Broker Check

Four Stages of Wealth

Wealth Protection

  • Identify the human capital value of your life and the value of insurance upon premature death
  • Quantify your future income if disabled (perhaps your largest asset)
  • Review your personal and business liability coverage limits (generally too low)
  • Consider long term care planning to help you maintain financial independence

Wealth Accumulation

  • Understand the importance of balancing both Qualified and Non-Qualified savings plans
  • Review and coordinate the levels of diversification necessary in all current investments accounts
  • Consider all suitable products available for accumulating wealth
  • Recognize lifecycle changes and the need to change financial strategies

Wealth Distribution

  • Find all sources of retirement income necessary to maintain the same standard of living
  • Evaluate all suitable products that are designed to help enhance income generation
  • Model an income plan that adjusts for inflation, market fluctuations, and taxes
  • Spousal or legacy income considerations
  • Business succession as a potential income source if started early

Wealth Transfer

  • Review your Business & Estate strategy plan with your legal and accounting team (leave a legacy not a mess)
  • Understand all the tools available to create a personalized and thoughtful estate plan; these may include wills, executors, durable power of attorney, advance medical directives, bequests, and documented succession plans
  • Review the effective uses of various types of trusts to protect privacy, control future income streams, and pass on assets in an orderly way
  • Identify the liquidity needed to fund estate taxes
  • Explore charitable giving as a powerful tool for planning.