Financial Planning

Financial Planning
Financial independence is a goal as attainable as any other in life. It can be achieved through well-conceived planning, commitment and time.

For more than two decades, our professionals have created a mission to help clients attain their goals for financial independence.

Early in life, most of us are taught the concept of saving. As we grow older, this discipline is often subordinated by such life situations as buying a home, raising a family or unforeseeable events. Later attempts are often fragmented by the overwhelming gamut of available investment choices and the ever-present concern about the total savings needed to live a certain lifestyle in retirement.

We help take the mystery out of planning. Your financial plan will be determined by your lifestyle goals and the in-depth information you provide. Our plans are crafted to be manageable, therefore helping you reach your goals.

Upon completion, your plan will be presented to you and thoroughly reviewed to help ensure your understanding and approval. Thereafter, we encourage you to return for an annual review, during which time we will evaluate the progress of your financial plan.

Here are the components we will consider when developing your customized financial plan:

Your Lifestyle
The development of a financial plan is based on your present and future lifestyle. How much money will you need to lead the life you envision? Does your future hold extensive travel plans? College? A new business? For example, a retiree who enjoys gardening and grandchildren has different monetary needs than one who enjoys travel and golf. Planning will create a broad-brush view of your future personal situation and help us determine the amount of money you will need to save before and generate during retirement.

A portion of your present financial resources is necessary to create current and future retirement income. It will be important to determine your present net worth, track your cash flow and identify monies that may be available in the future.

Risk Tolerance
Monies set aside for your goals should be invested in financial vehicles, which include CDs, stocks, bonds and mutual funds ranging from conservative to aggressive in their growth potential. Your age and tolerance level for risk will dictate which investment tools we advise you to use.

Asset Protection*
Only through the understanding of various estate planning tools such as trusts, charitable trusts and proper titling can one help his or her hard-earned assets survive the tax axe. We will guide you through the estate planning maze and help you find appropriate legal assistance. The presence of life, disability and long-term care insurance are vital to the ongoing protection of your estate and investment portfolio. If prudent, we will lead you through the maze of choices of the various policies with your specific needs in mind.

IRA Planning
This area focuses on the distribution of accumulated retirement assets. We guide you through the myriad of choices: taking an annuity, extending payments to others (stretch IRA), wealth transfer and charitable giving. Incorporated in the planning are the updated tax law changes and special exceptions such as 72(t).

Opportunities and Challenges
It is also important to consider how and when you might gift your children or grandchildren with assets. Such distributions could very possibly benefit your tax situation now or in the years ahead. This area includes beneficiary planning, an often overlooked planning tool. With proper preparation, you may have the ability to extend the time over which an inheritor may manage assets on a tax-deferred basis. This area is often referred to as advanced estate planning.

Last, but certainly not least, is your level of commitment, which is twofold – first to provide all data necessary to design a plan – and next, to follow the courses of action the plan will suggest. Success is only attainable through proper and timely implementation. It is only through this high level of commitment that financial planning goals may be attained and maintained.

*Asset protection plans should be developed and implemented well before problems arise. Due to the fraudulent transfer laws, asset transfers that occur close in proximity to the filing of a lawsuit or bankruptcy can be interpreted by the court as a fraudulent transfer. Proper structuring of these assets is imperative please seek proper legal and tax advice prior to engaging in re-titling/structuring of any assets. Please note that laws are subject to change and can have an impact on your asset protection strategy.