Please enable JavaScript.
Coggle requires JavaScript to display documents.
Financial Planning - Coggle Diagram
Financial Planning
Who Can Help?
-
-
Estate Planning Attorney- Gives you advice on transferring and managing your assets before and after your death.
Insurance Proffesional: Evaluates risk protection needs and reccomends appropriate products and strategies
-
Retirement Planning
-Start ASAP
-Playing Catch-up is expensive
-Tax deferral can help money grow.
-Take advantage of 401k/Roth IRA
-Minimizing income taxes is critical to investment success.
What Kind/When/How Long
Consider Financial Independence, When does social security and Medicare become available, and consider life expectancy growing
Estate Planning
Wills
-A will is the cornerstone of an estate plan.
-Directs how your property will be distributed
-Names executor and guardian for children.
-Can accomplish estate goals like tax minimization.
-Has to be signed by you with a witness present.
Incapacity
-Incapacity can strike anyone at any time
-One needs to plan for it
-Lack of planning increases burden on guardian
-Your guardians decision may not be your wishes if one doesn't plan.
-
Saving For College
529 Plans
College Savings Plans
Individual Accounts
Pre-established Portfolios
Returns are not guaranteed
Can be used at any college
Can join in any state's plans
-