Financial Planning – A Comprehensive Process
Clients are provided with proactive financial planning services that include:
An estate planning review which ensures that (at a minimum) clients have wills, durable powers of attorney, and health care directives. In addition, a review of beneficiary forms for IRAs, 401(k) plans, and other investments is performed, as this is also an estate planning matter having a profound effect on the taxation of these assets and directly impacting the remainder passed on to intended beneficiaries.
An insurance review to ensure that sufficient amounts of life, disability, and long-term care insurances (when applicable) are properly positioned to provide for loss of life or income and to ensure that nursing home and in-home care needs can be met. Strategies to meet estate tax obligations through the use of life insurance are also explored.
A review of investments held both inside and outside of retirement plans and how these currently interact with the client’s federal and state income tax exposure. Strategies to reduce or eliminate current taxation through the use of specific investments are suggested, in addition to a review of the client’s asset mix to determine if it is consistent with the client’s investment objectives and risk exposure. Investment strategies for specific needs (such as college education) are also addressed.