Creating a financial plan helps you see the big picture and helps you set long- and short-term life goals, crucial steps in mapping out your financial future. When you have a financial plan, it’s easier to make financial decisions and stay on track to meet your goals. Working with a financial planning professional can secure your financial well-being and help you reach financial planning success.
When looking at the structure of a financial planning process, there are five levels we cover when we design and recommend our financial plans. These levels include:
Risk Management
We’ll assist you with setting up an umbrella coverage and proper insurance plans to form the foundation of your financial plans and protect the things you’ve worked for all your life.
Tax Mitigation / Tax Planning
Together, we’ll review your tax return line by line and figure out how you can reposition some of your retirement accounts to potentially lower your taxes in retirement.
Retirement Planning
We’ll work with you to design a proper plan for retirement, providing strategies that could maximize your income and minimize your taxes.
Investments
Is your portfolio working efficiently to help you meet your growth goals? We’ll thoroughly review your investments, making sure that they’re tax-efficient and suitable for your needs, goals and risk tolerance.
Estate Planning
We’ll collaborate with the state planning attorney on our team in order to ensure proper documents are in place to avoid probate and unnecessary taxes for your heirs.
It’s important to do all five steps in the financial planning process, which includes a Comprehensive Financial Plan and a Family Estate Organizer. The Family Estate Organizer results in a tabbed binder containing all relevant financial documents and information, including beneficiary designation forms, tax returns, trust documents, powers of attorney, living wills and even usernames and passwords for online banking accounts if you want to include them.
No task brings greater stress to your loved ones than having to settle a disorganized and fragmented estate. It can literally consume months of their time as well as a significant portion of their inheritance. It’s not unusual for assets and insurance benefits to go unclaimed, robbing the beneficiaries of needed funds for their survival. Unnecessary taxes, court costs and fees can consume much of the estate that has been improperly planned or ignored, and unwanted beneficiaries may inherit your life’s work. We always suggest for you to come in for a review and get a second opinion so that we can point you in the right direction!
