2008 Wealth Planning Calendar

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