Comprehensive planning requires in-depth knowledge and analysis of multiple financial areas – each with implications for the others. No action or plan exists in isolation. Your comprehensive solutions include the following:
Balance Sheets – A financial statement including an asset/liability balance sheet along with a cash flow statement serves as a foundation. Your current finances inform us on how we create the future.
Scenarios and Projections – We create scenarios and projections addressing how your life goals will be pursued.
For each short- and long-term goal, we analyze your holding’s projected performance through the given time frame, the role of inflation, the draw down from taxation, and the generation of income. We consider your appropriate risk tolerance for that objective.
More than any other part of planning, these scenarios and projections have helped our clients appreciate how their dreams will take form in the future.
Managing Risk – Financial risks can involve loss that can threaten attaining your objectives. For this, risk management strategies play an important role in your plan. These strategies can eliminate, transfer, reduce or mitigate risk. Areas of financial risk include:
- Business risk associated with liability coverage and succession planning
- Income and asset protection
We work with you and a network of professionals – yours or practitioners we recommend – to address these risks. Together, we design and implement simple or highly-specialized approaches to manage the specific risks present in your circumstances.
Estate Planning – Basic estate planning ensures that your assets transfer to your heirs with minimum taxation. We assess existing documents and planning with these questions:
- Do you have the appropriate documents to fulfill your objectives?
- Do your current documents reflect your current wishes?
- Are estate taxes minimized under the existing law?
- If you are a business owner, do you have proper business succession or business transition plan documentation?
- Do your documents address your philanthropic and legacy aspirations?
- Are all your beneficiary designations on qualified plans and insurance products current?
While estate planning generally focuses on financial asset transfer and taxation – we broaden the discussion to address the personal. For example, what you want your child’s guardian to know about raising your children; how your pet will be cared for; how you want your stories shared with the family.
We work with your attorney or one of our recommended attorneys on the creation – or updating – of the necessary plans and documents.
Tax Management – Taxes drain wealth accumulation and growth. Taxes erode investments … current income … future income … stock options … our estates … business transition earnings … and more. Tax planning, like risk management, is vital throughout the comprehensive planning process.
Tax-aware investing, maximizing tax-deferrals, gifting, income planning, Roth conversions, as examples, can minimize and defer taxation. This tax-managed approach adds to your wealth. We act as an additional resource for your tax advisor.
Philanthropic and Charitable Aspirations – Many individuals and families consider giving as an essential part of their life plan. This may include donating regularly to their charities or causes, family gifting using the annual gift exclusion, giving as a spiritual practice, or giving through one’s estate.
Including your giving wishes in your ongoing plan engenders a sense of satisfaction and fulfillment. Moreover, planned giving can reduce or eliminate capital gains, estate taxes, and income taxes.