Thirteen Point Wealth Management Checklist
We begin with a discussion of your core values by asking the question, “What’s important about money to you?” We’ll work with that question until you feel that you’ve really identified the true purposes you would want your financial plan and investment strategy to serve.
Then, we’ll take a look at your financial situation as it is today. The following are among the many issues that may be addressed:
Are your investments appropriate to your values and objectives?
Is your life insurance cost effective and adequate to your family’s needs in the event of your premature death? Are you and your family adequately protected against catastrophic health care, disability, and long-term care expenses?
Do have liabilities that could affect liquidity or cash flow, now or in the future?
Are your 401(k) and IRAs and any other retirement assets allocated appropriately? From a risk management perspective, and also from an income distribution and tax standpoint? Do you have a deferred compensation plan?
Do you have incentive stock options or stock in a closely held corporation? Do you understand any vesting schedules? Do you have a plan for exercising options or liquidating closely held stock?
If you own a business, do have a succession and transfer plan? Do you work in a family-owned business?
Do your Durable Powers of Attorney and Revocable Trusts provide for continuity in the event of your temporary or permanent disability? Do you have a Living Will and Durable Powers of Attorney for Health Care? Are they current with respect to both your wishes and the law?
Have you made any gifts to children and other descendants, such as UTMAs or 529 Plans? Have you made other gifts - to irrevocable trusts or family partnerships, for example?
Have you made or considered making charitable gifts for tax efficiency or for any other reason?
Are all of your assets titled appropriately for asset protection purposes - and for tax efficiency, management continuity, and control?
Do your wills and trust documents adequately reflect your values? Do they provide management continuity and asset protection for your spouse and other potential heirs?
Do you have a plan to distribute your wealth at your death, keeping in mind your core values, along with tax efficiency, management continuity, and control? Are your beneficiaries adequately protected from creditors and predators?
What are your charitable inclinations at death, still keeping in mind your core values, and considering tax-efficiency, management continuity, control, and asset protection issues?
As you’ve just seen, we leave no stone unturned when it comes to understanding who you are and what you care about. We want to understand your current financial situation as it relates to your values and goals, so we can work with you to identify where gaps may exist between where you are now and where you want or need to be. We’ll ask you to assign relative importance to those gaps, so that together we can prioritize and develop specific investment and planning strategies. It’s also very important to assign target dates for each objective, and if other professionals will be involved, to determine who will be responsible for developing each part of your plan.
We believe that your financial decisions should serve you, your purpose in life, your core values, and your family. We intend that your plan will guide your decision-making throughout the remainder of your life. It should also provide guidance and protection for your spouse and other heirs. We’ll plan to help you monitor your financial situation continuously. We’ll let you know any time we feel something requires your attention. We’ll also follow up with regularly scheduled meetings, and provide updates to your plan on an “as needed” basis. We’re serious about your success and well-being!
Michael (Mike) Harvey
LPL Financial Program Manager
Founder and Managing Member
Family Wealth Management, LLC
PS. I created Family Wealth Management, LLC with the dream of helping families flourish for generations yet to come. During my own stay on earth, my primary purpose will be to help our clients pursue their specific goals, fulfill their unique purpose in life, and provide financial confidence for themselves and their families. Why not give me a call today?