Happy Saturday.
Have you just completed your taxes and discovered that you owe more than you expected? Don't panic. View our recent update 5 Steps for Handling an Unexpected Tax Bill.
If you'd like help setting yourself up for financial success feel free to schedule a free consultation.
What Issues Should I Consider When Purchasing Disability Insurance?
If you’re still working, disability insurance is critical to protecting your income should you suffer an illness or injury that prevents you from continuing to work. Replacement income can provide peace of mind for clients facing the stress and uncertainties that often accompany a disability. Despite the importance of maintaining financial stability, many people lack adequate coverage to defend against the risk of disability.
If you have coverage through your employer they may only cover 50%-60 % of your salary. Would you still be able to pay your bills and maintain your standard of living with that large of a reduction in income?
Employer-provided and individual coverage options should be coordinated with Social Security in order to ensure that short-term and long-term disability risks are mitigated. To help you guide you through the complexities of this important topic, we created this checklist. It covers key considerations, including:
- Short-term and long-term needs
- Federal benefits
- Group and individual coverage options
- Important features and variables
- Tax implications
Process For New Clients
Net Worth Calculation
The first thing I do for new clients is assess their current financial situation. We do this with the aid of financial planning software. We review assets, liabilities, income, and expenses. If you'd like to test drive my comprehensive financial planning software, visit Right Capital and create a profile. View this Right Capital video to learn more.
Insurance
As a Fee-Only Firm, we don’t sell insurance or charge commissions. However, we like to review home, auto, and umbrella insurance to make sure you have the proper coverage. We’re happy to work with your existing agent or refer you to an independent broker to make sure you get the best deal. We also look at your employee benefits, long-term and short-term disability insurance, along with life insurance to make sure your family is protected.
Tax Preparation and Tax Planning
Tax preparation is now part of the ongoing financial planning program. This will be in addition to the Tax Report and Tax Planning we already generate for clients. We also use the IRS Withholding Calculator to help prevent our clients from getting a surprise tax bill.
Investments
Whether you want us to manage your investments or you want to manage them yourself and you're just looking for a second opinion, we can help. We'll help you optimize your investments to make sure you’re not leaving any money on the table. Here’s an example of the quantitative analysis I can do for your investment accounts where we also evaluate your current fees.
If you’d like to review your risk tolerance, complete our risk tolerance questionnaire. This will give you your personalized risk number as seen on page 1 of the sample portfolio above. Feel free to check out the article 10 Best Tips for Beginning Investors from U.S. News where I shared a few investment tips.
Goals
This can include everything from saving for college, buying your first home or an investment property, and paying for college.
Paying For College
This service is an ideal fit for parents of high school juniors and seniors with a standardized test score (ACT/SAT) and a list of colleges they're considering. This is included as part of our financial planning service or you can pay on an hourly basis. Here’s a Sample Report. This service includes:
- A college affordability assessment
- How Much Colleges Think You Can Afford (EFC)
- If You Qualify for Need-based Grants
- If You Qualify for Merit-based Scholarships
- Help you search for scholarships
- 1 Year Out of Pocket Cost (For Each College)
- 4 Year Out of Pocket Cost (For Each College)
Retirement Planning
This is where we bring everything together. Take a look at the links below for examples of some of the deliverables we prepare for clients.
Get Your Free Retirement Check Up
Elements® Financial Monitoring App
Financial Independence Presentation
Estate and Legacy Planning
If you're looking for a cost-effective solution to get your estate planning documents in place, we can help. We have partnered with a leading Estate Planning platform to deliver high-quality Estate Planning documents for a fraction of the cost of working with an attorney. I included a blog post below that highlights the key documents that should be in your Estate Plan and my normal pricing.
Revocable Living Trust-Based Estate Plan
Individual - $1,600
Couple - $2,100
Will-Based Estate Plan
Individual - $900
Couple - $1,400
Different Ways You Can Work With Us
Wealth Management - Combines ongoing financial planning and investment management. The financial planning fee is waived if we manage at least $1,000,000 in investments for you. You can review our investment management fee structure here. Tax Preparation and the ability to create a Will or Revocable Trust-based Estate Plan will be included.
Ongoing Financial Planning - Starting at $400/month, our most popular program now includes tax prep. This is a good fit if you have several goals and want the option to manage your investments. We'll cover everything from spending, insurance, taxes, investments, retirement planning, and estate planning. Our goal is to give you and your family an easy-to-understand comprehensive plan to provide you with confidence you're making the right financial decisions.
One-Time Financial Plan With Ongoing Support - Starting at $4,800, this is an accelerated version of the service above with additional support for one year after your start date. This service requires prepayment for the year and is offered at a significant discount from the annual pricing for ongoing planning. Tax Preparation and the ability to create a Will or Revocable Trust-based Estate Plan will be included.
Previous Updates
Estate Planning at Any Stage of Life
Maximize Your Employee Benefits
Reduce Taxes, Mid-Year Check-In
Tax Preparation and Financial Coaching
Saving for College and 529 Plans
Mother's Day: Best Financial Tips for Mothers
How Much Do You Need To Make Work Optional?