A personal financial statement can be viewed as your report card. It’s a critical performance measurement tool to help you determine the progress you are making to secure your financial future and protect your family.
While banks require one to guarantee debt on privately held business, we feel it’s important to prepare properly to measure your net worth.
What are the important elements to consider when preparing your personal financial statement?
- Consistency – Prepare the statement at the same time of year.
- Valuation – Value the assets at fair value.
- Title – For proper estate evaluation, list the assets exactly as titled.
Once we’ve prepared your personal financial statement, we will:
- Evaluate your estate to determine if it’s taxable and, if so, work with your legal counsel to prepare a plan to minimize your estate taxes.
- Develop an overall estate plan to accomplish your longer-term goals, i.e., to provide for your surviving spouse and children, charitable designations, and other matters that are important to you.
- Evaluate the composition of your assets and how they are invested. We can work with your investment professional to develop a sound investment plan.
- Assess your liquidity and cash flow to provide for your retirement goals.
- Evaluate life insurance needs to pay estate taxes or provide liquidity if your estate is illiquid.
Contact our Family Business Services team for more information about preparing a personal financial statement.
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