Financial Planning
Financial Planning is a comprehensive approach to evaluating your current and future financial goals. A plan should be put into writing and reevaluated every I to 2 years.
The planning process is as follows:
- Gathering your financial information
- Establishing and defining your financial goals
- Analyzing and evaluating your current financial situation
- Developing and presenting a recommended financial plan
- Implementing proposed financial plan
- Monitoring the plan and adjusting when necessary
Investment Planning
Investment Planning is the process of building a financial portfolio designed to fit your individual goals and expectations. Investment Planning should include non-correlating asset classes.
The following should be considered:
The following should be considered:
- Asset allocation- building a financial portfolio designed to fit your individual goals and risk tolerance
- Investment diversification
- ldentify value found in fluctatuating markets
- Cash management
- Tax ramifications of investments
Retirement Planning
Retirement planning is the process of forecasting your expected expenses and identifying probable sources of income during your retirement years. Also considered when planning retirement should be the type of lifestyle in which you plan to live during your later years.
The following should be considered:
- Cash flow to/from 401K and 403B
- Beginning a Traditional or Roth IRA
- Social Security benefits
- Medicare/Medicaid benefits
- Healthcare Costs
- Identification of optimal retirement age
Insurance and Risk Mitigation
Insurance and Risk Mitigation is the process of identifying, evaluating and prioritizing of risks, followed by coordinated and economical application of resources to minimize the probability or impact of unfortunate events.
The following should be considered:
- Umbrella Insurance
- Medical Insurance
- Life Insurance
- Disability Insurance
- Long Term Care (Assisted Living)
Educational Planning
Educational Planning is the process of forming a foundation by way of saving for your child's expected college expenses. In doing so, some tax incentives could become available for educational funding.
The following may be appropriate.
The following may be appropriate.
- 529 Plans
- Coverdell Education Savings Accounts
- Financial Aid
- Grant/Work-Study programs
Estate Planning
Estate Planning allows individuals to have a defined set of instructions to manage the distribution of their assets in the event of their death or incapacitation.
The following should be considered:
The following should be considered:
- Creation of a Last Will and Testament
- Appointing a durable power of attorney
- Creating trust accounts for beneficiaries
- "Family Gifting" to reduce estate taxes
- Long-Term Funding
Tax Efficient Investment Strategies
Tax efficient investment strategies are the process of continually evaluating ways to address potential tax liabilities. This should be done by consulting with your accountant or tax professional before making major purchases or investment decisions. The order in which you spend down your assets may greatly affect how long they will last.
The following should be considered:
- Increase the number of your tax exemptions
- Awareness of tax credits
- Estimating tax liabilities
- Potential maximization of retirement contributions