Here are some life milestones and events that mark when you should call us to get financial advice and help.
- A marriage.
Whether it’s you, or your children or grandchildren getting married, when two people join together in holy matrimony they’re also going to need to bring their finances together, for better or worse. And if there are children from a previous marriage involved, it’s doubly important to meet with a financial advisor to get the relationship off on strong financial footing.
A comprehensive financial plan—which includes mutual goals, time horizon to retirement, and desires for wealth transfer to family members—is a very important way to get started on a successful life journey together. We’re here for you.
- If you lose your job midlife.
Let’s hope not, but if for any reason you’ve lost your job, we may be able to help you position assets in order to be able to retire early, or help you draw from certain accounts to get you through until you land your next job. We can help determine your best options for putting an immediate action plan in place.
- Someone in the family is getting divorced.
An adverse life event can hit anyone. If you or someone in your family is getting divorced, be sure to get advice from us.
We can help you analyze the assets that will most benefit you in order to help you reach the best settlement split. We often help foresee future financial impacts that neither you nor your divorce attorney may know about or have considered. Like what kind of burden versus advantage keeping the family home might be.
- When you’re creating estate planning documents or establishing a trust.
Estate attorneys can create the documents you need, but they may not know about all the ins and outs of investments and insurance that can reduce taxation while helping ensure your final wishes are carried out. Call us to get that important piece of the estate and tax planning equation.
- When there’s a new baby in the family.
Parents, grandparents, siblings—everyone is affected when the new little bundle of joy comes along. Now is the time to plan for what this tiny family member will grow to need in the future—especially college funds. And now is also the time to make sure that you have the right insurance and protections in place to see the child through to adulthood should something unexpectedly happen to you.
- When you inherit.
We all dream of receiving a big financial windfall someday, but when you actually land a large amount of money at one time, studies show that many people squander it away. In fact, nearly a third of lottery winners actually end up declaring bankruptcy, becoming worse off than before they won.
If you receive money, call us first, because no matter what the amount, it is actually less than it seems. We will work as a team with your tax professionals to help you navigate inheritance tax rules, as well as special tax rules for qualified money (like IRAs), so that you can actually end up ahead instead of in the red.
- When you start a new business, or want to sell one.
Small businesses offer many different options for retirement plans for their owners depending on the company structure. We can help you set up a financial and retirement plan for your business in order to give it the best chance of achieving your goals. And don’t forget about an exit strategy. Whether you want to leave your business to a family member or sell it, planning for your own departure from the company is essential to your ultimate financial success.
- When you’re starting to get close to retirement.
How will you transform that nest egg you’ve saved into monthly income after you’re no longer getting a paycheck—without running out of money? How much money will you need? How will you take money out? Which accounts should you withdraw from first? What kind of taxes will you have to pay? How does Social Security work? How will you live, what will you do? Should you pay off your house first?
There are so many issues and retirement risks to address that retirement planning is absolutely essential. Ideally, you should have a plan in place by age 50—55. If you don’t, call us as soon as possible.
- At least once a year.
We should absolutely review your plan every year. The annual review will allow us to adjust your plan as well as make changes to account beneficiaries as your family changes through time.
There are three different advisory disciplines you should have in place working in tandem to help you: Tax professionals, legal professionals (like estate attorneys), and financial advisors like Alpha Beta Gamma Wealth Management in Florida.
We can help you with the financial advice part of the equation, working as a team with your accountant and attorney, or helping get you set up with a tax professional and estate attorney from our network of contacts. Call us at (866) 837-0999.
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