5 Pieces of the Financial Planning Puzzle

For each client, we customize the above “5 Pieces of the Financial Planning Puzzle” as follows:

  • Income Plan – The income plan includes all sources of income, e.g., busine s income, pensions, social security, rental income, etc.
  • Investment Plan – The investment plan includes investments, such as, stocks, bonds, IRA’s, 401k’s, rental properties, businesses, real estate, precious metals, art collections, etc
  • Tax Plan – The tax plan objective is to minimize taxes by considering investment strategies, such as, Roth IRA conversions, “tax-free” municipal bonds
  • Medical/Health Plan – The medical and health plan includes health insurance, Medicare supplements, life insurance and long term care coverage. It is very important that every financial plan address these issues even if a client chooses not to take advantage of these risk reduction strategies.
  • Estate Plan – The estate plan primarily addresses the client’s objectives for leaving a legacy to heirs, the need for a trust to avoid probate, gifting, charitable giving, etc. This is accomplished with the objective of passing assets to beneficiaries in the most tax-efficient manner.