Protection and Preparation

“Everyone has a plan until they get punched in the mouth.” - Mike Tyson

We have to be smart enough to have a plan, but also to recognize when it’s time to adapt and consider other Courses of Action.

In my time working with clients, I’ve found these areas to be under-emphasized and vulnerable to risk. Risk by nature is unavoidable so my job as a financial planner and adviser is to help you decide how to manage, mitigate, or transfer your most significant risks

Protection

You don’t expect to have an accident, get sick, or die prematurely — but it happens.

And when it does, your family could be in serious financial trouble.

Insurance is indeed a financial planning issue so before purchasing any of the following critical pieces of protection, schedule a brief call with me so you can be better prepared to purchase appropriate coverages:

  • Home, Auto & Umbrella Insurance (Property & Casualty)

  • Life Insurance

  • Disability Income Insurance

  • Major Medical (Health) Insurance

  • Supplemental Health Insurance (stuff health insurance doesn’t pay for)

  • Medicare

  • Long Term Care Insurance

Preparation

Your financial plan shouldn’t stop working for you at the end of your life. In fact, these are most important times to consider how your final wishes and legacy will be carried out.

An effective estate plan will help you:

  • Distribute your assets quickly, efficiently, and according to your wishes

  • Minimize transfer costs, taxes, and delays

  • Provide liquid cash to pay unavoidable costs and expenses

Estate planning is not just for the wealthy. New legislation and tax code changes are inevitable, which makes it necessary to have proper legal documents in place and also a financial professional who understands your holistic needs beyond just asset management.

I work closely with estate planning attorneys to communicate your overall financial situation, which means that you have an automatic team-based wealth management relationship that synchronizes your legal estate plan with your holistic financial plan.

A proper estate plan addresses the concerns above through the use of the following legal documents (drafted by a qualified licensed attorney):

  • Wills - specify how, when, and to whom your “probate” assets will be distributed

  • Trusts - manage the flow of specified assets to individuals with precise instructions

  • Powers of Attorney - allows others to handle your affairs if you become incapacitated

  • Life Insurance - in most cases, provides a tax-free benefit for surviving family and also useful in estate tax management for HNW individuals

  • Charitable Giving - support your favorite charities while reducing your own tax obligation