MBA Level Example of a Personal Financial Plan

Paper Summary:

The paper is an example of a proposed personal financial plan of a couple. The paper opens up a review of the current situation of a certain Ryan and Sarah Reynolds which includes a balance sheet and income statement and a review of their net worth. The paper states that from the analysis, it appears as though they are in good financial shape, and with the proper planning, they should be able to accomplish all of their goals. The paper with, diagrams, graphs and tables, illustrates the elements taken into consideration when setting up a financial plan.

Outline:
Executive Summary
Asset Management
Property Ownership
Cash Flow
Retirement Planning
Risk Management
Estate Planning

From the Paper:

"We highly recommend that both of you see a lawyer and prepare your wills immediately (see Appendix 20). We feel the key issues for you in estate planning will be taxation and beneficiary designation. Without wills, if one of you passes suddenly, half of the house belonging to the deceased spouse will pass in ownership to the children, if you own such properties as tenants in common. As they are quite young, this means that any decisions regarding the house will have to be dealt with through a trustee. We suggest registering legal ownership of assets such as the house as "joint tenants" so that the entire asset passes to the surviving spouse. In case of a common disaster, it is imperative that you appoint both a guardian and trustee for your children; it is extremely important to choose people whom you trust and not to assign both responsibilities to one person. The guardian should share the same values as you and the trustee should be adept at managing money. It should be stipulated in your wills that if you both die before the children reach a certain age (i.e. 25) all assets left to them be held in trust so they can become mature enough to handle such large sums of money."

Sample of Sources Used:

• http://www.rbcroyalbank.com/RBC:SG7Wk471JsUAHQACp9M/products/mortgages/view_rates.html
• http://www.taxtips.ca/stocksandbonds/investmentreturns.htm (Historical returns on stock markets and other investments)
• http://www.ousa.on.ca/sef/page/id/38.html
• Retrieved from: www.johnjordan.ca/estateplan/faq6.html
• Retrieved from: www.johnjordan.ca/estateplan/faq7.html

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