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Do You Have a Plan?

Do You Have a Plan?

Lifetime Planning Questionnaire

1. Have you written a family wealth mission statement?
 
(1-3) We do not have a mission statement.
(4-7) We have verbally discussed our family’s goals but have not put it in writing.
(8-10) We have written our family mission statement and have coordinated with our advisors to ensure that it is properly communicated to all parties.
2. Do you know your "hurdle" rate of return? (The required rate net of taxes required to provide lifetime financial security.)
 
(1-3) We have not done any planning for lifetime financial security.
(4-7) We have investment accounts, but are unaware of the rate of return required to meet our goals.
(8-10) We have measured our lifetime financial security and have clear knowledge about how much we need to save and the required rate of return to meet our goals.
3. Do you know your aggregated asset allocation? (The collective asset allocation of all your investment accounts: IRA, 401(k), pension plan, individual accounts, cash value of life insurance, annuities, etc.)

(1-3) We have multiple retirement and investment accounts, but they are not being managed or monitored.
(4-7) We have several advisors that monitor each of our retirement and investment accounts, but do not know our aggregate allocation.
(8-10) We have worked to complete a complete picture of our investment portfolio and are confident that our aggregate asset allocation meets our needs and risk tolerance.
4. Have you evaluated the overall risk of your portfolio and the potential downside / upside?

(1-3) We do not know our overall downside risk.
(4-7) We have portfolio consisting of multiple accounts but we do not know the overral risk and downside.
(8-10) We have evaluated our overall portfolio risk with an advisor to ensure that our investments are in line with our risk tolerance.
5. Have you evaluated the position overlap in your portfolio? Do you own the same stocks in multiple accounts thereby not providing as much diversification?

(1-3) We have only 1 investment account and are unsure of the diversification.
(4-7) We have multiple investment accounts with several advisors, and complete frequent investment reviews but have not looked at our portfolio as a whole.
(8-10) We have completed a comprehensive review of our total investment portfolio and are confident that we are properly allocated and diversified.
6. Have you tested your financial security for retirement, death, and disability?

(1-3) We have not completed any financial modeling to determine our financial security.
(4-7) We have previously completed a review with an advisor to discuss our financial security, but our plan may not be up to date.
(8-10) We have worked with a trusted advisor to complete sophisticated financial modeling and are confident of our financial security.
7. Do you own life insurance that names your spouse as beneficiary (resulting in unnecessary tax or accidental disinheritance)?

(1-3) We have set up some life insurance but have not reviewed our policies for several years and do not know our total insurance amount or the named beneficiaries.
(4-7) We have made sure that we have adequate insurance, but have named our spouse as beneficiary of our policies.
(8-10) We have worked with advisors to properly title our insurance policies and name beneficiaries in a manner to minimize any estate tax implications.
8. Have your wills been updated since 2006?

(1-3) We do not have Wills.
(4-7) Our Wills were drafted prior to 2006.
(8-10) Our Wills were drafted by a trusted attorney and we are confident that they dated after 2006.
9. Have your financial powers of attorney been updated since 2010?

(1-3) We do not have Financial Powers of Attorney.
(4-7) Our estate documents were drafted in recent years, but we have not been aware of changes required in 2010.
(8-10) Our estate documents were reviewed after 2010 and we are confident that they are up to date.
10. Do your wills protect assets from taxes, divorce, and creditors for multiple generations?

(1-3) We do not have Wills.
(4-7) Our Wills were drafted several years ago and may need to be reviewed as not sure about asset protection strategies.
(8-10) Our Wills were drafted by a trusted attorney and have provisions to protect our assets for multiple generations.

Maryland Office
8161 Maple Lawn Blvd, Ste 400, Fulton, MD 20759
Phone: 301-543-6000 Toll Free: 888-740-3501

Virginia Office
2247 W. Great Neck Rd, Ste 201, Virginia Beach, VA 23451
Phone: 757-271-8824 Toll Free: 888-740-3501

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Planning Solutions Group, LLC