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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