FINANCIAL PLANNING
A full financial plan encompasses the following four areas. Alternatively, you may wish to focus on only one or two of these areas for a reduced fee.
01
Cash Flow Planning
This includes budgeting and creating a systematic savings plan based on desired spending level and anticipated future purchases like property or a business. It prioritizes goals and plans how to get there. If there is a corporation, it includes the additional layer of determining how much to draw out of the company and how much to leave in it.
02
Risk Management
If the worst should happen, do you have some downside protection? This includes keeping some liquid emergency funds, evaluating potential insurance products, and weighing the risk vs return of a potential investment.
03
Retirement Planning
Are you saving enough for your desired retirement spending level? If not, will you be able to catch up in your peak earning years? If there is a private corporation that is being used to defer income till retirement, then this includes deciding whether to use an individual pension plan, a holding company, or other investment vehicles in the corporation.
04
Legacy Planning
What kind of a legacy do you want to leave? Who gets your stuff when you are no longer around to enjoy it? How do you ensure those you love are cared for if you can’t be there? Keeping your estate simple to administer and making sure your wishes are fulfilled is important for how you will be remembered.
INSURANCE REVIEW
Perhaps you have been given a life insurance proposal and would like a second opinion.
I charge an hourly fee to review life insurance proposals for suitability. This is particularly important for permanent life insurance held inside a corporation where the tax consequences of not setting it up properly can eliminate much of the potential benefits.
