The Benefits of Regularly Reviewing Your Financial and Estate Plan

Key Takeaways:

Regularly reviewing your financial and estate plan can help you expand and improve your financial trajectory.
Focusing on the details and making adjustments can ensure that your plan aligns with your goals.
Confidence and energy are essential in the wealth management process, and reviewing your plan can boost both.
Key areas to review include investments, cash flow planning, and estate planning.
Communicating your estate plan to your family and team is crucial for a seamless transition.
The planning process is not just about achieving goals, but also about the fun and satisfaction of solving problems and improving your trajectory.

 

Chapters:

Timestamp Summary

0:00:38 Introduction to the benefits of reviewing financial and estate plans

0:01:52 Importance of feeling good and having confidence in your plan

0:03:46 Comparison of wealth management process to working with a partner

0:06:04 The value of focusing on your financial and estate plan

0:07:25 Reviewing your plan to raise confidence and energy

0:08:48 Areas to review: investments, balance sheet, cash flow, estate plan

0:10:42 Importance of reviewing and updating your estate plan

0:11:49 Treating estate plan review like a board meeting

0:12:05 Considering the financial plan behind the legal documents

0:12:05 Conclusion and wrap-up of the discussion

0:11:48 Importance of financial plan in estate planning

0:12:35 Succession plan crucial for business survival

0:13:17 Case study on estate planning strategy

0:14:50 Life insurance as a tax-saving option

0:15:30 Importance of reviewing financial and estate planning regularly

0:16:40 Fun in the journey of financial planning

0:18:05 Financial planning as a problem-solving process

0:18:25 Conclusion and closing remarks

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.