Financial Planning Tips for Lawyers

  • August 31, 2020

Experts at Lawyers Financial Offer Practical Insight on how Lawyers Can Plan to Plan Better

2020_FinancialArticle.jpgIn a year that will go down as one of the most unpredictable years many of us have experienced, Financial Planning Month – October – is a good time to review your plan and take some practical steps to ensure you are well prepared for 2021.

Why now?

A financial plan provides you with confidence in times of uncertainty. Unifying cash management, asset protection, retirement and estate planning can help you be better prepared for the future and stay optimistic about reaching your long-term goals.

For Financial Planning Month, the experts at Lawyers Financial have some timely tips:

Review your income and expenses

Many firms had to activate work-from-home strategies. Employees stopped commuting, took advantage of insurance discounts and embraced sweat pants. This could have been a year of unexpected expenses as well as possible savings. These changes in cash flow – money-in and money-out – may have created some opportunities to save money in new ways. Consider diverting any savings into a long-term rainy-day fund with the goal of having at least six months of income you can access easily.

Update your insurance details

Every year, some things in your life are bound to change, regardless of how the economy is performing. You advance in your career, kids and parents get older, your net worth changes and you find yourself with greater financial opportunities. Protecting yourself and your family requires a periodic review of your insurance coverage. Your Lawyers Financial Advisor can help you assess any gaps in your current plan.  

Stay the course on retirement planning

Be sure to review the contribution room available on your Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). Knowing how much you can contribute to your RRSP helps you plan for the most effective return. Adding to your TFSA is a great way to supplement retirement planning while you save for any number of other goals.

Adjust your estate plan

The economic uncertainty of 2020 may have affected how you choose to share your wealth. For example, giving a one-time cash gift now might be a more effective way to help your adult children in light of the disruption everyone has experienced but it will also affect your estate plan. And if you got married or had children, you’ll need to add beneficiaries and update your will and powers of attorney.

Call to action

Let Financial Planning Month be your inspiration to review your plan and update your long-term goals with a Lawyers Financial Advisor to ensure you are well prepared to meet 2021 with confidence.

Contact Lawyers Financial for more information.