Questions To Consider
We take the time to understand your financial situation and your goals, and to know what your money needs to do for you.
- Do you know what your money needs to do for you? What would you like to achieve with your money?
- Ideally, where would you like to be when you are 45, 55, 65, 75?
- Do you know if you have enough to retire? Will it last through retirement?
- Do you have a financial plan?
- Do you know your current asset allocation and risk tolerance? Your rate of return?
- Do you understand what you own and why you own it?
- What is your opinion on taxes? What kind of taxes bother you the most?
- Are you minimizing the impact of taxes on your returns? Personally? Corporately?
- Do you have any trusts?
- Are you gifting assets (education, wedding, house downpayment, inheritance)?
- Are you set up to reduce tax liability upon death? Do you have a beneficiary? Life insurance to cover estate taxes? A will?
- How are you currently giving back? Is it ad hoc or do you have a formalized charitable giving strategy?
- Do you understand the different ways to give (cash, public foundation, private family foundation, donor advised fund) and the advantages and disadvantages to each?
- Have you included your family in the discussion?
- Are you aware about the things that could materially damage your financial well-being?
- Is your income protected if you become ill or can no longer work?
- Do you have a life insurance agent? How do you feel about the relationship?
- Do you know what you’re personally liable for? Professionally liable for?
- Do you have a lawyer? How do you feel about the relationship?
- Are your assets diversified?
- What are the impacts of your personal debt? Corporate debt?
- Will your life’s work be divided and utilized the way you’d like?
- What do you do (or want to do) for your children? Parents? Family members? Close friends?
- Do you have a will? In what form (cash, shares, real estate, possessions)? With what checks and balances? Who pays the tax? Can they afford to take over the asset?
- Have you communicated with those who will take over the assets? Do they know how the assets will be divided? Are they prepared for the responsibility?
- How can you maximize the enjoyment of the wealth you created?
- Have you thought about the difference between lifespan and health span? The window is not as long as you think.
- How confident are you that you are in the best health you could be?
- Are you taking a proactive approach to your health?