Managing Your Finances

Managing your finances is an important component to any financial security plan. Along with the protection offered through insurance and the goal setting provided by investment choices, money management strategies help you manage your savings on a daily basis.

From mortgage payments to tax savings, we can help you manage your money as effectively as possible, given your personal situation.

For Businesses

Financial Planning for Business Owners
Business Succession Planning

Saving

Depending on your stage of life, chances are you’ll have a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter your personal situation, we can help you develop financial habits that will lay a strong foundation for your savings.

Younger individuals and couples have a number of benefits in terms of financial management. Low insurance costs and a long investment horizon, combined with few responsibilities, can make for an excellent financial base. We can help you build on these advantages, while at the same time considering a debt load that might include student loans, car payments or perhaps a mortgage.

Couples planning for a first child enter into a new level of commitment—both personally and financially. Learn how to save for a child through specialized insurance and investment products, such as a Registered Education Savings Plan.

Mid-career professionals typically have higher incomes than younger investors—but they also carry more responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances your needs and obligations.

Retirees have worked hard at their careers, and now is the time for relaxation and celebration. Chances are children have moved from home, the mortgage is mostly paid off and a few investments are coming to fruition. However, income levels may have dropped after retirement. Find out how to manage your finances in a way that allows you to fully enjoy the fruits of your hard work.

In short, no matter your life stage, contact us today to learn how to balance savings and investing with your other commitments.

Tax Planning

Taxes can have a meaningful impact on your overall financial picture. As part of the financial planning process, we can help you consider the potential tax implications of certain financial decisions and discuss financial products and strategies that may be appropriate based on your individual circumstances and objectives.

Depending on your situation, these considerations may include charitable giving, life insurance, retirement and education savings accounts, and other investment strategies that may receive favorable tax treatment under applicable law. We can work with you to evaluate how these considerations may fit within your broader financial plan and coordinate with your tax or legal professionals when appropriate.

Financial planning considerations may include:

Strategies involving household income and assets.
Charitable giving and its potential role within an overall financial plan.
Life insurance and its potential tax-related considerations.
Retirement, education, and other investment accounts that may receive tax-advantaged treatment.

Tax Disclosure: We do not provide tax or legal advice. Any discussion of tax-related matters is for general informational and financial planning purposes only and should not be relied upon as tax advice. Tax laws and their application vary based on individual circumstances and are subject to change. You should consult with a qualified tax professional or attorney regarding your specific situation before implementing any tax-related strategy. Tax treatment is not guaranteed, and financial products or strategies should not be selected solely for their potential tax benefits.

Succession Planning

Planning for the financial needs of your loved ones after your death can be an important part of a comprehensive financial plan. While these conversations may be difficult, considering your goals in advance can help you better understand how your financial resources may support the people and causes that are important to you.

As part of the financial planning process, we can help you review your financial situation and discuss considerations that may affect your estate and legacy goals. This may include reviewing existing life insurance coverage, beneficiary designations, assets, liabilities, income needs, and other financial considerations that could affect your loved ones.

Life insurance may be one tool to consider when evaluating the future financial needs of your family or other beneficiaries. Depending on your circumstances, insurance proceeds may help address expenses, outstanding obligations, or the loss of income following a death. We can help you evaluate how life insurance may fit within your broader financial plan.

Estate planning may also involve legal documents, including wills, trusts, and powers of attorney. We do not prepare legal documents or provide legal advice. Instead, we can help you identify financial considerations that you may wish to discuss with a qualified estate-planning attorney and, when appropriate, work alongside your attorney and other professionals to help ensure your financial plan reflects your stated estate and legacy objectives.

Mortgages

Buying a home can be one of the most exciting purchases of your life—but it is also a significant decision that can affect many aspects of your overall financial plan. Whether you are considering a condominium or a larger family home, we can help you understand how a potential home purchase may fit within your broader financial goals and responsibilities.

We can work with you to review your current financial situation, including your income, expenses, savings, existing obligations, and other financial priorities, as you consider purchasing a home. We can also help you evaluate the potential impact of costs associated with homeownership, such as mortgage payments, property taxes, insurance, maintenance, and renovations, so you can make a more informed decision about what may fit within your overall financial plan and budget.

If you are considering taking out a mortgage, contact us today to discuss how to do so in a way that best fits your situation.

Financial Planning for Business Owners

Business owners face unique challenges—and opportunities—in terms of financial planning. It takes hard work and careful planning to develop ideas into a successful business: continue that tradition by choosing a financial planning strategy that takes advantage of your unique situation.

For business owners who are considering moving to self-employment, a comprehensive plan can help with the adjustment from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Life and disability insurance can be difficult to purchase at first, since many insurers want two years of tax results. As well, self-employed people can gain tax write-offs for some health insurance premiums.

No matter what stage of growth your business is in, contact us today to design a tax-efficient business planning strategy.

Business Succession Planning

You worked hard to develop a business, and now is time to enjoy the results. Many entrepreneurs spend years of focused effort building up a business, but then fail to consider how to make the transition to retirement. A financial security advisor can offer expert advice in how to plan an effective business succession strategy.

Entrepreneurs can work to turn equity in the business into capital that can be used to fund retirement. A financial advisor can help business owners with tax-effective retirement strategies, such as using life insurance policies, paying yourself a salary as the business founder, or arranging for an heir to slowly buy up your shares.

Life insurance is another consideration when planning business succession. If the founder is nearing the end of his or her life, a well-planned life insurance policy can help successors transition into business owners. Upon death, successors face estate taxes on business values of more than $500,000—with the tax-free amount potentially offset by any capital business losses the owner declared during his or her lifetime. Life insurance is one way that successors can cover the remaining amounts.

Smaller businesses may not need to pay estate taxes, but can still benefit from a plan that ensures an equal legacy for their successors. A financial security advisor can help entrepreneurs plan an inheritance that is fairly distributed among all loved ones.

Tax and Legal Disclosure: Financial professionals do not provide tax or legal advice. Any discussion of tax considerations, estate planning, business succession, ownership transfers, or inheritance strategies is provided for general informational and financial planning purposes only. Tax and legal consequences vary based on individual circumstances, business structure, jurisdiction, and applicable law, and tax laws are subject to change. Clients should consult with qualified tax and legal professionals regarding their specific circumstances before implementing any business succession, estate planning, ownership transfer, or tax-related strategy. Financial professionals may work with a client's tax and legal advisors to help coordinate financial planning considerations with the client's overall objectives.