Focusing on Financial Planning

Focusing on Financial Planning

Estate planning is a strategic process that pairs your ability to take care of your loved ones’ futures while at the same time taking care of yourself. It is the plan that enables you to answer the question, “will those who come after me have what they need to enjoy their lives the way I have enjoyed mine?”

Unfortunately, many people spend more time planning a vacation than considering their estate plan. For many seniors the largest liquid asset they have is their IRA or work-related retirement plan. These retirement funds can be an individual’s or family’s most financially powerful investment because these are tax-deferred assets, that means until this nestegg is liquidated, it is a tax-free investment.

Every family’s situation is like a financial puzzle and my job along with my partner Jeff Menick is to help families put all the pieces together in a way that fits their goals. This summer we are excited to partner with Senior Services of Alexandria with a series of programs airing on Senior Living in Alexandria’s television program focusing on important financial topics :

• How to make sure the next generation receives the assets you saved and for which you worked so hard (if that’s your intention).

• How to plan for multiple generations.

• How to use a Trusteed IRA to mirror the legal language in your wills and trusts.

• How to specifically plan for an heir or heirs with special needs.

• How to fulfill philanthropic goals tax efficiently.

• How and why your IRA is vastly different than the rest of your estate.

• What is a beneficiary designation and why is it such an important planning tool?

There are a lot of pieces to the financial puzzle. It’s not a simple as punching a few numbers into a calculator. The problem that families face is that financial puzzles often don’t come in a box with a picture. Getting professional help can make all the difference in making sure that your financial plans reflect your intentions. It will give you piece of mind and avoid conflict down the road.

Senior Living in Alexandria airs on Comcast Channel 70 every Sunday at 2 p.m. and you can find the show on Youtube, search for “Senior Living in Alexandria” and on SSA’s website, SSA would like to thank its sponsors Synergy HomeCare; and Merrill Lynch Special Needs & Eldercare Planning; Ginsburg, Helfer & Boyd and The Estate Planning & Elder Law Firm, PC, for sponsoring the summer financial series.


Mark Friese, Vice President of Merrill Lynch Special Needs and ElderCare Planning/Menick-Friese Group