Miramontes Vision Planner Step 1 of 6 - Overview 0% OverviewYour Name(Required) Your Financial Concerns & GoalsPotential ProblemsTOTAL ESTATE VALUE TOTAL AVAILABLE ASSETS CURRENT INCOME Tax Status of DollarsTAXABLE TAX DEFERRED TAX FREE ASSET ALLOCATION CURRENT FEES & EXPENSES RETIREMENT INCOME GOAL Income PlanMonthly Income GoalGOAL Current Monthly IncomeSOCIAL SECURITY PENSION INVESTMENT INCOME OTHER INCOME Total Monthly IncomeTOTAL SHORTFALLS/SURPLUS In Good OrderIN GOOD ORDER Distribution Plan in Place Income sufficient to meet retirement expenses Income drawn from assets not vulnerable to loss No major debt Current income exceeds current expenses Well-established income target and expenses Good pension Other Needs AddressedIN GOOD ORDER Current income insufficient to meet future expense Distribution and/or income plan currently not in place Income currently drawn from assets vulnerable to market loss Too few streams of steady and reliable income No plan for inflation No spousal plan None at this time Other Action PlanIN GOOD ORDER Build a solid foundation of retirement income that compensates for inflation Consolidate accounts in order to create an additional stream of stable income Develop a distribution plan to ensure predictable and sustainable income in retirement Develop a plan to address spousal income needs in the event of the death of one spouse Discuss social security claiming strategies including delaying social security Implement income plan that will allow you to organize, track and test Other ADDITIONAL NOTESAny references to safety, protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. As financial professionals we are able to provide you with information but not guidance or advice related to Social Security benefits. Our firm is not affiliated with the US government or any governmental agency. Total Available AssetsTotal Current Asset AllocationAT RISK SECURE Detailed Asset AllocationEQUITIES/FUNDS BOND ALTERNATIVES PRINCIPAL PROTECTED VARIABLE ANNUITIES CASH Tax Status of AssetsTAXABLE TAX DEFERRED TAX FREE FeesCURRENT IN GOOD ORDER Good amount of assets saved No major debt / liabilities Portion of investable assets protected from loss due to market fluctuations Risk allocation consistent with Rule of 100 Not overpaying fees Emergency funds established Other NEEDS ADDRESSED Portfolio has % Risk. Recommend lowering assets subject to market volatility Asset risk allocation exceeds the Rule of 100 Currently not taking advantage of institutional money management Fees are hidden within the accounts; lack of transparency Portfolio lacks consolidation and ease of management Current Risk allocation not consistent with Risk Tolerance / Number Need a strategy for Required Minimum Distributions Other PLAN OF ACTION Consolidate assets Consider dividends, bucket theory or fixed strategies Utilize managed portfolios without commissions, loads and hidden fees Reposition a portion of cash accounts in order to earn a reasonable rate of return Reposition a portion of funds to align with the Rule of 100 Create a plan for proper balance (safety, income and growth potential) Other Based on the rule of 100, we suggest that a prudent person would not have an exceptionally high amount of money “at risk” based on their age. To determine the maximum amount of money you should have “at risk” in the markets should follow this formula: 100 – Your Age = Maximum %. So, if you’re 58, then your maximum allocation is 42% (100 – 58 = 42%).The rule of 100 is a general rule of thumb to provide an estimate only; individual circumstances and objectives will vary. Investing involves risk, including the loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to safety, protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.ADDITIONAL NOTES OBJECTIVES ADDRESSED Missing tax savings due to lack of management Large % of assets are currently fully taxable Taxes could be a concern on future retirement income Tax deferred assets, including insurance are underutilized for tax planning purposes Tax liability when transferring wealth to beneficiaries may be a concern Other IN GOOD ORDER Currently using a tax advisor for pro-active advice Current life insurance will aid in avoiding potential state estate tax Tax buckets established Trust in place to help reduce estate taxes Currently lowering taxable income with contributions Other ACTION PLAN Meet with qualified estate planning attorney to establish an estate plan Set up an estate plan to help reduce taxes to heirs Develop tax bracket assumptions Consider life insurance to reduce tax liability when transferring wealth to beneficiaries Consider charitable donations Annually discuss with your tax accountant the potential to transfer IRA accounts to Roth Consider using life insurance policy to protect estate and leave tax free money to heirs Other Neither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.ADDITIONAL NOTES IN GOOD ORDER Long-term care policies up to date and in force Annuities include benefits for long-term care Health Insurance covered through work Cash value of current insurance policies sufficient Adequate assets to self-insure Medicare is available Medicare / Medicaid supplemental in place Other OBJECTIVES ADDRESSED Plan for Long-Term Care not in place Cost of insurance may exceed other potential alternatives Long-Term Care access plan not in place Medicare Need to have a plan for covering expenses not covered by basic Medicare Other According to the Employee Benefit Research Institute (EBRI), a 65-year-old couple with median prescription-drug expenses who retire this year will need $295,000 to enjoy a 75 percent chance of being able to pay all their remaining lifetime medical bills, and $360,000 to have a 90 percent chance.1 ACTION PLAN Craft a comprehensive strategy to help fund any extended health care costs Consider a life insurance and/or annuity policy with LTC benefits included. Discuss plan for Long-Term care with family members Explore Medicaid planning with qualified estate planning attorney Weigh the pros and cons of self-insuring versus purchasing Long-Term Care insurance (some annuities and/or life insurance policies have benefits that can assist with LTC costs) Maximize wealth with LTC products Other Additional Notes1October 2015. Employee Benefit Research Institute. https://www.ebri.org/pdf/notespdf/ebri_notes_10_oct15_ hlthsvgs_db-dc.pdf. Accessed April 5, 2017. Use a qualified Estate Planning Attorney to provide pro-active advice. We have a network of referrals we highly recommend and can assist you in preparing for that meeting so make sure that you have all the information and questions you need.TOTAL ESTATE VALUE PREVIOUS YEAR FEDERAL TAX BILL Suggested objectives to discuss with estate planning attorney: Discover the most useful means of owning property (transfer on death, etc.) Distribute your estate in a manner that meets your legacy objectives Provide enough money to meet known and expected settlement expenses at death Preserve the assets you have worked hard to accumulate Provide a satisfactory income for surviving spouse Reduce estate and income taxes, administrative expenses, executor’s fees and attorney fees NEEDS ADDRESSED No formal estate plan Last Will & Testament needs updating Trust Outdated Durable General Power of Attorney not in place Healthcare Power of Attorney not in place Beneficiaries need to be updated Your qualified account(s) may become fully taxable to your children/heirs upon your death Beneficiaries may not be listed correctly on retirement accounts Beneficiaries have the option to receive lump-sum distribution on many of the assets Other IN GOOD ORDER Beneficiaries are up to date Durable General Power of Attorney in place Revocable Living Trust in place Healthcare Power of Attorney in place Life Insurance in place Will in place Currently using an estate planning attorney for pro-active advice Other ACTION PLAN Set up a meeting with a qualified estate planning attorney Review / Obtain copies of all beneficiary designations Review / Update Estate Planning documents with a qualified estate planning attorney Work with tax advisor, attorney and our firm to find ways to transfer wealth in a tax efficient method. Consider “Stretch IRA’s” Review & consider re-titling your accounts to include POD and TOD Use a qualified Estate Planning Attorney to provide pro-active advice and review ways to protect your assets from probate Other Additional NotesNeither the firm nor its agents or representatives may give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions.
