Broker Check

Jump-Start Your New Year – Part 2

| February 16, 2018

This month we complete our 10 financial best practices to jump-start the new year with tips #6 -10 to help energize your personal wealth management efforts. You can see tips #1-5 online at Let’s jump back in.

  1. Get ready for tax time. The new tax changes signed into law in December don’t apply to 2017 taxes (due by April 17, 2018). Still, there are the usual tax-planning activities to tackle: gathering W2s and 1099s, receipts and expenses, donation reports, etc. As important, be sure to look at all your options to maximize IRA (or Roth IRA) contributions for 2017, including spousal IRAs!
  2. Give your investment portfolio a good inspection. Do you have an investment strategy to see you through good times and bad? Does your portfolio reflect your personal goals and risk tolerances? If you experienced strong growth in 2017, is it time to take some profits and/or to rebalance your portfolio to its original target mix? While investment management is a marathon of patience rather than a shortsighted sprint, now is as good a time to review the terrain.
  3. Ensure your estate plans are current. Do you have wills and/or trusts in place for you and your loved ones? If so, when is the last time you took a look at them? Your family may have experienced births, deaths, marriages or divorces and/or you may have acquired or sold a business. For all these reasons and more, it’s worth revisiting your estate plans periodically.
  4. Have a look at your POA and healthcare directives. Be sure you have the necessary documents in place in case you become incapacitated. As healthcare becomes increasingly complex, advance directives (living wills) play an increasingly vital role in ensuring your healthcare wishes are met should you be unable to express them when the need arises. Get the right documents if you don’t have them, and know where they are if they are needed!

  5. Give your newly adult children the gift of continued care. Have any of your children turned 18 recently? Be forewarned! If you don’t have the legal paperwork in place, hospitals and healthcare providers may not be able to discuss your adult child’s personal medical emergency with you. To remain involved in their healthcare interests, you’ll want to have a healthcare power of attorney, durable power of attorney and HIPAA authorization in place.

With spring right around the corner, now is a great time to spring clean your personal financial life. Let us know if we can help you turn your financial planning jump-start into a mighty wealth management leap. It begins with a meaningful conversation.

Life’s a journey––navigate it wisely!