Overall Financial Planning

A two-income family, with little time for financial matters, asked us to review their financial situation. We identified opportunities for improvement in insurance coverage, budgeting, savings, investments risk, tax savings, education funding, retirement planning and funding, and care for their children in the event of the parents’ premature deaths.

Money Management

A couple asked for advice because their spending had gone out of control. We helped them to cut spending and pay off a large credit card debt. After our help, they converted the high interest consumer debt to tax-deductible home equity financing. The combination of lower interest rate and increased tax deductions resulted in the start of their first savings account. They are on their way to building an adequate emergency fund before returning to us for additional investment advice.

Life Insurance Coverage

A couple believed that they might have insufficient insurance coverage but did not want to purchase more coverage than necessary. We reviewed their existing coverage, financial condition, goals, and objectives. The life insurance coverage was adequate, but the cost of one policy was too high. On the other hand, they were underinsured in the event of a disability. We helped them acquire a new, lower cost life policy and a new personal disability policy to augment the company paid coverage.

Inheritance Investment Portfolio

We assisted our client in identifying goals for funds received from an inheritance. We outlined several combinations of investments to meet then client’s goals with less risk than the preliminary portfolio she had designed. We helped her develop a budget as well as a cash flow plan to minimize asset depletion from taxes.

Pension Distribution Plan

We analyzed alternative ways for our client to receive a pension distribution on retirement. On our recommendation, the client decided on a lump-sum payment that was rolled over into a self-directed IRA.

Estate Planning Assistance

A couple with two young children and an estate of $1,200,000 sought our planning advice for a financial review. In our initial meeting we discovered they did not have wills. We explained the problems that could arise, particularly in the case of simultaneous deaths. We discussed the estate tax benefits of splitting assets with the use of A – B trusts. We have the names of three estate planning attorneys and made sure that they selected one and made an appointment. We followed up with the selected attorney and clients to provide information and assistance as needed.

College Education Funding

Our clients wished to begin saving for their child’s college education. After discussing the annual cost of the education, the clients’ investment attitudes and aversion to risk, and the possibility for financial aid assistance, we projected the effects of inflation and proposed a target annual savings rate.

Retirement Planning

Our client, with a net worth of $700,000, wanted to increase post-retirement income. A sizeable portion of the client’s estate was invested in high value, low dividend paying stock. In addition, the basis in the stock was negligible, adding a substantial "tax bite" to any sales of the stock. After analyzing and discussing several alternatives, the client decided to contribute the stock to a charitable remainder trust in exchange for a lifetime annuity. In addition to increasing the client’s cash flow, the client also reduced her current tax liability as the result of the special charitable deduction.

Post Divorce Action Plan

A client requested assistance in coping with different financial responsibilities and a lump sum financial settlement following divorce. We reviewed the impact of divorce on the client’s insurance, taxes, income needs, assets and liabilities, retirement and estate planning. We identified potential improvements and educated the client about the alternatives. After helping to establish goals and prioritize a plan of action, we assisted in completing many of the action items.

Business Continuity Plan