Three plans for your future

Check out what each can do for you.

CassieNo doubt about it, insurance is a critical tool for protecting your wealth. But insurance alone won’t guarantee you a secure financial future. There are three additional tools that we strongly suggest you develop for yourself: an investing plan, a financial plan, and an estate plan.

MichaelOnce you’re familiar with these basics, we’d highly recommend that you work with investing, financial, and estate planning professionals to learn more and to get help in creating plans that work for you.

The three types of plans

Investing plan
An investing plan addresses your investment strategy: your goals, your risk tolerance, the kinds of investments you want to make, and how you plan to balance your portfolio — the group of investments you own.

Financial plan
Financial planning means creating a long-term vision and clear goals for the financial future you want. It means taking a look at how the major pieces of your financial world — your job or business, your spending plan, the major assets you own, and the debts you owe — all add up into one complete picture. Real estate, insurance, and investments are part of it, too. Creating a financial plan helps you see what you’re trying to achieve and how all of the parts fit together relative to your goals.

Estate plan
An estate plan specifies how you want your property to be managed and distributed should you become totally disabled and after you die. Wills and trusts are part of an estate plan.

Creating an estate plan can also help you define your legacy — the gifts you’d like to make during your life and afterward to make a positive impact on your community.

If you don’t create an estate plan, the money you leave behind will be subject to fees and may be subject to taxes of up to 60% or more! The state will control the distribution of your estate rather than your heirs. Instead of leaving your family with a sense of security, you may be leaving them in the lurch — and at odds with each other! Business owners, in particular, should be very conscious of the need to create an estate plan, because frequently much of your wealth in tied up in the business.

Ask investing, financial, and estate planning professionals to help you create your plans.

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