Your Personal Financial Plan
Financial planning gives direction and meaning to your financial decisions. Your Personal Financial Plan views each financial decision as part of a whole. With a financial plan you can adapt more easily to life changes and feel more secure that your goals are on track.
Your plan includes:
- A statement of all current assets and liabilities.
- A statement of income, expenses, savings and taxes.
- An assessment of your personal financial risk tolerance. An evaluation of your current investments and recommended changes.
- An evaluation of the likelihood of meeting your stated goals, such as college and retirement, given current resources and savings rate. Strategies for increasing the likelihood of favorable outcomes.
- A review of the need for insurance and an evaluation of current coverage for life, disability, long-term care, property and casualty, and liability insurance.
- A review of current estate planning documents and strategies for decreasing taxes and creating your desired legacy. Suggestions for correct titling of assets and designations of beneficiaries.
