Financial Planning

Financial Planning is the long-term process of efficiently managing your finances so you can better achieve your life’s goals and dreams. This process also includes negotiating financial hurdles that arise in the various stages of life. Financial Planning is a process, not a product.

Your current financial position is a key factor in your Financial Plan. It is essential to understand where you are today before you can begin your financial journey to where you would like to be. Your net-worth statement and income statement are essential financial planning tools.

A financial plan is a plan that changes and evolves according to your needs and circumstances. We specialize in making sure all factors are addressed and that nothing is overlooked.

Financial Plan Six-Step Process

Step 1 – Establish Goals

Step 2 – Gather Data

Step 3 – Analyze and Evaluate Your Financial Status

Step 4 – Develop a Plan

Step 5 – Implement the Plan

Step 6 – Monitor the Plan and make Necessary Adjustments

Tax Planning

An integral part of formulating a sound Financial Plan includes capturing an accurate look at your tax situation. We believe in tax reduction planning, not only tax preparation.  April 15th is the tax-filing deadline, but tax planning begins January 1st of the previous year. We address issues that may have tax implications well before year-end. This will allow us time to make adjustments to your tax plan to increase the efficiency of their overall income tax strategy.

We don't prepare tax returns. Our goal, is to simply work jointly with your CPA’s or EA’s in avoiding the erosion of your hard earned money by taxes.

Tax Planning for you might include:

• Use of IRA's, Roth IRA's and Various Pension Plans
• Charitable Gifting Strategies
• Retirement Plan Optimization
• Small Business Start Up Consultation
• Mid-Year Tax Reviews

Investment Management

Objective investment planning must be integrated with your personal, financial goals.

We assess your unique risk tolerance, time horizon, income needs, tax situation, and overall financial objectives. We design a unique portfolio to help reduce market volatility with a higher probability of achieving the returns you require. We try to minimize the fluctuations of your portfolio while attempting to ensure your goals are reached.

Our Investment Philosophy

Retirement Planning

Retirement Planning should begin early in life.  As many academic studies have shown, the earlier you start the more likely you are to achieve your goals.

Once a person reaches their 50’s and 60’s, they need to start planning on managing their assets to optimize their cash flow needs in retirement. The worst place in the world to retire is just beyond your means.

Our clients approach us with the following questions on a regular basis:

• At what age can I comfortably retire with the lifestyle I want to enjoy?
• Will I outlive my resources?
• How should my portfolio’s assets be allocated?

Retirement planning strategies should be designed to suit your goals and comfort level as well as to take advantage of tax saving opportunities.  For any plan to be effective, it is necessary to implement these strategies and to periodically review your goals and progress.

In order to assess your ability to comfortably retire, we review your current retirement assets, including IRA’s, 401(k)’s, deferred compensation plans, pensions, and non-qualified accounts.  By analyzing your cash flow and spending habits and by considering tax implications and inflation, we can help you develop a comprehensive retirement plan to reach your goals.

Estate Planning

People spend a lifetime accumulating assets and building an estate with the intention of passing it on to their heirs or charitable beneficiaries. Proper estate planning assists our clients while they are living and their heirs after their deaths.  Without proper planning, incapacitation and death can create significant hardships on our loved ones.   Our planning can help eliminate these problems.

For an estate to be passed on to the heirs, there could be settlement costs, such as probate fees and death taxes.   In some cases, where the death taxes are substantial, assets may have to be liquidated in order to pay them. Also, the actual transfer of assets could be delayed by probate proceedings that are bogged down if there are any contestable assets. 

A sound estate plan can eliminate many of these problems that arise during the settlement of an estate and help you accomplish the following:

• Ensure that your wishes are honored when you are unable to manage your own affairs.
• Communicate your wishes and expectations precisely to your family and heirs
• Provide for your family’s financial security
• Provide capital to meet immediate liquidity needs for settlement costs
• Facilitate the timely distribution of assets by avoiding probate proceedings
• Maximize the estate for transfer by minimizing  taxes and expenses 
• Ensure that all beneficiaries are named in accordance with the most recent estate planning documents.
• Conserve the estate so later generations can benefit.
• Leave a charitable legacy with a gift of assets or a trust. 

Education Planning

Next to saving for retirement, the biggest financial challenge is likely saving for your childs’ college education.  We are aware of our clients’ concerns:

• How much should I save?
• How much should I contribute each year?
• How much will a college education cost when my child turns 18?
• What if my child gets a scholarship?
• What if my child decides to tour Europe instead of going to college?
• Can I cash out the account and take a dream vacation?

We empathize with these concerns and incorporate them into your overall financial plan.