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Posted on August 30, 2016

Complex Financial Planning

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Today’s society is one of instant gratification. We are continuously connected.  We have drugs to accomplish many things when it comes to our health and it may be monitored in real time from our smart-watch or smart phone. We may jump on a jet and be anywhere in the country in a matter of hours. Yes, we even have the technology to prepare a Wealth Plan, quickly. Is instantaneous necessarily the best? This is a list of the most asked Financial Planning Questions:

  1. Do we have enough money to last during our lifetimes while maintaining our standard of living?
  2. When may I stop working for a paycheck?
  3. Do I have enough assets to leave a legacy for our children and grandchildren?
    1. If yes, how much and when is the appropriate time to give it away?
  4. Is my estate structured properly to minimize estate and income tax liabilities?

The first thing to understand about Wealth Planning is that it is a lifelong process, which means it is never complete. There is no instant gratification. You are on a journey and it won’t necessarily end at your death. Your plan will update every day based upon changes in:

  • Employment
  • Asset values
  • Circumstances
  • Desires

A plan to review cash-flow may be relatively simple. However, depending upon the ultimate objectives, financial plans may be very complex. They may also take a significant amount of time to work to their maximum effectiveness, especially when it comes to estate planning. There are annual and lifetime limitations on what may be transferred. It is certainly not instantaneous. However, there is confidence in knowing the plan is in process and working toward your ultimate objective.

In preparation of your Golden Years, do you want to be monitoring changes in the law and figuring out what type of taxable income to take and when? Or determining the amount and timing of transferring assets to heirs including the optimal structure to use for the transfer? Are your heirs ready to receive a potentially life altering, lump-sum of assets? How much is enough but not so much that your heirs accomplish not much? In the world of Complex Financial Planning, our firm is here to help. Call your Wealth Advisor or a member of the Wealth Enhancement group today to start planning process and help you answer the most asked Financial Planning Questions.

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