Here are some of the areas that we can be of assistance.
Planning for Your Future Today.
The vast majority of our clients come to us because they are concerned about their retirement. "Planning for a successful retirement" is often their most important financial goal. Whether you are already retired, just beginning to plan for retirement or somewhere in between, having a road map with a detailed financial strategy is crucial to a comfortable retirement.
With people living longer, healthier and more productive lives than ever before, it's no wonder that retirement planning is at the top of most people's list of financial priorities. In fact, many individuals may actually spend more years in retirement than they did working! Particularly with the uncertainty of Social Security and employer-sponsored retirement plans, retirement planning is now more important than ever.
At Wale Advisory Group, our job in retirement planning is to show you what you need to start doing now so you can retire when you want, without outliving your funds.
We'll continue to monitor and update this plan as needed to make sure you stay on the path to retirement. We project your cash flows from now until the end of your life expectancy, which allows us to determine the probability that you will reach your financial goals.
Not every individual requires assistance in all areas of their financial picture and therefore do not require our Comprehensive Financial Planning service. Instead, clients may only require “project” type of help in one or two areas. This is where our financial consulting services with our various professional partners may be the right option for you.
With this service, they discuss what particular financial issue you need assistance with. They would gather information regarding your concerns, analyze your situation and develop strategies and recommendations.
At Wale Advisory Group, we guide our clients through the estate planning process by combining our expertise with that of our outside team of Certified Financial Planer /CFP™, CPAs, and other professional advisors, if needed.
Protecting Your Net Worth and Minimizing Risk of Loss.
The purpose of insurance (risk management) planning is to protect your net worth by minimizing the risk of financial loss in the event of a catastrophe. All financial plans should consider the needs and benefits of insurance. You may have questions about how much insurance you really need, what type of policy would be best for you and what highly rated companies have low premiums. If you already have insurance, you may want an independent evaluation of your coverage.
At Wale Advisory Group we evaluate your insurance needs and existing coverage by determining potential sources of risk and financial loss. Areas of concern to most clients include life insurance, term, health, disability and long-term care. Many individuals find, after the fact, that they are not adequately protected in certain situations.
Wale Advisory Group is an independent agency. Since we work directly for you, we are able to make impartial recommendations regarding appropriate coverage, carriers, limits, and deductibles. This includes reviewing the cost and coverage of your current insurance policies, conducting needs analysis, and recommending the proper type and amount of insurance coverage.
After reviewing your current policies, we can offer an unbiased judgment on whether they meet your needs. If additional policies are warranted, we can suggest options objectively. We will evaluate your insurance needs and your existing coverage will be reviewed for appropriateness and completeness.
Using, Conserving and Efficiently Transferring Your Wealth
Estate planning is the process of arranging your assets and personal affairs in a manner that serves you and your family best, now and in the future. It provides you with an orderly succession arrangement designed to preserve the assets that you have worked so hard to accumulate. A well-designed estate plan ensures, in the event of your death or mental incapacity, that your affairs are settled in a timely, orderly and tax-efficient manner. An estate plan should be developed to ensure that your current and future assets would be distributed to your beneficiaries with maximum ease and minimum cost. The result is a solid estate plan and our clients' peace of mind.
Our estate planning process, depending on your particular situation, may involve consideration of the following:
- Reviewing wills, powers of attorney and living wills.
- Making sure you have designated beneficiaries for any qualified retirement plans, IRAs, insurance policies, etc.
- Reviewing trusts established during lifetime or upon death.
- Proper titling of assets.
- Making sure you utilize the annual gift tax exclusion to reduce estate size.
- Gifting during lifetime to reduce estate size.
- Business succession plans.
- Insurance needs for estate liquidity.
- Fully utilizing tax exclusions, tax credits, tax deductions and tax exemptions.
- Estimating gift and/or estate tax liabilities.
- Sufficient liquidity to pay estate taxes.
We guide our clients through the estate planning process by using the expertise of an estate-planning attorney. If you do not have an estate-planning attorney, we can help refer you to an attorney that specializes in this area.
Paying as Little Tax as legally Possible.
Almost every financial planning decision has a tax consequence in some respect, either in the short-term or the long-term. With this in mind, tax planning is an integral part of every financial plan. Our integrated style of examining your needs for insurance, income, retirement and estate planning helps ensure you are taking full advantage of current tax laws. One of our central concerns throughout the financial planning process is the reduction of your tax burden to make your tax liability as low as legally possible.
A few of the more significant tax-related areas that we review are:
- Income taxes on earned income and the associated marginal tax bracket.
- Income taxes generated from unearned income, such as interest and dividends.
- Whether or not municipal bonds are appropriate in order to save on taxes.
- Maximizing the use of long-term capital gains to reduce taxes.
- Categorization of expenses on one's tax return to minimize taxes.
- Possible Alternative Minimum Tax (AMT) issues.
- Charitable contribution methods to maximize tax savings.
While we do not give tax advice or prepare taxes at Wale Advisory Group, our team of accountants can review your prior tax returns looking for ways to increase your deductions and decrease your taxes. We would be glad to work with you and your accountant to minimize your tax burden and reduce your future income tax liability. If you prepare your own taxes and would like some help, we could refer you to a CPA in our team for advice.