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Create a financial plan to
pursue the future you envision
>>
health & wellness
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On Her Game!
Provided By:
The Lott Sheth Farber Hesano Group
Cancer survivor thrives on golf and the
soothing therapies at Karmanos.
UBS Financial Services
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•If you've had a child or experienced an increase in salary or
compensation, check the level of income replacement on
your life insurance and disability policies. One rule of thumb
suggests you should plan to replace five to seven times (or
even 10 times) your annual salary, but much depends on your
lifestyle, family size and income.
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•Long-term disability insurance is also important if you're
relatively young. You could experience severe hardship if
you cannot work due to illness or an accident. We can do an
insurance review together to make sure your current coverage
meets today's needs.
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•If you're over 50 years old, consider buying long-term care
insurance now while you're healthy, as these policies can
become more expensive once you retire. We can also explore
policies that include inflation protection to account for rising
healthcare costs in the future.
1
UPDATE IMPORTANT DOCUMENTS
If anything significant has changed in your life—such as a new
child or grandchild, marriage or divorce (yourself or your children)
or receipt of an inheritance—be sure to update your personal
documents, such as your will or trusts, living wills or powers
of attorney for property or healthcare. It's also wise to regularly
review beneficiary designations on retirement accounts and
insurance policies. We can work with you and your attorney to
update these documents.
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REVIEW YOUR ASSET ALLOCATION
With your goals in mind and a thorough picture of your
assets and liabilities, we can design or update your
investment strategy, one that allocates assets across
various asset classes and takes advantage of opportunities
in the market at a given time. And as your needs change or
the market moves, we can adjust your investment approach
accordingly.
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ESTABLISH OR BOLSTER AN EMERGENCY FUND
Your emergency fund should cover at least six months worth
of necessary expenses. Keep the fund in safe, liquid form,
such as assets in a bank account, money market account or
short-term certificates of deposit.
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QUANTIFY YOUR COST OF LIVING
When planning for your future, it's important to know
whether or not you're saving and investing appropriately
toward your retirement lifestyle goals—and also for the
possibility of unforeseen events. If you keep a budget of
your current expenses, we can begin by reviewing what
goes out on a regular basis. We will look at other planned
expenses and then begin to consider what your future
costs might include, such as healthcare for yourself or
eldercare for an aging parent. If you aren't sure of your
current budget, don't worry; we can help you determine a
thoughtful estimate.
•If you've recently completed home improvements or
renovations, update your homeowners' insurance policy to
reflect your home's increased value. If you've added a pool,
hired household staff or your children have started to drive,
check that you have adequate umbrella coverage to protect
against possible litigation in case of accidents.
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ANALYZE YOUR NET WORTH
Once we tally your current assets and liabilities, we can
better assess the likelihood of meeting your financial
goals. This is also the first step in ensuring our approach
is thorough and organized. For example, we may identify
assets that could be consolidated, such as "orphaned"
401(k) accounts at former employers or assets that you
may not own yet, such as unvested equity compensation
and deferred compensation. It's important to note how your
assets are held, whether in your name alone, jointly (with a
spouse/partner, child, etc.) or even in a trust. We can also
evaluate opportunities to repay or restructure your liabilities
and set up a plan for managing that side of your balance
sheet.
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PROTECT YOUR ASSETS
We've noticed that many clients neglect to adjust insurance
coverage as their lives change:
•
rying to accomplish your wealth management
goals without a current financial plan is like
trying to navigate without a map: you may
arrive late or even miss your destination.
By providing an integrated view of your
personal and financial goals—not just your investment
portfolio— a plan can help you see where you are today,
and provide ideas on how to pursue the future you envision.
Because personal and financial goals evolve, your existing
financial plan may need to be updated to reflect those
changes. Please consider the following financial strategies
information, which we can discuss further.
Cancer hasn't kept Hillary Turk off the golf course.
Remember, with a solid plan in place, it's easier to feel more
confident about your future. We'd be happy to work with you to
develop a financial plan that helps ensure you achieve your goals
Elizabeth A. Katz I Special to the Jewish News
UBS
UBS Financial Services
325 North Old Woodward, Avenue, Suite 200
Birmingham, Michigan 48009
Work: +1.248.645.7897 Mobile +1.248.755.4302
Fax +1.855.792.5111 Toll free 888.2614803
http://financialservicesinc.ubs.com/teamilsfgroup
This article has been wrthen and provided by UBS Fnancial Services Inc. for use by Na Fnancial Advisors.
We offer both invisbnent advisory and brokerage services, each at which is separate and distinct, dIers in material ways, and is governed by different laws and separate contracts. In providing a finanoial plan, we may act as a
broker-dealer or investment adviser, depending on whether we charge a fee for the service, Financial plans provided free of charge area service incidental to our brokerage relationship and the service terminates upon delivery of
the plan.We provide financial planning services as an investment adviser for a separate fee pursuant to a written agreement, which details the terms, conditions,fee and scope of the engagement. For information about our fee-
based financial planning services, see the Arm's Financial Planning AIN Disclosure Brochure. Note that financial planning does not alter or modify in any way the nature of a client's UBS accounts, their rights and our obligations
relating to these accounts or the terms and conditions of any UBS account agreement in effect during or after the financial planning service. Clients are not required to establish accounts, purchase products or otherwise transact
business with us to implement any of the suggestions made in the financial plan. Should a client decide to implement their financial plan with us, we will act as either a broker-dealer or an investment adviser, depending on the
service selected. For more information please visit ubs.com/workingwithus.
illary Turk, 65, of Farmington
Hills says she measures her
own standard of health by
how well she can play golf. So when,
back in 2008, she had a hard time
gripping her golf club, she followed
a friend's advice and went to see her
doctor.
That appointment prompted an
X-ray of her chest, which eventually
led to news that no one wants to hear:
a diagnosis of cancer.
"The doctor said to sit down and
then told me I had stage 3b non-small
cell lung cancer; she said. "I literally
fell back in my chair. After I scraped
myself off the floor, I thought about my
next move'
In retrospect, Turk, a member of
Aish HaTorah in Oak Park, has advice
for those diagnosed with cancer.
"I think you have to lead with your
head:' she said. "I believe in getting a
second, third or fourth opinion and to
find a doctor you really connect with:'
Turk made a call to one of the lead-
ing cancer centers on the East Coast.
The staff there asked her why she
was calling when the Barbara Ann
Karmanos Cancer Institute was "in her
backyard:'
"I had never heard of Karmanos
Cancer Institute she said. "They gave
me Dr. Shirish Gadgeel's name:'
UBS Financial Services Inc., Na affiliates, and h employees are not in the business of providing tax or legal advice. Clients should seek advice based on their parader circumstanca from an independent's advisor.
CUBS 2014. All rights reserved. UBS Rnancial Services Inc. is a subsidiary of UBS AG. Member FINRNSIPC. D-UBS-CF3C,8812 120711-3810 aby-FP
48 October 29 2015
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