Are you positive all of your wealth strategies are working together as hard as they could be for you in 2021? Through an extraordinary combination of expertise and a consultative wealth process, the Brentwood-based professionals at Southern Oak Wealth help establish a level of interconnection that can create efficiencies, opportunities and a greater sense of clarity within clients' integrated financial life. For insight, Brentwood Lifestyle asked Patrick Poling, Ann Hollis-Young and Jon Trusty, managing directors at Southern Oak Wealth.
- Retirement Account Strategies: Do you have a plan around maximizing the retirement vehicles that apply to your situation?
Is a Roth IRA conversion worth consideration this year? Are you taking a different approach to your retirement accounts than you are to your other savings accounts?
- Special Planning for Business Owners: If you own a business, there are unique ways to save that apply to you – whether you have employees or not.
When was the last time you had a business valuation done? How do you plan to prepare for the sale of your business? How do you pass the business on to your partners or your family?
- Investment Strategies: Are your investment strategies created specifically for you and monitored for suitability to help minimize risk?
Do your accounts complement each other and unite to achieve a common goal? Are you familiar with diversification options outside of the core stocks and bonds that you hear about every day? Can private equity, options strategies or real estate be a benefit to your long-term goals?
- Insurance Audits: Is your coverage sufficient?
Finding the time to review the insurance you have in place for yourself, your family and your business is one of the most important things that people still shy away from. Nobody likes bringing up the conversation about insurance until it’s almost too late. Whether it be life insurance, long-term care, key man insurance or umbrella policies -- make sure they are appropriate for your situation.
- Lending Options And Cash Flow: With interest rates consistently hovering at all-time lows, do you have a plan around your debt that helps generate a positive cash flow now and into retirement?
The most common question people ask when it comes to debt is whether or not to pay off their mortgage early. The answer is always situational. There is definitely such a thing as bad debt, but there is also such a thing as good debt. Utilizing good debt within your financial plan can make a large impact over time. Know your options and the impacts of those decisions.
- Saving On Taxes: We always recommend you engage a certified public accountant for tax-specific questions, but there are plenty of ways to help yourself.
Does your investment account have opportunities for tax-loss harvesting? Every business, career and family is different. Do you know which types of retirement accounts help reduce your tax liability the most in your specific situation?
- Charitable Giving: Do you maximize charitable and tithing dollars?
Most people would prefer more of their money end up going to a charity that means something to them rather than going to the IRS. If you hold on to investments and donate your cash, you may be doing it wrong. Have you looked into a "Donor Advised Fund"? These can help you create a charitable giving strategy that not only helps the charities of your choice, but can possibly save you on taxes. It is a very powerful, yet underleveraged, tool about which many don’t know enough details.
- Family Legacy And Estate Planning: In many ways, this can be the most important topic you address. Is your will or trust reflective of your current wishes?
Are you accounts titled to reflect your estate plans? Do you have powers of attorney? What happens if you are unable to make decisions for yourself? What happens if you unexpectedly pass? Account titling, appropriate legal documentation, family gifting, tax considerations and appropriate investment strategies are all important topics to review regularly within your estate plan and with your family. Not everyone needs a complex plan that’s expensive, and not everyone needs a simple plan that’s cheap. Having the right conversations with your advisors now can help prevent family problems after you’re gone.
- Planning For Long-Term and Short-Term Goals: What progress have you made toward your goals in the past year?
Do you have any idea how much you can spend each year when you retire? Have you set up a 529 college fund for your children or grandchildren? How will you spend your time in retirement? Were your financial planning and investment strategies set up to specifically achieve all the goals you have for yourself? Everyone is different, and your plan should match your goals.
- Financial Alignment: Are you confident that all of your financial plans and strategies are complementing each other?
With all of these topics and more always floating around in your mind and on your balance sheets, have you taken the time to get a handle on everything? Investments affect taxes, taxes affect wealth transfer, family needs affect insurance and so on. Making sure every aspect of your financial well-being is in sync with the next is the biggest aspect that people overlook when it comes to planning for their future. We pride ourselves on being the firm that connects the dots for our clients to ensure all of their strategies move in unison.
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