Managing Your Finances
Managing your finances is an important component to any comprehensive Family Financial Plan. Along with the protection offered through the goal setting process and mitigating risk with insurance options, money management strategies help you manage your savings on a daily basis. Financial Peace University, by Dave Ramsey, is a fabulous starter solution and foundation builder. Integrated Financial Solutions of Kansas City looks at ourselves as the next level after the "Baby Steps". FPU is a great program and our owner has personally attended and graduated from the course. However, he recognizes there is a "next step" that requires additional attention and integration, especially with blended families and multi-generation wealth transfer.
This is really the 'meat and potatoes' of what our focus is in order to help build toward your goals.
Depending on your stage of life, chances are you’ll have a distinct approach to saving. Young Baby Boomers, Generations X & Y and the Millennials have different needs than retirees or pre-retirement (less than 2 years) individuals and families. But no matter your personal situation, Integrated Financial Solutions of Kansas City will work alongside you to develop financial habits that lay a strong foundation for your financial journey traveling life's roadway.
Gen X/Y individuals and couples have a number of benefits in terms of financial management. A long investment horizon and lower insurance costs, combined with less major responsibilities, can make for an excellent financial base. We will help you build on these advantages, while at the same time considering a debt load that might include student loans, car payments or perhaps a mortgage.
Couples planning for a first child enter into a new level of commitment and major responsibilities—both personally and financially. We will show and help you develop an optimum plan that integrates the financial impacts now in the present in order to plan and invest in the families future.
Mid-career professionals typically have higher incomes than younger investors—but they also carry more responsibilities. When was the last time you reviewed your employers' benefits as a family to ensure there wasn't an overlap causing extra costs? Have you integrated every aspect of your current, intermediate and future personal and financial planning? Do you have it all in one place in the event the worst life event happens? We can show you and help with all this if you are willing to take the necessary time. Many mother's plan from the time their daughter is born until "she says, I Do!". Why not take a few hours to plan that day and beyond!
Retirees have worked hard at their careers, and now is the time for celebration. Chances are children have moved from home and a few investments are coming to fruition. However, income levels may have dropped because of unforeseen events. Find out how to manage your finances in a way that allows you to fully enjoy the fruits of your hard work.
In short, no matter your life stage, contact us today to learn how to balance savings and investing with your other commitments.
Preparing for succession after death is a difficult issue to discuss, but it is also an important part of any comprehensive financial plan.
We can help you and your loved ones approach succession planning in a constructive manner that ensures they avoid problems and are well cared for in the event of your death. The process involves two main considerations: life insurance and preparing your Last Will and Testament, Powers of Attorney and Medical Directives.
Life insurance can ease the financial burden and provide security for your loved ones in the event of your death. A lump-sum payment can be used for mortgage costs or to supplement lost income, helping your successors during a difficult period. Financial security and stability can make it easier to cope with the loss of a loved one.
A written Will provides a means to guide your loved ones through the succession process. By naming your executors and providing instructions on the distribution of your estate, your surviving loved ones avoid having to guess your wishes. Rather than your state's probate laws determining how your assets are to be divided—a situation that can result in lengthy and expensive court proceedings—a clear, carefully considered written Will provides clear instructions to your successors. Save your loved ones the stress of dealing with financial issues by planning for your succession while you are alive.
Another option that is very common in today's legal and financial planning arenas is establishing a Trust. There are several types of Trust that cover personal and business requirements. We at Integrated Financial Solutions of Kansas City would urge you to discuss this with our recommended legal colleague or your family attorney. Together, your Will and a Trust, will help alleviate an enormous tax burden, ensure your heirs are properly accounted for in your post-mortal wishes and, most importantly, it can fully integrate your overall financial distributions.
Contact us today to discuss transfer planning in more detail.
Elder Care Financial Education for Children
Helping Your Parents View the Family Finances
Business owners face unique challenges—and opportunities—in terms of financial planning. You’ve worked hard to develop your ideas into a successful business, or perhaps you’re considering moving into self-employment. Regardless of your situation, choose a financial planning strategy that takes advantage of your unique situation.
If you are considering moving to self-employment, contact us to discuss how to revise your financial plan. Working together, we will help you adjust from a situation where a previous employer might have provided benefits, such as health or life insurance or a company pension. Life and disability insurance can be difficult to purchase at first, since many insurers want two years of tax results. As well, self-employed people can gain tax write-offs for some health insurance premiums.
You may also need to negotiate a bank loan or line of credit to help fund office space, materials and other business investments. We can help you explore options to effectively secure these start-up expenses.
No matter what stage of growth your business is in, contact us today.
You worked hard to develop a business, and now is time to enjoy the results. Many entrepreneurs spend years of focused effort building up a business, but then fail to consider how to make the transition to retirement. A financial security advisor can offer expert advice in how to plan an effective business succession strategy.
Entrepreneurs can work to turn equity in the business into capital that can be used to fund retirement. A financial advisor can help business owners with tax-effective retirement strategies, such as using life insurance policies, paying yourself a salary as the business founder, or arranging for an heir to slowly buy up your shares.
Life insurance is another consideration when planning business succession. If the founder is nearing the end of his or her life, a well-planned life insurance policy can help successors transition into business owners. Upon death, successors face estate taxes on business values of more than $500,000—with the tax-free amount potentially offset by any capital business losses the owner declared during his or her lifetime. Life insurance is one way that successors can cover the remaining amounts.
Smaller businesses may not need to pay estate taxes, but can still benefit from a plan that ensures an equal legacy for their successors. A financial security advisor can help entrepreneurs plan an inheritance that is fairly distributed among all loved ones.
Contact us today to discuss strategies for business succession.