• Reducing Taxes
• Planning for Retirement
• Paying for College Costs
• Reducing Insurance Costs
• Protecting Assets from Nursing-Home Costs
• Earning More on Savings and Investments
• Family Security
• Developing the Right Estate Plan

Marriages are initiated on love and excitement. The success or failure of the marriage in many cases however, is linked to the way we handle financial decisions. According to statistics, the number ONE reason for marital discord is financial problems. Lack of a money-management plan can lead to errors in making money-use decisions.

• Should I be saving more?
• Is debt always bad?
• How much debt is too much?
• What is the best way to finance a major purchase?
• Am I living within my means?
• How much should I be spending?
• Are my assets and liabilities about right for me?
• If my spouse dies or leaves can I handle these matters?

Most people pay more tax than the law requires. The primary cause for this over payment is lack of knowledge and understanding of how the tax laws work. The effect of taxes is to erode the value of your assets and income. Over a lifetime, ineffective use of tax laws can trim hundreds of thousands of dollars away from your personal financial plan.

• Over looked deductions
• Unapplied tax credits
• Inappropriate investments for your tax situation
• Mishandling retirement account distributions
• Not applying tax laws to financial decisions

If you had $100,000 to invest and you sought the advice from four commonly used sources, here is what their responses might be:

Banker - Put it in CDs, money markets and other bank-sponsored products.
Insurance Agent - Put it in annuities and insurance policies.
Stock Broker - Put it in stocks, bonds, mutual funds and other investment products.
Real Estate Agent - Put it in commercial and residential real estate.

The common thread running through these advisors is, they all make a living marketing their products. While you may benefit from some or all of these recommended products, the real question is: how much of each one do you need? Questions must be asked and answers provided before making that determination.

• Is access to my money when needed important?
• Do I need additional income now or,will I need it more in the future?
• If the value of my investments fluctuates, can I sleep at night?
• What impact will future cost-of-living increases have on the "buying power" of my investment dollars?
• Will my taxes be lower or higher in the years ahead?

Efficient use of insurance to manage against the risks of large financial losses is essential to good money management. Choosing the right kinds of policies and coverage, coordination of deductibles, and selection of proper co-insurance provisions maximize the potential for success of your financial plan.

• A "spend down" of assets due to nursing home confinement.
• Personal Liability due to injuring others or damaging their property.
• Loss of your income due to an accident or sickness.
• Cost for repairing or replacing your assets.
• Hospital, doctor, and medical procedures costs.
• Business, and personal asset protection.
  

Upon death or disability your income stops. However, family expenses continue and in some cases may increase. A period of disability can wipe out several years of savings and investments. Many families are left financially impaired following the death of a wage earner. Fundamental elements of a successful personal financial plan are answers to these questions:

• How much monthly income will our family need if I'm disabled?
• How much monthly income will my family need if I die?
• How much will my family need to pay off debts and last expenses?
• What impact will Federal Estate Transfer and State Death Taxes have on my estate?
• Will my children's college costs be taken care of?
• What "special needs" should be considered?
• How much will my medical insurance pay for a "big" bill?
• If I or my spouse go into a nursing home, how much will it cost and how will we pay for it?

Most people want to have a comfortable retirement lifestyle. Experts estimate 70-80% of pre-retirement income is needed to maintain your lifestyle in retirement. Social Security and company retirement plans provide less than 50% of the income needed. The remainder must come from personal assets. Increasing longevity, taxes, inflation, and the potential for nursing home stays, make answers to the following questions extremely critical.

• How much money is enough?
• Will I have enough?
• How long will I need it?
• Should I rollover my company retirement plan?
• Is a lump sum better than a monthly pension?
• Which pension option should I take: Single Life or Joint and Survivor?

In general, when we die, who gets what, when and how is determined by the arrangements we have made during our lifetime or, if we fail to make valid arrangements, by governing state laws at the time of death. Most people put off making an estate plan because it forces them to face their own mortality. An unplanned estate assures delays and increased expenses in settling the estate. The potential for assets to pass to unintended beneficiaries, family squabbles and business disputes is increased in an unplanned estate. The impact of Federal Estate Taxes can leave assets exposed to the claims of tax collectors, depriving the family and other beneficiaries of enough resources to meet their needs.

• Do I have the right estate plan for my family?
• Will there be enough left to take care of my family?
• Have I made the right provisions for minors and other dependent beneficiaries?
• I own my own business, what happens to it if I die?
• What happens if I have a stroke or accident, don't die, but end up incompetent?
• Do I need a living will or a living trust?

• Discuss your risk and reward temperament.
• Help you define and clarify short, medium, and long-term goals.
• Determine your asset structure: present values, cost basis, and ownership arrangements.
• Examine current debt obligation for advantages of restructuring.
• Assess adequacy of your various insurance policies for amounts, deductibles, and coinsurance provisions.
• Determine retirement income sources, their adequacy, and the financial risks that affect your retirement income.
• Help you determine the right estate plan to preserve your assets, reduce potential tax and transfer costs, and provide distribution and income arrangements for those you intend to benefit from your estate.