Questions to Ask Yourself

There are four major stages of wealth: planning, growing, protecting and distributing. Each brings its own series of thought-provoking questions.

These questions may include:
• Do you have a documented financial plan that addresses accumulation and distribution? What is the mix between tax exempt, tax deferred, and taxable accounts/holdings? What is the asset allocation? How tax-effective are the holdings?

• What vehicles do you use to grow and protect your money?

• Have you matched up expected future cash outflows with expected cash inflows and rates of returns? What is the required rate of return to achieve your goals (college, second home, early retirement, etc)?

• If you have life insurance, when was the last time you looked at the cost of coverage, cash value, dividend rates, death benefit, etc.?

By thinking of yourself as a fiduciary with your family finances, your chances of successfully planning, growing, protecting, and transferring your money tax effectively dramatically increases. Unfortunately, these answers to the questions listed above will not appear overnight and will require time, patience and thoughtful analysis. Just like in the business world where a CFO faces tough financial decisions, a family has a member acting as a CFO and he/she has to answer difficult questions regarding the financial planning of their family. Proactive and innovative thinking may help ensure the financial security and success of your family.

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