Do you have peace of mind regarding the future for you and your family?
We appreciate the opportunity to work with our clients in preparing income tax returns and planning for future tax considerations. However, there is much more involved in your financial condition, both present and future, than income taxes. Comprehensive planning can become ever more time consuming if the right experts are not in place, not to mention avoiding the wrong ones. This is an exercise our clients should not have to face. The following are all interrelated areas that need planning and management to create a comprehensive program:
• In reading or listening to news accounts these days, there are numerous reports regarding the dwindling social security fund, increasing college tuition, volatile stock markets and growing healthcare costs. We can assist you with a plan to help meet your needs during these challenging times.
• According to the Employee Benefit Research Institute, the percentage of workers who said they had less than $10,000 in savings grew from 39% in 2009 to 43% in 2010. In 2011, the Associated Press - LifeGoesStrong.com poll found that 89% of baby boomers were not strongly convinced they would be able to live comfortably in their later years. We can review your finances and budget to assist you with a redirection of your disposable income to accomplish more savings.
• Congress has left us with an uncertain future as to whether the Bush tax cuts will expire, or if the current $5.12 million estate tax exemption will fall back to $1 million at the end of this year. When you consider the value of your home, retirement funds and life insurance, you could be much closer to the estate tax threshold than you might think. Even if you're not subject to the estate tax, you should engage in proactive planning to ensure that your assets are directed as you wish upon your death. Advance planning can also serve to minimize probate costs. Are you aware that statutory fees could amount to about $15,000 on an estate valued at $300,000? With the proper planning, these costs can be significantly reduced.
• As our senior partner, Bruce Engstrom, asked "Have you ever gotten into your car and started driving without any idea where you were going, how much gas you had, or where you would end up?" My guess would be that you probably have not. I'm sure you would agree that just as much planning should go into making sure you are prepared for retirement, sending your kids to college, or to have your estate in order should something happen to you.
• If you have engaged in planning in the past, it's always important to review and update based on changes in your circumstances such as marriage, children, divorce, business interests or real estate acquired outside your county of residence just to name a few.
The need for a comprehensive protection plan applies to all of us, not just the well to do. We can help ensure you have the best "Personal Board of Directors" in place in the areas of retirement, life/disability insurance, wealth management, estate planning and other needs. Please contact one of our Personal Advisory Services specialists to assist you at North Little Rock, Arkansas (501) 374-2910, Heber Springs, Arkansas (501) 362-8281, or Bryant, Arkansas (501) 847-1568. Thank You.
