The Financial Planning Process

​“Financial Planning is a collaborative process that helps maximize a Client’s potential for meeting life goals through Financial Advice that integrates relevant elements of the Client’s personal and financial circumstances”-CFP Board’s Financial Planning Definition

THREE BUCKETS OF MONEY

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​* This bucket is potentially income tax free and under certain circumstances may lose their tax favored status.

** Cash value of Life Insurance will grow generally income tax free assuming the policy is not a Modified Endowment Contract (MEC) and can be accessed during lifetime income tax free utilizing loans and withdrawals up to basis. However, if the policy is cash surrendered or lapses due to non payment of premiums during the insured’s lifetime, ordinary income taxes must be paid on accumlated cash value above the cost basis of the policy. Death proceeds are typically income tax free.