You’ve worked extremely hard for the future you’ve created. For our clients that future doesn’t stop at a comfortable lifestyle – it’s a legacy worth leaving. For your family, your community, and beyond.
Like mountain climbing, retirement planning begins with the goal of reaching the summit. The key to achieving that goal is planning and preparation.
In climbing, focused planning means crafting a well thought-out route that takes into consideration the unique landscapes and challenges of the mountain. In retirement planning, it means building a plan that takes into consideration our goals and may include strategies built around retirement savings, education savings, income protection, creditor protection, investment management, tax planning and more.
For many people, the task of retirement planning may seem overwhelming and complex. What’s missing is a clear process for HOW to build it properly. Our proprietary ARC Process™ involves performing a detailed cash flow analysis, which is then used to create a custom plan for achieving your retirement savings goals. The process also incorporates the necessary risk management tools designed to protect you from unexpected events that could obstruct your path and hinder you from successfully reaching your retirement summit.
While climbing to the top of a mountain is considered to be a major achievement, the real goal of climbing is not simply to reach the top, but to reach the top and return safely.
The same can be said for retirement income planning. For years, people have focused on accumulating enough assets. However, the biggest risks facing retirees occur during the income distribution phase when we retire and begin to live on our retirement savings.
As we begin this second half of our journey, we are faced with unique and potentially devastating risks such as a volatile market, inflation, liquidity, longevity, health and survivor risks. Just like climbing a mountain, those who address these risks will be more likely to safely and successfully complete the journey.
Our proprietary Retirement Income Survivor Kit or RISK Process™ is designed to help clients plan their income in retirement while simultaneously addressing the key risks associated with income distribution. We look forward to walking you through the process.
Few people are aware that the life, disability and long term care insurance policies they purchased as recently as five years ago might be unnecessarily costly or lacking critical new benefits due to the availability of a new generation of insurance products.
When you purchased your policies, you may have made certain assumptions about policy charges, interest rates, planned premiums, and other issues. But life is constantly changing. The original reason for your purchase may still exist, yet your needs may have changed, requiring more or less coverage. That’s why it’s important to regularly review all of your personal and business insurance coverages.
Two important aspects of financial planning involve managing risk and transferring wealth to the next generation. In many instances, the tax advantages of life insurance make it a preferred vehicle for purposes such as:
Whether you are evaluating existing coverage or are seeking new insurance, Trove uses several proprietary processes to:
Whether you are evaluating existing coverage or seeking new insurance, Trove uses a unique five-step process called Life Assurance 360™ to make certain that your policy fits your current needs and continues to serve its intended purpose for the duration of the policy.
In this step, we use our proprietary Life Assurance Design Questionnaire to educate you about your life insurance options while gathering information about your goals, preferences, and risk tolerance. Additionally, our one-page Pre-Underwriting Questionnaire helps paint a high-level picture of how your medical history may factor into the overall plan design.
Once you are confident about your financial independence, the next step is to consider why you want to create a family legacy.
What values are you hoping to support and what outcomes would you like to promote?
Simply “maximizing wealth to your heirs” and “minimizing taxes” are not real goals – these are means, not ends. The key question is – for what purpose?
At Trove, we believe that prudent planning starts with knowing what is in the hearts of our clients. We then learn the hard facts about your holdings. If you own a business, we assess the viability of your business’ survival to the next generation. Our team then crafts customized solutions to help mitigate transfer taxes, while making sure the provisions in your wills and trusts match what is in your heart.
After we have made provisions for our personal needs throughout our lifetimes, and those of the next generation, we can move to the pinnacle of the planning pyramid which is social capital legacy.
Gifts to charitable causes or organizations need not come at the expense of your own financial needs or providing for your family. With the right kind of planning and expertise, you can usually redirect assets otherwise earmarked for taxes to causes and organizations that will achieve the kind of social impact you hope to make.
This is taking involuntary philanthropy and transforming it into voluntary philanthropy. Your redirected tax liabilities, along with additional wealth not required by you or your family, make up what we refer to as your “excess” wealth. Most people don’t know they have it, but they often do. If you knew you did, might you do some things differently? Live more? Give more?
No matter where you are in your financial journey, we begin with a conversation about your goals, dreams and concerns. Reach out today to start that conversation!