Wolk Financial Management
Evan Wolk, Managing Director of Wolk Financial Management, Inc. has over 27 years’ experience in the financial services industry. Prior to founding WFM, Evan worked for Smith Barney in Boca Raton where he provided his clients a broad range of financial services including the development of investment strategies and the implementation of comprehensive financial plans. His experience includes equities, 529s, fixed income, managed funds, insurance and retirement planning. As a financial advisor and independent contractor with KMS Financial Services, Inc., Evan is not tied to a specific company's products or required to use proprietary funds; he has the freedom to align his clients’ needs with the most appropriate products. Additionally, he holds the Chartered Retirement Planning Counselor designation.
Throughout his years of service, Evan has identified two primary needs facing his clients today, retirement planning and education planning. Quite often, these issues are intertwined. Evan is able to see “the big picture” and understands that decisions involving both areas cannot be made in a vacuum. He is known for his ability to ask the right questions and assist his clients in developing a plan to achieve their goals.
Prior to moving to South Florida in 2002, Evan was a Vice President in the Securities LendingDepartment of J.P. Morgan (formally chase Manhattan/Chemical Bank) where he was responsible for the sales and trading of a $100 billion highly successful diversified securities lending program. He also spent four years with Yasuda Bank and Trust Company (U.S.A) where he served as the investment manager of the securities lending department.
While attending The George Washington University in Washington, D.C., (where he earned a B.A. in International Affairs with a concentration in International Economics) Evan worked for the United States Department of State where he served as an Intelligence Operations Specialist responsible for preparing the daily classified morning summary of intelligence reports for the Secretary of State.
Since relocating to South Florida, Evan has become an active member of the community consulting the City of Parkland on their Police Officer Defined Benefit Plan. He currently serves as the Chairman of the Parkland Chamber of Commerce where he has been an active member for over twelve years.
BA, International Affairs, The George Washington University
Assets Under Management:
Securities and advisory services offered by Evan Wolk through KMS Financial Services, Inc., Member FINRA, SIPC. Evan is currently licensed in the following states: CA, CO, CT, FL, MA, NJ, NY, VA and WI.
Evan Wolk Investopedia
I would suggest you consider these new funds from this setllelemt in conjunction with your total financial situation, including the status of your home (rent or own) your other investments and and debt you may have. All the investments listed (and others not mentioned) have pros and cons that may not be purely financial considerations. Purchasing a property to rent may include issues with tennants and may over allocate your family to localresidencial real estate if you purchase near your primary residence. If you already have a stock portfolio any addition may leave you over exposed to market corrections, and thougj franchise ownership may be a great way to grow capital it requires experience, exprtise and potentially signifigant management responsibilities.
Adddtionally, if your family has signifigant debt it may makes sense to pay that down with the windfall.
My recomendation would be take an acurate inventory of current financial situation, factor in the addition of the settlement, define and quantify what you mean by "secure your family's future", examine your risk tolerance and the time frames you are working within and devise an overall plan. It may make sense for you to find a qualified financial advisor for assistance.
Congratulations on thinking of your future at a relatively young age, the longer you plan for the future the better the chances for succesful outcomes. Depending on how much you are looking to invest and your current (and expected future) tax situation as well as your employment status (does your job offer a retirment plan, a 401(k) for example) you may want to consider a ROTH IRA or a Traditional IRA. You should have a discusion with your CPA/Accountant to decide which (if any) of these vehicles makes the most sense for your situation.
You should then invest whatever assets you have in a proper allocated portfolio dependant on your age, time horizon and risk tolerance.
Your question also mentions an IUL, in general (especially as you say you have no current dependants) I would prefer to keep insurance and investing as seperate (though related) discussions.
It is better to start late than never. The two most important issues to consider for investment decisions are the risk tolerance for the assets and the time frame for when they will be needed. If your parent is 55 years old and in good health it can assumed they may live for over 30 years. What is the financial condition of your parent; are they retired, do they have a pension, what is their Social Security situation, and what are their expected annual expenses? We would need to find out all these answers in order to work towards actual investment advice.
Your question as stated leaves out a great many variables that need to be taken in to account, including taxes, inflation and market variablilty. If we strip out those (and other) variables and assume a 5% straight line return (uncertain at best) $10,000 per month would be $120,000 per year requiring an initial nest egg of $2,400,000. Please understand the tremendous amount potential taxes (and changes to tax code) could have on your plan and the effect of potential future inflation as well as market fluctuations and performance. You also need to account for potential unexpected cash requirements, health issues just being one of the more common.
I would suggest you seek out a competent financial planner who can model the needs and wishes of you and your family (including expected inheritences) in the context of your current portfolio, potential Social Security and any pensions or other sources of income and formulate a plan to give you and your family the best opportunity for success.
It is not a matter of if, but when (and how much) the equity market will decline. Market declines are a normal and healthy part of equity investing, especially if you have what you refer to as a relatively high ratio of risk to return. I would suggest you concern yourself witht he time frame you will need the assets that you are investing. As the timing of these corrections/declines are virtually impossible to predict if you may need those funds within a few years it is likely unwise to expose those funds to equity market risk. If, however, due to your age (49) you have (likley) 15 to 20 years until retirement and hopefully another 20 to 30 years of a healthy retirement those funds have an investment duration that spans decades. As such short term market declines, though painful to endure, should be of less concern to you. Your situation is specific to you, your risk tolerance and time horizon. You should use those factors to determine a correct asset allocation that give you and your family the greatest potential for success.