Baird Planning
Planning can have a significant impact on the financial future for you and your loved ones. Financial planning, decumulation, estate planning, and business and succession planning are all factors to be considered when examining where you want to be when you retire. Let us help you with your planning efforts. Not all clients need a full financial plan, but all clients need to plan and structure. We work with our clients to determine what is required and also to put plans into place.
FINANCIAL PLANNING
While every financial plan is unique, all plans should incorporate the following:
- Current wealth
- Current savings and spending patterns
- Financial goals and priorities
- An attainable and maintainable savings and investment strategy that allows you to reach your goals within your risk tolerance
At G.R. Baird Financial, we dive into all aspects of our clients’ existing status and holdings with the goal of having a thorough understanding of their current situation and hopes for the future. We review, assess, reassess and fine-tune. By viewing each financial decision as part of a larger picture, we can better understand your short- and long-term goals.
Connect with a G.R. Baird Certified Financial Planner >DECUMULATION
Retirement planning is often associated with the saving or accumulation of wealth for retirement. Decumulation, on the other hand is the management of spending during retirement. Both phases are equally important, and together they form the full picture of a well-planned retirement strategy.
Decumulation tends to be the more complex of the two phases. In addition to factors like life expectancy or longevity risk, one must consider that the flexibility and investment risk factors that were employed during the saving phase may not be viable during the decumulation phase. The decumulation phase requires planning to ensure the most effective tax reduction strategies are considered today and through to an estate transfer.
At G.R. Baird Financial, we are experts in the decumulation phase. We work closely with our clients to optimize their retirement income, taking into account the many factors that can impact their ultimate income during retirement – lifestyle maintenance, longevity risk (outliving your savings), cash reserves and tax-saving strategies – through to your estate transfer.
Connect with a G.R. Baird Financial Advisor >ESTATE PLANNING
Often interchangeable with retirement planning, estate planning is actually quite different. Estate planning refers to the management of your finances and major decisions should you become incapacitated or pass away. Estate planning can include charities, medical directives such as DNR (Do Not Resuscitate), Power of Attorney, and asset distribution after death, to name a few.
In partnership with legal and accounting experts in the field, we help our clients determine the most effective means to transfer their estate or business on to the next generation.
Connect with a G.R. Baird Financial Advisor >SUCCESSION PLANNING
For business owners, succession planning is a must. Succession planning, or the process of transferring ownership of your business as you transition to retirement can mean the difference between a comfortable retirement and one that leaves much to be desired.
Why? Because the value of your business could very well represent the lion’s share of your retirement income. As well, if the business is being transferred to a family member, it is important that the business plan is coordinated in conjunction with an estate plan. These considerations will also include tax deferral strategies that can truly be of benefit to you and your family.
At G.R. Baird Financial we consider the following when assisting clients with their succession planning:
- Keeping the business in the family vs. an outside successor
- The process of selecting the right successor
- Determining business value
- Planning a management buy-out
- Selling the business
- Financing the succession plan
- Understanding tax and legal issues
- Managing wealth for a secure future
TAX PLANNING
Tax planning is an essential part of financial planning. Analyzing one’s finances from a tax perspective ensures optimal tax efficiency and reduces the chance of tax liability. In turn, this maximizes the ability to accumulate wealth for retirement.
Our in-depth financial planning process allows us to uncover tax issues that may have been overlooked or require modification. When necessary, we will use the services of tax planning and legal firms to ensure that our clients are receiving the best advice and tools to reduce tax efficiently.
Connect with a G.R. Baird Financial Advisor >