● Compile
a year-end list of your assets and debts and compare the list to last year. Are
you gaining or losing ground? What actions can you take to improve your
financial situation in 2016?
● Review
your insurance. Do you have disability insurance to replace take-home pay if
you become incapacitated? What about life insurance – will the benefit provide
enough cash to pay your family's expenses in the event something happens to you
or your spouse? Is your home protected with replacement value property
insurance? What about insurance for automobile accidents or lawsuits?
● Update
your will and estate plan. What changed during 2015? Did you marry? Divorce?
Have a child? Move to a new state? Receive an inheritance? All of these events
can affect your planning. This year, you can leave up to $5,450,000 to your
heirs with no federal estate tax liability. But that doesn't mean you can
ignore estate planning, which includes expressing your wishes for who will make
decisions for you in times of emergencies as well as who will receive your
assets.
For more suggestions, call us at (518) 798-3330.
We're here to help.
