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We provide a comprehensive view of your financial life and all the factors that go into life planning. What this means to you is help with personal decision making and putting a date on things. We help you manage your finances and investments, while taking into consideration tax planning, professional moves, children, retirement, healthcare and other important priorities. It’s about life planning and gaining more comfort with your long-term financial security.
 

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College Planning for High Net Worth Families – College Selection
Posted By: 
Tuesday, January 3, 2017

By Rob Lemmons, CFP®, CPA, AIF®, CEPA

College planning is a complex process. It can be challenging, time-consuming, and extremely expensive. Understanding all of the strategies and determining which ones apply to your family’s situation can be quite confusing. The planning required for college and retirement is extensive and must be approached proactively with a long-term perspective using a multitude of financial management strategies.

In our Total Wealth Planning program for college planning, one of the five key components of our planning process is college selection.

According to the Department of Education, fewer than 40% of students who enter college each year graduate within four years, while almost 60% of students graduate in six years. At public schools, less than a third of students graduate on time. In addition according to a report by the National Association for College Admission Counseling, 1 in 3 students who enroll in either a 2 or 4 year college will probably transfer at some point. With the current cost of a college education continuing to escalate, the idea of 1 or 2 extra years of college expenses is quite daunting. This greatly increases the importance of choosing the right college from day one.

There are many factors that go into the college selection process:
  • Cost, campus life, academics, activities, enrollment size, and location are just a few
  • Consider those schools where the student profiles in the top 20% of the application pool
  • Choose 8 to 12 schools including an in state school and a fall back school
  • Determine the admissibility indicator for each school, the cost, the expected family contribution, and the estimate of both financial and merit aid
At Total Wealth Planning, college planning is about college selection, financial aid, tax planning and the personal resources available to pay for college. It is our understanding of tax laws, college admissions, financial planning, financial aid laws, and most importantly the best ways to incorporate it all into one strategy. Our ultimate goal is to reduce the stress and anxiety of funding education for students and parents to have a successful college experience.



 
 
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MANAGEMENT

Our investment management process is focused on helping you maintain financial stability, preventing mistakes and accomplishing your investment objectives. We don’t just focus on market performance or predictions. We focus on what performance means and how it impacts your long-term goals. It starts with returns, but it is about making life decisions. Working together, you gain a degree of confidence when uncertain times come.

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TAX PLANNING

We help you determine how long to work and when to retire to continue your lifestyle. We analyze when and how to take money from your portfolio to replace your paycheck, with an eye on tax efficiency, spending, healthcare and social security maximization. We address the primary concern of having your money last for the rest of your life.




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Our comprehensive planning focuses on real life. It’s putting a date to your goals and steering your life based on analysis, giving you choices and alternatives. You gain the ability to see how reachable your goals are. It starts with getting to know you and the way you want things done to fulfill your needs. We take into consideration your family and all the secondary factors that go into a comprehensive financial plan.


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Total Wealth Planning’s team of Certified Financial Planners® are here to listen to you and your questions. We never want you to feel rushed. The real benefit is having a road map to help ensure the key elements of your financial life are in order.


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