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July 2, 2025
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Personal Financial Planning in Staten Island
70+ Years of Guiding Our Clients Towards a Brighter Future
Your Guide to Personal Financial Planning
Personal Financial Planning is essential for anyone looking to secure their financial future and build lasting wealth. In Staten Island, individuals and families benefit from tailored financial strategies that align with their unique goals and circumstances.
At DeFreitas & Minsky LLP CPA Firm, we provide expert guidance in Personal Financial Planning, helping clients navigate the complexities of tax laws, investments, and estate considerations to create a comprehensive financial roadmap.
Why Personal Financial Planning Matters
Effective Personal Financial Planning allows you to manage your resources wisely, prepare for unexpected expenses, and ensure your financial goals are met. The benefits include improved cash flow management, tax efficiency, and peace of mind knowing your future is secured.
About DeFreitas & Minsky LLP CPA Firm
DeFreitas & Minsky LLP brings decades of experience in financial and tax planning, servicing clients across New York including Staten Island. Our team of CPAs is dedicated to delivering personalized solutions with deep expertise in accounting, tax strategies, and wealth management.
Understanding Personal Financial Planning
Personal Financial Planning encompasses analyzing your current financial situation, setting realistic objectives, and developing a strategic plan to achieve those goals. It includes budgeting, tax planning, retirement readiness, and estate planning.
Our approach focuses on proactive management, ensuring that your financial decisions today pave the way for future prosperity and security.
What Is Personal Financial Planning?
Personal Financial Planning is a comprehensive process that helps you evaluate your income, expenses, assets, and liabilities to create a strategy for managing your money. It aims to optimize your financial health while preparing you for life’s uncertainties.
Core Elements of Financial Planning
Key components include budgeting, investment planning, tax optimization, retirement planning, and estate management. Each element is carefully assessed and integrated to build a cohesive plan tailored to your needs.
Key Terms to Know
Understanding essential financial terminology helps you make informed decisions and better engage with your financial planner.
Asset Allocation
The process of dividing investments among different asset categories, such as stocks, bonds, and cash, to balance risk and reward based on your goals and risk tolerance.
Estate Planning
A strategy for managing and distributing your assets during your life and after death, ensuring your wishes are honored and minimizing estate taxes.
Tax Efficiency
Implementing strategies to minimize your tax liabilities legally, maximizing the amount of income and investment returns you retain.
Retirement Planning
The process of determining retirement income goals and the actions and decisions necessary to achieve those goals, including savings and investment choices.
Choosing the Right Financial Planning Approach
Financial planning can be approached in various ways, ranging from limited advisory services to comprehensive planning. Understanding which option suits your needs is crucial for effective financial management.
When Limited Planning Works:
Simple Financial Situations
If you have straightforward financial circumstances with minimal assets and uncomplicated income streams, limited planning may provide sufficient guidance.
Specific Goal Focus
When you need advice on a single financial area such as tax filing or retirement options, targeted planning can be effective without the need for a full financial strategy.
The Case for Comprehensive Planning:
Complex Financial Profiles
For individuals with diverse investments, multiple income sources, and estate considerations, comprehensive planning ensures all aspects are coordinated for optimal results.
Long-Term Wealth Preservation
A holistic plan protects your wealth across generations, incorporates tax-efficient strategies, and adapts to life changes, providing lasting financial security.
Advantages of a Comprehensive Financial Plan
Comprehensive planning offers a clear, actionable roadmap that accounts for your entire financial picture, reducing risks and uncovering opportunities.
It empowers you to make confident decisions with professional support, ensuring your financial goals remain aligned with your evolving life circumstances.
Integrated Strategy
Combining all financial elements into one cohesive plan avoids conflicting strategies and maximizes overall effectiveness.
Proactive Risk Management
Identifying potential financial risks early allows for timely adjustments and safeguards your assets against unforeseen events.
Practice Areas
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Expert Tips for Effective Financial Planning
Start Early and Review Regularly
Begin your financial planning as soon as possible and update your plan regularly to reflect changes in your life and financial landscape.
Prioritize Tax Efficiency
Work with a CPA to implement strategies that minimize your tax obligations and maximize your returns.
Diversify Your Investments
Ensure your portfolio includes a mix of asset types to balance growth potential and risk.
Why Personal Financial Planning Is Right for You
Whether you aim to grow your wealth, prepare for retirement, or protect your legacy, personalized financial planning provides the structure and expertise you need.
Our tailored approach ensures your financial decisions are strategic, tax-efficient, and aligned with your life goals.
When to Seek Personal Financial Planning
Certain life events and financial situations make professional financial planning particularly beneficial.
Approaching Retirement
Planning for retirement income and expenses ensures you maintain your lifestyle and financial independence.
Significant Life Changes
Events such as marriage, inheritance, or starting a business necessitate updated financial strategies.
Complex Financial Situations
Multiple income sources, investments, and estate considerations require professional coordination for optimal results.
Personal Financial Planning Services for Staten Island Residents
Although not physically located in Staten Island, DeFreitas & Minsky LLP offers dedicated financial planning services tailored to the unique needs of Staten Island clients, combining local insight with expert CPA knowledge.
Why Choose DeFreitas & Minsky LLP for Your Financial Planning
Our firm has over 30 years of experience delivering detailed, personalized financial strategies that help clients build and protect wealth.
We stay current with evolving tax laws and financial regulations to provide proactive advice that maximizes your benefits.
Our client-focused approach means we invest time to understand your goals and tailor solutions that fit your unique situation.
Schedule Your Free Consultation Today
Our Financial Planning Process
We follow a structured process to develop your personalized financial plan, ensuring comprehensive coverage of your financial landscape.
Initial Assessment
We begin with a thorough evaluation of your current financial situation, goals, and challenges.
Gathering Financial Information
Collect details about your income, expenses, assets, liabilities, and tax history to form a complete picture.
Understanding Your Objectives
Discuss your short-term and long-term financial goals to align the plan with your vision.
Plan Development
We create a customized strategy that integrates budgeting, investment, tax, retirement, and estate planning.
Strategy Formulation
Design actionable steps and recommend financial products aligned with your goals and risk tolerance.
Review and Feedback
Present the plan to you, discuss adjustments, and refine the strategy based on your input.
Implementation and Monitoring
Support you in executing the plan and continuously monitor progress to adapt to changes in your life or market conditions.
Executing the Plan
Coordinate with financial institutions and manage transactions to put the plan into action.
Ongoing Review
Regularly assess your financial status and update the plan to keep you on track toward your goals.
Frequently Asked Questions About Personal Financial Planning
What is the first step in personal financial planning?
The first step is a thorough assessment of your current financial situation, including income, expenses, assets, and liabilities. This helps identify your financial health and areas that require attention. Understanding your goals is equally important to tailor the plan effectively.Following the assessment, your financial planner will gather detailed information and discuss your priorities to develop a personalized strategy that aligns with your objectives and risk tolerance.
How often should I update my financial plan?
It is recommended to review and update your financial plan at least annually or whenever significant life changes occur such as marriage, the birth of a child, or changes in employment. Regular updates ensure your plan remains relevant and effective.Additionally, market fluctuations and tax law changes may impact your financial strategy, making periodic reviews essential to maintain optimal planning and adapt to new circumstances.
Can a CPA help with tax-efficient investing?
Yes, CPAs are well-equipped to provide guidance on tax-efficient investing. They understand the nuances of tax laws and can recommend investment strategies that minimize tax liabilities while maximizing returns.Working with a CPA ensures that your investment plan integrates tax considerations seamlessly, helping you retain more of your earnings and grow your wealth more effectively.
What makes DeFreitas & Minsky LLP different from other CPA firms?
DeFreitas & Minsky LLP stands out due to our extensive experience, personalized client service, and up-to-date knowledge of tax and financial regulations. We invest time to understand each client’s unique situation and provide tailored solutions.Our commitment to ongoing education and client communication ensures that you receive proactive advice and support throughout your financial journey.
Do I need comprehensive planning if I have a simple financial situation?
Even if your financial situation is simple, basic planning can provide significant benefits such as budgeting assistance and tax filing guidance. However, comprehensive planning may not be necessary unless your circumstances become more complex.A professional can help determine the level of planning appropriate for you and ensure you receive the right advice for your situation.
How does estate planning fit into personal financial planning?
Estate planning is a crucial component of personal financial planning as it determines how your assets will be managed and distributed after your passing. This helps protect your legacy and provides for your loved ones.Incorporating estate planning into your overall financial strategy ensures tax efficiencies and legal compliance, giving you peace of mind and control over your financial future.
What types of clients do you serve in Staten Island?
We serve a diverse range of clients in Staten Island, including individuals, families, and business owners. Our services are tailored to meet the unique financial goals and challenges of each client.Our experience with high-net-worth individuals and complex financial situations allows us to offer sophisticated planning strategies that maximize benefits and reduce risks.
Are your financial planning services available remotely?
Yes, our financial planning services are available remotely, allowing Staten Island clients to work with us conveniently from their homes or offices. We utilize secure communication tools to maintain privacy and efficiency.Remote services include virtual consultations, document sharing, and ongoing support, ensuring you receive comprehensive assistance regardless of location.
How can I schedule a consultation?
Scheduling a consultation is simple—contact us via phone or our website to set up a free initial meeting. During this session, we discuss your needs and how our services can help you achieve your financial goals.We recommend preparing any relevant financial documents beforehand to make the consultation productive and tailored to your specific circumstances.
What should I prepare before meeting with a financial planner?
Before meeting with a financial planner, gather key financial documents such as income statements, tax returns, investment account summaries, and information on debts and assets. This information provides the foundation for your personalized plan.Also, consider your short- and long-term financial goals and any concerns you have, so you can communicate your priorities clearly during the meeting.
Testimonial
WHAT OUR CLIENTS ARE SAYING!
DeFreitas & Minsky maintains high standards, produces detailed information and gets involved with our company so they can understand the operation on a more personal level. The information they provide is always accurate and current. We have been with them for more than 30 years!
4 years agoThis is my second year filing my taxes with DeFreitas & Minsky. I was referred by a friend. Honestly, It’s a blessing sent. Everyone there is professional and knowledgeable about tax codes. They even keep me abreast via email whenever there’s a new tax law and what it entails. I feel safe and sound when doing business with them.
True professionals and attentive to all of my needs. Manny, Melissa, and Michael are all super helpful. They took the time to help me with my taxes, financial planning, and estate tax needs. I highly recommend them.
We’ve been working with Manny for the last 10 years. Whenever we have a question he’s there and if he’s in a meeting during Tax Season (it happens), Jay is always there. Thank you Gentlemen.