Plan for the future

Daniel Burnham, master planner of Chicago, cautioned us to "make no little plans." And Eleanor Roosevelt told us that "the future belongs to those who believe in the beauty of their dreams."

Whether it's building a city, restructuring a business, or financing a college education, strategic planning can make a difference.

Focus on The Good Life

It's not just about avoiding tax. Our goals should be directed toward enjoying The Good Life, not just to frustrate the tax collector. Maximizing business profitability, providing higher education for our children, health care for our parents, retiring in comfort, and leaving a legacy.

What is important to you?

While we all have common experiences, every individual is unique and at a different point in life. More than likely, a combination of things are probably of concern to you.

I'm ready to help you identify your goals and develop a plan to make those dreams come true.

Call or email me for an appointment.

For more about me, click here.

Your livelihood

Compensation, retirement, and other benefit plans. Do you understand/are you taking advantage of the plans available at your workplace? Are you exercising any options in the most financially efficient way? Are you having the correct amont withheld for taxes?

Structuring your business. As a former tax director of an international consulting firm, I have structured hundreds of closely-held businesses. Goals vary, but limiting liability and the taxability are always paramount.

Operating agreements and other contracts. Do you have well-drafted documents that meet your business needs?

Transactions. When buying, selling or merging a business, tax, and other business considerations take on even greater importance.

Reorganizations. As your business evolves, key employees become crucial, as is their compensation. The need to compensate employees or raise additional capital can require employment agreements, a change of business entity, or a reorganization.

Dissolutions. When the time comes to close the business, it's important to avoid assuming liabilities or triggering additional tax.

Your lifestyle

Buying or selling real estate? Your home is a major investment. Shouldn't you have a lawyer representing your interests?

Are you enjoying The Good Life? If not, is it time to make a change?

What are your retirement goals? What do you want to do?

Do you understand your retirement savings choices? Saving more is always good, but saving what you do effectively is even better. There are significant tax and Social Security considerations to consider.

What if you become disabled and need additional care? If you could chose, where would you like to live? What would be important to you?

Assuming you or your spouse can't, who should manage your affairs and make health care decisions for you? Have you put it in writing?

Are your home and other assets protected against financial catastrophes (beyond fire insurance)? Have you considered a trust or other asset protection strategies? Long term care is unaffordable and would quickly consume your assets. Should you protect those assets against that possibility?

Your legacy

Is your will up to date? How about the beneficiary designations on your life insurance and retirement plans?

If you and your spouse both die, who should care for your minor children? Have you seriously discussed this?

Do you want a large tombstone? More importantly, will your survivors know your wishes? Isn't it time to put some of these things down on paper?

Do you have a succession plan for your business? Are you sure your children want to be in business (or own your summer cottage) together?

Is there a cause or charity you care deeply about?

"To get a good job, get a good education."
Financial aid formulas make a dollar saved for college in the "wrong account" worth much less than the same dollar in the "right account."