Your full-service financial planning and investment management firm
Income planning can be one of the most complicated and critical aspects of retirement. How you restructure your assets from a pre-retirement portfolio to a reliable income stream is critical to insure that you have an income that will keep up with inflation and last for the rest of your life. At Verley Financial our experienced team provides income planning for clients in both good markets and bad.
How? We accomplish this by:
- Constructing an income-generating portfolio and running risk analysis testing
- Sourcing and analyzing lifetime and increasing income options
- Analyzing Social Security benefits and educating clients on ways to optimize that income
- Risk management – Unplanned for disability, death and long term care exposure can have tragic effects on a couple’s lifetime income security.
Ideally, the process begins several years before retirement, so we can have everything in place when the day comes. We also work with younger clients to help them set and meet long term goals that enable them to have the retirement lifestyle they desire.
“Avoid common mistakes and execute a plan that accomplishes what you want.” It sounds simple, but many times the documents people have in place do not meet their needs or are outdated and fail to take into account tax and estate law changes. Our key goal in estate planning is to help the client determine what it is they want to accomplish and coordinate with the tax and legal experts who can draft and execute that plan.
When a family business is involved, the estate planning process can become more complicated. In the example of a family farm, there may be non-farming and farming children to take into consideration, along with highly appreciated land values and estate tax liability. Estate planning should address:
- Asset Protection
- Responsible Transfer of Wealth to the Next Generation
- Charitable Goals
- Proper Titling & Ownership of Assets
- Estate, Gift and Income Taxes
- Life Insurance & ILITs
- Revocable, Irrevocable & Testamentary Trust Planning vs. Simple Wills
- Disability and/or Mental Incapacity
- Elder Law Planning, Long Term Care, and Home Health Care
- End of Life Decisions
This is not an exhaustive list, but is some of the more common concerns. In order for an estate plan to work, it must be tailored to your specific situation, risks, and goals.