6 Key Areas of Concern
Examining Your Current Situation
- Knowing your current net worth
- Tracking your current income and expenses
- Projecting your future net worth, income and expenses
- Planning for emergency needs
- Determining the value of your business
Having Adequate Protection
- Providing for dependents in case of death
- Replacing earning power if disabled
- Addressing health care concerns
- Providing for potential long term care costs
- Protecting your ability to pay a mortgage
- Protecting your ability to meet savings and educational goals
- Planning for business continuation
Accumulating Wealth
- Creating a cash reserve
- Buying a house or vacation home
- Buying a business or income property
- Accumulating money for education expenses
- Saving for a special purpose
- Managing debt
- Reviewing your investment portfolio
Managing Income Taxes
- Minimizing federal income taxes
- Minimizing state income taxes
- Analyzing how your business affects personal income taxes
Planning for Retirement
- Ensuring adequate retirement income
- Government benefits
- Employee benefit plans
- Personal savings and investments
- Providing for the cost of adequate:
- Medical care
- Nursing home care
- Managing pension distributions
- Using business assets for retirement
- Projecting the impact of an earlier or later retirement age
Preserving Wealth
- Minimizing excessive estate settlement and inheritance taxes
- Continuing or transferring ownership of:
- Personal assets
- Business assets
- Estate planning