FINANCIAL PLANNING SERVICES
Located in Rockwall, TX

Retirement

What do you want your retirement to look like? Do you want to maintain a certain lifestyle? Travel? Spoil your grandkids? What it’s going to take to achieve those goals? How much is that in dollars?

With many people spending more time in their retirement years than in their working years, planning and saving should start today. Together we can design a roadmap using your goals and priorities for the next chapter of your life.

A comprehensive financial plan will compare your potential income streams (i.e. social security, annuities, and pensions) with required income to fund your vision and determine the gap between the two. Identifying the gap is where the planning begins.

Family Needs

Let’s face it, kids and parents are expensive to care for. According to the U.S. Department of Agriculture, the cost of raising a child is quickly approaching $250,000. The average cost of attending a state university in Texas is about $25,000 a year.

And the cost of caring for an aging parent, when you consider time out of the workforce, additional care, home renovations to accommodate their needs, medical care, and other miscellaneous items, can cost even more per year than raising or educating a child. Together we can develop a plan that meets your family’s needs and budget.

Tax and Debt

Tax and debt can be overwhelming topics to think about or actually plan for. Whether it’s unpaid tax bills, student loans, credit cards, auto loans, a mortgage, etc., we are here to help you plan the repayment of these debts.

When all of your financial components are presented, our office can help you assess your tax situation and implement strategies that may help you to be more tax efficient with your investments. We will work closely with your tax advisor when preparing your strategy.

“At Generations Financial Management, we “eat our own cooking”. That means, we are working on our own financial plan including an emergency fund, saving for retirement, insurance, and education needs.”

– Kirby

Insurance

Insurance is planning for the unexpected. Whether it be life insurance, disability, long-term care, health, or liability, insurance plays a part in protecting what’s important.

Insurance needs will change through every season of your life and should to be monitored as part of your overall financial plan. Failing to keep the necessary protection can have devastating consequences on you and the generation that follows.

Estate

Everyone has an estate plan. If you don’t make the choice to design your own, your state has a default plan. At the most basic level, your estate plan should at least include a will and powers of attorney.

If you have minor children, own a business, own real estate, or have assets you want to leave for the next generation, there should be a plan in place for those as well. We can work with your existing attorney or refer you to one to help draw up the necessary documents to ensure your wishes are carried out.

Business Needs

Business owners have unique needs. What would happen to your business if you suddenly pass away or become disabled? Is there an employee(s) that is critical to the success of your business?

When you know the value of your business and the roles you and your employees play, we can work together to develop a plan that will keep your business going and protect key employees.

Offering benefits such as insurance and retirement plans can help you attract and retain employees. We can help you select the kinds of benefits that meet your needs and the needs of your employees.

IMPORTANT: Generations Financial Management and LPL Financial do not provide tax advice or tax preparation services.