Financial Planning

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Coordinate with Outside Advisors

  • Coordinate with your accountant and trust and estate attorney to ensure your tax and estate plans are implemented holistically.
  • Collect all tax documents such as 1099s and K-1s and transmit them to your accountant.
  • Work with your accountant to purchase tax credits such as state film tax credits.

Review Asset Titling & Risk Management Plan

  • Review all life insurance and personal insurance policies.
  • Discuss revocable trusts, life insurance trusts, private placement insurance, and other structures to help minimize probate costs, estate taxes, and income taxes.

Business Advisory

  • Pre-transaction planning.
  • Tax-aware planning and structure.

Liability Management

  • Review existing personal debt structure.
  • Coordinate and analyze future loan needs.

Cash Flow and Retirement Planning Analysis

  • Create models to estimate the value of your portfolio over time with a range of cash flow and spending assumptions.
  • Consider establishing personal retirement accounts like 401(k)/ profit sharing and cash balance defined benefit plans.

Family Wealth Management

  • Provide continuity within your family to perpetuate your values within and across generations.
  • Next Generation Stewardship – educate children on various types of investments, responsibility, philanthropy, and how to be good steward of your family’s wealth.

Build and Maintain Balance Sheet

  • Work with you to build and regularly update a consolidated family balance sheet.

Provide Professional Connections

  • Identify and introduce you to individuals who can help your business, personal growth, and financial future.

What is financial planning?

  • What is financial planning?

    In general, financial planning is taking someone’s current financial situation and their long-term financial goals then creating a strategy to achieve those goals. Anyone can create a financial plan. But it’s best to get assistance from a professional to make sure everything is done correctly.

  • What is the difference between a financial planner and a financial advisor?

    While both a financial planner and a financial advisor help consumers manage their money, there are a few key differences between the two. On one hand, a financial planner is a type of financial advisor. Further, financial planners help people meet their long-term money goals. Usually, planners have a specialty in taxes, investments, estate planning and/or retirement. Plus, they have designations and certifications, such as: Certified Financial Planner (CFP), Chartered Financial Consultant (CFC), Certified Investment Management Analyst (CIMA), or Chartered Financial Analyst (CFA). On the other hand, the tasks of a financial advisor are broader than those of a financial planner. In fact, an advisor does everything that a planner does rather than only choosing a few. But because of their wide range of services, they must have a Series 65 license. And most advisors have additional credentials as well.

Why is financial planning important?

It may seem like common sense to manage your money properly. Yet so many people either don’t know how or just don’t in general. However, financial planning is vital for a variety of reasons. Here are a few:

  • 1) Increase your savings. While people have been saving money without a financial plan for centuries, it is not the most efficient way. It’s best to take a seat and really look at your current money situation as well as what you’d like it to be. Recognizing your expenses and budgeting are the key to big savings short- and long-term.
  • 2) Prepare for emergencies. When you take a look at your money situation, you may be shocked at what you find—for good or bad reasons. No one wants to be in a bind if a huge, unexpected bill comes up, whether it be for you, a child, pet, etc. So, stay prepared with financial planning.
  • 3) Reduce stress. Everyone knows the stress that comes with being low on funds. The solution: plan out your finances. When you know exactly what your situation is as well as where your money goes, it’s much easier to manage. As a result, your stress goes down. And your funds go up.
  • 4) Boost your standard of living. Ultimately, getting your finances in order isn’t just for savings and emergencies. Rather when you take control of your money, you will eventually find that you’ve saved up quite a bit of spare change. With that money, you can spend it on things you want rather than bills or other expenses.

What are the types of financial planning?

In short, there are three types of financial plans: short-term, medium-term, and long-term. All financial plans revolve around these four types of money management:

  • Cash flow management. The goal of cash flow management is to have as much control and knowledge over your income and expenses. For example, create an emergency fund or a savings account.
  • Debt management. Everyone knows what debt is and the horrible effects it has on people. Obviously, the best advice is to not go into debt. But if you’re already past that, take your life back by paying off all debts as soon as possible.
  • Tax management. This is a liability that we all have, some more than others. In short, take tax expenses from your income and investments into account.
  • Investment management. Investments are a great way to create a stream of passive income. Plus, there are many types of investments that are more than necessary. For example, you should invest in your child’s future (college), real estate (buying a house), insurance (safety net for you and your family), and retirement (staying independent as you age).

What is the financial planning process?

Before making a financial plan, there are a few steps that you or a financial planner needs to complete. Here is what to do before creating the plan:

  • 1) Analyze your current financial situation.
  • 2) Allocate your current income under different heads.
  • 3) Recognize all unavoidable tax expense(s) on income and investments.
  • 4) Make sure you have enough money to keep you and your family healthy and alive.
  • 5) Plan your investments.
  • 6) Pay all debts as soon as possible.
  • 7) Get help from a qualified financial professional.

How do you make a financial plan?

Although you can create your plan, it’s best to get help from a qualified financial professional. Here are the steps to creating the most efficient and effective financial plan, regardless of the type:

  • 1) Set a realistic time frame to achieve your financial goals.
  • 2) Write down all your current and future expenses.
  • 3) Prepare for the unexpected with an emergency fund.
  • 4) Get rid of all toxic debt that will inhibit your potential future savings.
  • 5) Choose something to invest in at a young age so that your investment will have optimum growth time.
  • 6) Stick to your budget, and don’t be greedy.
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