Financial Planning Strategies for 2016

Estate Planning Financial Advisor Financial Planning Financial Planning for Gay Couples February 15, 2016 Author: Woody Derricks

The beginning of the year is the perfect time to review your financial picture. Mark off a Saturday or Sunday for each of the next few months to address one of these topics. If you do one at a time, it may seem less intimidating and increase the likelihood that you’ll take steps to improve your financial picture.

1) Financial Planning

Start off the year by pulling together your financial information for a review. This can include an assessment of your spending, seeing if you should refinance any of your liabilities, assessing your insurance needs, creating tax strategies for the year, and making sure that you’re still on track for your financial goals. You can work with a financial planner to do this or do it on your own. The important part is taking the time to do it. All too often people put their finances on cruise control which can cause them to miss opportunities.

2) Review your investment mix

You should review your asset allocation at least once a year. The idea for rebalancing your portfolio is to make sure that you’re not taking on too much risk or being too conservative for your goals. If you haven’t touched a mix of investments that you set 5 or 10 years ago, you could find that the mix has become significantly more aggressive and may no longer be a good fit for you.

3) Taxes

It is important to review your tax plan on an ongoing basis. So start the year by reviewing your tax plan with your tax advisor, check-in periodically throughout the year and then again at year-end when adjustments will likely be necessary. The goal is to ensure that the strategies you have in place are in line with your financial goals and will help you preserve your wealth.

4) Estate Planning

Review your estate plan. If you have an estate plan that’s more than 5 years old, had a significant life/wealth change, or need to update your beneficiaries, then you should contact an attorney to update your estate plan. And if you don’t have an estate plan, you should contact an attorney and get one. An estate plan is not just for people with significant wealth. It important for people of modest means as well. It allows you to make decisions about where your assets go after you pass. It’s also important while you’re alive because it can include documents for health care and financial decision making should you become incapacitated.

It’s not imperative that you do all of these suggestions immediately, but these are all key pieces to building a sound financial foundation and should be addressed.

Partnership Wealth Management is comprehensive financial services company. We are committed to providing our clients with financial planning and wealth management services to help them make the most of their investments. At Partnership Wealth Management we have a long history of working with the LGBT community. Among our many services we offer financial planning for gay couples and lesbian couples as well as estate planning for gay couples and lesbian couples. Financial planning is an important part of preparing for the future, contact us today to get started: Partnership Wealth Management.