Why a Financial Plan?

• Do you know exactly what would happen to your family if you didn’t wake up tomorrow? Do they know? (No, I’m not asking how much life insurance you have or whether it’s enough - this question is about what steps they will need to take to keep their lives in order.)



• What if you were suddenly unable to earn an income?



• Who will you need to, or just want to, help educate? When? What will it cost?



• How and when do you see yourself retiring? What will you do, and what will it cost to do it - not just the day after you retire, but 10, 20 even 30 years later?



• Are your parents living, and if so, will you be expected to contribute to their support at some point? Have you made provisions for the possibility that you may need continued care late in your life?



• Is it important to you that you be able to participate in the financial lives of your children and grandchildren - while you are still here, as legacies, or both? How do you plan to do it?



• Is there an institution or a cause that you care deeply about and to which you would wish to leave a meaningful legacy? What’s the most effective and fair way to do it?



• Are you OK with the fact that ultimately up to half of your estate could be taxed away? What arrangements have been made to deal with this? Do your children know which of your assets should be sold, if forced, to pay these taxes?



• What other desires and objectives do you wish to accomplish? Are plans in place to do so?



• Is your business plan co-ordinated with, and driven by, your personal/family plan?