A new client was referred to us by an estate planning attorneybecause he inherited some money and had many concerns. Step 1 in ourfinancial planning process is our Discovery Meeting where we identifythe client's most meaningful priorities. Those priorities were:
I need to fund college educations for my two children.
Can I afford to keep my second home in Lake Tahoe?
Will I have enough to retire in two years?
As we started to gather facts in our Discovery Meeting, other questions came up.
Should I pay off the mortgage on my second home? If so, when?
My 401k account value was hit hard last year so I switched to conservative investments. What should I do now?
What is the best way to invest?
What are the proper beneficiary designations and titling requirements for my trust accounts.
After a few weeks of number crunching we presented the results of theanalysis to the client. It showed that based on the assumptions todayit looked like he indeed could pay for the college educations of hischildren while keeping the second home at Lake Tahoe.
We then setup his personal website so he could track his progresstoward his goals and view his personal financial statements with updatedaccount values online.