Services From Summit

Complimentary Financial Review

At Summit Planning Group, we believe that the first step in creating a successful financial plan is a comprehensive financial review. We'll discuss where you are now, as well as upcoming life changes and your retirement goals. With an analytical eye, we'll review your existing portfolio, looking for areas of high risk and potential ways to improve your portfolio to give you the best chance of achieving your dreams. We will point out ways to improve your portfolio diversification, reduce your tax bill and protect you from the unexpected. Life insurance needs, retirement plans, IRAs, anticipated retirement income and cash flow are all areas that will be reviewed with the goal of making your money work most effectively for you.

Additionally, we also look to the long term and review your estate plans to help you determine if you've done all you can to limit probate expenses and provide for a timely and cost-effective transfer of your assets when the time comes.

Retirement Income Planning

People are often confused by the complex formulas used to predict retirement income requirements. We can provide an easy to understand projection of your personal needs that is based upon your vision of the future. Our suggestions will target tax savings, financial stability and the most appropriate means for generating a reliable retirement income that you won't outlive.

401k Rollover/Pension Lump Sum Distribution

We provide IRA and 401(k) rollover counseling in an effort to help maximize your return and to address your retirement income needs as well as calculating and advising on IRA, 401(k) and 403(b) minimum distribution requirements. We will also review your existing 401k and make investment recommendations free of charge.

Tax Planning

We can also provide a complete tax analysis to help ensure that you are paying the least tax possible. Tax reduction strategies may be achieved through minimizing capital gains, proper estate planning, tax efficient gifting strategies, as well as other effective methods.

Estate Planning

We will go over your estate plans (will, trusts, powers of attorney, health care proxies, etc.) to help ensure that all your affairs are coordinated for proper handling in the event of disability and at death. Recommendations may be provided to help your family to avoid probate, reduce estate taxes, maintain control over your property, and guide your loved ones through difficult circumstances.

IRAs: Roth, Non-Deductible, and Conventional

Individual Retirement Accounts offer a powerful means to take control of your own financial security. Our analysis will compare the overall benefits of Roth and other available IRAs and allow you to choose the option which maximizes your tax savings.

Insurance Review

We often find that our clients have been spending too much on insurance, even though their coverage is incomplete. Our review will include an assessment of your current coverage and offer suggestions for improved cost-effective protection.

Long-Term Care Planning

Long-term health care is the greatest health expense older Americans face. This is true because it is the only major health care expense that Medicare supplements or individual health insurance will not cover.

Based on our own 2016 survey, nursing home care in upstate New York cost an average of $130,000 per year. Faced with such exorbitant costs, many people can only hope to qualify for Medicaid. They are then forced to deplete their assets and dispose of possessions that they have earned through a lifetime of hard work.

Long-term care insurance is an essential part of a well-crafted long-term care plan. The New York State Partnership for Long-Term Care (NYSPLTC) is a unique program combining long-term care insurance and Medicaid extended coverage. Policies bearing their logo are guaranteed to meet specific minimum requirements. But, the greatest benefit is that these policies provide extended Medicaid coverage, waiving asset limits, once your policy coverage has been exhausted. This allows you to qualify for Medicaid without spending your life savings.

We work with all carriers of NYSPLTC-approved policies. Through careful consultation with you, reviewing daily benefit allowances, elimination periods, coverage duration and other available options, we will design a policy that meets your needs at the lowest cost.