Financial Planning is Important at Every Life Stage
When you think of financial planning, what comes to mind? While this may be a broad term, it’s one of the most important things you should know about. Financial planning is having a complete understanding of where you stand with your monetary wealth, properties you own, bank accounts, stocks, bonds or any other tangible assets and the financial implications of each. It’s the fiscally important thing to do, not only for your own sake, but also for those around you who rely on you for support. No matter your stage in life, now is the time to take stock of where you are financially and put concrete plans in place to better achieve your goals and objectives.
“By employing our firm concept of “ Continually Planning Ahead” our JTS Associates tax experts guide you along the path to achieving your personal and professional objectives”
Individual
Just landed your first job? While it may be difficult to even consider putting a plan in place, you will be pleasantly surprised to see how quickly your account can grow by setting aside even a small amount of your paycheck. More importantly, it will set up good financial habits early on and provide an impetus to make smart financial decisions.
Just Married
When a couple is newly married, it brings many things into play. Decisions must be made about having a joint account versus maintaining separate accounts and the financial pros and cons of each. Our knowledgeable tax professionals are well versed in guiding couples through this type of conversation and can explain the tax implications of each scenario including how to save for those big moments such as purchasing a new car, home or the even the arrival of a new child. We also encourage young couples to think long term about their finances and how to put a plan in place that will continually grow their wealth well as time continues to pass.
Young Parents
Ask any young parent and they will tell you that one of the first things they think about with the arrival of a new child is how they can best provide for them, now and in the future. This requires more nuanced conversations with our CPA’s since any well laid out financial plan should include saving for education, regular childhood expenses, project childcare costs and even how the child will be taken care of financially should something happen to both parents.
Single Parent
Odds are if you are a single parent, you are shouldering all of the day-to-day costs associated with raising your child while also worrying about maintaining your home, paying bills and more by yourself. We understand the unique challenges that you face and will work with you to set up a financial plan that will ease the worry and empower you to feel more confident about the future for you and your child.
Elderly
No matter your age, it’s crucial to have the right financial plan in place. Our advisors are well versed in the various challenges older people face and help to craft personalized solutions that take into account your current financial situation, while acknowledging how it could quickly change going forward. Discussions include tax planning, maintaining a reasonable day-to-day budget on a fixed income, projected care costs in the future and much more. The earlier you take charge of your assets, the less worry you will have going forward.
Caretaker
If you are a caretaker, it’s important that you keep your finances top of mind and not just those of the person you are caring for. Caretakers are often so committed that they can become a trusted member of the family and while some remain in place for years, it’s crucial to have a well thought out plan if you end up having a gap in your employment. Our team members can help to lay out the many scenarios you could face and how to best prepare financially for each one.
Our advisors are constantly planning ahead and are always up-to-date on all of the local, federal, state and international tax rules/regulations that can affect even the best laid financial plan. If you fall into any of the categories mentioned above, then we encourage you to come in for a consultation.
Give us a call today at (516)877-5900 to take that first step towards gaining the financial security you need to have in place, no matter where you are in life today. We can also provide assistance with estate and gift tax planning.
