Life Stages Planning
Life Stages Planning consist of four key stages:
- Building wealth for the future
- Living too long and disinheriting heirs
- Retirement income
- Intergenerational transfers
Paths – Lets Take A Walk:
Lets take a walk. Not an ordinary walk, but a walk down life’s paths as we raise our families, celebrate life and mourn the loss of love ones.
Path 1: On the first path of our walk we find growing families. In this stage, we find families paying off debt and protecting multiple income streams i.e. salaries, bonuses and self employed income.
Path 2: Now our walk leads us to the second Life Stage that is most crucial. At this stage we begin to see families investing for the future. Families are investing today to be able to execute major purchases e.g. home, luxury car, boat or going into business in the future. Families also begin to amass the funds they need at several significant milestones i.e. college for the children and retirement for mom and dad.
Path 3: Then our path leads us to the third stage around late 40s and early 50s of the breadwinners (Their mom and dad are alive). The third Life Stage deals with Elder Care and cost associated with Elder Care commonly called Long Term Care.. The danger here is that the client may live too long. This would drain off assets and disinherit heirs. Elder Care assist in meeting the needs and addressing the issues of aging. Long Term Care Insurance provide protection against the erosion and destruction of legacy assets
Path 4: Retirement Income and Intergenerational Transfers: Our path leads us into the sunset as we find clients dealing with passing legacy assets to kids and heirs with minimum tax impact. Before this journey is finish, the client must prepare for suitable intergenerational transfers. Retirement Exit Strategies provides distribution and income tax strategies for retirement assets. Estate Planning provides strategies for passing legacy assets to kids and heirs with minimum tax impact. Estate Planning provides also provides strategies for preparing for suitable intergenerational transfers.
Skill Sets at Life Stages
As you review the client’s financial needs at each life stage, you should consider the product knowledge skills sets and expertise you need to assist in building, managing and protecting wealth: In this section; "The Practice" section we will assist you in the seven Life Stages Planning skill sets:
- Health and Disability Insurance
- Life Insurance
- Property and Casualty Coverage
- Financial Diagnostics
- Suitable Investments
- Retirement Exit Stratégies
- Estate Planning
Need Based Planning Planning builds trust and referability for the Financial Services Professional. If the client finds continued value in what you are doing, they will introduce you to their friends, family and associates. We help consumers and businesses answer the question “Am I Ok”.
So take a look at the helpful articles and services in this section: Have a great day!