Personal Financial Planning

We seek to build a solid foundation using goals-based, financial planning that is on-going and accessible. Together, we will focus on meeting and exceeding important milestones, regardless of market conditions and performance.

1. Goal Setting

Develop, implement, and monitor financial goals
Calculate net worth and review cash flow
Conduct annual planning evaluations and tracking of goals
Provide proactive follow-up on action items
Offer advice on healthy financial behavior (for example wants vs. needs)

2. Retirement Planning

Evaluate pension plan structures, IRAs, Roth IRAs, or qualified plans
Provide Social Security analysis and benefit optimization
Analyze distribution options for pensions
Calculate IRS Required Minimum Distributions (RMD’s)
Provide Roth IRA conversion calculations and advice
Review and update goals, objectives, and priorities to analyze the impact of changes on overall financial situation
Update financial projections to monitor the effect of stock and bond markets, changes to cash flow needs, risk tolerance and other variables
Analyze the effects of inflation on financial goals
Provide stress test analysis of portfolio

3. Educational Planning

Evaluate and recommend educational funding strategies
Provide access to education investment accounts, e.g., 529 plans, custodial accounts, Education Savings Accounts, IRAs, and Savings bonds
Monitor age of student(s) to ensure proper allocation based on risk tolerance and time horizon
Provide guidance and advice on financial aid and scholarship funding
Monitor state and federal tax laws for changes to education benefits, contributions, credits, and deductions
Establish and monitor financial education programs for your children or grandchildren

4. Balance Sheet and Net Worth

Gather and analyze information to create household balance sheet
Calculate and monitor net worth
Analyze debt structure and organization; assess lending opportunities
Evaluate mortgage financing, the economic benefits of refinancing, semi-monthly payment programs, accelerated payment programs and PMI reduction strategies
Help prioritize spending and prepare for potential pitfalls
Look for opportunities for additional savings

5. Tax Strategies

Provide information about tax-planning strategies
Coordinate with your accountant to enhance tax efficiencies in financial plan
Discuss tax benefits of optimizing 401(k), 403(b), or other retirement plan options
Provide information on the benefits of section 125 plans and health-savings accounts
Offer guidance to reduce taxation of Social Security benefits
Provide advice on benefits of Roth conversions
Establish and track cost basis on taxable accounts
Provide advice on retirement plan distributions prior to age 59½
Make recommendations on Required Minimum Distributions (RMD’s)
Monitor tax law changes and the impact on overall situation

6. Estate and Legacy Planning

Advise on the implementation and proper use of estate planning tools: wills, trusts or powers-of-attorney (financial and healthcare)
Provide education and guidance on charitable giving alternatives
Review ownership and beneficiary designations on accounts
Review estate planning documents to verify they are up-to-date and coordinate with the financial plan
Assist and coordinate with your estate planning attorney
Recommend gifting strategies
Monitor changes of ownership of assets during an acquisition or after a marriage, divorce, inheritance, or other significant life event

For more information about our firm and the services we offer, send us a quick email or call the office. We would welcome the opportunity to speak with you.

dhedgcoth@westtexasinvestments.com | (806) 687-5257