FINANCIAL ORGANIZING: The Key to Financial Confidence
PANELISTS
Christine Dolan
Daily Money Manager C. Dolan & Associates christine@cdolanfinancial.com
Ryan A. Brown, Esq. Attorney & Counselor at Law Arlington Law Group rbrown@arlingtonlawgroup.com
Todd Ihrig
Financial Advisor Invest With a Plan todd@investwithaplan.com
Moderator
Christy Cole
Director of Philanthropy Arlington Community Foundation ccole@arlcf.org
Accountant
PLANNING TABLE
Financial Planner
Estate Planning Attorney
Daily Money Manager
Insurance Agent
Community Foundation/ Philanthropic Advisor
1. Set up a system for expense tracking
TOP 10
Must Do Money Management Tasks
2. Set up daily bank account alerts 3. Create/review your budget 4. Balance/reconcile your monthly statements 5. Organize taxes/payments 6. Create/review your balance sheet 7. Change your passwords regularly 8. Organize your estate and financial documents 9. Track your donations 10. Check your credit score
THE TEAM AT WORK Assets
401(k) Thrift Savings Plan 403(b) IRA
Estate Plan
Last Will and Testament Trust (if applicable) Title and Beneficiary Designations
Real Estate Investments Savings
Legacy Plan Donor Advised Fund Scholarship Fund
YOUR LEGACY. YOUR PLAN. Meet with us Create a plan Facilitated meetings
Self-guided work
Finalize plan
1.
Determine your life goals and time horizon
5-STEP TAX-SMART PROCESS
2.
5.
Tailor a tax-smart investment strategy
Consistently adjust based on changing life strategies and goals
4.
Monitor and rebalance portfolio as needed
3.
Implement strategy across your portfolio
PRIMARY ESTATE AND LEGAL PLANNING DOCUMENTS Advance Medical Directive & Medical Power of Attorney
Durable General Financial Power of Attorney
- Who makes your medical decisions if you are unable to make them yourself? - Do you want any life-prolonging procedures if your condition is terminal?
- Who manages your finances and legal decisions if you are unable to do so yourself? - Can your agent make gifts to charity, family or friends while you are incapacitated?
Last Will & Testament
Trust
- Who receives your remaining assets when you die, and who administers your estate in probate court? - Who takes care of young children if they need a guardian until they are adults?
- An alternate way to transfer assets upon death, without the probate court process. - Can provide for control of assets after death for beneficiaries who are young, incapacitated or need oversight. - Can provide creditor protection for beneficiaries. - Can provide for charitable gifts for tax savings and to carry out your legacy.
Joint Title with Right of Survivorship
ADDITIONAL TOOLS To Carry Out Your Estate And Legacy Plans
- One way to create an automatic succession plan for financial assets or real estate with additional owners.
Beneficiary Designations - Can be used to designate where your retirement, life insurance, real estate and other assets go upon your death.
Donor Advised Funds - A charitable "savings account" that can be used both during life and at death. - Your letter of instruction, patterns of giving, and chosen successor advisors can continue to carry out your charitable wishes even if you are incapacitated or deceased. - Allows contributions to be timed to maximize tax deductions during life. - Can receive a portion or all of your retirement accounts upon death without any income, capital gains or estate tax.
THANK YOU! Contact Us: Christine Dolan
Ryan A. Brown, Esq.
Daily Money Manager C. Dolan & Associates christine@cdolanfinancial.com
Attorney & Counselor at Law Arlington Law Group rbrown@arlingtonlawgroup.com
Todd Ihrig
Christy Cole
Financial Advisor Invest With a Plan todd@investwithaplan.com
Director of Philanthropy Arlington Community Foundation ccole@arlcf.org