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Opening a New Account

Family Legacy Concepts offers a variety of services to meet your financial needs and goals, and our aim is to make opening a new account with FLC easy. Typically, you begin the journey by meeting with Scott Wells directly, and he will guide you through the completion of necessary forms as hard-copies. When time, distance, or other challenges arise, you have the option of meeting with Scott via phone or Zoom to discuss how to open your account with form-fillable PDFs via DocuSign. Should they be required, data entry aids are available to help you complete the form(s).

If you are a CPA interested in working with FLC for short term projects, please specify such in the Have A Question? form, or reach out directly to Scott.

Want to learn more about the services before talking to us? This video provides an introduction to Financial Planning, a service FLC proudly offers:

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Financial Planning Services

“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 or family'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 charities, church,  family, and others. 
  • Savings and investments are positive when there is money left over, and negative when you out-spend the income.

Insurance

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

Investments

  • Cash, stocks, bonds, real estate, and Partnerships.
  • Ownership can take many forms, such as direct shares and through Exchange-Traded Funds, Mutual Funds, 529 Plans, Annuities, and others.

Income Tax

The IRS and State (and some city and county) 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 your annual tax return forms. Multi-year tax planning can smooth out income tax brackets over time. Gift planning can reduce the giver’s income tax liability, with benefits to the family and / or charity recipients. 

Income tax breaks for investments take the form of tax deferral, tax reduction, and tax exemption.


Retirement Planning

This includes 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” (FRA) 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 www.ssa.gov.

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 receive IRA money without penalty starting at age 59 ½. Employers with retirement plans vary the age levels associated in their requirements and choices for distributions. It is common that employer plans allow in-service distributions after age 55 or 60. Participants seeking diversification from a plan's limited menu of investment choices enjoy rolling qualified plan funds into IRA accounts.


Estate Planning

This is 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 $11.58 Million and married couples have twice that amount (in 2020) in taxable net worth. The 2020 Federal estate tax code includes a top marginal tax rate of 40%. Note that over 15 states have additional inheritance taxes.

For information about a simple, yet powerful, tool for building a legacy of philanthropy, 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.


Insurance & Annuity Services

In addition to Financial Planning, we are also able to offer insurance products for clients in multiple states. Scott Wells is licensed in Life, Accident & Health for South Carolina, with non-resident agent status in AZ, FL, GA, IN, MD, VA, and WA. For new and returning clients, we will review in-force coverage and recommend new coverage of the following products:

  • Annuities 
  • Life Insurance – for personal and for business continuity purposes
  • Disability Income Insurance – for personal and for business continuity purposes
  • Long Term Care Insurance – for individuals or married couples for Activities of Daily Living limitations. Note that the insurance industry expanded the ways it helps people with Long Term Care expenses by offering hybrid annuity and life insurance products.

FLC provides a personal, hands-on audit of life insurance policies and annuity contracts that clients own. If you or a loved one have purchased life insurance or annuities in the past, but are unsure of how these items fits into your present planning, we are able to help. Whether you feel that your life insurance or annuity is not in your best interest or that your existing plan could be doing more for you, we can provide clear, quality-assured consulting. Scott will be working to give you the best match for your future.

Regardless of your stage of life, studies have shown that the cost of having life insurance increases with age. The difference between premiums between age 50 and 65 can be a four times increase. Because of this, we want to make sure that you are well-matched with whatever policy and contracts you have.

What We Examine:

1) Current Needs

We want to first make sure that your existing life insurance policy or annuity is doing enough to fit your existing, immediate needs. If we think that it is not, we will provide you with options for expanding your current plan to its optimal use.

2) Policy Performance and Stability

We will additionally audit the health and stability of your insurance or annuity provider, such that we can determine their rating and potential financial risk. We will provide recommendations for more stable plans or existing options that can enhance your plan’s overall performance as we jointly see fit.

3) Potential Courses

Above all else, we will provide you with meaningful routes that you can go down with your life insurance policy and annuities. We strive to recommend to you the best courses of action to receiving the most benefits, lowest premiums / costs, and highest returns for your life insurance and long-term income needs.

How It Works:

1) Schedule a Consultation Appointment

Call Scott Wells at 843-822-5353 or submit a question by using the Let's Get Started section below.

2) Meet with Scott Wells

Once you schedule an appointment with Family Legacy Concepts, Scott will meet with you for you to sign an "in-force" authorization access form. You will be able to pursue any questions you have regarding the nature of your insurance policy.

3) Receive a High Quality Policy Translation

After receiving your life insurance policy and annuity details, we will work with our partners at insurance agency Ash Brokerage. Additional resources may be brought to bear, through the financial planning system eMoney and an annuity projection software system called Optinuity. Scott will prepare an easy-to-understand audit summary of your life policy and/or annuity contracts. With our efficient plan, you will not have to muddle through endless documents and confusing information. 


Ready to partner with Family Legacy Concepts? Contact us through the Let's Get Started section below to set up a consultation. We will typically respond in one business day.

Let's Get Started.

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