Financial Considerations of Addiction Recovery

The financial implications stemming from addiction are significant, life-changing, and a critical component to the ongoing recovery of the individual and their family. The advisors of Tutor Financial helps families plan for the financial impact of recovery which reduces stress and allows everyone to focus on healing.

Individual and Household Budgeting

Budgeting is an important aspect of the financial process. Through strategic budgeting, opportunities may be identified, challenges may be addressed, and you can obtain a sense of your overall financial well-being.

Portfolio Management

Between stocks, ETFs, mutual funds, managed money accounts, and so forth, consumers like you have many investment options. A good investment can help secure retirement or grow a source of funds for emergencies, vacations, and other life goals. Because investments are directly exposed to the market, you will need to know what kinds of investments are right for you, how much exposure you can withstand, and what specific goals you are trying to achieve. With our tailored and professional approach, the advisors of Tutor Financial can guide you to appropriate investment strategies and manage your portfolios.

Charitable Donation Strategies

Charitable giving is not only a way to fulfill your philanthropic desires. It can be used as a planning tool and offer benefits such as tax deductions, avoidance of capital gains on highly appreciated assets, and minimization (or elimination) of estate taxes upon your death.  There are even certain charitable giving strategies and solutions that allow an income stream accessible during life.

Retirement Planning

Retirement planning encompasses many different strategies and solutions. However, the ultimate goal is to develop a plan that provides for a robust retirement. With many factors like longer life expectancies, inflation, market volatility, and taxation, the pressure is on consumers to build a solid retirement portfolio. How this is achieved will be specific to you, your needs and goals, your ideal retirement lifestyle, and your time horizon.

Insurance Planning

Insurance, in particular life insurance, has many applications and purposes. The main thing a life insurance policy provides is, of course, financial protection in the event of you or your spouse’s death. However, life insurance has evolved to include benefits that can be accessed during life. And there are business applications of life insurance that can provide strategic coverage if you are a small business owner.

Tax Planning

What tax planning options will work for you will depend on your unique situation and goals. There is no readymade, fit-all solution, which is why selecting even a simple strategy can be difficult. It will take time and expertise to build a plan that is appropriate for you or your business. Furthermore, tax planning is not a single event. Rather, good tax planning involves being dynamic and adaptive.

Estate Planning

Estate planning is an important component of any financial plan. With proper consideration, you can maximize the legacy you leave and ensure the transfer of wealth goes as easy as possible.

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We have developed a short PDF with Financial Planning Tools and Tips. If you are interested please download by clicking below.