Financial Planning is a comprehensive evaluation of a client’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans. Through the financial planning process, all questions, information and analysis are considered as they impact and are impacted by a client’s financial situation.
In general, the financial planning process can address any or all of the following areas:
- PERSONAL: We can review family records, budgeting, personal liability, insurance needs, estate information and financial goals.
- RETIREMENT PLANNING: We can analyze a client’s current strategies and investment plans to help a client achieve his or her retirement goals.
- ESTATE PLANNING: We can assist a client in assessing and developing long-term strategies including, as appropriate, living trusts, wills, powers of attorney, asset protection plans, nursing homes, Medicaid and elder law. We do not provide legal advice; a client should consult their attorney for legal advice.
- INCOME TAX PLANNING: All of our investment advisers are also Certified Public Accountants (CPAs) so we can utilize our expertise as CPAs to make sure that a client pays the least amount of income taxes that he or she is legally obligated to pay by utilizing smart income tax planning strategies.
- ROTH IRA CONVERSION: We can analyze a client’s income tax situation in order to determine whether he or she would benefit from “converting” assets in a traditional IRA over to a Roth IRA. Despite its advantages, a Roth IRA may not be the preferred option for all investors.
- CHARITABLE GIVING: We can help a client utilize various charitable giving strategies in order to ensure that charitable gifts are made by a client in the most tax-efficient manner. Utilizing the most tax-efficient charitable giving strategies can help a client muffle the cost of donations that he or she has already chosen to make to their favorite charities.
- DIVORCE FINANCIAL PLANNING: We can help divorcing parties and their legal teams separate the couples’ financial assets and liabilities. We can work with individuals, couples and attorneys to provide complete clarity on income, assets, liabilities and the tax consequences of proposed divisions.
When it comes to your finances, it is beneficial to have a plan. Please contact DHJJ Financial Advisors at 630.420.1360 for help in beginning this financial planning process.