Wealth Planning
We highly recommend and advise financial planning to individuals and families who wish to build, preserve, and manage their wealth over time. In fact, financial planning is at the core of all the life planning services we provide to our clients.
All future financial plans like education planning, retirement income planning, risk management services, and tax and estate planning strategies are all components of a bigger, more comprehensive financial plan custom designed to help you pursue all your financial and lifestyle goals. Your personal plan also provides and defines a plan for your heirs and the legacy you choose to leave.
Retirement Income Planning
There are many goals people have for retirement and each is as unique and individualized as you.
That’s why at Bishop Financial Advisors, we help you identify and define the retirement you want, and develop logical strategies to help you pursue your goals. Retirement goals such as lifestyle goals and aspirations, income expectations, medical costs, and establishing your legacy. We take a comprehensive approach to retirement planning, creating financial strategies that incorporate investments, financial planning, asset and tax management, insurance, and estate planning. Whether you are in the planning and accumulation phase or have already retired, a clear strategy is key to:
- Meeting your retirement income needs, desires, and expenses
- Maintaining lifestyle choices & priorities
- Ensuring that long-term goals and aspirations are funded for travel, healthcare, estate planning, charitable giving, and other goals
Our goal is to help you develop a comprehensive plan to:
- Identify and pursue your lifetime income goals
- Minimize taxes on income—now and during retirement
- Preserve your assets and retirement lifestyle
Invest 20 minutes to learn how to turn savings into income
Tax Efficiency Planning
Most financial decisions have tax implications, and we want to make sure those are identified and minimized. Tax liabilities associated with income, estate, gift, and various state, excise, and sales taxes can take a percentage of your wealth if not dealt with properly. Our team of experienced advisors understand the tax pitfalls and can help coordinate the aspects of your financial plan to help maximize your wealth and minimize your risk while pursuing your financial goals.
Insurance Solutions
Protecting yourself, your loved ones, your home, or your business against unexpected events is a fundamental aspect of financial planning. Identifying and planning for potential risks can be tricky without an advisor who can evaluate all your potential risk factors and can recommend a comprehensive plan and process.
That’s why risk analysis is an integral part of our ongoing process. We work with you to continually identify and analyze all risk factors, like disability or long-term medical care, and make objective and independent recommendations to give you greater peace of mind using the proper life insurance, disability insurance, and long-term care insurance that makes sense for you and your family.
Long Term Care
When planning for long-term healthcare needs, remember that Medicare is not nursing home insurance and does not cover long-term care. Also keep in mind that private medical insurance or Medicare supplement plans do not cover maintenance care.
So long-term care insurance can help manage future healthcare costs and reduce the impact of inflation, while still ensuring your healthcare and the healthcare needs of your loved ones are well covered. Proper and adequate financial planning now can help potentially prevent a lifetime of assets from falling short when you need them the most.
Estate Planning Strategies
The task of preserving a lifetime of wealth from one generation to the next can be a complicating and frustrating experience. Trusted guidance from a competent, knowledgeable advisor can help ensure your financial success is shared with your family, friends, and the charitable organizations according to your wishes.
We will help you get your estate planning goals in order and work closely with your tax and legal advisors to make sure your financial plan reflects your estate planning needs, whether it’s a trust or another method for accomplishing your long-term estate planning goals. We can also provide a team of professional advisors that we trust to navigate the intricacies of estate and tax laws and planning if you don’t already have one.
Legacy and Charitable Giving
Planning your legacy involves far more than just financial considerations. It can often include many non-monetary needs and considerations that need to be documented and/or communicated to loved ones.
Charitable Giving is another aspect of legacy planning that many individuals and families plan as part of their legacy. It can also provide many tax benefits for you and your heirs. We can help you do a full assessment of your short- and long-term tax and estate planning implications to help reach your specific charitable giving objectives.