7 Areas of Comprehensive Financial Planning

1. Retirement Planning

We begin by assessing your current financial landscape, including investments, cash flow, net worth, income, and savings. Then, we chart a course to your desired financial future. The journey from Point A to Point B involves navigating complex IRS regulations, which we decode to ensure your retirement plan is as effective and efficient as possible.

2. Income Planning

Our strategy focuses on securing a reliable income from the onset of retirement (Point B) to the end of life (Point C). While income planning may not be widely discussed, it’s an area of expertise for us. We address critical questions such as safe withdrawal rates, safe income allocations, cash reserves, and the strategic sequencing of accounts to sustain your lifestyle and legacy.

3. Investment Planning

Our approach is to create an investment strategy aimed at achieving the return rate your financial plan requires. Distinct from investment management, this phase includes in-depth research, careful selection of investments, ongoing monitoring, and consideration of tax implications. The actual implementation is handled through investment management.

4. Tax Planning

We proactively manage your taxes by identifying strategies for optimization throughout the year, with mock tax assessments conducted at least biannually. This forward-looking approach allows for timely decisions, such as Roth conversions and donor-advised fund contributions, rather than retrospective actions at filing time. For substantial estates, this foresight can have a marked impact over time, offering a tangible value. For tax preparation, services will be provided through The Sum Prep.

5. Estate Planning

Prioritized early at The Sum, estate planning addresses three fundamental concerns:

1. Transition Planning:
   • Determining beneficiaries and the means of distribution.
   • Deciding between a trust and a will for asset transfer.
   • Ensuring your family’s security in your absence.
   • Choosing private transfer methods over public probate proceedings.
2. Incapacity Planning:
   • Establishing a Statutory Durable Power of Attorney.
   • Arranging a Medical Power of Attorney.
   • Creating a Physician’s Directive for healthcare decisions.
3. Asset Protection:
   • Identifying which assets are safeguarded in litigation and against judgments.
   • Evaluating the transition from umbrella insurance to comprehensive asset protection strategies.

6. Insurance Planning

At The Sum, we don’t sell insurance, but our planning in this area is extensive. With a myriad of options like life, health, home, auto, long-term care, disability, and umbrella insurance, we dive into what you currently hold and the rationale behind it. Our goal is to ensure your insurance choices are deliberate and aligned with your overall financial strategy.

7. Risk Management

Acting as your family’s CFO, we integrate all aspects of your financial plan to enhance decision-making. Recognizing that choices in one area can affect others, we ensure a cohesive strategy that considers the interplay of various financial components, from investments to insurance, for robust risk management.