Investors' column: Jim Zientara outlines his financial and estate plan

As the chief financial officer of successful families helping them make financial decisions, here is my financial and estate plan for my wife, Fran, and me. You may find fault with it, but it's our plan subject to updating and new ideas.

1. Institutional asset management designed for growth of capital and income in a diversified portfolio to help fight inflation and provide liquidity.

The stock market goes up and down. The Dow Jones Industrial average 20 years ago was about 5,400. Today it's about 17,500 with generally rising dividends.

Even with bumps along the way, that's impressive. Diversification does not ensure a profit or protect against a loss, but this is our effort to help fight inflation. I rolled over my 401(k) and pension to my IRA.

2. Annuities with guaranteed lifetime income we can't outlive.

My wife and I own annuities with lifetime income benefit riders. Lately, we've been looking into fixed index annuities. Both may offer some asset protection and preservation of capital.

Annuities can have lifetime income benefit riders that are subject to the claims paying ability of the issuing insurance company. There are many annuity options available, so talk to a financial planner about what kind of annuity is best for your individual needs.

3. Section 529 of the IRS Code for a college savings plan with tax-saving ben

efits.

My daughter, Amy, and I wrote an article in the Bradenton Herald on Dec. 1 titled "The 411 about the 529." It sets up accounts to pay for approved educational expenses after high school for our four grandkids.

When money is withdrawn for qualified educational expenses, it is not taxed by the federal government. Certain state residents may receive additional advantages and benefits.

4. Longterm-care insurance so we are not a financial or care-giver burden to anyone.

I wrote an article in the Bradenton Herald on Aug. 19, 2014, titled "Think again about long-term care, it's not just for the elderly." The latest figures from the Genworth 2015 Cost of Care Survey say the average Florida care cost per person is about $262,000 over three years.

The reality is that 70 percent of people turning age 65 can expect to use some form of long-term care. We're trying to protect our nest egg from health issues.

5. Life insurance to create immediate funds to take care of my wife and family.

If I die prematurely, I'd like my wife and family to have lots of extra cash and feel financially secure.

"Dying can be expensive," says a funeral director I talked to recently. Life insurance can create immediate funds.

6. Where to live in safety and security with long-term care options.

Our current home is not necessarily ready for our aging. It might take $50,000 or more to widen the doors, install grab bars, wheelchair access, etc.

I wrote an article in the Bradenton Herald on Dec. 9, 2014, titled "Planning for longevity." It raised three questions: 1) who will change our light bulbs, 2) how will we get an ice cream cone, and 3) who will we have lunch with. Retirement centers may answer these questions.

7. Estate, legacy and charitable planning using a corporate bank trustee.

I wrote an article in the Bradenton Herald on Feb. 2 titled "You have to trust somebody." Being a former trust investment officer at two different bank trust departments, I like keeping our estate intact and governed by a bank as trustee instead of a wealth transfer to the heirs.

We had an attorney draw up living revocable trusts and other documents. The bank acts in our behalf as a fiduciary following our written trust instructions.

If you think your financial and estate plan is better or has unique features, I'd like to see it. Don't have a plan? Why not? There really is no excuse.

If you would like copies of my various published articles, just call me.

Jim Zientara, branch manager and financial planner with Raymond James Financial Services, member FINRA/SIPC. His website is www.thefinancialplanningguy.info and telephone is 941-750-6818 at 11009 Gatewood Drive, Lakewood Ranch. Any opinions are those of Jim Zientara and not necessarily those of RJFS or Raymond James.

This story was originally published April 4, 2016 at 10:57 PM with the headline "Investors' column: Jim Zientara outlines his financial and estate plan ."