Financial Planning
Empress associates offer free financial planning. The service is predicated upon the belief that individuals and families should have an ongoing up-to-date financial plan.
Through our realty and loan services we realize that many clients have not considered the impact of their transaction on other areas of their finances like cash flow, retirement, wealth, and estate. Empress encourages each client to have a financial planning session prior to buying, selling, building or borrowing.
Financial planning may be helpful in a variety of other situations:
- Providing for college expenses – Our planners can assist you in establishing a method of covering college expenses, which may provide a net gain over the period of college.
- First-time Home Buyers – Empress has been especially helpful to first-time buyers who planned to wait before buying or just needed to save a little more, but couldn’t keep up with the market. Our bias is to not pay rent, but to start building your own wealth by owning your own home. We can discuss several options which may increase your cash flow and provide an opportunity to buy now.
- Military Clients - Empress is dedicated to helping those in the military purchase their own home and begin building wealth. Our planners have shown military personnel how to purchase their first home, keep their home and buy another upon transfer; and depending upon rank, how to use off-base housing to their benefit.
- Buying your dream home – Empress associates can assist you in determining the most direct way to get from your current home into your dream home.
- Retirement homes/downsizing – Clients are encouraged to plan their move from the family home into their retirement residence. The planner will asset you in identifying alternatives which consider tax impact, property tax transfer eligibility, impact on family assets and long-tern care considerations.
- Establishing or supplementing a retirement plan – Many retirees discovered that with increasing life expectancy and improved medical care, their retirement will not maintain their standard of living in accordance with their projected longevity. For most of us, retirement income may increase at a rate of 1% per year, while inflation averages about 3%. Even those with second retirement accounts, will experience the negative impact of living on a fixed income.
Empress provides investment programs which are not susceptible to stock market or real estate price fluctuations. These products are safe and pay 8-11%. Investors must qualify and invest a minimum of $50,000. This is the ideal opportunity to roll over retirement accounts or transfer funds from CDs or other investment accounts.
- Early retirement – Learn why some people retire in their 40s, while others are projecting to work into their 70s. Our planners can tailor our early retirement plan to your situation and goals. Our goal is that our clients will work because they want to, not because they have to.
- Asset protection – Many families have been impacted by a significant loss of assets upon a death in the family, when property was sold, or because of lawsuits. Our planners will discuss various methods of protecting individual and family assets by reducing exposure to these situations.
- Investing - Empress offers a variety of investment opportunities including land development projects with a high rate of return. Our planners will also describe opportunities for building wealth through buying investment properties and investing in life-settlement policies.
- Rolling over investment or savings accounts – Empress offers investments which may have a higher rate of return than individual retirement accounts. We will compare your current 401k or IRA to our programs and, if appropriate, recommend a transfer or roll over.
NOTE: Empress associates are not tax accountants, preparers or attorneys. Clients are referred to these specialists for final decision on tax matters. Empress associates do not prepare trusts, set up foundations, or corporations. We recommend clients see an attorney for these services.
Empress associates will tailor the financial planning to the individual client or family. The list below includes topics and goals discussed during a typical planning session.
1.BUILD WEALTH CREATE CASH FLOW
1.a. Mortgage Planning
1.a.1) reduce payments
1.a.2) cover mortgage payment on residence
1.b. Equity Planning
1.b.1) create cash reserve
1.b.2) use equity to invest in real estate
1.b.3) capital gain
1.c. Real Estate Planning
1.c.1) purchase investment properties
1.c.1)a) appreciation
1.c.1)b) cash flow
1.c.1)c) single-family
1.c.1)d) multi-family
1.c.1)e) commercial
1.c.2) purchase dream home
2. TAX REDUCTION
2.a. Tax Planning
2.a.1) mortgage deduction
2.a.2) depreciation
2.a.3) capital gain and 1031
2.a.4) business expenses/corporation
2.a.5) estate tax
3.ASSET PROTECTION
3.a. Asset Planning
3.a.1) Life Insurance
3.a.2) Umbrella policy
3.a.3) Family Partnership
3.a.4) Living will
4. FINANCIAL PLANNING
4.a. Credit Planning
4.a.1) FICO Score
4.a.1)a) Improve credit
4.a.1)b) Maintain good credit
4.a.2) Credit cards
4.a.3) Establish Credit
4.a.3)a) Family
4.a.3)b) Business
4.b. Assets vs liabilities
4.c. Rainy Day Fund
4.d. College Expenses
5. RETIREMENT PLANNING
5.a. Savings and Retirement Fund roll over
5.a.1) Qualified assets
5.a.2) Non-Qualified
5.a.3) Annuities
5.a.4) Investment grade insurance
5.b. Long-term Care Planning
5.b.1) Medical Insurance
5.b.2) MediCaid (MediCal)
5.b.2)a) Asset spend down
5.c. Change of Residence
5.d. Income Stream
6. LEGACY BUILDING
6.a.) Trusts
6.b.) Charitable Foundation
6.c.) Gifting
