At AJF, we believe so strongly in the need for a financial plan that as a client with an active account held at the Firm your plan is complimentary. Planning encompasses preparing for retirement, estate transfer, investment, insurance, education, and taxes.
How early is too early to begin planning for retirement? Whether you are in your early 20’s beginning your career, or are in the middle of your career, it is never too early to begin planning for retirement. We can help you plan for your retirement by analyzing the your current retirement plans, along with your current expenses/anticipated expenses throughout your retirement. We also offer advice regarding social security benefits, Medicare planning, etc.
Estate planning has become increasingly important, especially with the implementation of the SECURE ACT of 2019. We can analyze your current documents, such as trusts, wills, power of attorney, etc. in order to ensure that your assets will properly pass to your heirs in the way you intend for them to. We will also analyze your assets in order to ensure that they are properly titled in order to minimize the probate process for your heirs. We also offer recommendations on lowering your gross estate, in order to minimize the estate taxes for your heirs. Please be aware that we are not able to draft legal documents or provide you with any legal advice. Please consult these matters with your attorney.
We understand that the market is never certain, with certain periods of experienced volatility. All of our clients are provided with a comprehensive risk tolerance questionnaire annually in order to gauge their risk tolerance; all of our clients’ portfolios are allocated in a way to effectively gauge their risk tolerance. We will review your portfolio annually in order to go over your performance throughout the year, as well as discuss any changes that were made to the portfolio and changes to your risk tolerance, if applicable.
Will your family be able to provide for themselves in the event of your passing? Will you be able to afford the expenses for assisted living in the event of incapacity? Will you be adequately covered in the event of a lawsuit? These are all important questions to consider for the purchase of insurance. We understand that the cost of insurance can be expensive, especially at older ages. However, through our comprehensive planning process, we will analyze your current financial situation in order to see the amount of premiums you can afford annually.
Do you intend to fund your child’s education? If so, do you know what the approximate cost of education will be by the time your child attends college? Historically, education inflation increases by approximately 6% annually. With proper planning, you can help your child achieve the education of their dreams. We will provide you with all of the necessary recommendations with regards to the appropriate education plan, contribution limits, and any tax advantages.
Although we are not tax accountants, we can help guide you achieve your goals in the most tax-advantageous way. For example, we can provide advice regarding withdrawals from your IRA, education funding, certain deductions for and from your adjusted gross income, etc. For specific questions or to file your year-end tax return, please consult with your tax advisor.