Personal Banking » MCB Senior Financial Advisors

Financial Planning Services

Financial Planning Services

Financial planning reflects what you want out of life—and how you want to be remembered. Our financial planning service integrates all aspects of your financial life and provides you with objective analysis, specific advice, and implementation support to help you reach your goals. To create your plan, we go through a comprehensive six-step process:

  1. Set goals
  2. Gather information
  3. Analyze and evaluate your situation
  4. Provide recommendations and alternatives
  5. Implement your plan
  6. Monitor and evaluate

Documents and information we will review during the planning process:

  • Wills and Trust Documents
  • Investment Statements (Taxable and Retirement)
  • Estimated living expenses
  • List of current assets and liabilities

Do you need an Estate Planning Checkup?

It seems as we get older, each year passes by faster and faster. MCB recommends that you complete an Estate Planning Checkup to ensure that your finances are in order. An annual checkup to review your personal circumstances and the current estate tax laws will be well worth your time. MCB recommends that you review the following issues.

  1. Review your estate planning documents to make sure they incorporate the latest estate exemptions.
    As a result of the exemption changes in 2001, the new exemption schedule changes several times over the next few years. The 2008 exemption is $2 million, scheduled to increase to $3.5 million in 2009, an unlimited amount in 2010, then reverting back to $1 million in 2011 unless additional legislation is passed. Your documents should be drafted by an experienced estate planning professional to give you maximum flexibility and produce your desired result.
  2. Review your need for trust or asset protection strategies.
    Do you have a special needs child or grandchild that you want cared for? Do you want your children to receive assets over time rather than in a lump sum? Most people have the idea that a trust is very inflexible and that they lose control over assets and decision making upon establishing a trust. Keep in mind that a trust is nothing more than a written set of instructions. You may wish to establish an educational trust for your children, grandchildren and generations beyond. Review current estate and trust laws with your advisor to maximize your options.
  3. Plan for potential times of disability.
    If you were seriously injured in a car accident or ill beyond the point of being able to handle your own affairs, whether short-term or long-term, review the need for a durable power of attorney to carry on your affairs during this time. If you have residences in more than one state, review the need to have separate powers of attorney for each state with your attorney.
  4. Review how your assets are titled.
    When reviewing your estate strategy, look at how your assets are titled to ensure that you get maximum benefit of the current exclusions. With the 2008 exemption at $2 million per person, you should strive to have $2 million in each spouse’s name to maximize your tax savings. If one spouse works and has accumulated substantial retirement savings, you will need to look at the balance of your estate and possibly transfer certain eligible assets (non-retirement) into a spouse’s name.
    If you own out of state real estate, you may consider a revocable living trust to hold title to that real estate for estate administration purposes.

If you have questions or would like to discuss your specific situation, please contact:

Todd Jones, MBA, CFP®, BCE
Director of Financial Planning and Investment Services
todd.jones@mcb.com
(423) 232-5017
Investment. Not A Deposit | Investment: Not Guaranteed By The Bank Or Its Affiliates | Investment: Not FDIC Insured
Investment: Not Insured By Any Federal Government Agency | Investment: May Go Down In Value
Financial Planning provided by Mountain Commerce Bank (MCB). Investments and securities offered by Reliance Securities LLC, member NASD/SIPC. Accounts carried with National Financial Services LLC, member NYSE/SIPC, a Fidelity Investments® company. Mountain Commerce Bank does not offer tax or legal advice. You should consult your personal tax and/or legal advisor concerning your individual situation.