Personal Financial Planning
Personal Financial Planning
Financial planning can be very broad. It is generally thought to include cash flow and budgeting, retirement planning, investment planning, risk management and insurance planning, and income tax and estate tax planning. Satisfying charitable intentions and planning for the education of your children or grandchildren may also be part of a plan. The following information we allow you to learn more about overall personal financial planning and the areas it involves.
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Retirement Planning
How much money do you need in retirement? Will social security be available for you? What is the best way to save? Making sense of all of the factors that are involved in the timing and planning of retirement is crucial to understanding what may be the most important decision you ever make.
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Qualified Plans & Annuities
An important offshoot of retirement planning is the use and often the misuse of qualified savings vehicles. What are your options? What investments are appropriate? How much should be contributed?
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Estate Planning
Do you understand how your property will be distributed at your death? Will there be federal, state or local tax cost? What about minor children? Estate planning can be very complex, but is incredibly important.
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Investment Planning
Whether you invest on your own or hire a professional, it is important to understand investment options and related risks, as well as whether an investment is more appropriately made in a qualified retirement plan to obtain tax deferrals or structured in some other way. As the old adage says, don’t invest in something you don’t understand.
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Insurance & Risk Management
Should you self-insure certain risks? How much insurance is enough? How can my assets be protected from potential creditors if you cannot obtain sufficient insurance? These are questions that need to be understood sothat you are aware of the potential risks that your business and lifestyle bring so that you can protect yourself adequately.
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Charitable Giving
Interested in making a charitable bequest or lifetime charitable gift? There are both estate and income tax benefits available that can make your donation go further. Interested in a private foundation donor-advised fund or charitable trust? Wondering what is the best asset to donate? Learn more about choosing the right charity and structuring the gift below.
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Education Planning
Determining the projected cost of a college education is difficult enough. Determining how to manage scholarships, work, loans and savings to pay for it while taking advantage of tax and financial aid benefits is very complex. The following information can help you make sense of your options.