Financial planning is a very broad term. In practice, financial planning simply means analysing your current and future financial situation. By formulating your wishes and objectives for short and long term achievement, you can strategise on how to achieve these financial goals. Financial planning from Schreurs Accountants & Business advisors is a comprehensive consultancy process that looks at income planning, assets and estate planning.
Financial planning falls apart into three subareas:
- Income planning
- Asset planning
- Estate planning (inheritance)
Matters such as supplementing your pension, retiring early and temporary income bridging are dealt with here. However, we also look at subjects such as income after passing of a partner, after any work disability or unemployment.
By being smart with your assets, you can cope with peaks in your spending pattern. Perhaps you want to enjoy a sabbatical at some point? Or are you faced with studying children and the associated study costs? By anticipating financial peaks and troughs, it is possible to conduct a good financial policy. Asset planning includes, for example, building up equity in the home (mortgage) and regular savings (savings account, savings plan or investment). Asset planning thus tries to find an answer to all questions related to the organisation of your assets and debts.
Estate is the English word for inheritance. Estate planning is therefore about transferring assets to the next generation in the most fiscally attractive way possible. By using wills and/or gifts wisely, you can prevent your surviving relatives from being confronted with unnecessarily high tax levies.
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