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HARPER
FINANCIAL SERVICES, LLC |
SERVICES
As an independent advisor I can represent my clients rather than represent a company or product to the client. I'm not here as a salesman but as an advisor who can make a difference by offering diagnosis and creative advice with integrity. Being creative means finding different ways to look at things, seeing the angles and opportunities others may miss.
One of the most valuable services I offer is to do "House Calls". As a Certified Senior Advisor, CSA, I have had special training as to the priority needs of Seniors. The Society of Certified Senior Advisors publishes the CSA Journal quarterly to keep CSA's current on heath, social and financial issues important to Seniors. The contributors are leaders in their industry. By slowing down a little and getting to know people I can point them in the right direction for issues that require other resources or experts.
On the financial side, some clients may be looking to solve one issue, which would only require one product. For those who have multiple concerns, a planning approach may be best to integrate one's financial affairs. With planning the overall plan is more effective than having a collection of investments.
One way I can help is with a complimentary Personal Financial Checkup. This is a review of your estate, economic, financial, and insurance affairs. This is a simple low tension, yet effective twenty-minute method to help people identify their financial priorities and stay on the right track.
Following are some of the products and services offered. I may assist you in determining your need of one of these or we may utilize a few to build an integrated plan.
HEALTH INSURANCE
A portfolio of health products are available that offer a wide
selection of plan options for: The Self-employed, Small employers, Workers whose
employers do not provide health benefits, Individuals who waive group coverage
through their employer, Dependents of those on group plans, Early retirees.
Learn how you can save money on your health benefits program with a High
Deductible Plan and even more when a Health Savings Account (HSA). LIFE INSURANCE Why do people buy life insurance? Because they either love somebody or
they owe somebody. The basic purpose of life insurance is to create cash. You're
buying future dollars for pennies today.
Life insurance is the one property that creates an estate, with a stroke of a pen. When death occurs, life insurance
immediately goes into action, paying for final expenses, the cost of the
attorney handling the estate, paying for the mortgage on the home, paying a
monthly income to the family, paying college tuition, paying estate taxes,
paying a charitable contribution, equalizing inheritance, protecting a business
and many other things. For many people, life insurance is their estate upon
death. Even with a will, the settlement of an estate can take time, sometimes
dragging on for over a year. Meanwhile, all the assets in the estate may be tied
up, not available for use. But life insurance, paid to a named beneficiary, is
available as soon as the claim is filed and approved, usually within a few
weeks. No income taxes are paid on the proceeds of life insurance, and unless
the estate is large, estate taxes are not paid either. So all the money is
available right away. Having an appropriate amount of life insurance is
extremely important in estate planning. There are many flavors of two basic
types of insurance: temporary and permanent. Temporary as the name suggests is
for temporary (term) needs that will expire. Term is less expensive at younger
ages but becomes unaffordable at later ages. Permanent is designed to cover a
lifetime and provide cash value. A analysis of need will help determine what
type and mix of insurance is needed. ANNUITIES An annuity is a contract with an
insurance company. All annuities are tax-deferred. The gain in the contract is
taxable at distribution. The account value pays out at death of the owner or
annuitant depending on the type of contract. They can be setup as a tax-deferred
account or as an IRA, ROTH or other qualified plan. Advantages of Annuities: Types of Annuities: RETIREMENT PLANNING Do you have a plan to retire or a hope to retire? Will you have enough
income through retirement? What should your distribution plan be? Are you
investing enough to reach your goal? I will do a complimentary projection for
all new investment accounts and this can be updated yearly within the
review process 401k ROLL OVERS, IRA'S, ROTH'S, OTHER RETIREMNT PLANS and INVESTMENTS You need a properly diversified portfolio based on your risk
tolerance and goals. This portfolio should be with some of the best money
managers available
LONG-TERM CARE INSURANCE AND ALTERNATIVES The
chance of needing long-term care is 25 – 50% depending on the source. The point
is that the chance is too big to ignore. Care is expensive and can blow up your
financial plan. There are basically two ways to plan for this; buy insurance or
pay as you go until you are impoverished to the level to qualify for Medicaid.
Medicaid is a government program not to be confused with Medicare. Medicare
payment for facility care in very limited usually associated with care needed
because of hospital stay. There are life insurance products that will make
advance payment of death benefits for long term care. Some annuities are
properly structured to allow some planning for care. The advise of a Elder Law
Attorney may be needed to navigate this type of planning.
MEDICARE SUPPLEMENT MEDICARE SUPPLEMENT
Medicare Supplement policies are also called Medigap policies because they help
fill gaps in what the Original Medicare Plan covers. It’s health insurance that
private insurance companies sell. Medigap policies pay most - if not all - of
the costs for coinsurance and co-payments under the Original Medicare Plan.
These policies may also cover the Original Medicare Plan deductibles. Some
policies include extra benefits to help pay more of those things that Medicare
doesn't cover, like prescription drugs. The best time to buy a Medigap policy is
during your Medigap open enrollment period. It lasts for six months and begins
on the first day of the month in which you are age 65 or older and enrolled in
Medicare Part B. During your Medigap open enrollment period, insurance companies
cannot deny you insurance coverage, place conditions on a policy such as
delaying the start of coverage, change the price of the policy because of past
or present health problems.
DISABILITY INSURANCE According to the American
Council of Life Insurers, one third of Americans will suffer some type of
disability between the ages of 35 and 65. This means we should live below our
means and have disability insurance so our families will have an income in case
of disability. No income will lay the best made plans to rest.
> Safety, principle and returns are guaranteed (fixed annuity)
> Liquid, can access about 10% of value per year (over 59.5 with no IRS penalty)
> Tax deferral, pay taxes when you are ready
> Not subject to probate
> Yield, better than CD's & Money Markets, lower risk than stocks (fixed annuity)
> No up front sales charges, your dollars are fully invested
> Income guaranteed for life, if annuitized
> Tax favored monthly income
> Not subject to "Required mandatory distributions" if not an IRA
> Creditor protection
> Death benefit guarantees principle for beneficiaries
> More distribution options than with mutual funds and IRA stretch capabilities
> Fixed Annuities, pays a guaranteed interest rate. Some pay the same rate for a
period of years and others pay a guaranteed minimum with adjustments quarterly
based on the company's portfolio
> Fixed Index Annuities, FIAs. The annuity
owner is getting “index-linked interest”; this is based on the returns of an
index like the S&P 500. The owner will not receive the full upside potential
of the index but the contract is guaranteed not to lose value in a down market
and gains can be locked yearly. Consumers may use fixed annuities for their risk
averse dollars, regardless of their age