Wealth Planning

Seven Steps to Informed Decision

• 01

  Identify Personal Priorities

  What matters most to you? Is it time with family, travel, philanthropy, wealth transfer or something else? It is likely to change over time, which is why we revisit your wealth plan periodically.

• 02

  Translate Personal Priorities into Goals

  We want to understand your goals. If retirement is a goal, what does that look like for you? Even specific goals like purchasing a vacation home reflect values that become your wealth plan’s foundation.

• 03

  Review Financial Resources

  Review current savings, retirement assets, and income sources. Decide how long you plan to work. Review irrevocable trust terms if you’re a beneficiary. Assess your tax situation. Review current and expected taxable income, including capital gains.

• 04

  Articulate Any Obstacles

  As you consider your goals and resources, possible obstacles often become apparent. Are you spending beyond your means? Do you have too much debt? Are you struggling to name a guardian for your minor children? Are personal biases inadvertently increasing your risk profit?

• 05

  Create a Wealth Plan for Meeting Goals

  Some goals may need to be prioritized or scaled back as we pull everything together into a plan that includes projections. This is the time to make sure you have a healthcare proxy and other health documents and that any trusts in your plan are aligned with your goals.

• 06

  Implement Your Wealth Plan

  Implementation is an ongoing process. Review asset ownership, beneficiary designations, spending and saving habits, debt management, risk management, and gift giving. Have conversations with family members about your plan and create a list of accounts and advisors.

• 07

  Periodically Revisit Your Wealth Plan

  Every few years, or whenever your circumstances change, it is important to go back to the beginning again and reassess your priorities.