New Year’s Resolutions

New Year’s Resolutions

By: Martin M. Shenkman, CPA, MBA, JD

  • 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 who is 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 that you use.
  • 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.
  • Distribute a list of emergency contact information to key people.
  • Have a trustee meeting with investment, legal and tax advisers for every trust for which you are a trustee. Be sure you are 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, save the photographs and negatives, or CD/DVD's, in a safe deposit box, and another set with family or a trusted friend.
  • Do not forget about Fido. Does your power of attorney, emergency letter of instruction, and will assure protection for your furry friends?

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