Financial Planning for Families and Individuals
At Wilmarth Private Wealth Management of Raymond James, we understand that every family has unique financial goals, and that individuals often face complex decisions about their finances, future, and retirement. Based in Melbourne, FL, we specialize in providing personalized financial strategies that align with your life’s aspirations. Whether you are planning for a comfortable retirement, managing investments, or achieving long-term wealth goals, our experienced team is here to help guide you every step of the way.
Tailored Financial Planning for Families and Individuals
Financial planning is not a one-size-fits-all solution. At Wilmarth Private Wealth Management, we work closely with you to create a comprehensive financial plan that takes into account your personal circumstances, including your family’s needs, career goals, and long-term dreams. We provide tailored solutions in areas such as:
- Budgeting and Cash Flow Management: Helping you create a sustainable budget while managing debt, helping to ensure your cash flow is optimized.
- Investment Strategies: Developing investment portfolios that reflect your risk tolerance and long-term goals.
- Education Planning: Helping you save and plan for your children’s education, so you have the right resources when the time comes.
- Estate and Legacy Planning: Assisting in developing strategies to help protect and pass on your wealth according to your wishes.
Our goal is to build a strategy that evolves with your changing life circumstances, helping you feel confident about your financial future.
Retirement Planning: Achieving Early Retirement and Financial Freedom
Planning for retirement is often seen as a long-term endeavor, but with the right strategy, it may be possible to retire earlier than you might expect. At Wilmarth Private Wealth Management, we specialize in retirement planning for individuals and families in Melbourne, FL, and throughout the US. Our team provides guidance on:
- Managing a Retirement Savings Plan: We help manage your retirement accounts (401(k), IRA, Roth IRA, etc.) to help maximize your savings.
- Early Retirement Planning: For those who aspire to retire early, we develop strategies to pick from or customize further to help maximize your retirement lifestyle.
- Retirement Income Planning: We’ll work with you to create a strategy that is designed to convert your savings into a reliable stream of income throughout your retirement years.
We can help you turn your vision of an early retirement into a reality, by aligning your current spending and saving strategies with your long-term goals.
Tax-Efficient Wealth Management
Taxes are an inevitable part of life, but with the right planning, you can work to minimize their impact on your wealth. Our wealth management services are designed to help you optimize your tax situation by offering strategies such as tax-deferred accounts, tax-loss harvesting, and tax-efficient investing. Our professionals analyze your specific financial situation and create a strategy to reduce the tax burden on your investments, inheritance, and income.
Protecting Your Legacy: Estate and Trust Planning
Building wealth is just part of the equation; protecting and passing it down is equally important. We work closely with your estate planning attorney to help create a plan to protect your assets and ensure they are distributed according to your wishes. This includes reviewing wills and trusts, and navigating tax considerations to minimize estate taxes and preserve wealth for future generations. We also ensure your documents align with account registrations.
The Benefits of Working with Wilmarth Private Wealth Management
We believe in building long-term relationships with our clients based on trust, transparency, and collaboration. Our services are designed to help families and individuals not only achieve their financial goals but also feel confident in their financial decisions. Here’s why you should consider working with us:
- Comprehensive Financial Strategies: We look at your entire financial picture, creating a plan that aligns with your goals.
- Personalized Service: Our team takes the time to understand you, your family, and your specific needs, helping create solutions tailored to your unique situation. No two plans are the same. No set of investment portfolios are the same.
- Experienced Advisors: With years of training and experience through decades of market ups and downs, we provide skilled guidance in areas like investments, estate planning, and tax efficiency.
- Commitment to Your Success: As a local firm in Melbourne, FL, we found the engineering community enjoys our process and approach with methodology. We are deeply invested in your success and the well-being of our community.
Ready to Build Your Financial Future?
Take control of your financial journey today by reaching out to Wilmarth Private Wealth Management. Whether you're planning for retirement, needing help managing your 401(k), stock options or deferred comp, or ready to plan your family’s legacy, we have the expertise and resources to help you succeed.
Contact us today to schedule a consultation and start building a financial plan that works for you and your family’s future.
Common Questions About Financial Planning for Families and Individuals
How do I start planning for my retirement?
The first step is to assess your current financial situation and set clear retirement goals. From there, we’ll help you select investment strategies to help achieve your goals. We work with you to create a personalized plan that adjusts as your needs change.
What should I include in my estate plan?
Your estate plan should include a will, possibly a trust, powers of attorney, and healthcare directives. We also consider how taxes and other financial factors will impact your heirs. Our team helps guide you through the necessary steps designed to protect your assets and ensure they’re passed down according to your wishes.
How can I manage my debt while saving for retirement?
Balancing debt management and retirement savings is key. We help you create a budget that prioritizes paying down high-interest debt while also saving for your future. We offer strategies for optimizing your cash flow to make the most of both.
What is the best way to save for my children's education?
The best way to save for your children's education depends on your financial situation and goals.
Options include 529 plans, which offer tax advantages for education savings, and Coverdell Education Savings Accounts (ESAs). Additionally, setting up custodial accounts or investing in a taxable brokerage account are alternatives. We’ll help you evaluate the benefits, drawbacks, and expenses of these options and choose the best one based on your family’s goals and your investment strategy.
How can I ensure my family is financially protected in case of an emergency?
Emergency preparedness involves having an emergency fund in place, securing proper life insurance, and creating a solid estate plan. We help families assess their risks and determine the appropriate coverage to safeguard their loved ones. We incorporate longevity planning, where we set aside monies to pay long term care needs like help with dressing, transferring and bathing so that you can help protect your nest egg.
How can I minimize taxes on my investment returns?
Minimizing taxes on investments involves strategies like tax-loss harvesting, choosing tax-efficient investments (such as index funds and municipal bonds when suitable), and utilizing tax-advantaged accounts like IRAs or Roth IRAs. We guide families through these strategies and help create a plan designed to optimize your tax situation while growing your wealth.
How can I make sure my financial plan stays on track?
Regular reviews and adjustments are key to keeping your financial plan on track. Life changes like marriage, having children, or changing jobs can impact your plan. We host periodic custom reviews to adjust your strategy and ensure your financial goals are still aligned. Our team will also review your portfolio’s performance and suggest adjustments as needed to keep your plan on course.
What is the difference between a will and a trust, and do I need both?
A will outlines how your assets will be distributed after your death, while a trust can offer more detailed control over when and how your assets are distributed. Trusts can also help avoid probate and reduce estate taxes. Depending on your estate planning needs, you may benefit from having both, and we work closely with your estate attorney to be sure they have all the information they need for your family and how to structure these documents.
Can you help me plan for an unexpected life event?
Yes, we find it essential to have a plan in place for unexpected events through insurance planning, creating emergency funds, and building flexible financial plans. Whether it’s a medical emergency, job loss, or sudden changes in your family dynamics, we help prepare for these events so that your financial plan can adapt and provide the support you need during challenging times.
Contact Us
Ready to take the next step toward financial security in Melbourne, FL? Contact Wilmarth Private Wealth Management to schedule a consultation. Let's work together to build a financial plan that aligns with your goals and aspirations.
*Raymond James Does Not Provide Tax or Legal Advice
