Mar 10, 2021
In this episode, Josh and Jay break down 7 key elements to assessing your risk management strategy and how it ties into our overall financial plan. Tune in to hear tips on how to develop a “roadmap” for protecting what you own, what you make, and what you plan on leaving behind to the next generation. Topics covered include Property, Intent, Income Protection, Retirement Plan, Health Care, Business Planning and Legacy.
Key Takeaways:
- Property: Start with making sure your home has appropriate
insurance. Other real property items to protect include boats,
jewelry, art, coins or valuables. Your plan should detail the
location of these valuables. Also, does your situation require
general liability / umbrella protection? Lastly, have you developed
a protection strategy for you identity?
- Intent: If something happens to you, does your protection plan clearly lay out your intent? When is the last time your will was updated? Other items to address include: power of attorney documents and medical directives. Lastly, are your beneficiaries up to date, and have they received communication about your plan?
- Income: Have you protected your ability to provide financially in the event of pre-mature death or disability? What does your debt situation look like, and is there a plan to address it? Other items to factor in include having to care for a special needs child or aging parent.
- Retirement Plan: Do you have adequate savings and a fully funded emergency account? Do you have a 401k or IRA to tap into when you retire? Are there any other assets to utilize? How does social security fit into your plan, including the best time to claim social security? Lastly, have you reviewed your tax situation and how it impacts your retirement plan?
- Health Care: Assuming you have health insurance, are there any significant gaps that need to be addressed? Do you have identified what assets will be used to pay for an extended health care event? Other factors to consider include family health history, and if you have a preference for being cared for at home versus in a facility.
- Business Planning: What happens to the business when you move on? Do you have a succession plan in place? When is the last time you evaluated the value of business or updated your Buy – Sell Agreement? Lastly, does your plan accommodate the key people and partners in your business?
- Legacy: You planned well enough that you will be leaving something of value to the next generation. Have you evaluated the tax implications of this plan, including how your taxable and tax-deferred assets factor in. Can beneficiaries access your stuff, including anything needing a password? Lastly, if you have multiple heirs and/or children, is your goal estate equalization? Or do you desire to pass assets to special needs trust or charity?
Action Items:
If you’re like most people, you addressed some of the 7 steps, but not all. Prioritize those steps most important to you, then reach out for professional help if needed. You can reach out to Gulf Coast Financial Advisors to set up a no-cost, no-obligation discussion about your particular needs by call 251-327-2124 or emailing jnull@gulfcoastfa.com.
Show Links:
https://gulfcoastfa.com/
https://pciawealth.com/
https://qualifiedplanadvisors.com/
https://fitrusts.com/
https://everydollarcounts.libsyn.com/
http://jaystubbs.com/
https://www.firstprotective.com/
https://www.deepfriedstudios.com/
https://www.slothracerband.com/
Resources:
Gulf Coast Financial Advisors
Prime Capital Investment Advisors
Qualified Plan Advisors
Financial Fitness for Life
First Protective
Disclosure:
Advisory services offered through Prime Capital Investment
Advisors, LLC (“PCIA”) a federally registered investment adviser.
PCIA: 6201 College Blvd., 7th Floor, Overland Park, KS 66211. PCIA
doing business as Prime Capital Wealth Management (“PCWM”) and
Qualified Plan Advisors (“QPA”). PCIA and Gulf Coast Financial
Advisors are not affiliated.
Gulf Coast Financial Advisors (GCFA) , Prime Capital Investment
Advisors (PCIA), Prime Capital Wealth Management (PCWM) and
Qualified Plan Advisors (QPA) do not provide tax, legal or
accounting advice. This material has been prepared for
informational purposes only, and is not intended to provide, and
should not be relied on for, tax, legal or accounting advice. The
information provided herein is not a complete analysis of every
material fact regarding any strategy; it is intended only to
provide insight into the opinions of the author. You should consult
your own tax, legal and accounting advisors before engaging in any
transaction.