June 14, 2023

FAQ: Questions Our Clients Are Asking

Do I Have Enough?

There are many versions of enough – enough to retire, enough to not run out of money, enough to fund my children’s education, etc. and nearly everyone, at every wealth level, is asking themselves these questions.

At Daybreak Wealth, we first help our clients understand how much they need to spend to achieve their goals. Then, we utilize specialized software to help our clients create a safe spending range. Finally, we compare the client’s needs to the possible spending range to provide a definitive answer to “Do I have enough”. No more wondering, Googling, or calculating alone.

Once we have the answer, Daybreak Wealth works with you to review and update your spending range on a regular basis, so you can always be sure that you’re on track.

Should I be doing something else / Am I on track?

At Daybreak Wealth, we recognize that financial wellness is more than just a large investment balance.  During our in-depth reviews and planning, Daybreak Wealth helps clients identify and address their financial blind spots across all areas of planning (tax, insurance, estate, investments, social security, Medicare, etc.). In our experience, almost everyone has blind spots, no matter how much investing experience or wealth they have accumulated. These blind spots can lead to undesired outcomes and / or unnecessarily increased risk.

Our experienced team, including both a financial advisor and an estate attorney, works with you to create a comprehensive financial plan that addresses all of your financial needs, including investments, taxes, insurance, estate planning, and asset protection. After the initial implementation, Daybreak Wealth uses an ongoing client service calendar to ensure that your plan is always up to date and that all of your planning areas are coordinated.

If you’re not sure if you’re on track to reach your financial goals, we encourage you to contact us for a free consultation. Daybreak will help you identify your blind spots and collaborate with you to create an individualized plan to reach your goals.

Who will help my family if something happens to me?  / Will my spouse know how to find the money and access it if something happens to me? / My spouse used to take care of the finances and I’m not confident about next steps?

In many couples, one partner takes on the primary responsibility for managing the family finances.  This can be a challenge if the financial management partner experiences an unexpected event, such as a death or disability. The other partner (or assigned guardian) may not know where to find the money or how to access it.  At Daybreak Wealth, our experienced team helps our clients navigate both the estate and financial aspects of a transition.  We will guide the survivor through the transition process and help them become comfortable managing the estate moving forward. 

How will my life change if there are fundamental changes to Social Security or Medicare?

Fundamental changes to Social Security and Medicare include the possibility of reduced benefits, increased costs, changes to eligibility, and changes to program design.  These changes could have a significant impact on your retirement planning.  At Daybreak Wealth, our team will help you think through any modifications to these government programs.  We always start with the current laws, but we also show reduced benefits’ effects on your plan.  When the government proposes potential changes, we will work with our clients to think through the implications and adjust their plans accordingly.

How do my wills and trusts work?

At Daybreak Wealth, we create a custom estate map (visual flowchart) for each client that visually illustrates what will happen to their assets after their death.  The estate map allows us to formulate new planning ideas and present these ideas to the client in a clear manner.  The estate map also helps us work with clients so that they better understand their plan’s effects on tax, asset protection, and current family dynamics. As part of the mapping process, Daybreak Wealth also helps clients understand which assets will transfer automatically to their beneficiaries upon their death and which will not. 

Is my data safe?

At Daybreak Wealth we take data security seriously.  We encourage all clients to use secure passwords and enable two factor authentication whenever possible.  Daybreak Wealth only communicates sensitive details via our secure portal (powered by Advyzon) or secure email (powered by Appriver).  We would be happy to provide you a copy of our partner providers data security polices upon request. 

What is the best way to gift to our kids?

As parents, we know the delicate balance of wanting to help our kids without hindering their motivation to figure things out for themselves. Factors to weigh when considering a gift often include weighing your goals (what do you hope to achieve by giving kids a gift?), your children’s maturity level (how responsible are they with money?), and tax implications. Daybreak Wealth has extensive experience in estate planning and investment management. We have helped clients with a variety of gifting strategies, from straightforward annual exclusion gifts to complex gift planning involving trusts and family management companies. No matter your situation, we can work with you to develop a gifting plan that meets your family’s needs.

I don’t want to research anymore, but have I made the right decisions?

We understand that you don’t want to research anymore, but you still want to feel confident that you’ve made the right financial decisions.  At Daybreak Wealth, we focus on the complete picture and track both proposed federal and state law changes and newly passed legislation affecting personal finance.  We have built a team with diversified skills and deep experience to work with our clients to review every area of their financial lives to make sure each area is optimized.

I have more than anticipated, now what?

Many Daybreak Wealth clients have been fortunate in accumulating assets.  They have invested and built assets over time by consistently spending less than their earnings and controlling debt.  Other clients may have received an inheritance or had an equity event at work.  In each of these situations our clients find themselves in a new financial position that requires decisions.

I’m stuck on what to do next, who do I call?

At Daybreak Wealth, we are focused on guiding our clients through the entire process.  If your plan requires work with another professional, we will help you identify who to call.  We will also offer to be part of those communications or craft them on your behalf.  You will no longer be navigating a complicated system alone.

Have I made the right decisions?

We are our client’s decision-making partners.  At Daybreak Wealth, we are committed to capping our client base so that we can be available to help our clients think through decisions.  In our experience, once our clients understand their choices and options they no longer left wondering if they made the right decision. 

If I hire you, will you listen to me?

Unfortunately, financial service professionals have a reputation for talking at people.  It is our general impression that most financial professionals want to sound smart and impress their clients with their vast knowledge.  At Daybreak Wealth, we take a different approach.  It’s your money.  We want to be your partner and really understand you and for you to understand your decisions.  The team at Daybreak Wealth will absolutely share what we know, in a way that you can understand.  We will provide guidance and make recommendations, but the final decision is always yours.