Thinking about finance topics most likely makes your head spin. Still, you know that you cannot ignore long range planning and then hope for the best when you reach retirement age. The following are three topics that you need to consider as mission critical.
Personal Financial Planning
A short, medium and long term financial plan will cover the basics.
- Save for retirement
- Pay for college for your children
- Protect your family in the event of long term disability.
The key is in specifically identifying the goal you want to reach with each of these. The will help you then decide on which long term investments you make and the insurance and short term savings plan you choose. Understanding the tax implications of each is also critical since you don’t want to be hit with a surprise tax bill right when you are at the moment of the greatest need.
The last thing you want is to leave your family without any guidance or means to wrap up your estate when you are gone. This is more than saying who gets what. You also need to determine burial or cremation details and cover those costs. You need to be mindful of potential tax burdens and understand the advantages of trusts over wills. Decisions need to be made if a beneficiary is underage. There are even more potential familial and legal complications that crop up.
This may seem like an unlikely topic, but you will be so happy to address this before the need arises. If elderly family members live far away, but have reached a point where taking care of their own daily financial needs has become too difficult, you will need to consider how to protect their money, health care and life style. Hiring a professional elder care service provider would ensure that your loved ones’ needs are met.
As you read through all these points, you can probably see where you would need qualified help navigating through each one. In every case you need to completely understand your legal and financial rights and know how best to minimize tax liabilities. You will need a team of dedicated professionals specializing in all areas of personal finance needs.
Contact us for a free consultation today.