What is the “LifeSpan Process of Tax Resolution and Financial Freedom”?

I chose the name LifeSpan Financial Planning, LLC for my financial counseling and tax planning practice for a specific reason. An effective financial plan should do more than simply help individuals and families reach their financial goals. In my opinion, the planning process should include a holistic approach that addresses life planning goals as well as concepts of money management. A “LifeSpan Plan” helps define what is important to each unique individual and addresses underlying dreams and visions across the entire lifespan. It also helps individuals and families find ways to maximize the resources available to accomplish these lifelong ambitions. My main goal as a professional has always been to help my clients achieve important life goals and understand the role that money plays in their lives.

Financial planning is both an art and a science. Life planning is a relatively new approach that is usually seen as the art or human side of financial planning. The process of life planning is used to help people discover their deepest and most profound lifelong goals. This can be accomplished through a process of self-awareness and inquiry. If major obstacles such as significant tax debt or poor financial management exist it is difficult to focus on life and financial planning goals.

Tax problems create a need for tax and financial planning strategies that will solve tax issues the best way possible. On the surface it would appear to be a fairly simple approach. This assumption is based on the belief that most people deal with money in a rational way. The reality is that there are many cognitive-behavioral factors that operate as barriers to change in the lives of people with tax problems. These tax liabilities are significant obstacles that delay or prevent people from accomplishing their innermost dreams in life.

Tax Resolution and Financial Freedom is a two-stage process that combines two primary areas of focus: tax resolution and financial planning. Tax Resolution and Financial Planning are typically viewed as separate processes. This system simply does not work due to the sometimes conflicting approaches that do not generally work together. You must start the tax resolution process to be able to progress into comprehensive financial planning. The line between the two stages should be viewed as a barrier that stops people from achieving financial freedom. Tax resolution must be achieved prior to working to accomplish most financial planning goals. Otherwise, you will keep running into the brick wall that blocks the path to financial freedom.

As a whole, the “Tax Resolution and Financial Freedom Process” can be overwhelming and confusing. If you break the process into two parts it becomes a more manageable process. A strong need exists to create a new paradigm for dealing with tax problems. Debt is dumb. Tax debt is dumber. Trying to deal with tax and financial problems without a strategic plan is pure stupidity. Good intentions without direction will most likely lead to eventual failure. This step by step plan has been created to provide the direction needed to address tax problems with a plan.