Page 13 - Martin Downs Bulletin - October '19

Martin Downs, Page 13

esTaTe pLaNNiNg

Higher Education’s Long written by John Adams, clearly authorizes the state legislature seminaries. The University of Florida can track its origins back
to provide public education – claiming that an educated
to 1853 to the East Florida Seminary established in Ocala.
Legacy In The Law citizenry is important for the protection of our rights and Florida State University can trace its roots back to an 1851
liberties and for the general public good. land grant from the Florida Legislature.
By Carrie Lavargna, Esq. After Great Britain relinquished the great “Northwest Florida’s higher education system ranked first in the nation
One aspect of estate Territory” to the new United States of America, John Adams this year according to U.S. News and World Report. This is
planning is to leave a legacy, wrote the 1787 law authorizing settlement of this area, which the third consecutive year Florida landed at the top of these
an amount of money or a contained authority for free universal education and that land rankings! The report identified that we are also the second-best
part of you that is carried on be dedicated for educational uses. Known as the Northwest state for tuition and fees. The University of Florida and Florida
by future generations. There Ordinance, this law was the founding document for the future State University rank in the top 100 public universities in the
is no greater legacy than states of Ohio, Indiana, Illinois, Michigan and Wisconsin. country.
assuring our public education I recently visited the John Adams National Historical Park In 2001, the Florida Legislature authorized community
system is strong and relevant. outside of Boston in Quincey, Massachusetts. I was incredibly colleges to offer bachelor’s degrees. Our state now has 28
Education has long been impressed with President Adams’ commitment to education institutions, originally known as “Junior Colleges” that
a national priority. In 1780 and foresight to make education part of the law of the land. are now part of the Florida College System. The colleges,
the Commonwealth of Public education has been a part of Florida’s constitution including highly ranked Indian River State College, are the
Massachusetts ratified its since 1838 which authorized the legislature to provide financial primary access point for more than 63 percent of recent high
state constitution, the first in the new nation. This constitution, support and grant lands to be used exclusively for schools and school graduates and returning adult students.
As part of an estate plan, you may wish to purchase pre-paid
educational plans for grandchildren or other young ones, or
Wealth ManageMent open and fund an educational investment account for a child
such as the 529 college savings plan which grows tax free.
Donations to Florida universities and colleges are needed for
The Value of Financial Planning many purposes, including to fund research, scholarships and
general support to preserve and continue affordable tuition.
Talk to your attorney or financial advisor on how to best
Financial planning is a Financial Planning Process structure such contributions and donations.
crucial step in managing your
financial future. Not only • Identify goals and objectives - Create the foundation of Thank you John Adams for your legacy to public education.
does it help you see your your financial roadmap. We’ll keep it going!
financial situation today, it • Gather information - Complete a questionnaire/fact This column is an overview of the subject matter and is
also helps you think about finder with everything to include in your financial plan. not intended as legal advice. Carrie Lavargna is an attorney
those things you would like • Analyze information - Analyze the information gathered practicing law in Stuart at Lavargna Law, PLLC. She is board
to do in the next five years, to ensure it is as accurate as possible. The fewer assumptions
ten years, and throughout that go into a financial plan, the better your overall experience certified in real estate law by the Florida Supreme Court and
retirement. You spend your will be. recognized as an accredited estate planner by the National
entire working life saving for • Propose strategies - Evaluate the results provided within Association of Estate Planning Councils.
retirement, and it is important your financial plan and see where you stand in relation to your
to set goals for yourself in goals and objectives. Where can you make adjustments within fuNDraisiNg
order to enjoy it. The Stifel your plan? Do you have a balanced portfolio? Can you retire
Wealth Strategist Report can earlier/later? Spend more/less? Perhaps you have overfunded
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help you determine if you’re your retirement and can afford to increase your spending goals.
on track toward your goals • Take action - Talk to your financial professional about eveNT
and to plan for a comfortable retirement. making modifications as needed and come up with your action
plan.
Stifel’s Wealth Strategist Report will take a look at your entire • Review and revise - Review and update your financial
®
financial situation, including your asset allocation, investable plan yearly or if any life events occur that could change the Martin County High School
assets, liabilities, future income streams and savings, insurance outcome of the plan. Set a date for yearly meetings to review
needs, current estate plan, and more. We will take everything and update your plan. Band 14th Annual Seasonal
into consideration and determine strategies and action plans.
The Wealth Strategist Report will provide you the guidance Things to Address While Creating Your Financial Plan
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and knowledge needed in order to make responsible financial Fundraiser
decisions. • Are your assets properly allocated in line with your risk
tolerance? By Ellen Earle
Although financial planning can seem daunting, it doesn’t • Are you saving enough? The Martin County High School Band is kicking off the
have to be. Some may think financial planning is not for them. • Are you contributing enough to your qualified accounts? holiday season and has begun taking orders for live Balsam Fir
Perhaps they think they do not have enough income or assets to • Are your goals measurable and realistic? Christmas trees, wreaths, garlands and centerpieces fresh from
be concerned with it; others may say they simply do not have • Do you plan to fund future wedding or education costs for
time for it or do not know where to begin. We all have to start your children? Nova Scotia.
somewhere. Whether you’re a beginner just out of college or • Are you properly insured? This annual fundraiser supports local young musicians and
you’re 65 and planning to retire in the next five years, financial • Are you using all the benefits available to you through your color guard members by raising funds for music, materials,
planning can benefit anyone at any age with any amount of employer? instructors and registration fees to attend marching competitions
wealth. • What will happen to your assets after you have passed and sporting events. If you prefer a live holiday tree, why not
away?
We have all heard the question, “What’s your number?” purchase one that supports kids in our own community?
referring to the amount in taxable and qualified savings one Financial Planning May Help You... Wreaths start at $30 and trees start at $65. The Martin County
needs to live out their retirement. We also know life is full of • Plan for retirement High School Band will be taking pre-sale orders from Oct. 15
changes, and one’s goals may change as they move through life. • Get out of debt through Nov. 1. Tree pickup will be Saturday, Dec. 7 or delivery
It’s imperative to break down your goals to fit your individual • Stay on track in Martin County is available for a minimal charge.
needs. While there is no one magic number, we can give you • Access your current financial situation, including net
the tools to help get you on the right track to planning for your wmih, cash flow, investments, taxes, etc. For more information call (772) 215-0400 or email mcbb.
future. • Create shmi-term and long-term goals to pursue your xmastrees@gmail.com.
overall financial needs
There are many uncertainties that will occur throughout your • Optimize your cash flow
financial plan. Inflation may be higher than you expect, medical • Increase your financial intelligence
expenses may be higher than anticipated, or perhaps you may • Track your progress toward meeting your financial goals
need to purchase a new car or home in the next five years. This and net worth performance now and throughout retirement
supports the need to break down your goals, and in doing so, you • Strategize action plans for the worst-case scenario
can determine what percent of each goal can be funded along • Plan for an abundant emergency fund
the way. • Insure against the unforeseen
• Plan for your estate and beneficiaries after your death
A Stifel Wealth Strategist Report will help you quantity and
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define specific goals you would like to achieve throughout your
life or even after you have passed. In order to make long-term
financial goal planning achievable, it is important to categorize Stifcl does not provide legal or tax advice. You should consult
these goals into your needs, wants, and wishes. Your needs may with your legal and tax advisors regarding your particular
consist of the cost to cover your bills and put food on the table. situation.
Your wants could be those goals you would really like to fund
but that aren’t critical.

The most important steps in the process of creating a financial Article provided by Bob Sander, Senior Vice President/
plan are designing a plan that is specific to your goals and Investments, with the Stuart branch of Stifel, who has attained
objectives, assessing the results, and adjusting your plan as the Certified Financial Planner™ (CFP ) designation and the
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needed. Financial planning is not looked at as a one-time event, Accredited Investment Fiduciary (AIF ) certification. He can
®
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but rather an ongoing process. You should review and update be reached at (772) 403-8305 or sanderb@stifel.com. Stifel,
your plan annually or as any life events and situations occur. Nicolaus & Company, Incorporated Member SIPC & NYSE
Your financial plan should be a helpful guide that will help keep
you on the path toward your retirement goals. Contact your
Stifel Financial Advisor today to discuss your situation and get
you on the right track for your financial future.