Bradshaw Financial Planning Services
Having a well-developed financial plan can provide you with clear direction, help you simplify your life, and equip you to reach your financial goals. While some financial planners merely sell investment products, we craft custom wealth management solutions for all our clients that are based on their unique circumstances. Our independence is vital to delivering objective, unbiased recommendations. We represent our clients and their interests rather than any specific company.
Financial Planning consists of your long-term ambitions, with a comprehensive savings and investment blueprint for accomplishing those goals. It all starts with an intensive assessment of your present financial situation and expectations. Financial planning is a little bit broader, as it includes all aspects of your fiscal welfare, whereas retirement planning is more specific to your well-being after retirement.
Here are some Financial Planning FAQs we routinely address:
- Why should I make a financial plan?
- How can I plan for tomorrow when I can hardly pay for today?
- How much can I afford to invest?
- How much should I contribute to my 401(k)?
- How much should I be saving?
- What should a financial plan include?
- After a plan is developed, what’s next?
When you retire, you never again have earned pay. Organizing retirement income is one of the central components of an effective financial plan. One of the biggest concerns for most retirees can be outliving their savings or having health costs that were not budgeted for. There are all kinds of investments and solutions to help avoid these potential pitfalls – and advisors can help you assess exactly what will work best for your situation, given your assets.
Here are some Retirement FAQs we routinely address:
- What steps should I take when I get close to retiring?
- When can I afford to retire?
- How much money will I need to retire/how much should I save?
- When do my benefits begin & how much of it is taxable?
- What happens to my life insurance when I turn 65?
- When can I keep my health insurance benefits after I retire?
- How is the tax-free portion of my annuity determined?
- What should I do about Social Security?
In most people’s live, taxes are commonly their highest expenditure. Our goal is to legally and morally find strategies that reduces your taxes. Minimizing taxes should be an integral part of any retirement plan.
Here are some Tax Planning FAQs we routinely address:
- How do I minimize my taxes?
- How can I be intentional and plan ahead in a way that benefits me when paying my taxes?
- How can I use RMDs (Required Minimum Distributions) in my retirement accounts?
- How can I give in a way that most benefits my taxes (using Qualified Charitable Distributions)?
- What do I need to know about this year’s tax changes?
- What are the rules for inheritance and gift taxes?
LEGACY & ESTATE PLANNING
How will your estate be taken care of once you are gone? Will you have control in your final years if your health declines? These are very important aspects of planning that we want to make sure you are prepared for. A strong estate plan will protect you when you’re no longer able to handle your affairs or make decisions about medical care. It will also establish what happens to your ESTATE when you’ve passed. Having a secure estate plan now can provide you with peace of mind that you and your effects will be handled exactly how you want them managed. We work with you, a tax professional, and a lawyer to make sure your legacy is being passed along in the most beneficial will or trust specific to your circumstances.
Here are some Legacy Planning FAQs we routinely address:
- How can I create a plan for my health care if I am no longer able to make those decisions for myself in the future?
- Where do I begin with outlining where and who I want my financial assets to go to?
- What control do I have over the standing of my estate after my passing?
- What do I need to do to place a beneficiary in charge of my estate?
- How do I protect my business after my passing?
- Where should I keep my important documents?
INVESTMENT & ASSET MANAGEMENT
To figure out how to best accommodate your preferred lifestyle, we take a look at the ups and downs of your portfolio to create a long-term plan to reach that goal. Investing is a major factor when it comes to your successful retirement plan. Once you’ve established your goals, investing properly can allow for you to be financially prepared for college, emergencies, healthcare, retirement, and vacations. However, deciding on and consistently tracking those investments can be overwhelming- and that’s where we come in.
Here are some Investment FAQs we routinely address:
- How do I get started with investing?
- What type of investments are available to the average person?
- Is it risky to pick out your own stocks?
- How should I diversify my portfolio?
- What type of retirement account should I have?
- How will investing affect my taxes?
- How do I start investing toward another goal (besides retirement)?
The definition of risk is the speculation and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact. When it comes to your finances, we will work with you to create a precautionary plan for how to best reduce risk in your investments.
Here are some Risk Management FAQs we routinely address:
- Why is risk tolerance important, and how can I figure out what mine is?
- What should I do if the stock markets make me nervous?
- How often should you review a risk assessment?
- What does a risk assessment include?
- What are the methods of risk assessment?
- What happens if a risk assessment is not done?
LONG-TERM CARE & HEALTH PLANNING
Long-term care expenses may be one of the largest financial struggles for those trying to develop a retirement plan. The U.S. Department of Health and Human Services estimates that 70% of people over age 65 can expect to need long-term care services at some point in their lives (U.S. Department of Health and Human Services, 2019). Long-Term care is defined as medical and non–medical services needed by any person who has a chronic illness or disability, especially those challenges that come with aging. Medicare may not necessarily provide enough for you to get the care you need, and with a higher life expectancy in the U.S., the cost of healthcare can be unpredictable. We want to make sure that you’re prepared as early as you can be, for any sort of medical concern that may arise in your future.
Here are some Long-Term Care FAQs we routinely address:
- What are the types of Long-Term Care?
- What are the financial implications of each?
- How to search for Long-Term Care?
- How to make the transition to Long-Term Care?
- What are my options to pay for it?
- How do I know it is time to consider Long-Term Care?
If you or your loved ones rely on your income, it is time to consider life insurance. If you insure your car or your home, then you understand the importance of financial plans for when the things you depend on may decline or fail. Having life insurance is no different – it ensures that your family would be taken care of should you no longer be able to provide for them. The last thing a mourning family should have to worry about is affording necessities and maintaining their standard of life. Especially if they are already being burdened with funeral and medical expenses. Finding the amount it would cost to maintain your family’s lifestyle (short-term) and also plan for their future (long-term) is a great starting point when it comes to Life Insurance. We can identify that number and make sure it is implemented in the way that fits your specific needs and budget.
Here are some Life Insurance FAQs we routinely address:
- Do I need life, disability, or long-term care insurance?
- What kinds of life insurance are available to me?
- How much life insurance do I need?
- How much does life insurance cost?
- How can life insurance be more affordable?
- What are the tax advantages of life insurance?