Broker Check

Family Planning Checklist

The following are critical planning issues that we are prepared to help you with. Some issues involve legal documents that require the services of outside professionals. Such outside services are not affiliated with LPL Financial.

How can I make my financial future more secure for myself and my loved ones? • Have I thought of everything that could go wrong? • Have I unintentionally made any serious financial, legal or tax mistakes? • Have I overlooked planning opportunities or tax advantages to which I am entitled? • How do I want to be remembered?

Estate Planning:

What is the primary goal of my estate plan? • Avoid probate? • Avoid taxes? • Provide for my loved ones? • Do my goals conflict with one another?

Who else can benefit from my life’s work … children … grandchildren … church … charity? • Can I reasonably expect any sizable inheritances?

Have I taken all the necessary steps to reduce or avoid probate? • When were my will and durable power of attorney last updated? • Is the ownership of my assets properly coordinated with the beneficiaries of my retirement accounts, will and living trust?

Who would handle my financial affairs if I were unable to do so? • Do I have a valid durable power of attorney for financial matters or would the court have to create a guardianship?

Do I need a living trust? If so, have all of my assets been properly titled? • Are the successor trustees qualified to carry out my wishes?

Do I feel comfortable with my living will elections and my durable power of attorney for health care? • Do I have the most current versions?

Retirement Planning:

What is my idea of an enjoyable retirement? • How can I manage the taxes on my investment earnings and social security benefits? • How confident am I that I have properly planned for my retirement years?

What savings and sources of income are available to me, and my loved ones, during retirement? • Are they enough? • Have I invested wisely … have I taken too little, or too much, risk? • Am I properly diversified? • How often should my savings and investments be reviewed … quarterly … semi-annually … annually?

What impact could possible changes in Social Security, Medicare and Medicaid have on my retirement plans?

Are the beneficiaries of my retirement accounts properly designated? • Can I “stretch” the tax deferral benefits of my retirement accounts over a number of generations?

Important Issues:

How can I make my financial future more secure for myself and my loved ones? • Have I thought of everything that could go wrong? • Have I unintentionally made any serious financial, legal or tax mistakes? • Have I overlooked planning opportunities or tax advantages to which I am entitled? • How do I want to be remembered?

Income Protection:

What if I died tomorrow? • How would my death affect my family financially?

Is it reasonable to expect my health to decline as I get older? • What if I suffered a serious illness or injury tomorrow? • Would my income be sufficient? • Would my life’s savings be wiped out? • What would my loved ones do if all of my income was used to pay for long term care?

What would happen if I got sued for causing an accident? Do I have sufficient liability coverage? What would happen if a family member got sued? Could I lose any of my assets due to joint ownership or joint liability?

Family Obligations:

Do I want to provide my children or grandchildren financial help in the future? • If so, how much and for what purposes?

Will I be responsible for helping parents, older relatives or friends? • Will I be physically or financially able to do?

For more information, please call 817-645-6800
Or email us at joel.victory@victoryinvestmentstrategies.com.