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WHAT IS PLANNING?
In today's fast-paced world, the demands on our time and resources can seem overwhelming.


That's why many people are turning to planners to get help on how to get their finances in order. By creating a plan, an individual will have a better picture of where they're going in life - and how they are going to get there.


Comprehensive planning... can encompass a number of critical areas, including retirement planning, estate planning, insurance, tax planning, investment management, cash management and budgeting. Depending on client needs, it may also include education funding, charitable and planned giving, trust management and planning for long-term care.

Planning for the future can seem overwhelming because there are so many options to consider.


However, if you start by answering five basic questions, they will create a foundation on which to base your financial planning decisions.
  1. What are your goals in areas like lifestyle, retirement, saving for college education and health care as well as that of your dependents?
  2. When do you want to reach your goals?
  3. What steps have you already taken toward achieving your goals?
  4. How do you feel about taking investment risks for a potential higher rate of return?
  5. How involved do you want to be in monitoring progress toward your goals?

The answers to these five questions will shape the profile of your plan. Personal planning helps clients reach those goals through the development and proper management of their financial resources.

Planning is not a product... it is a process. With the assistance of a planner, you may use specific financial products, such as insurance or equities, but only to accomplish the goals they have established.

The planning process is a series of steps taken to help clients accomplish their goals.

A qualified planner... will first gather and analyze data about your income and expenses, taxes, insurance coverage, retirement plans, wills, trusts, investments and other information pertinent to the overall financial picture.

The planner will then help you set realistic goals, identify key financial issues concerning these goals, and prepare a list of recommendations and alternative strategies for achieving these goals.

Each strategy, from tax planning to investments, will be recommended in the context of other strategies to achieve the optimum overall results.

Once you have decided which recommendations to follow, the planner will help you implement those decisions. The last step in the planning process is to periodically review and, if necessary, revise the plan.

Planning is not a one-size-fits-all package. It is a set of goals and strategies tailored to meet your specific values, abilities, and needs.


THE PLANNING PYRAMID




Amazingly, many people's financial plans take an upside down approach. A poor planning pyramid selects products first and tries to pull together a foundation later.
Intelligent planning starts with a basic strategy as a foundation. This strategy is supplemented with a portfolio designed to accomplish the strategy. Finally, a selection of specific products is made to fill the portfolio.

WHAT ARE THE BENEFITS OF FINANCIAL PLANS?
Financial plans provides a direction and meaning to your financial decisions. It allows you to understand how each financial decision you make affects other areas of your finances. For example, buying a particular investment product might help you pay off your mortgage faster or it might delay your retirement significantly. By viewing each financial decision as part of a whole, you can consider its short and long-term effects on your life goals. You can also adapt more easily to life changes and feel more secure that your goals are on track.

You may decide to seek help from a professional planner if:

  • you need expertise you don't possess in certain areas of your finances. For example, a planner can help you evaluate the level of risk in your investment portfolio or adjust your retirement plan due to changing family circumstances.
  • you want to get a professional opinion about the financial plan you developed for yourself.
  • you don't feel you have the time to spare to do your own planning.
  • you have an immediate need or unexpected life event such as a birth, inheritance or major illness.
  • you feel that a professional adviser could help you improve on how you are currently managing your finances.
  • you know that you need to improve your current financial situation but don't know where to start.

WHAT IS THE PLANNING PROCESS?

The Basic Steps


  1. Choose your team: Select, as needed, your financial professional, tax advisor, insurance agent, investment broker, attorney and banker.
  2. Gather information: List your goals and objectives, your assets and liabilities, measure cash flow and note the current status of your retirement, estate and risk management planning.
  3. Analyze data: To determine if current and future needs are met.
  4. Team makes recommendations: Review the suggestions made by your team.
  5. Decide and implement: Select a plan that best fits your needs and goals. Sign essential documents, purchase needed insurance and re-allocate investments as necessary,
  6. Periodic review: starting the cyle over. Because the world is constantly changing, many advisors recommend an annual planning review.

HOW DO YOU MAKE PLANNING WORK FOR YOU?
You are the focus of the financial planning process. As such, the results you get from working with a financial planner are as much your responsibility as they are those of the planner. To achieve the best results from your meeting engagement, you will need to be prepared to avoid some of the common mistakes by considering the following advice:

  • Set measurable goals.
  • Understand the effect your financial decisions have on other financial issues.
  • Re-evaluate your financial plan periodically. Start now - don't assume planning is for when you get older.
  • Start with what you've got - don't assume planning is only for the wealthy.
  • Take charge - you are in control of the planning engagement.
  • Look at the big picture - planning is more than just retirement planning or tax planning.
  • Don't confuse planning with investing.
  • Don't expect unrealistic returns on investments.
  • Don't wait until a money crisis to begin planning.

This information is from sources deemed reliable. No guarantee as to accuracy or completeness is implied. Refer directly to the website(s)

Power of Attorney

What is a Power of Attorney?
A power of attorney is a document by which you appoint someone else (your “attorney-in-fact,” or “agent”) to make decisions for yourself or with respect to your assets in the event you are unavailable or unable to do so. Your agent can help you when you need it most.

You can appoint any competent adult person, such as your spouse, a relative, or a friend. You may choose an alternate agent to act in case your first choice is unable or unwilling to act as your agent. Or, you can give your agent the power to choose a successor.

In every case, your agent must act in your best interest and for your welfare. And, generally, your agent will not be paid for their services. The power of attorney is for your benefit, not your agent’s.

What Is A General Power of Attorney?
A general power of attorney gives your agent the power to manage your financial affairs the same as you would be able to do personally.

Thus, your agent would typically be able to:
- Lease, maintain and improve property
- Buy and sell property
- Borrow money and grant security interests
- Conduct normal banking transactions
- File and sign tax returns and reports
- Open safe deposit boxes
- Vote any stock interest you hold
- Exercise rights over insurance policies
- Transfer assets into trusts you create
- Hire agents or professional advisors

It is up to you whether your agent can make gifts to charities or family members if you are in the regular habit of making such gifts.

A general power of attorney can be made effective either immediately when it is signed by you, or only when you become disabled as determined by your doctor.

A general power of attorney is also usually “durable,” which
means that it will continue to be effective even after you become disabled or incapacitated. However, your agent’s power will terminate upon your death.

Other Considerations
Because you are putting your affairs, and possibly your life, in someone else’s hands, be sure to choose an attorney-in-fact whom you can trust completely to act in your best interests.

Also, any power of attorney you make can be revoked or amended during your lifetime. Thus, you can revise your plans as your needs change or become more definite.

Is A Power Of Attorney For Me?
You may, in fact, need more than one power of attorney.
If you are concerned about your possible inability to manage your financial and business affairs because of disability or incapacity, now or in the future, you should consider having a

Durable General Power of Attorney.
A power of attorney is a good way to provide for your financial and medical well-being in the event something should happen to you. In any event, a power of attorney is something you shouldn’t forget to consider when planning for your future.

What Is A Financial Power Of Attorney?
A financial power of attorney is a document in which you appoint someone else (your "attorney-in-fact", or "agent") to make decisions for you with respect to your assets when you are unavailable or unable to do so. When accidents, illnesses, or prolonged absences occur, you may need someone to manage your financial affairs. It can be done in anticipation of a future need, for a special purpose or for a limited time.

Why Is A Power Of Attorney Important?
Everyone should think about having a power of attorney. It
allows you to pick someone you trust to handle your affairs if you cannot do so yourself. It gives you peace of mind, knowing that in an emergency someone you choose will have the ability to act for you. If you do not establish a financial power of attorney and you become incapacitated, it may be necessary for a court to appoint a guardian or conservator for you, and the court will appoint whoever it thinks best.

Who Should I Choose As My Agent?
No one can tell you whom to choose as your agent. The person you choose needs to be someone you trust, as well as someone who can do the job. Many people select their spouse as their first choice, and a child or other relative as alternates. But, if your spouse is ill, inexperienced in financial matters, or for some other reason wouldn't be able to handle the responsibilities, select someone else.

Can I Still Manage My Own Affairs If I Sign A Power Of Attorney?
A financial power of attorney only becomes effective when you say it will. You can make the document effective either immediately or only when you become incapacitated. If it is effective only when you are incapacitated, even though you sign it now, you remain fully in control of your finances and your agent has no authority to do anything until incapacity occurs (if ever). As long as you are capable of making decisions, you remain in control.

Can I Revoke A Financial Power Of Attorney After I Sign It?
Yes. You can cancel, or revoke, a power of attorney at any time by tearing it up, signing a new one, or writing that you want to cancel it. If you do cancel, it's a good idea to let your agent and anyone your agent has been dealing with know that you have revoked the agent's authority.

What Is A General Durable Power Of Attorney?
A general power of attorney is one that relates to your finances and assets or property. A durable power of attorney is one that remains effective even after your become incapacitated. The financial power of attorney we provide you with both applies to your general finances and assets and remains effective
after incapacity, so it is in fact a general durable power of attorney.

What Is My Agent Authorized To Do?
To pay your bills, deposit checks, and deal with banks on your behalf

- To sell, manage, or reinvest your property
- To sign contracts, borrow money, or change investments on your behalf
- To pursue insurance claims and legal actions to enforce your rights
- To file tax returns, obtain insurance coverage, or apply for government benefits for you
- To transfer property to your living trust, if you have one

Is There Anything My Agent Cannot Do?
Yes. Your agent cannot engage in any transaction for his or her own benefit.

Further, your agent cannot:
- Sign, amend or revoke your last will
- Exercise any rights over a life insurance policy you have on the agents life
- Amend any trust you have created
exercise any powers which would cause your assets to be taxable to the agent
- Exercise any power of appointment given to you in someone else’s will

Is My Power Of Attorney Effective After My Death?
No. A power of attorney terminates upon your death.

Thereafter, your last will, living trust, or the law of intestacy, handles the distribution of your estate. A power of attorney document is not a substitute for a last will.

What Is The Difference Between A Financial Power Of Attorney And A Health Care Power Of Attorney?
A financial power of attorney is designed to authorize someone to act on your behalf in matters relating to your finances, assets and property. A health care power of attorney is designed to authorize someone to act on your behalf to make decisions about your health care and medical treatment.

Estate Planning Information Checklist



FOR ESTATE PLANNING

Please contact:
CORBIN LINDSEY
425-280-9169
corbin@lindseyadvisors.com


Use this Information Checklist before your visit to the estate lawyer

Collecting the following information ahead of time will save you time (and money) in your estate planning lawyer’s office:

1. Names and addresses of your immediate family members and people you would like to serve as executors, trustees and guardians for your children.

2. Bank account information, such as balances, account numbers, locations of accounts and safe deposit boxes.

3. Pension and retirement account information, including IRAs, Keoghs, profit sharing plans, stock options and government benefits.

4. Detailed description of any stocks and bonds owned.

5. Insurance policy information, including policy location and beneficiaries, as well as a copy of the actual policy.

6. An inventory list of valuable and sentimental personal possessions, including family heirlooms.

7. Copies of community property agreements, prenuptial or postnuptial agreements, divorce decrees and any previous wills or will codicils.

8. An overall description of your income sources and assets, including real estate.

9. A list of debts owed, including amounts and to whom they are owed.

10. A list of specific “bequests” you want to make in your will, such as “$5,000 to my niece, Tipper.”

11. Recent tax returns (say, from the past three or four years).