When it comes to financial planning, risk management – particularly insurance issues – are one of the most confusing areas that people address. What would be the financial impact on your family if there were a loss of income due to a physical or mental disability?
When we begin new client engagements, one of the first things we review is whom our clients have chosen as their primary and contingent beneficiaries on life insurance policies, qualified plans and IRAs. There have been many occasions that we discover a serious mistake or oversight during this process. (more…)
Long term care costs are expensive and rising every year. For many, a two or three year stay in a skilled nursing facility could cost several hundred thousand dollars and potentially wipe out a retirement nest egg. (more…)
A key component of our introductory financial planning engagements involve assessing how much insurance coverage our clients need while also reviewing the insurance policies that clients have in order to determine if they are adequate or necessary. In doing so, we often find that people have purchased insurance products that are either not necessary or entirely too costly.