Last month, Kay Mukaigawa of Engel and Volkers sat down with Troy Wada, Principal Wealth Advisor with INPAC Wealth Solutions, to talk about a holistic wealth plan. The holistic wealth plan includes the five disciplines of wealth management, which are banking, investments, insurance, taxes, and the law. Last month they covered Banking and Investments, and today they returned to discuss Insurance, Taxes and the Law.
Troy shared these great tips:
“If your plan is to get your Financial Household in order in 2023 – look at 5 financial areas in your life: Banking, Investments, Insurance, Taxation, and the Law.
For Banking – build a budget.
For Investments –Don’t forget to adjust your contributions to account for the increase in contribution limits allowed for retirement plans. Review your investment strategy and make sure it’s in line with your goals, objectives, time horizon, risk tolerance, and more importantly your plan.
For Insurance – remember not all Permanent Life Insurance is Permanent. If you’re working, have children, married, have a mortgage – be sure to figure out how much life insurance you need because it’s more important that what kind of life insurance you have.
For Taxation – not much has changed for many with the new tax proposal, but the Standard Deduction and income amounts for each bracket was increased because of inflation, but of course, please consult with your Tax Professional to discuss your unique tax situation.
Lastly for the Legal part – Usually, all non-retirement assets should be in your Trust and retirement assets would not unless you’re in a unique situation. Having documents like a Healthcare Directive and Power of Attorney are critical especially if you ever become physically or mentally incapacitated.”
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