Family Financial Planning Stages

Provide for loved ones

*Plan for large purchases, special goals or dreams (home, car, etc.)

*Prepare for starting a family, including adoption and/or providing for child with Special Needs

*Create a family mission statement and Life Plan

*Establish charitable giving goals (tithing, gifting, etc.)

Protect your family and yourself

*Establish credit and understand importance of good scores

*Take advantage of employer benefit plans (life, disability income and health insurance, retirement plans, etc.) and assign beneficiaries

*Explore ways to replace family’s income

*Establish a will(s) and guardianship for children

*Create emergency fund and define personal budget

Grow your nest egg

*Fund and maximize employer retirement plans

*Consider supplemental retirement savings vehicles

Provide for loved ones

*Assess potential for large purchases, special goals, dreams or expenses

*Establish/review education costs and savings vehicles

*Review family mission statement and Life Plan

*Evaluate charitable giving goals

*Consider long-term care needs of family

Protect your family and yourself

*Monitor credit scores and address outstanding debt

*Review employer benefit plans and beneficiaries

*Assess current income replacement strategies

*Review will(s) and current guardianships Determine if a trust is appropriate

*Review budget and institute systematic savings plan

*Explore and implement tax and estate strategies

Grow your nest egg

*Review employer retirement plans

*Establish goals for retirement, including retirement date(s) and income needs

*Review and implement supplemental

Provide for loved ones

*Re-assess potential for large purchases, special goals, dreams or expenses

*Determine if you need to support loved ones now or in the future (education planning, finances, with your time, etc.)

*Refine family mission statement and Life Plan

*Assess charitable giving goals

*Review long-term care needs of your family, assess health care proxies

Protect your family and yourself

*Review and manage current debt

*Assess gaps in employer benefit plans and review beneficiaries

*Re-evaluate current income replacement strategies

*Verify will(s), guardianship, power of attorney, trusts, etc.

*Establish health care proxy and long term care needs

*Re-assess budget, savings plan

*Assess tax and estate strategies and institute trust services, if necessary

Grow your nest egg

*Review employer retirement plans

*Review supplemental retirement and saving vehicles and determine gap

*Consider a “second act” in retirement

*If in family business, determine retirement and succession planning strategy

Provide for loved ones

*Revisit potential for large purchases, special goals, dreams or expenses

*Explore gifting strategies to loved ones (grandkids, etc.)

*Revisit charitable giving goals and desires

*Share Life Plan with others

*Secure care for aging parents or loved ones

Protect your family and yourself

*Revisit policy beneficiaries, wills, and power of attorney

*Review health care options, health care proxies and long-term care plans

*Shift from wealth accumulation to wealth conservation

*Re-assess tax and estate strategies and institute trust services, if necessary

Grow your nest egg

*Determine appropriate time (age) to draw

upon social security and employer/personal retirement plans

* Launch a “second career” and manage your resources

*Determine and execute retirement income strategy

* If in family business, finalize business succession strategies