FAQ

Financial Planning is a process that develops a plan for budgeting, taxes, retirement, education, insurance, and estate needs, which meets one's needs and goals. Following an initial meeting to establish your financial concerns and future goals, your financial data is gathered and analyzed to determine your financial situation. A financial plan is then developed as a recommendation of how best to meet your goals, taking into account your current financial situation.

An individual who assists you in developing and implementing a financial plan and investment strategy.

There are many reasons to use the services of a financial planner. Some of the most important include: • Experience and Skill – you can rely on the financial knowledge of a financial planner to manage your investments rather than risk your financial future by relying only on your own investment knowledge. • Proven Track Record – although past history is no guarantee of future performance, using the services of a financial planner who has an established and proven investment program adds confidence to your financial and investment plan going forward. • Coordination of Financial Services – maintaining a close, personal relationship with you allows a financial planner to provide advice on a range of financial matters, helping in overall coordination and management of retirement and investment planning needs. • Lack of Time – most people do not have or do not wish to commit the time necessary to properly manage their investments

As mentioned above, there are numerous benefits to working with a financial planner to help create your financial planning road map. One of the key benefits is that a well constructed, implemented and monitored financial plan may allow you to reach financial independence quicker than if no plan of action was formulated. For many clients, financial independence gives them the ability to stop regular employment knowing they have sufficient retirement income to maintain their desired lifestyle for the rest of their life and provide for their loved ones after their death.

Estate : Defines who can legally claim your asset upon death
Trust : If you dont have one Govt will make decision on who gets what Medical Power of Attorney : Who can make medical decisions for you

A living trust is an alternative to probate. This document places all of the assets that you own during your lifetime into a revocable trust. A living trust can be changed, amended or terminated in whole or in part by the individual at any time, provided he or she is of sound mind. Under a living trust, you can be named as your own trustee for your own property. Upon your disability during your lifetime, you can name a successor trustee to manage your assets and pay your debts. Upon your death, you can name a successor trustee to ensure that your assets are distributed as you so designate in your living trust.

No. There is no need to establish a living trust during your lifetime if you do not have that many assets or the total value of your estate is less than $100,000. If the only asset you own is a piece of real estate, a land trust for real estate can be drafted at a lower cost to you than a living trust.

A health care power of attorney is drafted and signed by you during your lifetime. You give power to an individual named in your health care power of attorney to act on your behalf if you do not wish to be kept alive on life-sustaining devices such as a food tube or intravenous.

A durable power of attorney is signed by you during your lifetime and gives power to an individual whom you name to act on your behalf for financial purposes. It is effective only upon your being declared by a doctor to be incapable of managing your finances. It is important to have a durable power of attorney, especially if you are single, widowed or divorced so that someone can write checks on your checking account, take money out of your 401(k) or savings account, or otherwise sell your assets to pay your bills and to obtain and pay for your medical care and the needs of your family.