Private Wealth Planning |
Achieve financial independence, pay for college tuition, buy a vacation home, or retire at 50. You probably dream of attaining one or more of these, but it can often be challenging to stay on track, especially during an uncertain economy.
It’s never too soon to begin personal financial planning. Retirement, tax, education, estate, insurance and investment planning are important aspects of financial stability. Perhaps you already have one or more of these plans in place but are not sure of how they fit together, or how your investments should change through the years in order to meet your long-term objectives. Let us help you align your plans and goals, and enjoy the confidence that comes with knowing that you have a solid plan in place to help secure your family’s future. |
Retirement Planning |
Retirement planning is a term that refers to the allocation of financial resources towards retirement. In most cases this simply means setting aside money or other similar assets for the purposes of collecting a living income once you’re past working age. We believe financial independence is the goal of retirement planning. Most people hope to be able to survive without working at all, allowing them to travel or spend time with family. Getting to this point, of course, takes some time and a lot of attention to detail through the years.
Preparing for retirement is a comprehensive process that ideally starts as early as possible during one’s working career. Time is our greatest asset, but if not used properly, it can also be our greatest liability. One of the best ways to build wealth is by providing our investments more time to grow. Another is by properly structuring our investments and property, providing the flexibility to adjust to any environment during retirement. Our approach to retirement planning goes beyond the basics. Whether you are planning for retirement or are currently retired, we will work closely with you to help structure and implement strategies for you and your family. Strategies that will help you plan for the future, help you grow financially, help you manage risk and help you utilize your retirement assets in the most tax efficient way possible. |
Educational Planning |
Educational planning is the process of preparing for post-secondary education. Effective educational planning, whether for you or for your children, helps allows for a smooth transition from high school or military service to college or further technical education. Being financially prepared to obtain a higher education requires thorough advanced planning. Tuition, books, housing, lab fees and vehicle expenses for the entire school period must be considered.
A good educational plan will provide you and your family with a map for future education and career goals as well as a clear understanding of the significant annual financial expenditures required. The professionals at Muncaster Financial have the ability to create a solid educational plan while helping you to understand the use of available resources, the need to properly structure assets and the eligibility requirements necessary to obtain grants, loans or scholarships. Commonly asked questions:
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Estate Planning |
Estate planning is the process of determining how your assets will be divided among your beneficiaries after your death. A common misconception is that estate planning is only for the extremely wealthy. Regardless of your net worth, it is important to have an estate plan in which all of your property, including your home and household goods, vehicles, bank account and life insurance are taken into consideration.
While estate planning does not have to be complex, it can be complicated, so it is best to consult with a financial advisor and an attorney when drawing up your estate plan. An estate plan can consist of a will, assignment of power of attorney, a living will, healthcare proxy and, for some people, establishment of a trust. The professionals at Muncaster Financial can develop your estate plan, helping to ensure that taxes siphon as little as possible from your estate and helping to provide you with the comfort of knowing that your loved ones are properly cared for after your death. |
Insurance Planning |
Would your family or business be financially challenged in your absence? Will estate taxes erode your family’s inheritance or force the sale of your business in the event of your death? How would a lawsuit affect your assets or business? Are you able to pay the high and annually rising cost of long-term care, if needed? If your home is destroyed by a fire or flood, can you pay cash to rebuild it? Would you be able to live the same lifestyle and continue to save for retirement if you were to become disabled? Would your children be able to afford college if you died or became disabled and unable to work? These are common questions that must be addressed when determining your insurance needs.
Preparing for the unexpected and protecting your family in the event of illness, accidents, disability and even death must be considered when planning for your future. Insurance is an important aspect of a financial plan, and the decisions you make should be based on your age, family and financial situation. The professionals at Muncaster Financial will work with you to identify your level of risk and the various types of insurance that your family needs. We will then work with our providers to secure the best coverage possible, helping you to minimize your loss should the unexpected occur. |
Investment Planning |
An investment plan helps you to stay on track by creating the framework for your investments. You must take into consideration the types of assets you are comfortable with, the amount of money you want to invest, risk tolerance and liquidity – do you want to reap the rewards of your investments in three years or 30 years? Your investment plan is a living document that should be reviewed regularly. It changes as you change. For example, as you gain more investment experience you may become more confident, and more comfortable with risk.
When creating your investment plan, we will discuss all of these aspects with you. We will then consult with multiple trusted contacts, resources and tools in order to determine the most effective options for meeting your goals. Our investment plans often include a combination of 401(k)s, bonds, fixed and variable annuities, IRAs, mutual funds, pensions and stock portfolio management. |