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Every family has multiple
goals: savings for themselves, kids' future education
plans, avoiding risks due to disability, planning for
retirement. Many parents today are considered the
"sandwich generation," concerned about their own
children as well as their parents’ well-being. There is
only so much money to go around, and as any special
family knows, everything costs more.
The first
step in meeting with families is to get an overview of the
families’ life-situation. Basically taking inventory of
current income and assets, what’s protected and not
protected, what current expenses are part of the budget
(with an eye on tax-deductibility), what the plans and
current practices are within the existing budget and assets.
For many
people, this is the first time they have actually taken the
time to “see the big picture.” That’s our first step. We
then discuss, in a perfect world where money is no object,
what their life and family goals are. We then take an
objective look at what real steps can be taken, within
existing cash flow, to refine what can be done immediately,
set priorities, and see what can be done for larger
projects.
The
special needs planning we help with needs to be integral and
in proportion to other important family goals. Our several
discussions help towards seeing the bigger picture more
confidently. |
