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.
- Tax Planning
- Succession Planning
- Financial Planning for Business Owners
- Business Succession Planning
Depending on your stage of life, you will likely have a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. 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 the value of saving for a child’s education through specialized insurance and investment products.
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.
Preparing for succession after death is a difficult issue to discuss, but it is also an important part of any comprehensive financial plan.
We can help you and your loved ones approach succession planning in a constructive manner that ensures they avoid problems and are well cared for in the event of your death. The process involves two main considerations: life insurance and preparing a will.
Life insurance can ease the financial burden and provide security for your loved ones in the event of your death. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping your successors during a difficult period. Financial security and stability can make it easier to cope with the loss of a loved one.
A written will provides a means to guide your loved ones through the succession process. By naming your executors and providing instructions on the distribution of your estate, your surviving loved ones avoid having to guess your wishes. Rather than provincial law determining how your assets are to be divided—a situation that can result in lengthy court proceedings—a clear, carefully considered written will provides clear instructions to your successors. Save your loved ones the stress of dealing with financial issues by planning for your succession while you are alive.
Contact us today to discuss succession planning in more detail.
Financial Planning for Business Owners
Business owners face unique challenges—and opportunities—in terms of financial planning. You’ve worked hard to develop your ideas into a successful business, or perhaps you’re considering moving into self-employment. Regardless of your situation, choose a financial planning strategy that takes advantage of your unique situation.
If you are considering moving to self-employment, contact us to discuss how to revise your financial plan. Working together, we will help you adjust from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Disability income 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. However, this is not always the best method to peruse. We can provide the knowledge to choose what is most effective for your situation.
You may also need to negotiate a bank loan or line of credit to help fund office space, materials and other business investments. We can help you explore options to effectively secure these start-up expenses.
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, 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 advice in how to plan an effective business succession strategy. Equally, or more, important is to begin the plan 5-10 years in advance of the transition’s anticipated date. Without advanced planning the options available become limited.
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.
Another aspect of Business Succession Planning is in the event of the death of a partner, key employee or major stockholder in a business, there can be devastating effects on both the business and the deceased partner’s surviving family. The business is concerned with gaining control of the deceased partner’s interest at a fair price so that it can continue operations without interference from the surviving family members. The family members are often most concerned with receiving as much money as possible for their interest in the business and for capital that may be needed for estate settlement purposes.
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.
A financial security advisor can help entrepreneurs plan an inheritance that is fairly distributed among all loved ones.
Contact us today to discuss strategies for business succession.