Estate Planning

Top 10 Financial Planning Considerations

By Dean Barber

October 15, 2020

It’s National Financial Planning Month! Join Dean Barber and Bud Kasper as they outline the top ten financial planning considerations. This is by no means a complete list of everything you need to do, but if you get these top ten in your financial plan, it can help you get clarity, confidence, and control for your retirement.

Top 10 Financial Planning Considerations

Dean Barber: Thanks so much for joining us here on America’s Wealth Management Show. I’m your host Dean Barber along with Bud Casper. All right, Bud, we have a special month here in October.

Bud Kasper: Why, because it’s fall? 

Dean Barber: No, it’s because it’s National Financial Planning Month.

This is the time when people are supposed to step back and think about their financial security, their financial future, and their financial well-being. We thought we’d do a show on getting back to financial planning basics since this is Financial Planning Month. 

We want to outline the top ten critical financial planning considerations. Now, this is by no means meant to be a complete show where it’s going, “Oh my gosh, if you just do everything that we talk about today, you’re not going to go wrong.”

You can’t do that. Because when we prepare a financial plan for somebody, we will spend hours getting the data to prepare the financial plan and then hours to prepare the financial plan.

Then, more time in the presentation and understanding our client or prospective client of what that plan is telling us. I want to tell you that the free online calculators are worth exactly that. Nothing.

Bud Kasper: Mm-hmm, right.

Dean Barber: So if you want to get a baseline for how much you need to save to accumulate X amount of dollars in the future, that’s like going back and using one of the financial calculators that Bud and I were trained on way, way, way back in the day. That’s all that’s happening on those. 

Bud Kasper: Compounded returns.

Dean Barber: What’s your internal rate of return need to be for you to reach a certain objective by this time? Well, okay, that’s a calculator. That’s not a financial plan. And the problem is that it’s at the heart of what’s under most of the online financial planning calculators.

So, Bud, let’s lay out this list of top ten financial planning considerations. You want to go through, or do you want me to go through it? 

Bud Kasper: Oh, I think you should go.

Dean Barber: All right. First of all, this list is not in any particular order, except for one item on the list that needs to go in a specific spot. I’ll give you a little quiz and see which one of these needs to be put in the 10th position. So these are the top ten financial planning considerations that we think should be covered. 

  1. Always plan from a net perspective. 
  2. Start with the end in mind. 
  3. Work on a firm budget and a realistic budget. 
  4. Be specific with your budget items and break them down by category. 
  5. Be conservative when you apply an inflation rate to your plan. We’ll explain more about what that means later. 
  6. Understand the IRS rules when it comes to your retirement plans. 
  7. Cover your basics first. 
  8. Never borrow money from your 401(k) plan. If you do, make that a last resort. 
  9. Use your plan to determine the rate of return needed to accomplish your goals. 
  10. Your plan doesn’t die when you die. It transfers to your survivors. Make sure that your estate is in order.

That’s ten things that we think are critical components every single complete financial plan should consider. Now, the question that I want you to think about which one of those ten items comes in the tenth position? The rest of them, I don’t care what order you put them in. They need to be accomplished. But there’s one and only one of all of those that should be at the very end. 

Bud Kasper: Isn’t it interesting that we have a month that celebrates financial planning. Yet, when you look at the industry at large, very few people have financial plans. If I had to make a guess, less than 5%. Over the last 15 years, Dean and I have provided education and tried to find some clarity associated with what you’re trying to accomplish, which is what? To have a successful, peaceful retirement. And yet, the vast majority of people are doing nothing but trying to drive their security around returns. And that is not the answer.

Dean Barber: But that’s the Wall Street narrative and has been for decades. 

Bud Kasper: But it’s also the industry’s narrative.

Dean Barber: I get it. Well, who drives the industry?

Bud Kasper: True.

Dean Barber: It’s either Wall Street or the insurance companies that are driving the industry.

Which is why I think the CERTIFIED FINANCIAL PLANNER™ and the Accredited Investment Fiduciary® designations are so critical. If you’re working with somebody that has those credentials, then you know that you’re working with somebody who has to act in the capacity of a fiduciary. This means that they 100% of the time have to put your interests ahead of their own.

Bud Kasper: That’s right. 

Dean Barber: You want to work with somebody that’s not getting paid commissions to do things. You want to work with somebody who can layout a fee for you of what it’s going to cost to get the services they provide. You should understand what value fee that you’re going to pay and see that it’s reasonable, as any reasonable person would do in any practical course of business.

Bud Kasper: Right. And, why would a firm or a company not want to put their client’s interests first, legally, through the fiduciary standard? My reply is that they’re concerned that some rogues out there may not follow the standard and then cause the firm’s lawsuits. And therefore, they say, “Let’s just avoid this by not having a fiduciary standard.”

Dean Barber: We’ve seen all kinds of fraudulent things throughout our career. The bottom line is this: You need to have a solid plan that includes all ten of the components I laid out here. I’d love to invite you in whether it’s through a Zoom meeting, whether it’s through a telephone call, or whether it’s through an in-office meeting for a complimentary consultation. Let’s talk about you, your plan, and ensure that every dollar you worked so hard for does the same for you. Click on the link for your complimentary consultation. 

We’re talking about the top ten financial planning considerations, and I told you that there’s only one that has a specific place in the order of which term it should be done. There’s one that needs to come in the very last place, number ten. We’re going to start with that position. The number ten top financial planning consideration is tenth because it has to be last out of all of these different items. 

Financial Planning Consideration #10

Use Your Financial Plan to Determine the Rate of Return Needed to Accomplish Your Goals

Bud Kasper: The reason it would have to be number ten is that you have to have the plan started to conclude an appropriate rate of return for your goals. 

Dean Barber: Right. Before you ever invest your money, know what the money needs to do to accomplish your goals. Don’t give me an arbitrary answer. “Well, of course, I just want it to grow, Dean, duh.” or “What should I do today? Should I buy Apple? Or should I buy Tesla?” 

Bud Kasper: Yeah. Wouldn’t that be crazy? People are doing that.

Dean Barber: But those are the conversations, Bud, that occur with the lack of a financial plan. People want to go straight to the “sexy” part of money, which is investing. That’s totally backward. It’s upside down.

Bud Kasper: Or the other side, “How much can you make me?” “Well, what do you need?” “Well, I just need a lot.” So on and so forth. It’s backward thinking. You have to understand the seriousness of financial planning. I’m not trying to make this a dull show or anything, but if you don’t have these issues in front of you and know how to deal with them and attack them, then you’re not going to have the success you want to have, and isn’t that what the end result is? 

Dean Barber: That’s exactly right, Bud. How many times have you seen people making horrible investment mistakes because they have no plan? If you had a plan and because of the income and the resources that you have, you calculated using the plan that your investments need to average, let’s say 7% a year over a specified period, whatever your period is for your plan, for you to accomplish your goals. 

If you knew that was the rate of return needed for you to do the things that you wanted to do, would you then say, “Well, I don’t care about that. I just want to go out and try to make as much money as I possibly can.” And when you start doing that, then you’re taking on far too much risk. You follow the old fear and greed principle, which means that you’re fearful of losing, and then you’re fearful of losing out, which makes you greedy. And so you wind up investing based on an emotion as opposed to based on a plan.

Bud Kasper: Right. And you look at what we’re dealing with now with the presidential election coming up in less than three weeks, then the reality is, people are scared. They’re concerned about this, and they perhaps should be. As part of the considerations inside your financial plan, how important is that to the overriding goal?

Dean Barber: Right. If you don’t get anything else out of this program today, just remember, don’t invest your money without knowing what you need it to do. It happens every single day. 

Financial Planning Considerations #9 and #8

Never Borrow Money From Your 401(k) Plan

People get new jobs coming out of college, and they’re either getting the auto-enrollment into their 401(k) plan, or they’re signing up for their 401(k) plan. And they’re being told, “Hey, here’s the deal, put your money in this 401(k) plan, do it on a pretax basis,” which by the way, if you’re young and you’re doing that, you’re making a mistake, especially if your company offers a Roth provision. 

If you want to know more about that, we have two episodes on The Guided Retirement Show, where we dive into detail about the difference between the Roth and traditional 401(k) at different ages and incomes throughout your life. Episode one and two. It’s on your favorite podcast app and YouTube.

People are doing that with their 401(k)s. They’re taking their money in there, and I guess what the HR person is saying, “Well, you know what? Don’t worry. Just sign up because you’re going to get a match. It’s free. And by the way, if you need that money, you can borrow it out of your 401(k). When you borrowed out of your 401(k).”

Bud Kasper: You’re paying.

Dean Barber: Yeah. “You can pay yourself back the interest.” What happens? People get it upside down. 

Cover the Basics First

What I say here is cover your basics first. That’s kind of the foundational plan. What are your basics? Your basics are making sure that you have adequate cash reserves to begin to invest for the long-term and that you have sufficient insurance coverage across all lines of insurance. What do I mean by adequate cash reserves, Bud? What would you say is an adequate cash reserve amount? 

Bud Kasper: Well, traditionally, they say it is at least six months of income. 

Dean Barber: Or six months of expenses.

Bud Kasper: Right. Yeah, so you don’t have to disrupt your life for that six month period where you hopefully put your life back into a proper position. 

Dean Barber: And I think no more time has that been more prevalent than right now with the massive layoffs and furloughs and everything that came from COVID-19 and the economic shutdown. There were so many people that didn’t cover their basics first. They didn’t have those cash reserves, and they find themselves in dire straits. Adequate cash reserves are vital. Then adequate insurance, health, life, disability, auto, home, renters.

Bud Kasper: Why is it there? Because you probably don’t have the money to take care of it on your own, therefore, you insure that risk.

Dean Barber: Exactly right. Those are your basics. Well, if you’ve got those basics covered, then put money into that 401(k). But what happens is, one of the things on this top 10 list of financial planning considerations was don’t borrow money from your 401(k). If you do it, only do it as a last resort. 

Bud Kasper: Exactly. 

Dean Barber: Okay. But if you didn’t, Bud, if you didn’t follow… 

Bud Kasper: Then go back to your father and ask for the money.

Dean Barber: Yeah. “Sorry, son, I’m all tapped out.” But if you didn’t follow the rule that covers your basics first, making sure that you have adequate cash reserves and proper insurance, guess what’s going to happen? You’re going to go straight to that 401(k) plan, and you’re going to borrow money out of it, which is going to be breaking a rule that you really shouldn’t do.

Cover your basics, and then use money from your 401(k) as a last resort. We’ve covered three, we got seven more to go, but here’s the thing. If Bud was going to be candid with you, he’d say, “Number one thing you need to do if you want to get the right financial plan and you want it done right, is you need to call us.”

Bud Kasper: That’s right.

Dean Barber: You need to get in touch with us because that’s what we do. With the CERTIFIED FINANCIAL PLANNERS™ here at Modern Wealth Management, that’s what we do. It’s financial planning. We do financial planning first before we ever start discussing investments. 

I encourage you, call us for a complimentary consultation. We can do that consultation via a Zoom meeting. We can do it through a phone call, or we can have an in-office meeting. That complimentary consultation is our chance to get to know you, you to get to know us, and for us to be able to determine whether or not what you need is something that we can provide. If so, we clearly outline our process, any fees involved, and we have an adult discussion. There’s no pressure. There’s no selling ever with any of the advisors that are part of our network. Click here for that complimentary consultation.

Bud Kasper: Don’t fool yourself into thinking that you don’t need help. And don’t fool yourself into thinking that, “I’ve got so much time. This isn’t important to me at this stage of my life.” Every month counts into what you’re doing. You were talking about the 401(k)s before, Dean. And of course, what’s the fallback that we have associated with those plans? Target date funds. 

Now I’m going to tell you that that’s better than nothing. These were really introduced only about a decade ago. As you look at these target-date funds, they’re supposed to be moving. In other words, they’re supposed to readjust themselves as you get closer to retirement. We know that isn’t necessarily the case, or to varying degrees, it’s the case. But the problem is if you don’t know and you’re defaulting in something, shame on you. Go in and understand what you can do to achieve the results you want.

Dean Barber: We can help you with managing those 401(k) plans. We do it all the time.

Bud Kasper: We do.

Dean Barber: All right, we’re talking about the top ten financial planning considerations here during financial planning month. We’re going to go to number seven next. 

Financial Planning Consideration #7

Start with the End in Mind

The next one, which we’re going to get into in detail in the next segment is to start with the end in mind. You got to have some imagination here. Think about where you want to go. Think about what those objectives and those goals are. 

Tell me, Bud, what is it you desire? 

Bud Kasper: Peace and quiet. Peace around the world. 

Dean Barber: At your age, I bet you need that peace and quiet. 

Bud Kasper: I want the election to be over.

Dean Barber: Desire is a perfect lead-in, though, as we talk about the top ten financial planning considerations here during financial planning month. Starting with the end in mind is number seven. So what is it you desire? What is it that you want your future to look like? 

Chances are when you’re thinking about financial planning, and you’re going to have some specific goals that you want to achieve. Those goals may include things such as paying for your child’s college education. It may be things such as buying a vacation home for when you retire. It may be something as simple as just getting to retirement and living the lifestyle you want. However, in all of the things you plan for, you need to paint a vivid picture of the future for the person preparing your financial plan.  

If you’re working with a CERTIFIED FINANCIAL PLANNER™, they need to know what it is that you desire. What do you want your future to look like? Once they understand what you want the future to look like. They can come back and look at the resources you have to achieve those goals. Thye then can begin the creation of that financial plan. So you always have to start with the end in mind. What’s my end result? What’s my desired outcome?

Bud Kasper: Sure. It’s what you want to accomplish, right? It’s the proper way of doing it because when you go through and filter what you desire, you need to understand all the other expenses that might knock that number down. So you have to go back, and you have to understand what your healthcare costs are going to be. You have to know what your income taxes will look like based upon where you’re sourcing your income at that time. You need to see if you should start taking Social Security at 66, or should I wait until age 70?

Dean Barber: Should I take it at 62?

Bud Kasper: Yeah, right. What about my wife? When should she start? How do we coordinate those two factors to maximize the amount of income that we wish to have? How does that impact that end result number?

It’s an onion, isn’t it? You keep peeling back layers and layers and layers until you finally get to the net result.

Dean Barber: Right. So, let’s peel those layers back. We talked about starting with the end in mind. Now you threw out many things, which are obviously included, but let’s break them down a little bit. 

Financial Planning Consideration #6

Plan from a Net Perspective

If we’re going to start with the end in mind, the next thing is you need to plan from a net perspective. What do I mean by that? A net perspective. Think about this, any of you that have ever worked or are still working. What if you got to keep a hundred percent of what you make? 

In other words, you get your paycheck, and it says $5,000 was your pay. And you actually got a check for $5,000. Wouldn’t that be cool? But that doesn’t happen, right? What happens? 

Oh, I made $5,000. I put so much into my 401(k), my FICA tax, my Medicare tax, my state tax, my federal tax, and then the net; maybe it’s $3,000, went into my bank account. When I say planning from a net perspective, I want you to think about how much you need, after taxes deposited, to whatever account you’re going to spend from for whatever goal it is that you’re planning for. 

Plan it from a net perspective. In other words, what do you need? Then use your financial planner, and hopefully, they’re working right alongside a CPA that can then say, “All right, here’s how much tax is going to be due. So here’s how much money we need to have,” or “Here’s how much tax is going to be due along the way. Here’s how we mitigate that.” Plan from a net perspective. 

Bud Kasper: So you said “what if you keep 100% of whatever you make.” So what investment allows you to do that?

Dean Barber: The Roth IRA. 

Bud Kasper: I’m talking about you people that are in your late twenties, thirties, forties. You’re putting money into your 401(k), and you’re doing it on a pretax basis, thinking that you’re making a good deal for yourself because you’re avoiding taxes in the year of your contribution. All you’re doing is putting that money into a position that 20, 30 years later it can compound into a much greater number. 

Now, what is going to happen when it’s distributed? It’s going to become taxable.

Dean Barber: Right. You and I have both been part of what we call America’s IRA expert, Ed Slott. He’s been on public television, raised more money for public television, I think, than anybody else out there. 

When he wrote his book called “The Retirement Savings Time Bomb and How to Diffuse It” what was he talking about? 

He was talking about the 401(k)s and the IRAs and with the advent of the Roth IRA back in 1997, I believe it was or 1998, when the Roth IRA was introduced. That changed the game of how people should be saving for retirement. So the point is well taken there. Episode one and episode two of The Guide to Retirement Show on your favorite podcast app, we detail the difference between the traditional and the Roth IRA and 401(k). 

Also, Ed Slott joined me on The Guidd Retirement Show in season three, episode 31. The Guided Retirement Show is on your favorite podcast app. Get out and listen to it and listen to Ed Slott. He also talks about something else enacted less than a year ago, and that was the SECURE Act. 

Bud Kasper: Yes, and the impact that’s going to have. Please heed our words in what we’re sharing with you here. It’s one of the positions inside the financial considerations that everybody needs to understand when planning for the future.

Financial Planning Considerations #5 and #4

Work with a Firm and Realistic Budget

Dean Barber: All right. So now, let’s go to where we started with the end in mind. We’re going to plan from an end perspective. And again, what we’re doing here is we’re talking about the top ten financial planning considerations. You need to work with a firm and realistic budget.

Let me tell you a quick story. So this has been, I don’t know, eight, nine, maybe ten years ago. 

I had a guy call, and he said, “Okay, Dean, I think I’m going to retire.” And 

I’m like, “When?” 

He said, “Well, I’m pretty sure it’s going to be this year,” and I said, “All right, we’ve been doing planning for you for five years now, but you’ve never given me a budget.” 

And he goes, “I haven’t lived on a budget for 30 years.”

And I said, “I don’t care. I want a budget,” right? 

Bud Kasper: Right.

Dean Barber: He’s like, “Why do I need a budget?” And I said, “Because we have to have a budget to do the proper financial planning.”

Bud Kasper: Yeah, I refer to it as a target.

Dean Barber: Right. So he says, “Fine, I’ll do it. I’ll do it. I’ll do it.” So he does the budget and what we discovered was that he didn’t even need his Social Security. Social Security was going to be a bonus. 

I said, “Well, what do you want to do with all this money?” 

He said, “I’d love to just leave it behind for my kids.” And I said, “Well, you want to multiply it?” 

He says, “Well, what do you mean, I want to multiply it?” And he said, “Sure, I want to multiply it.” 

I said, “Well, let’s take your Social Security, since you don’t need it, let’s purchase a life insurance policy. It will return far more money on a tax-free basis to your kids and grandkids than that money will ever be able to accumulate too.” 

Be Specific with Your Budget Items and Break them Down by Category

And he’s like, “That is a beautiful idea. I’m glad I did the budget.” So you have to have that budget. When you’re doing the budget, you need to be specific with the budget items because different items in your budget will inflate at different rates. 

Bud Kasper: Right, and I think the point that you make on that, that’s more of an obscure type of thing that will happen in the planning circles. However, I make that statement because it’s solved for something. Let me give you an example. 

I have a client of mine, been with me, probably close to, oh my gosh, 25 years, at least. They wanted to leave $1 million for both of their sons, okay? They had some nice money. I’ll say right around $3 million. And the question was if we wanted to do that, how much would it cost us, and what vehicles should we use? 

Well, you know me, I’m not big on insurance, but in the right situations, it can be a beautiful thing, so that’s what we did. We went in, and we bought these two policies. We put them in what’s called an Implied Trust and an Irrevocable Life Insurance Trust, and that money will go tax-free to those children. That premium amount doesn’t even come close to what they need with the rest of the money. They’re having a beautiful retirement, and they covered their needs. 

Dean Barber: Well, you know that they can spend everything else they’ve got, and they’re still leaving the $1 million. 

Bud Kasper: That’s the point.

Dean Barber: A big deal, a huge deal. 

Dean Barber: Those of you listening that don’t feel like you have clarity of your financial future, you don’t have confidence in your financial future, you don’t feel like you’re in control of your financial future, reach out to us for a complimentary consultation right now. 

Let’s sit down. Let’s talk about what you’ve got going on and what we have that can help you. You’ll never be sold anything talking to us because we act in the capacity of fiduciaries. We only charge a fee. We outline that fee before we ever get to work. Click on the link and fill out the quick form for that complimentary consultation.

Bud Kasper: I met a couple of new people last week, and in the process of that, I told them, I said, “Folks, just relax with us. I know we’ve never met before, but I’m telling you the truth. You have no obligation to us at this point. We’re here to listen to your story. We’re here to interpret what you have and then see if we have a reason to meet again.”

Dean Barber: Exactly right. As it should be 

Financial Planning Consideration #3

Be Conservative when You Apply Inflation

Dean Barber: All right. Let’s get back to the top ten financial planning considerations. Bud, we’ve got three left out of ten.

Be conservative when you apply inflation rates to the plan. How many times, Bud, have you seen somebody come in for a complimentary consultation, and they’ve been working with another so-called planner, and their plan has an inflation rate of 2% or 2.5%?

Bud Kasper: Yeah, It’s a joke.

Dean Barber: It is a joke. So when I say be conservative when you’re applying inflation, what I mean is, look at the long term average. Plan on about a 4% inflation. Even though we’re not experiencing that right now, if your plan can handle the 4% inflation rate and we only experience 2% or 2.5%, then guess what? You’re going to have more than you need. But if you plan on 2% or 2.5% and you go back to the long-term norm of 4%, then you’re in big trouble.

Bud Kasper: Right. And then you look at healthcare, which inflates an entirely different number, right now, about 6.8%.

Dean Barber: That needs to be inflated separately.

Bud Kasper: Yeah, separately within. We go through to show what every year is going to look like, people look at that healthcare number increasing, and they say, “Why is that going up?” I say, “Remember, we’ve got an inflation rate.” “Wow, that’s really increasing, isn’t it?” I said, “Exactly right. But it could happen.” Therefore, we vet the plan against that inflation rate, so we know whether or not we can have success or not. Or what can we do to help control the inflation factor to the best of our ability?

Dean Barber: Well, the truth is that you’re going to be retired in a lot of cases for almost as long as you worked, and in some cases, longer than you work. So if you don’t think inflation is real, all I want you to do is go back and say, could I live the life that I wish to today on what I was making 30 years ago?

Bud Kasper: Yeah. Right. That’s so true.

Dean Barber: And you’re going to go, “Well, no way.” I mean, things are so much more expensive today. Exactly the point. That doesn’t stop just because you retire.

Bud Kasper: It never has and probably never will.

Financial Planning Consideration #2

Understand the IRS Rules When it Comes to Your Retirement Plans 

Dean Barber: All right. IRS rules when it comes to your retirement plans. You need to understand those, or at the very least, you need to be working with an advisor who truly understands the IRS rules when it comes to your retirement plans. I would encourage you to work with what we call a master elite advisor of Ed Slott’s Elite IRA Advisor Group, which you and I have been part of now, Bud, for over a decade.

Bud Kasper: Since the Genesis. I think we go back 15 years or something like that. 16 years. Pretty close.

Dean Barber: 2005 or 2006, I think, is when he started that whole program. And believe it or not, we study so much every single year, really six full days of classroom study every year, plus two tests a year on the materials, and we still learn something every time. We have that resource in our back pocket. Any of the rules that surround your retirement plans, if you don’t understand them and you make a mistake, the mistake is made. There are no do-overs when you mess up your retirement plan.

Bud Kasper: In fact, I just got a referral last week from Mr. Slott’s program. I find that so interesting because people are digging in and understanding the implications that taxes will have on their plan’s overall success.

Dean Barber: Right. Well, here’s the thing. Getting your money into a retirement plan, that’s easy. Getting your money out of that retirement plan with the least amount of taxes possible, that requires expertise.

Bud Kasper: That’s right. And that’s why the CPAs can come in and do us so much good because they can give us a real black and white version of what strategies will work better for each client.

Dean Barber: Exactly right. And so if you don’t understand those rules, chances are that Uncle Sam will wind up taking a lot bigger bite out of your retirement plan money than they should.

Bud Kasper: So you might ask the question, am I working with a firm that has CPAs? Am I working with CFPs? I mean, these are the critical factors, and quite frankly, it’s the difference many times between success and failure.

Dean Barber: No doubt about it. Let’s go to the last item on our top ten financial planning considerations here during financial planning month. And by the way, we’re so glad that you’ve joined us here. 

If you missed any part of the program, you go down to America’s, and we have the entire show out there for your listening pleasure without the commercials so that you can listen to it a little bit faster.

Financial Planning Considerations #1

Understand That Your Plan Doesn’t Die When You Die; It Transfers to Your Survivors

Dean Barber: Number one, again, not in order. Very simply, this one is: understand that your plan does not die when you die; it transfers to your survivors. So, why do we have estate planning attorneys in our office, Bud? Because we understand that the plan doesn’t die when you do. 

So, we have to have that continuity plan, that plan to transfer your assets and your wealth to the next generation, with the least amount of tax possible and the least amount of legal interaction possible. You don’t want probate and all that garbage. You want the money to be smoothly transferred to the next generation. That requires a well thought out and a comprehensive estate plan, which is part of, by the way, a good financial plan.

Bud Kasper: Yeah. Certain assets are better transferred at death to your beneficiaries, your children, more than likely, than others. And so you need to understand that, again, this is another financial planning consideration.

Dean Barber: All right. So by no means is this the comprehensive list of everything that should be included in your financial plan. Each one of you is in your own unique, personal financial situation. These are the top ten items that Bud and I put out during financial planning month as the top ten financial planning considerations. If you want to dive into detail about what you should be doing and what you’ve addressed and what you’ve not addressed, and what you need to fix, fill out the form by clicking the link for that complimentary consultation

Bud Kasper: There’s so much to understand when you’re trying to build out a financial plan or retirement plan, and having a complimentary consultation will help you with that.

Dean Barber: We appreciate you being with us here on America’s Wealth Management Show. I’m Dean Barber, along with Bud Kasper. We’ll be back with you next week, same time, same place. Stay healthy, stay safe.

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The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.