Family Financial Planning
By Steven A. Gershman, CPA, PFS, CFE, CVA
 
We're spending more than we're making, HELP!
Can we save any more on our tax return?
Do we need life insurance? What kind? How much?
We don't know how much to invest where . HELP!
College for my kid will cost HOW MUCH!!?
What do you mean we won't be able to retire comfortably?
How much of our estate is going to taxes when we die!!?
 
These are just a sample of the important questions our clients have expressed recently during Family Financial Planning (FFP) sessions. FFP meetings are designed to help you define and set your goals and objectives. The confidential qualitative data questionnaire is completed by you. The questionnaire will enable us to understand your current financial status, as well as your financial philosophies. Our meeting will last approximately one to three hours and will conclude with a "To Do" action list that is designed to help you meet your goals, and you will understand each and every one of them.
The FFP process covers the following eight areas:
1. Financial statement analysis
2. Review and analyze your assets and liabilities
3. Suggestions of realignments where appropriate
4. Cash flow planning
5. Analysis of completeness of income and expenses
6. Assist in development of an accurate budget
7. Suggest realignment of priorities for debt retirement
8. Determine positive or negative annual cash flow
   
  Income Planning
Project current year income tax return
Maximize tax sheltering of income
Maximize tax deductions
Determine tax liability and inclusion in cash flow report
  Risk Management
Life insurance - life estate vs. death estate
Life insurance - what kind and how much
Long-term care insurance - what kind and how much
Disability insurance - what kind and how much
Review of health, property, liability, etc. coverage
  Investment Planning
Setting priorities
Setting objectives and suitability
Designing program to match objectives
  Education Funding
How much to budget for future tuition's
Methods of funding
  Retirement Funding
How much will be needed
Determine funding methods
  Estate Planning
Transfer of assets both during life and after death
Review Will
Review unified credit, marital deduction, gifts, life insurance, etc.
Not all of the eight facets of FFP are applicable to you and that is why we practice "segmented planning". We concentrate only on those areas that are of interest to you.
We welcome your inquiries. We would be pleased to schedule a meeting with you to discuss how Family Financial Planning will affect your life.
   
  For additional information, please contact us.
 
 
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