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Download a checklist overview of "Business Financial Planning". Completion will help you determine direction and if you are or will be missing out.
(Start with the end in mind)
Wealth has to pass through a "funnel" at death.
Excerpt from the Nov/Dec 2016 issue of FORUM
"if the choice of homeowners is to stay put, then options might include a collateral mortgage to let retirees pull out the tax-free funds from their homes to use for emergencies, or a reverse mortgage to provide an income stream, says Wilson. If they decide to downsize, they can use the proceeds to purchase a prescribed annuity to fund new accommodations, with the balance invested for emergencies.
What exactly is recommended depends on individual circumstances and needs to be considered as part of the overall financial plan. And since there is often little time for recovery, worst-case scenarios need to be considered and understood, he says."
Paul is a Certified Financial Planner (CFP) licensed by the Financial Planners Standards Council.
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