A. For most people, there are 5 life milestones and the following financial planning related questions should be asked:
Do we have sufficient life insurance for the new family? Are we planning for retirement? Are our incomes protected by disability income insurance? How do we plan to purchase the first home?
2. Birth of a Child
Do we need additional life insurance death benefit? Do we want to save money for the child's college?
3. Start of a Business
If it's a partnership, is there a buy-sell agreement in place? Does the business have a retirement plan? Does the business have Business Overhead Expense coverage?
Is each person's retirement needs still going to be met? Are each person's life insurance needs up to date? If a child is involved, will the financial goals for the child be met?
You have spent your lifetime accumulating retirement assets, now is the distribution phase. Will you run out of money? What's your distribution strategy?