What items are on your list to do in the beginning of this year?

Taxes– First, let’s get our taxes prepared by a Certified Public Accountant.  Improve upon your system to keep track of your tax matters for this coming year.

Estate Planning- Next, make sure your estate planning documents are up to date and all of your assets are in the names of your trust(s).  Also, double check who your beneficiaries are on your retirement accounts and life insurance policies.  If you have not prepared for your disability or death with estate planning documents, then it is time to do so.  It will be more of a problem for your heirs if you do not do any planning.  If you have not reviewed your documents in a long time (3-4 years), it is time to do so.  Are your alternate Trustees and Executors appropriate?  Are your children no longer minors and would it be appropriate to name them as successor Trustees and Executors?

Preservation of Assets- This may mean repairing the roof to your or your parents home or selling assets in your retirement plan to provide you with sufficient cash for your first year’s withdrawal.  You can inventory and keep track of your assets by simply making a list of them.  Call an experienced financial planner for advice.  

Communicate-  Write a letter or send a note to your family or friends. Phone a friend you have not spoken to in a long time. 


Shannon O'Neill