It Pays to Coordinate
Financial Planning
Steve had a big decision to make.
His daughter was getting married, and he wanted to give her the wedding of her dreams. To do it, he dipped into his IRA. Although the wedding was everything he and his daughter had hoped, it pushed him up into a new tax bracket, costing him thousands of dollars in additional taxes. This caused his Medicare premiums to skyrocket by more than 40 percent for the following year as well.
Steve had the resources he needed to give his daughter the wedding she wanted, but because of a lack of coordination and understanding, he paid thousands in unnecessary taxes. His mistake was focusing on only a single aspect of a major decision.
Consider a Financial Quarterback
Steve’s situation explains why it’s important that all your advisers are connected and understand the big picture. When you make a major decision like Steve did, there will be outcomes you might not have considered.
So how do you make financial decisions that have been reviewed from every angle? Try a holistic approach to your financial health that includes professionals who will help with all of your tax, insurance, legal and financial planning needs.
New advisers should be open to working with existing advisers whom you know and trust as well. It’s important for each adviser to be aware of what another is doing. Using a network of connected advisers helps people decide which decision is right for their situation.
Coordination gives clients a peace of mind that saves time and money, and lets them focus on more important things — such as wedding plans. Your goal should be to find an adviser that will make sure every financial decision is examined through the lens of all the available options so nothing is missed.
James S. Lineweaver is president, CEO and a financial consultant at Lineweaver Financial Group, which serves as a Financial Quarterback ™ for clients. He can be reached at 216-520-1711 or at lineweaver.net.
