Whether you’re just starting out on your own at the age of 18, or a 65 year old thinking about retirement, or anything in between, financial planning is essential. When most people think about financial planning they think about saving and investing, but a financial plan encompasses much more than that; it includes planning for taxes, charitable giving, gifts to children and grandchildren… and it includes protecting your current assets and planning your estate.
If you’re just starting out on your own your goals may be simple: establish your long term plan, purchase a home, and start putting a little bit away each month toward retirement. If you’re older and more established in your career and finances, your goals are likely much more complex: college for your kids, long term care insurance for you and your spouse, helping to care for your elderly parents, and protecting your assets from estate taxes.
For those who are just beginning to think about your financial futures, this article by Wesley E. Watkis shares 6 basic steps to creating a financial plan, and is a good introduction to the world of planning, saving and investing. Watkis writes that the first step to financial planning is establishing goals; knowing what you want your money to do for you in the years ahead is essential before you map out your plan of attack.
Of course, if you’re a more established adult what you will need is personal guidance in turning those initial goals into an effective plan, and then help maintaining that plan and growing your wealth. For that you will most likely need to find a financial planner whose expertise and philosophy fits your family’s needs, but finding the perfect financial guide for your family is not always as easy as you would hope.
A large part of planning your finances includes planning your estate, and vice-versa; and our firm works closely with many excellent financial professionals. Please don’t hesitate to call our office where we can work with you to assess your needs, and put you in touch with a qualified financial professional who can help your family safely plan for the future.