Comprehensive Estate
Planning
There are a variety of elements to consider when planning for an estate. An overwhelming percentage of people aged 30 to 60 are not prepared. It's often been said that most people spend more time and effort each year in planning their vacation than they do in financial planning. This is really scary. This is much like being on a stormy sea in a huge boat with no rudder, or in today's world, it maybe more like being on a 6 or 8 lane interstate highway traveling at 70 mph and having the steering wheel come off.
Inadequate life insurance coverage and not having a will places unnecessary burden in what often times is already a very stressful situation for the remaining spouse or children. If you do not have a current will, or think you might have insufficient life insurance, we can help you.
Rule One: As stated previously, have a will in place.
Rule Two: Obtain the proper amount of insurance. You need to consult an informed, licensed financial advisor to determine the proper coverage.
Rule Three: Next address estate protection. Current estate laws can be really confusing. If your estate will exceed $1,000,000 then you need proper advice from an appropriate financial advisor, estate attorney, and CPA.
Rule Four: Have a current Durable Power of Attorney (DPA) for business.
Rule Five: Have a current Health Surrogate in place.
Rule Six: Decide if a living will is appropriate to you. If so, then get one in place now.
Rule Seven: See an attorney who specializes in identifying the appropriate trust if you have one of the following: a business, large estate, special needs child, blended family, special considerations and time lines relative to gifting to family and/or charities.
Asset Accumulation
The accumulation stage begins sooner for some than for others and tends to be haphazard at first. Your philosophy regarding how much to save, where to put it, and/or how to use it effectively is generally based on what you learned at home, from your friends, and advertising.
Ironically these are the same sources we use the most often for gathering advice on marriage, tax strategies and religious principles. We use them because they are free, but has this free advice ever been later discovered to be inappropriate or even flawed?
Doesn't it make good sense that if you're serious about trying to save money, grow money, and protect money, you might want to get your advice from a professional in this field? Someone who is trained, licensed, and experienced in the field of money management?
Asset Utilization
The effective utilization of your accumulated (and growing) assets is not only very tricky, but the game changes frequently, sometimes at a moment's notice - sometimes without notice.
How can this be, you ask? Well, the economy changes daily. Disasters and financial emergencies happen without notice. Tax laws change upon a Congressional whim. Some investments fail to meet expectations; others over perform (what a pleasant surprise).
Does your plan allow for emergencies? Does is allow flexibility in tax demands? Are you situated so you can reduce your tax liabilities by matching Passive Income and Passive Losses within a portion of your portfolio? Are you familiar with the tax advantages afforded by various energy programs? These may not be for everyone, but they might be essential for you. Has your advisor discussed these with you? What about the advantages of Roth versus traditional IRA's? What about strategies for offsetting the impact of Required Minimum Distributions from your qualified funds? Maybe it's time to get serious by requesting help from a fellow Christian ready to address your concerns.