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Date
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Item
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Actions
Needed
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Taking
Action
|
Articles
From Library
|
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__/__
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Insurance.
Have
you chosen deductibles that provide lower premiums with an acceptable
level of risk?
Do you have
an umbrella liability policy for potential large damages?
Do you have
enough life insurance including cheaper term insurance?
Have you considered
a life insurance trust to keep insurance proceeds out of your estate?
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1.
2.
3.
|
Meet with an
insurance professional to review all your homeowners, auto and life
insurance needs.
|
Have
an Insurance Strategy
Review
Your Insurance Deductibles
Understanding
and Evaluating Life Insurance
Consider
a Life Insurance Trust
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|
__/__
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Mortgage.
Could
you reduce your monthly mortgage payments by refinancing your mortgage?
Should you consider
some other type of mortgage (ARM, 15 year, 30 year) that corresponds
with how long you plan to stay in your current home?
|
1.
2.
3.
|
Use a mortgage
refinancing calculator to determine if you would save money.
Check current
mortgage rates and compare to what you are currently paying.
|
Evaluating
Mortgage Types
Should
You Refinance Your Home Mortgage
|
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__/__
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Household
spending.
Have
you analyzed your monthly spending to identify ways to save?
Do you have
a household budget?
|
1.
2.
3.
|
|
Household
Spending Analysis Worksheet |
|
__/__
|
Retirement
planning.
Have
you calculated your retirement income and asset needs? Many calculators
can be found on the Internet.
Are you taking
full advantage of your employer's 401(k) plan or other retirement
plan?
Are you going
to make an IRA contribution? If so, make it early.
Should you consider
converting your IRA to a Roth IRA?
|
1.
2.
3.
|
Meet
with a financial advisor to review
your entire retirement planning strategy. |
Rethinking
Retirement
Take
Full Advantage of Your Employer's 401(k) Plan
An
IRA Refresher
IRA
or Roth IRA?
|
|
__/__
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College funding.
Are
you regularly saving for a child's college expenses?
Have you investigated
Education IRAs or Qualified Tuition (Section 529) Plans? The 2001
tax law has enhanced these tools.
|
1.
2.
3.
|
|
College
Funding Options
Saving
Early for a College Education
Investing
College Funds
|
|
__/__
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Your investments.
Do
you have an asset allocation plan to serve as a framework for your
individual investment decisions?
Have you reviewed
your portfolio holdings recently?
Does your investment
strategy match your time horizon and risk tolerance?
|
1.
2.
3.
|
Meet
with an investment professional to review your entire investment strategy,
including your asset allocation and your current portfolio. |
Asset
Allocation
Financial
Market Indicators
Investment
Portfolio Diversification
Investing
in Mutual Funds
|
|
__/__
|
Income taxes.
Are
your withholding and estimated tax payments at the right level?
Have you considered
deferring income to next year or accelerating deductions to this
year to take advantage of next year's lower rates?
Are you possibly
subject to the Alternative Minimum Tax? Stock option exercise, large
deductions or the phase out of the benefits of personal exemptions
at high-income levels could subject you to this tax. Contact your
tax professional if you think you may be subject to AMT.
|
1.
2.
3.
|
|
Developing
an Effective Income Tax Strategy
Year
Round Tax Savings Strategies
Charitable
Giving Strategies
Beware
of the AMT
|
|
__/__
|
Estate planning.
Have
you had your estate plan reviewed recently? If you have moved, had
a change in your family situation (births or deaths) or a change
in your financial status, you may want to schedule a review with
your advisor.
Does your estate
plan provide for the naming of the guardians for your children and
the executor of your estate you wish?
Does your estate
plan reflect the new estate tax laws?
|
1.
2.
3.
|
A Trust Professional
can review your current estate plan, suggest changes and establish
any trusts or other arrangements you may need.
|
The
Basics of Estate Planning
Estate
Planning is More Than Minimizing Taxes
Estate
Taxes Under the New Tax Law
Making
Annual $12,000 Gifts
Revocable
Living Trusts
Consider
a Life Insurance Trust
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