Managing Your Finances
Managing your finances is an important component of any financial security plan. Along with the protection offered through insurance and the goal setting provided by investment choices, money management strategies help you manage your savings on a daily basis.
From mortgage payments to tax savings, we can help you manage your money as effectively as possible, given your personal situation.
- Tax Planning
- Estate Planning
- Financial Planning for Business Owners
- Business Succession Planning
Depending on your stage of life, chances are you’ll have a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter your personal situation, we can help you develop financial habits that will lay a strong foundation for your savings.
Younger individuals and couples have several benefits in terms of financial management. Low insurance costs and a long investment horizon, combined with few responsibilities, can make for an excellent financial base. We can help you build on these advantages, while at the same time considering a debt load that might include student loans, car payments or perhaps a mortgage.
Couples planning for a first child enter a new level of commitment—both personally and financially. Learn how to save for a child through specialized insurance and investment solutions, and Education Savings Plans.
Mid-career professionals typically have higher incomes than younger investors—but they also carry more responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances your needs and obligations.
Retirees have worked hard at their careers, and now is the time for relaxation and celebration. Chances are children have moved from home, the mortgage is mostly paid off and a few investments are coming to fruition. However, income levels may have dropped after retirement. Find out how to manage your finances in a way that allows you to fully enjoy the fruits of your hard work. In short, no matter your life stage, contact us today to learn how to balance savings and investing with your other commitments.
Preparing for succession after death is a difficult issue to discuss, but it is also an important part of any comprehensive financial plan.
We can help you and your loved one’s approach succession planning in a constructive manner that ensures they avoid problems and are well cared for in the event of your death. The process involves two main considerations: life insurance and preparing a will.
Life insurance can ease the financial burden and provide security for your loved ones in the event of your death. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping your successors during a difficult period. Financial security and stability can make it easier to cope with the loss of a loved one.
A written will provides a means to guide your loved ones through the succession process. By naming your executors and providing instructions on the distribution of your estate, your surviving loved ones avoid having to guess your wishes. Rather than state law determining how your assets are to be divided—a situation that can result in lengthy and costly court proceedings—a clear, carefully considered written family trust and associated will provide clear instructions to your successors. Save your loved ones the stress of dealing with financial issues by planning for your succession while you are alive.
Contact us today to discuss succession planning in more detail.
No one likes taxes. But through the advice of our professional financial advisors, who are also CPA advisors, you can access solutions that help ease the burden. Charitable contributions, life insurance policies and investment solutions can all be useful tools in an effective tax strategy. Working together, we will consider your personal situation and design a combined wealth management and tax plan that fits your needs.
Choose from a variety of solutions, such as:
- Income-splitting for spouses or common-law couples.
- Charitable donations, which benefits important not-for-profit work and allows donors to maximize tax credits.
- Life insurance strategies that build tax-advantaged capital for retirement.
- Investment strategies that also include tax benefits.
Contact us today to learn more about tax-planning products and services that are specifically tailored to your needs.
Buying a home can be one of the most exciting purchases of your life—but it is also a big decision that will have a major impact on financial planning. Whether you’re looking at a one-bedroom condominium or a five-bedroom house, we will work with you to help plan a mortgage strategy that fits your needs and considers your other financial responsibilities.
From choosing the right time to buy a house to deciding whether it is even a good idea, we can help guide you through this important decision. By assessing all the costs involved – from taxes to renovations – we will work with you to determine whether taking out a mortgage makes sense for your budget.
If you are considering taking out a mortgage, contact us today to discuss how to do so in a way that best fits your situation.
Business Succession Planning
You worked hard to develop a business, and now is time to enjoy the results. Many entrepreneurs spend years of focused effort building up a business, but then fail to consider how to make the transition to retirement. Our wealth management advisors can offer expert advice on how to plan an effective business succession strategy.
Entrepreneurs can work to turn equity in the business into capital that can be used to fund retirement. A financial advisor can help business owners with tax-effective retirement strategies, such as using life insurance policies, paying yourself a salary as the business founder, or arranging for an heir outside buyer to purchase your shares.
Life insurance is another consideration when planning business succession.
If the founder is nearing the end of his or her life, a well-planned life insurance policy can help successors transition as the new business owners. Upon death, your heirs may face income or estate taxes on a business that is difficult to sell. Insurance provides money to offset taxes to your heirs. Life insurance is one way that your heirs can be covered to pay taxes and payoff of the business sold to the successors in the business.
Smaller businesses may not need to pay estate taxes but can still benefit from a plan that ensures an equal legacy for their successors. A wealth management advisor can help entrepreneurs plan an inheritance that is fairly distributed among all loved ones.
Contact us today to discuss strategies for business succession.