SETTING YOUR PATH TOWARDS FINANCIAL SECURITY
Depending on an individual’s stage of life, chances are that person has a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter the situation, a financial planner can help develop the individual’s financial habits that will lay a strong foundation for savings.
No one likes taxes. But the advice of a financial planner can help with the selection of products and services that help ease the burden. Charitable contributions, life insurance policies and investment products purchased through products like 401(k) Retirement plans or 592 Qualified Tuition Plans can all be useful tools in an effective tax strategy. It is important to design a tax plan that fits one’s personal needs.
- 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 products that build tax-advantaged capital for retirement.
- Investment products that provide for tax benefits, such as those purchased through 401(k) Retirement Plans or 529 Qualified Tuition Plans. Contact us today to learn more about tax-planning products and services that are specifically tailored to your needs.
Preparing for succession after death is a difficult issue to discuss, but it is also an important part of any comprehensive financial plan. A financial planner can help individuals and their loved ones approach succession planning in a constructive manner that ensures they avoid problems and are well cared for in the event of death. The process involves two main considerations: life insurance and preparing a will. Life insurance can ease the financial burden and provide resources for loved ones in the event of death. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping successors during a difficult period. Financial resources and stability can make it easier to cope with the loss of a loved one.
Buying a home can be an exciting purchase—but it is also a big decision that will have a major impact on financial planning. Whether a one-bedroom condominium or a five-bedroom house, a well-planned mortgage strategy must fit its owner’s unique needs and other financial responsibilities. From choosing the right time to buy a house to deciding whether it is even a good idea, a financial planner can help with this important decision. Assessing all the costs involved—from taxes to renovations—can help determine whether taking out a mortgage makes sense. If you are considering taking out a mortgage, contact us today to discuss how to do so in a way that better fits your situation. Please note that mortgages are not available through LPL Financial and discussions are for planning purposes only.
Business owners face unique challenges—and opportunities—in terms of financial planning. It takes hard work and careful planning to develop ideas into a successful business: continue that tradition by choosing a financial planning strategy that takes advantage of your unique situation. For business owners who are considering moving to self-employment, a comprehensive plan can help with the adjustment from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Life and disability insurance can be difficult to purchase at first, since many insurers want two years of tax results. As well, self-employed people can gain tax write-offs for some health insurance premiums.
Business Succession Planning
After working hard to develop a business, it is important to also 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. A financial planner can offer experienced advice on how to plan an effective business succession strategy. For family businesses, a formal management succession strategy can help ensure a business stays in the family over generations. Depending on the level of involvement of family members, alternative bequests can help make decisions with those who do, and those who not, want to continue being involved in the family business.