estate plan

Questions Not Usually Addressed in Financial Plans

The Bird’s Eye View:

We often hear about frequently asked questions, but what are some questions that are not usually addressed in financial plans? We’ll explain what they are and why you need to know the answers.


Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, we’ll explain what questions are not usually addressed in financial plans and what you can do about it.

“We like to call it, ‘We need to isolate and find the money falling through the cracks,’” said Scott. “We do that by following a process and a system and set of questions for our prospective clients.”

Sometimes we don’t know what we don’t know, and there can be things going on in our financial lives that we’re not even aware of.

One area money could be falling through the cracks is on your tax return. It’s important that you do tax planning. Your financial advisor can be looking forward to figure out how you can save money.

Another area is your estate plan, which can have holes or be outdated. You need to surround yourself with a team to help you prepare these important documents, and that team needs to communicate.

We’ve come up with a list of questions that aren’t often asked. That will help us streamline your plan and make sure there aren’t any missing pieces. Some of those questions include:

  • Is your current investment risk an undiagnosed problem creating a ticking time bomb in your financial future?
  • Do you use proven strategies to mitigate investment risk?
  • Are you aware of all the tax, investment, or risk issues that are not addressed or solved by a will or living trust?

You need to make factual, logic-based decisions, not emotional decisions. To help you make more sound decisions, your financial advisor can track all the pieces of your financial life, including taxes, beneficiaries, estate plans and more.

Listen to the full episode or use the timestamps below to find specific segments.

[1:22] – Money falling through the cracks

[2:56] – Tax returns

[3:44] – Estate plans

[6:00] – Lack of communication

[10:36] – Making factual, logical decisions

[14:00] – Questions you need to ask

[14:36] – Tax-loss harvesting strategies

[20:24] – Financial advisors can be your quarterback

[23:50] – Virtual educational events

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.




Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact