Planning Potpourri


New Year's Resolutions:

Set up a file with all key medical records for yourself and each family member/loved one.

Review disability, business interruption, and other insurances, as well as your rainy day funds, for emergencies.

Consider how your estate plan affects those receiving it. Focus on their perspective, not just yours.

Back up your home computer and store it with a trusted person geographically distant. Scan all key records onto a CD, DVD or memory stick for emergency use.

Have an annual meeting for every closely held entity (corporation, LP, LLC) you own an interest in. Sign a written record (minutes) of the meeting.

Consolidate your assets to no more than a couple of institutions and prepare an overall asset allocation model of all accounts.

Reduce the number of credit cards and other accounts.

Order credit reports and review them for anomalies and issues.

Review life insurance policies and be sure your coverage is consistent with your goals.

Give something more to charity.

Have an annual review meeting with all your tax, legal and financial professionals.

Review and update your estate planning documents. Yes Virginia, this is important for you, not only your estate planners retirement account.

Distribute to key people a list of emergency contact information.

Have a trustee meeting with investment, legal and tax advisers for every trust for which you're a trustee. Be sure you're meeting your fiduciary obligations and document it.

Evaluate property and casualty coverage. Consider real replacement cost of your valuables.

Buy a fire proof safe for key personal records for your home.

Inventory your safe deposit box.

Photograph every room in your home and office and save the photographs and negatives or CD/DVD in a safe deposit box and another set with family or a trusted friend.

Don't forget Fido. Does your power of attorney, emergency letter of instruction and will assure protection for your fury friends?

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