Financial Planning

Comprehensive financial planning is ideally a process which examines and coordinates all areas of your financial life. However, in practice, many firms which promote a comprehensive process simply focus on only one area of the plan with the goal of selling a particular financial product.

At PWA Wealth Management, comprehensive financial planning is the core of our strategy, which coordinates and optimizes all aspects of your financial situation.  The PWA Wealth Management financial planning process may include any or all of the following areas:

Retirement Planning

Retirement planning is something we offer for every client. The process encompasses a full understanding of client retirement needs. This includes cash flow planning, Social Security planning, IRA and 401(k) distribution planning, and life insurance and estate planning. Balancing all of these factors is critical to establish and maintain a comfortable retirement.

Issues to address pre-retirement;

  • Estimating cash flow needs
  • Estimating the necessary asset base required to support cash flow needs
  • Identifying the methods to accumulate the assets by the target retirement date
  • Contributing to building the necessary retirement asset base from current cash flow

Issues to address at retirement;

  • Identify where and how income will be generated
  • Recognize and anticipate future cash requirements
  • Minimize health care costs and concerns
  • Minimize income tax consequences
  • Coordinate the implications of all decisions

This is the most complex and emotionally laden aspect of the financial planning process. PWA Wealth Management is experienced and committed to assisting you in your success.

Estate Planning

The most difficult aspect of estate planning is the distribution plan. There are many conflicting issues that must be addressed:

  • Is the goal to spend the entirety of the assets in retirement or is the plan to anticipate some level of distribution to children/grandchildren?
  • How will the children receive the benefit: outright, over time or will they only have access to income?
  • Will the spouse-in-law have access to the estate in the event of a divorce?
  • Do children have to be treated equally in the estate distribution?
  • Does an estate beneficiary have a special need situation that must be treated cautiously to avoid forfeiture of government benefits?
  • Who will serve as trustee of the assets?
  • How are business assets treated at death?
  • Do I want my alma mater, church or other charitable organization to benefit from my success?

Estate Planning is a cooperative effort that requires an array of professions that PWA Wealth Management will coordinate and lead.

Additionally, and frequently unaddressed by the legal advisor, is an analysis of the most appropriate assets to distribute to the competing heirs.  A retirement plan, business assets, liquid real estate and the stock portfolio may all require very different distribution strategies depending on the needs of the heirs.

© 2021 PWA Wealth Management
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