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?