| We start the year with good intentions, don't | | | | Planning Idea: This month, review your life, |
| we? As you approach 2008, here is a guide | | | | health, and disability insurance policies. |
| for tackling the items that will improve your | | | | Make sure you have adequate coverage. Consult |
| financial life. Instead of becoming | | | | with your insurance advisor as to the |
| overwhelmed, approach the year in | | | | appropriate amounts for your age and income. |
| "month-sized" portions. | | | | Consider getting Long Term Care Insurance. |
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| January | | | | July |
| | | | |
| Planning Idea: Have changes in your personal | | | | Mid-Year review: Compare January- June |
| situation occurred in 2007? Did you get | | | | income and expenditures with your budget. |
| married, have a child or grandchild, become | | | | Make adjustments as appropriate. |
| widowed or divorced- there may be important | | | | |
| new legal and financial considerations that | | | | August |
| now come into play. These might include | | | | |
| adjusting your budget or reviewing | | | | Planning Idea: Order a copy of your credit |
| beneficiary designations on life insurance | | | | report. A federal law allows you to get a |
| and retirement accounts, property ownership, | | | | free copy of your credit reports once a year; |
| providing for children's welfare, estate | | | | read it carefully and report any |
| planning, and payroll deductions. | | | | discrepancies to the appropriate agencies to |
| | | | ensure accuracy. |
| February | | | | |
| | | | September |
| Planning Idea: Give thought to your estate | | | | |
| plan-to how you intend your assets to be | | | | Planning Idea: Request a Personal Earnings |
| distributed at your death. Federal estate tax | | | | and Benefit Estimate Statement from the |
| may be a factor. Estate tax will apply for | | | | Social Security Administration. Which |
| 2008 if net assets left to persons other than | | | | summarizes your social security earnings |
| your spouse or charity exceed $2,000,000. | | | | history and provides an estimate of the |
| And if it's been awhile since you have | | | | benefits to which you are entitled. |
| reviewed your estate planning documents, then | | | | |
| you must see an attorney to ensure that | | | | October |
| everything is up to date. | | | | |
| | | | Planning Idea: Discuss with your family your |
| March | | | | wishes concerning health care and funeral |
| | | | arrangements. Not a pleasant task, but it is |
| Planning Idea: How are you doing on your | | | | important that others know your wishes should |
| retirement funds? Review the asset | | | | you be incapacitated. Create an Advance |
| allocation of your portfolio. Contact a | | | | Directive to document your decisions. |
| Financial Advisor for professional advice in | | | | |
| determining how much you should be saving and | | | | November |
| what the best investment vehicles are. | | | | |
| | | | Planning Idea: Start your year-end planning |
| April | | | | now. Estimate your taxes due for the year, |
| | | | and determine what steps you should take |
| Planning Idea: Prepare a Location List - a | | | | before year end to minimize them. Consider |
| comprehensive list of all your accounts, | | | | making charitable contributions before |
| financial and otherwise, and all Internet | | | | year-end. |
| usernames and passwords. Keep it in a secure | | | | |
| location to avoid identity theft. | | | | December |
| | | | |
| May | | | | Planning Idea: Consider paying |
| | | | tax-deductible expenses prior to year-end, |
| Planning Idea: Evaluate the protection of | | | | contact your tax professional for guidance. |
| your assets. Review your Homeowners | | | | If your estate planning indicates a potential |
| Insurance; Car Insurance; Investment Property | | | | estate tax liability, consider making gifts |
| Casualty Insurance. Perform an inventory of | | | | before year-end to minimize estate taxes. You |
| your non-financial assets (home, furniture, | | | | can give away $12,000 a year to each of a |
| cars, personal belongings) to ensure that | | | | number of donees free of gift tax. |
| your property insurance coverage is adequate | | | | |
| for your assets. | | | | [*Always seek Professional guidance to help |
| | | | determine whether, how and when to implement |
| June | | | | any of these suggestions. |
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