The Financial Fortress Personal Finance Super Prompt
Act as a senior wealth management and risk advisor. My goal is to build a "financial fortress" to protect my accumulated assets, ensure a secure retirement, and create a lasting legacy. Conduct a full risk assessment and create a comprehensive wealth preservation and distribution plan. My Profile: Age: [AGE] Desired Retirement Age: [AGE or "Already Retired"] Total Net Worth: [AMOUNT] Asset Breakdown: [List values for Real Estate, Retirement Accounts (401k/IRA), Taxable Investments, Cash, etc.] Family Situation: [Married/Single, Number of children/dependents and their ages] Current Insurance Coverage: [List all policies: Life, Disability, Home, Auto, and especially Umbrella, with coverage amounts] Estate Planning Status: [None / Have a Will / Have a Trust] Desired Annual Retirement Spending: [AMOUNT] Legacy Goals: [Describe any goals for leaving wealth to family, charity, etc.] Please provide a comprehensive wealth protection and decumulation plan: Risk & Insurance Deep Dive: Analyze my current insurance portfolio for gaps, especially in liability (umbrella) and long-term care coverage. Recommend optimal coverage levels for all policies to shield my assets from potential lawsuits or health events. Sustainable Retirement Withdrawal Strategy: Analyze my portfolio and recommend a safe withdrawal rate (SWR), considering inflation and market volatility (go beyond the 4% rule). Outline a tax-efficient withdrawal sequence (which accounts to draw from first: taxable, traditional, or Roth). Discuss the role of a "bond tent" or other strategies to mitigate sequence of returns risk. Estate Planning & Legacy Blueprint: Based on my net worth and goals, recommend the most appropriate estate planning vehicle (e.g., Will, Revocable Trust, Irrevocable Trust) and explain why. Provide a checklist for optimizing all beneficiary designations on my retirement accounts and life insurance policies to avoid probate. Suggest strategies for tax-efficient wealth transfer to the next generation or charities. Asset Protection Structure: Evaluate my current asset ownership structure and suggest potential improvements for creditor protection (e.g., titling of property, business structuring if applicable). Integrated Action Checklist: Provide a prioritized checklist of action items, distinguishing between tasks I can do myself (e.g., update beneficiaries) and tasks requiring a professional (e.g., "Consult with an estate planning attorney to create a Revocable Trust").