Financial Planning

Financial planning is making sure that your investment plan dovetails with your estate plan, your retirement plan, your insurance plan, and your tax plan.

Beating the Standard & Poors 500 stock index is great but it doesn’t make up for having an inferior estate plan. At a minimum, everyone should have a basic will, durable financial power of attorney, and health care power of attorney. In many instances, combining these documents with a living trust and other trust structures with provisions that maximize estate tax savings upon your passing will assist you in not only meeting your financial goals during your lifetime but ensuring the maximum amount is passed on to your heirs.

Your retirement plan must contemplate not only saving enough during your working years, but also investing it with an appropriate asset mix (cash, bonds, stocks etc.). The next step is to determine how much can be taken out each year and when to start drawing on your retirement funds to meet IRS required minimum distribution requirements. We can help you navigate this complex situation which is exacerbated by a complicated tax code. Finally, passing along your IRA assets to the next generation without triggering negative tax ramifications requires precise titling of your IRA.

As for your insurance plan, it is key to cover all major risks. Most people have sufficient life insurance but are underinsured when it comes to disability insurance. You are much more likely to become disabled at least once during your working career as opposed to dying before age 65. We can assist you in evaluating your current coverage to make sure that your most important risks are mitigated to the greatest extent possible.

When it comes to income taxes, it is important to maximize your after tax rate of return on your investments. It is not what you make but what you keep that is important. Our mission is to help you be as tax efficient as possible so that your nest egg can grow and better help you meet your financial objectives.