YOUR Financial House is a snapshot of your most important financial components. My goal is to establish potential decisions or actions that we can contemplate together and consider each of these components.
For your consideration, you may want to apply these questions to you "Financial House"
Are you positive or negative on a monthly basis? How much money do you bring home? How much do you spend? If you can save, are you doing so? For every client I work with, this is the first step of the planning process. Determining your cash flow (including your withholding's from your w-2 income if you are still working) helps in establishing all of our planning methods.
This is a fancy way of asking, "what do you have and how much do you owe?" Along with your Cash Flow, your Assets and Liabilities help determine your ability to accomplish your goals.
Do you feel comfortable with the coverage's you have in place? Do you know how much you should have? Is self Insurance a possibility? Life Insurance, Long Term Care, Property/Casualty, Disability Coverage (if you are still working).
Do you receive a refund or owe? Are you looking to reduce your taxation? Are you keeping as much as possible? Are you paying taxes on what your investments are yielding? Are you getting hit with Alternative Minimum Tax every year?
Do you have a Will or a Trust? If so, does the titling of your assets accurately reflect the document? For your Assets with a named beneficiary, are your wishes properly reflected? Are you set up to efficiently transfer your assets to your beneficiaries and doing it as tax efficiently and hassle free as possible?
