Financial Planning

   Evaluate the advice and adapt a accounting banking plan of best 7 pages afterward the table of capacity as categorical below. 1.0 Assumptions and Key Considerations 2.0 Recommendations 3.0 Banking Analysis 3.1 Net Worth 3.2 Banknote Flow 3.3 Strategies 3.4 Allowance Coverage 3.5 Retirement 3.6 Education 3.7 Major Purchase 3.8 Emergency Fund 4.0 Affairs the Business 4.1 Tax Planning for Affairs the Business CASE STUDY  Greg Hoffman:  DOB December 31, 1976  Anna Hoffman:  DOB May 12, 1973  Greg and Anna accept been affiliated for 15 years and arise to be accept a abiding and committed relationship.  They accept three children:  Nina:  DOB March 5, 2012 Jake:  DOB May 12, 2010  Maddy:  DOB July 8, 2008  In June of 2015, Greg boot-strapped a technology-based business in the barn of their home in West Vancouver. He capital to assignment with alternative socially acquainted entrepreneurs. They accept become more acknowledged and aftermost year’s revenues were about $5 million. They apprehend to do bigger than that abutting year. Anna works 2 or 3 hours a anniversary in the business and takes a bacon of $100,000 annually. Greg takes $125,000. They anniversary booty assets from the accumulated annual of about $30,000/ year.  They accept been instructed by their accountant to aerate their contributions to their RRSP’s which are now: Anna: $225,000 Greg: $300,000 They additionally accept a collective advance annual with us admired at $5,920,000 They accept a accumulated annual (Hoffman Holdings LT) that has alone banknote in it: $1,500,000 CAD and $600,000 USD. Many of their audience pay in US funds and their accountant has instructed them to accumulate it in that currency. They purchased a lot in Hawaii admired currently at $400,000 USD and are absent to body on it in the abutting three or four years. In the concurrently they are strategizing means to get a townhouse at Whistler. They are ardent skiers and adulation the outdoors. They are actual adherent to the ancestors and accepting as abundant time as accessible with the kids while they are young.  They are dabbling with affairs the business after this year. With the advance aisle they currently have, the calibre of the agents they currently apply and projections for approaching revenue, Greg has had an appraisal from a CPA/BV acquaintance of his that the business (and its bookish property) could apparently advertise for amid $11 and $13 actor USD. But the BV additionally brash that if he waits for the apparent for one of his ancillary projects to appear through it could be as aerial as $20 actor USD.  They accept a abstinent lifestyle. They accept asked us to counterbalance in on: 1) What they should do apropos affairs the business. 2) What affectionate of allowance they should have. 3) Education for the kids 4) Tax planning for back they advertise the business. 5) How abundant they ability charge to accept to never assignment afresh and advance their accepted affairs 6) How they should advance their funds. Additionally, Greg has an uncle who is actual affluent in the US and who has told him that they will be inheriting his abode and one of his businesses as well. He is 84.

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