Step 5: Review of risk exposures
Analysis of necessary amounts of life, disability, malpractice, umbrella insurance, etc. Deductible levels and retention amounts. Long term care strategy development, future health care strategy. Comprehensive property and casualty insurance review - auto, home, liability, business, rental properties, etc.
The rationale for spending time on this step is that the normal and typical risks that most individuals need to manage should be considered as a possible impairment on assets or income. In many cases, having proper and cost-effective insurance in place is the best way to handle these risks. We also want to be aware of any deficiencies, or "unplanned" exposures.
Step 6: Estate Plan Review
Review of current wills, trusts, powers of attorney, durable health care powers, living wills, guardianship and executor provisions, etc. Recommendations and possible redesign in concert with legal counsel if necessary.
Step 7: Tax Planning / Strategy
Review of personal tax returns and trends. Coordination of current and future tax exposures. Take appropriate steps to minimize exposure to taxation. Plan for immediate and future actions to implement the agreed-upon recommendations.
Step 8: Tax preparation (optional)
Our in-house tax specialist, who is an Enrolled Agent, will prepare personal tax returns as requested. This includes Federal, State and local tax and the associated schedules as well as trust tax returns, if required.