Financial Planning Services

Comprehensive Personal Financial Planning
 is avalable for individuals who desire help in several of the listed planning areas. 
Focused subject areas are available for individuals who need help in certain areas:

  1. Portfolio Evaluation & Assessment: an on-going review and management of portfolio holdings with an emphasis on sector allocations, tax efficiency, diversification, performance and risk.  Galligan Financial Advisors operates as a "fee only" money management firm and  has formal  Registered Investment Advisor  relationships with Charles Schwab and Fidelity Investments. In this capacity, we can directly manage funds held at either custodian on a "fee-only" basis.

    Investment Advisory Services
    Ongoing review and managment of investments
    Asset allocation monitoring to meet targeted investment returns
    Specific investment recommendations that consider risk assessment and tax considerations
    Electronic posting of monthly holdings and performance reports
    Electronic posting of monthly capital gains reports for income tax planning.

  2. Retirement Planning: an analysis to detemine whether retirement goals are realistic based on savings, defined contribution investment style, lifestyle, net worth, pension payouts, social security and career assumptions.   

    Retirement planning seeks to ensure that individuals do not outlive their money or are forced to dramatically alter their lifestyles in their twilight years.  Retirement planning includes an assessment of current and planned savings in tax deferred accounts such as 401(k)`s or, 403(b)s, retirement portfolio allocations, along with social security and self-directed IRA accounts to determine whether retirement goals are in line with expectations. 

  3. Estate Planning: an analysis of existing and/or proposed wills, trusts and legacy considerations with recommendations to preserve an estate and provide direction to ensure that a desired legacy is enacted.

    Estate planning considers the important tax consequences to make sure that hard-earned capital is passed on to loved ones, as opposed to the IRS.  The estate planning effort is done in conjunction with a client`s attorney and is often performed in conjunction with a retirement planning effort for high net-worth accounts. The intention is to ensure that a client`s family and charitable agendas are respected and that potential estate taxes are minimized. 

    Charitable planning provides the social capital to ensure a family`s legacy survives with maximum tax efficiency and is part of the estate planning exercise.

  4. Education Planning reviews sources of funds that children can receive to pay for the highest quality education available to them. This includes financial aid, tax credits & deductions, pre-paid tuition plans, Coverdell IRAs, Section 529 programs, and other investing options for parents and dependent children who are planning to pursue post-secondary education.

    Education Planning is recommended for parents who desire investment, financial aid eligibility, tax or scholarship advice related to financing the college education of a dependent. This service includes a review of Federal FAFSA and CSS/Financial Aid Profile forms to ensure that the greatest amount of aid eligibility is achieved for those who will need financial aid to finance their college education.  This planning effort is generally done in conjunction with tax and investment planning to ensure that "Hope and/or Lifetime Learning" tax credits are realized.  Pre-paid tuition, Uniform Gift to Minors (UTMA) and Section 529 college savings plans are reviewed for parents with younger children who will be attending college.

  5. Divorce Planning is often done in a mediation setting with an attorney or a marriage counselor, or as a litigation support exercise with a client`s attorney.  It involves valuing complex assets such as a small business or a pension, and projecting cash and net worth as a consequence of a proposed partnership breakup. Forensic CPA work is available when prior tax or brokerage records have to be analyzed in order to value marital assets. 

    Alternative Dispute, Mediation Services
    are offered with a Ph.D. marital counselor for couples wanting specific financial and/or parental advice, and want to avoid costly legal expenses.  This service is appropriate for couples who are divorcing and are in need of financial assistance, and who also seek the assistance of a professional counselor when children are involved. 

    Prenuptial Planning
    is intended to help couples resolve complex financial situations when blended families and/or substantial assets are to be considered prior to marriage. 
    Non-traditional couples have unique financial planning considerations: insurance coverage, wills, joint asset ownership and employment benefit considerations that make their financial situation complex.

  6. Insurance Planning is an assessment of medical, disability, long-term care or professional insurance needs for an individual, couple or small business owner.  This assessment includes an internet search of insurance options and costs in the event that insurance is desired or recommended.

  7. Tax Planning & Preparation.  Galligan Financial provides individual and small business (Partnership, LLC, LLP, Personal Service Corporation & S Corporation) tax planning & preparation services, along with estate and trust tax services as a licensed Certified Public Accountants in Minnesota.  

    Tax preparation services include:
    1. Data collection assistance, tax form completion and electonic filing
    2. Advice, research, and councel throughout the year
    3. Representation for audits and/or letters of inquiry from tax authorities
    4. Tax planning as needed for small business and personal taxation