Vail Chamber sponsors financial planning seminars |

Vail Chamber sponsors financial planning seminars

Lourdes FerzaccaVail, CO, Colorado

Planning isnt what it used to be. A simple will, money allocated for funeral expenses, and a small life insurance policy to replace some of your income for your family and your plan was set. If you had a business, your son stepped in and took it over. Today that has all changed. Most of us have concerns beyond these basic steps, including: Retirement income planning: The life expectancy beyond retirement has stretched to 30 years. This presents a need for serious analysis of our resources and how to stretch them for the long run.Children from prior marriages: Family parity is more complicated as divorce and remarriage become the norm. Trust planning, once for only the very affluent, is becoming a standard estate planning tool.Home equity: Paying off the mortgage was the primary goal of our parents and grandparents. Today, that decision isnt so obvious. Holding on to the cash may be a better decision than burying it in your backyard. Reverse mortgages, interest only mortgages, and other tools bring other issues into the plan.Business succession: Many of our children have other interests than the family business. What is fair when one child is active in the business and the others are not? What about the other assets? Your children will all agree on what the answer should be if you have only one child.Tax planning: Will the estate tax return and what will it look like when it does? Is it better to defer taxes until retirement or pay now and take the income tax-free at retirement? We have so many options. Only an individual, tailored review will give you the answer you need.Over the past few months, the Chamber has generously sponsored three seminars on these topics and others. While the information in these sessions is useful, it really serves to advise the attendees that one-size-fits-all planning can create more harm than good and that each family has its particular set of circumstances that require a particular solution.Weve all heard the statement; What you dont know cant hurt you. The truth is what you dont know can hurt you. This is never truer than when we arrange our income and assets. The outcome is based on who is in control, fate or you. Control is defined by planning and preparing for contingencies. For more 30 years, Alan Solomon has assisted his clients in creating plans that will help them achieve their objectives and give them control over the distribution of their assets. He welcomes an opportunity to discuss your plan with you at a private appointment. You can contact him at 970-569-3556, 1-866-663-6787, or e-mail me at As a member of the Vail Chamber & Business Association he graciously sponsors this very informative series of seminars for our members and the community. Look for an announcement from the Vail Chamber & Business Association for more sessions scheduled for spring 2008. Lourdes Ferzacca is president of the Vail Chamber & Business Association Board of Directors.

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