Financial Planning

Financial planning is a complex field which covers many areas including investments, education planning, retirement planning, wills, trusts, insurance, accounting, business continuation as well as estate, gift, and income taxes.

It would be difficult to find one person who is a trained and licensed expert in all of these areas. Most often, the needed skills and knowledge are available only by bringing together a financial planning team. We at VIP Planners will work closely with your tax advisor and Estate Planning attorney to ensure integration with your overall objectives.

Building a successful financial plan can be confusing. As we construct a plan, we find that our financial lives have many scattered pieces. Some of the financial issues that each of us can expect to face during life include:

  • Cash management: More than just balancing the checkbook, cash management includes preparing (and following) a budget, using credit wisely, and keeping the income tax burden to the lowest level possible.
  • Risk management: There is risk of loss of both life and property. Life insurance can be used to protect a family against the risk of premature death. Disability insurance can protect against the loss of a person’s ability to earn a living. Health insurance can help pay the cost of needed medical care.
  • Accumulation goals: We all need to save money for some reason. Educating our children is one very common goal. Buying a home and building an investment portfolio are two other typical accumulation goals.
  • Retirement: Taking action today to insure that the later years are as comfortable and worry-free as possible.
  • Estate Planning: Recognizing that death is inevitable and planning for the ultimate transfer of our assets to our heirs.

A coordinated financial plan provides a framework for achieving financial security. Solving financial problems in today’s world takes work. Two basic steps are involved:

  • Step 1: Choose Your Financial Planning Team: In our complex, ever-changing world, expert help is needed. Trained specialists such as your attorney, CPA, life insurance professional, health insurance agent, securities broker, and financial planner are generally members of your team.
  • Step 2: Develop Your Plan: With the help of your team, the second step can be taken: the development of a systematic, integrated plan for dealing with each of these issues. This is called developing a financial plan.

You can choose to ignore these problems until it is too late. Or, you can take steps to put the puzzle together and achieve your financial security. The most important step is the first one.