Financial Planning

Under our Financial Planning engagements we provide advice to you on such subjects as cash flow analysis, retirement capital needs, education funding, risk management, estate planning, and or other specific needs you may request. The following are general examples, and may change based on your situation and needs.

Cash Flow Analysis – a review of your income and expenses to determine the current surplus or deficit along with advice on prioritizing how any surplus should be used or how to reduce expenses if they exceed your income. Advice may be provided on which debts to pay off first based on factors such as interest rate of debt and any income tax ramifications. Advice is also provided on the appropriate cash reserve that should be considered for emergencies and other financial goals, a review of accounts (such as money market funds) for such reserves, plus strategies to save the desired amounts.

Education Funding - Our education funding review may include projecting the amount that will be needed to achieve college or other post-secondary education funding goals, along with advice on ways for you to save the desired amount. Advice may also include the "pros-and-cons" of various college savings vehicles, such as Section 529 college savings plans and any advantages to you (i.e., reduction of income taxes) of using a particular state's Section 529 or prepaid savings plan or another plan, such as a Coverdell Education Savings Account.

Risk Management Analysis – Our services include an analysis of your exposure to major risks that could have a significant adverse impact on your financial picture, such as premature death, disability, or the need for long-term care. Advice is provided on ways to minimize such risks and about weighing the cost and benefits and, likewise, the potential cost of not purchasing insurance (self-insuring). We may consult with your insurance agent, other insurance agents or brokers and/or other insurance experts to assist you in making prudent risk management decisions and help you select any appropriate insurance policies if needed.

Estate Planning – This may include an analysis of your exposure to estate taxes or a review of your current estate plan, including wills, powers of attorney, trusts, and other related documents. Our advice typically includes ways for your financial assets and personal items to transfer smoothly and as you desire, as well as methods to minimize or avoid future estate taxes by implementing appropriate estate planning strategies such as use of applicable trusts.

We always recommend that you consult with a qualified attorney when you initiate, update, or complete estate planning activities. We may provide you with contact information for attorneys who specialize in estate planning if you wish to hire an attorney for such purposes. From time to time we will participate in meetings or phone calls between you and your attorney with your approval or request.