Seven Results of Financial Planning

What could comprehensive financial, investment, or estate planning do for a family?  When we get up from the table and shake hands over the completed plan, what’s true about the family’s financial situation that probably wasn’t true before?  

Here are a few potential outcomes to having a complete financial plan:

  • If a breadwinner dies prematurely, the family’s lifestyle might not be fatally compromised; they could stay in their home; education plans could remain financially on track; the family’s business, if it owns one, might not have to be sold precipitously at a disadvantageous price. 

  • Similar outcomes could prevail in the event of a disability.

  •  The children and/or grandchildren of the family could be able to afford the very best education for which they can qualify, without still being saddled with student loans when they themselves have children. 

  • The current generation of the family could be able to retire at its own time and on its own terms, with a high degree of confidence that it might never outlive its income, that its dignity and independence might not be undermined by up to three decades of rising living costs. 

  • The current generation could, if necessary, be able to contribute meaningfully to the support of its parents.  Moreover, this generation might never become a financial burden to its children, even if extended nursing home stays are required. 

  • Even as retirement income rises to offset inflating living costs, this generation’s capital could continue to grow over time, endowing meaningful legacies to the succeeding generations. 

  • Estate taxation might not force the sale of a family’s important assets (homes, business, etc.).  This liability could be funded out of the residual capital, and/or it could be insured. 

At the human level these are the things that people really want to accomplish, and don’t know how.  A successful financial plan could help you as you travel your pathway of life. 

* Examples and outcomes listed above are hypothetical only and are not guaranteed for every situation.

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