Fitting Kids in – Financially, That Is: Workshop Re-cap

Earlier this month, Mommybites Bergen hosted one of its signature in-person events, which brought moms together for lunch, socializing and a workshop. The event featured Darren Hugo, CFP(r), of UBS Private Wealth Management, who expertly walked us through ideas and tips about family-oriented financial planning.

There were seven key areas that Darren delved into during the workshop:

Assessing your current financial situation

  • Tracking income and expenses
  • Determining net worth
  • Establishing an emergency fund

Saving for major expenses

  • Funding a college education
  • Buying a house or car
  • Establishing and growing your own business
  • Sabbatical

Planning for retirement

  • Estimating retirement income and expenses to age 100; just in case!
  • Estimating the value of government and corporate sponsored programs
  • Determining the amount you need to save now to meet future retirement income goals

Designing an investment strategy

  • Assessing your risk tolerance
  • Developing an effective and efficient portfolio design strategy
  • Monitoring and adjusting your investment portfolio periodically

Reducing the Effects of Taxes

  • Projecting the effects of federal income taxes
  • Developing a tax-deferral strategy
  • Implementing the most appropriate qualified retirement plan for your business

Protecting against financial crises

  • Helping ensure your family’s ongoing financial needs will be met upon your death
  • Protecting your income if you become disabled
  • Planning for the continuation of your business
  • Assessing the applicability of long term care insurance

Preparing an estate for heirs

  • Helping to plan for the orderly distribution of your estate (Wills, Powers of Attorney, Living Will, etc.)
  • Minimizing excess estate taxes
  • Funding estate taxes
  • Establishing funding liquidity needs to cover estate taxes, if necessary. As with most of our clients, you might have multiple, even complex, financial needs. Let us help you benefit from a detailed plan that positions you properly to reach your goals.

Darren also mentioned that one of the most valuable concepts, sometimes referred to as the “8th Wonder of the World”, is compounding interest.  Please refer to the following chart about how the time value of money can increase your chances of achieving your goals: retirement goals, college funding goals, and more.

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Darren looks forward to the opportunity to answer any questions you might have. His contact information is as follows:

Darren L. Hugo, CFP
Senior Vice President – Investments
Wealth Advisor
The Meridian Group
UBS Financial Service Inc.

Private Wealth Management
299 Park Avenue
New York, NY 10171

500 Campus Drive
Florham Park, NJ  07932

Office: 973-360-4308
Fax: 855-289-7051
[email protected]
http://www.ubs.codm/team/meridiangroup

Happy planning!

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The views and opinions expressed on this blog are purely the blog contributor’s. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer or provider. Writers may have conflicts of interest, and their opinions are their own.

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