Financial planning is a process of gathering all your pertinent financial matters into a comprehensive analytical model. Once gathered, your overall financial wealth picture can be viewed holistically, and you gain the direct benefit of knowing where you stand towards achieving your key financial life goals.
A completed financial plan helps you to wisely manage your finances toward achievement of your life goals, while at the same time being able to identify any financial barriers towards your life goals so that you can address those barriers directly.
Lakeland offers financial planning services one of several ways: as a key element of the firm’s comprehensive Wealth Advisory services, or à la carte, as a flat fee for service for specific planning services, Retirement, College, or Estate.
Retirement Planning is the main focus of the financial planning work Lakeland offers. Most of the firm’s clients are at or near retirement and planning for retirement cash flows. These cash flows are made available from a client’s income sources -- Social Security, company pension(s), IRA distributions, annuities, etc., and it is important for these cash flows to last (as much as) three decades or longer throughout retirement. An assessment of each client’s household budget is gathered and analyzed against these income sources. Social Security benefit options and pension benefit options are examined to help determine optimal selection of outcomes. Retirement readiness is addressed directly through cash flow planning, investment growth projections and budgetary/lifestyle preferences of the client in retirement. Excess cash flows can be thoughtfully put to good work towards improvements in long-term care planning, lifestyle enhancements and/or legacy planning opportunities, while cash flow shortfalls can be critically analyzed to determine actionable steps towards alleviating those shortfalls and improving retirement readiness.
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Insurance Planning*, a second element of a comprehensive financial plan, involves a complete analysis of a client’s insurance needs covering life insurance, disability insurance and long-term care. The resulting scenarios are presented in a format that is easy for a client to understand, with emphasis on applying the most advantageous use of insurance towards securing the client family’s financial well-being.
*Insurance planning is included within the Lakeland’s wealth advisory service level, but is not available as an à la carte advisory service. For insurance specific advice visit Lakeland Insurance Services, LLC.
Education Planning, the third element of comprehensive financial planning, includes general or specific cost projections for higher education institutions, growth calculations for savings plans including Section 529 plans, and interactive graphs for visual understanding. Lakeland can also guide the education planning client towards independent outside resources to help a family’s student achiever(s) find their pathway(s) towards higher education success.
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Family Estate Planning
Family Estate Planning, the fourth element of comprehensive financial planning, is the process of calculating a client’s current/projected net worth and projecting potential inheritance/estate taxes. This data is utilized to offer strategic choices for increasing an estate’s value for inheritance purposes. Representations of significant differences various estate planning strategies can have when it comes to leaving money to one’s heirs can be useful to the advisor, client(s) and their estate planning attorney towards implementing critical estate planning solutions, such as lifetime gifting, lump sum gifting, and life insurance trusts, as well as the various other complex estate planning strategies available.
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Business "Estate" Planning
Business “Estate” Planning, an often neglected or overlooked element of financial planning, is what Lakeland refers to as the “fifth element” of financial planning. Knowing the value of your family business, quite possibly your largest asset, is essential towards planning your retirement and estate. Lakeland now offers business valuation services through BizEquity®, the world’s largest and only patented provider of business valuations.
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