning (when extended nursing home stays or health care costs can dramatically spend down your retirement nest egg). Consideration should be given to how you would replace your income if something unforeseen happened.

Asset Protection –

Anybody can sue anyone for anything so it is no longer enough to acquire wealth, now we need to preserve it! A Financial Advisor should review all your assets to determine such things as beneficiary designations are correct and insurance coverage is adequate and keeping up with inflation. Potential issues may be detected so they can be addressed in a timely manner.

Estate Planning –

Everything you own at the time of your death may be considered part of your estate including your home, bank accounts, insurance policies and any of your other assets. Sound estate planning can help preserve the financial security you worked so hard to achieve including the development of strategies for protecting your assets, distributing them according to your wishes and otherwise providing for your family.

Business Planning (for business owners) –

Whether addressing the administration of paperwork and human resources, risk and liabilities or transition/succession plans, Financial Advisors can offer business owners objective advice on their operations.

Education Planning –

Education planning involves meeting a client’s goal of providing enough assets to fully or partially fund a child or grandchild’s education costs. Congress has revamped education savings programs to improve and expend their tax benefits so even if you can’t save a lot, you can still take advantage of these programs by starting early. Even saving a third or half the total cost will be a big help in making the dream of a college education come true.

Debt Management –

Debt management is driven by cash management and budgeting. A review of your income, expenses, net worth and credit exposure can be a useful tool in developing a debt reduction strategy for you.

Special Situations –

Special situations are unique to each individual. If you are involved in a situation that has a substantial financial or emotional impact on your life such as a medical condition or divorce situation, the consequences must be considered in your overall financial plan.