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Determine Your Needs and Goals

“Needs” are what you must have to survive. “Wants” are the things that make you more comfortable, secure, and fulfilled. Your “Goals” can include not only plans for you and your family’s future, but also plans for making the world a better place.

These are the major areas of an individual’s financial plan:

Cash Flow 

  • Periodic income and expenses
  • Inflows are income source and amounts. 
  • Outflows include what you spend, with payroll withholding and deductions. 
  • Gifts to church, charities, and others. 
  • Savings and investments are positive when there is money left over, and negative when you out-spend the income.


  • Reducing risk of the potentially large impacts from negative life events
  • This includes sickness, chronic medical deterioration, injuries, plus home & car & property damage. Certain forms of Life Insurance can benefit the owner, or for heirs. Disability Income insurance replaces premature income loss.


  • Cash, stocks, bonds, real estate, and Partnerships.
  • Ownership can take many forms, such as direct shares and through Exchange-Traded Funds, Mutual Funds, Annuities, and others.

Income Tax

IRS and State governments collect income tax from various sources of income These include earnings, interest, dividends, capital gains, rents, royalties, plus pensions and Social Security. Your specific circumstances can be managed with an income tax professional, who helps in filing the annual tax return forms. Multi-year tax planning can smooth out income tax brackets. Gift planning can reduce the giver’s income tax liability, with benefits to the family and charity recipients.

Retirement Planning

Collecting pensions, investment income, and Social Security to meet post-work expenses.

Consider special age landmarks: Social Security (SS) income can start at age 62, with consideration of other income. The SS “Full Retirement Age” is 66 for recipients born between 1943 and 1954. The incentive to delay accepting Social Security money is about 8% increases, compounded annually. (For more information, including special payments to spouses and former spouses and FRA at other birth years, see

Age 70 is when SS recipients can receive the maximum monthly income. At 70 and ½, citizens must start taking funds from Traditional IRA’s. They can distribute IRA money without penalty at age 59 ½. Employers with retirement plans vary the age levels associated in their requirements and choices for distributions.

Estate Planning

Control and direction of the assets you accumulate

The assets built up and managed over a lifetime can be dispensed after death in an orderly, responsible manner, or in a fashion that creates friction and conflict for heirs. Legal documents, such as wills and trusts, can be drawn up by attorneys. The documents’ effectiveness is correlated to your articulation of your wishes.

Tax management is important in cases where individuals have over $5.43 Million (in 2015) in taxable net worth. The 2015 estate tax code includes a top marginal tax rate of 40%.

For information about a powerful tool for building a legacy, click Donor Advised Funds.

Please call Scott Wells at Family Legacy Concepts to match up your Needs and Goals with our Certified Financial Planner™ Practitioner with the Certified Kingdom Advisor designation.