Retirement Plans and Projections
We, at Paul Beck Financial Services, have the ability to write those lengthy financial plans if you wish, but our condensed report saves you time, money and allows you to review your situation in just a few short pages. The first step we take in preparing any financial or retirement plan is to take a complete inventory of all your financial and estate information. We then ask you to identify your key goals, dreams and concerns. We also ask you to share your opinions on a variety of topics. The next step is to take our summary and your feedback and prepare your financial projections based on a set of assumptions. Our goal is to report back to you the future results your current financial resources are expected to produce. This information will help you make decisions now as to what your next steps are. We believe it is important to report to you what your resources are expected to produce, not on what the investment industry thinks you need. What the financial industry thinks you should have is often used as a tool to get you to buy additional financial products which you may not need or want.
Separation/Divorce Financial Statements
You definitely need a qualified lawyer to help you navigate through the separation process, however, is it really necessary to pay him /her $250 to $350 per hour to help you prepare and understand the financial statements required? We think not.
We can help you complete the Financial Statements (Form 13).
If you want us to help you negotiate a division of family assets, we can add value by helping you understand the financial and tax implications of that division of property, as well as bring to the table financial strategies in which your lawyer has no expertise. Only focusing on how much you get rather than what you get and how can cost you tens of thousands of dollars. Your lawyer is an expert in family law, not finance.
We can arrange to have a mediator work with you and your partner if the two of you are on good terms and want to avoid the costly process of Family Court and the costs that go along with that process.
Employment Termination/Retirement and Financial Reviews
Often an individual will be faced with a job termination and he/she will need to make quick financial decisions as to what to do with a severance or company pension. If you seek advice at the bank or from your commissioned financial planner, he/she may not be in the best position to give you advice due to a conflict of interest. If you move the money to them, they get paid, if you don’t, they receive nothing.
We, however, will do a complete review of the pro’s and con’s of each of your options, and offer you the information and strategies necessary in order for you to make informed decisions.
It is our general opinion that budgets don’t work. The reason they don’t is that life often throws us “curve balls” and we need to be flexible in order to deal with these unexpected situations. Following a text book budget process may not offer the necessary flexibility, thus at the first sign of an unexpected event, the budget falls apart.
We, at Paul Beck Financial Services Services, prefer to take a different approach and divide the budgeting process into two components. Our first component identifies fixed expenses that have to be paid and are not negotiable; the second component deals with everything else and has built-in safe guards to aid in the process of responsible budgeting. This approach allows your necessary expenses always to be paid, while allowing flexibility for those unexpected events.
Money Management and Estate Administrative Services
At times you may be named executor of an estate, and you may not know what needs to be done or when it needs to be done. You can certainly hire a lawyer at $250 – $350 per hour, but the estate may not be complicated enough to warrant this. Plus, you may want the maximum amount of the estate to go to the beneficiaries – not to the lawyers. We only want you to pay for the legal advice you need.
We know exactly who needs to be contacted, what needs to be done, and the time frame in which it needs to be done. As the result of years of experience, we can relieve you of the frustration of dealing with government and other red tape. You remain in control as the executor while we assist you from the sidelines. Engaging our services also helps reduce any disputes among siblings or beneficiaries.
If you or a loved one is incapacitated or in a care facility and needs someone to manage finances, we can help. This service includes paying monthly expenses, filing tax returns and any other financial matters that require attention.
Mortgage Review and Debt Management
Owing money can be very stressful. When you look for help, you don’t always know if the advice you receive is right for you, if it is given with your best interest in mind, or if the person giving that advice has an agenda of his/her own. Perhaps they may receive a commission or receive a bonus if their advice sways you to buy an investment product?
Although we are not in the money lending business, we have our finger on the pulse when it comes to interest rates, financial programs and new strategies to help you reduce debt, at the lowest interest possible.
Tax Advice and Preparation
It saddens us to see many people put as much thought and financial resources into managing their taxation affairs as they do into changing the oil in their cars. Your tax bill is likely to be the largest expense you will have in life. This being the case, would you trust your confidential, personal information and the management of your biggest expense to someone who is willing to sit at your kitchen table with a laptop and charge you $25?
When we, at Paul Beck Financial Services, prepare tax returns for our clients, our first goal is to complete the clients Income Tax Return to ensure they receive the maximum benefit possible. We do this by keeping updated on tax changes, new tax laws, and financial strategies that may be of impact. We then look for strategies on how to save tax for the current and future years. If you, the client, require further support after the fact, we are here to help. With your permission we can work with your investment advisor to minimize your future taxes. Costs – $60 per individual tax return and up. Discounts apply for dependant family members who reside at the same address
We offer tax planning consultation sessions.
Whether you are buying a house or a car, dealing with job loss, filing your Income Taxes or just in need of some general financial advice, if it has to do with money, we can help you enhance the power of your money. Remember “its not what you have, it’s what you do with what you have and how much you keep.
We will always provide you with an estimate in advance of the costs associated with receiving good advice. To ensure you receive full value for your money, we will only take you on as a client if we believe we can make a difference.