2008 Wealth Planning Calendar

By Darlynn Morgan

We start the year with good intentions, don't we? As you approach 2008, here is a guide for tackling the items that will improve your financial life. Instead of becoming overwhelmed, approach the year in "month-sized" portions.

January
Planning Idea: Have changes in your personal situation occurred in 2007? Did you get married, have a child or grandchild, become widowed or divorced- there may be important new legal and financial considerations that now come into play. These might include adjusting your budget or reviewing beneficiary designations on life insurance and retirement accounts, property ownership, providing for children's welfare, estate planning, and payroll deductions.

February
Planning Idea: Give thought to your estate plan-to how you intend your assets to be distributed at your death. Federal estate tax may be a factor. Estate tax will apply for 2008 if net assets left to persons other than your spouse or charity exceed $2,000,000. And if it's been awhile since you have reviewed your estate planning documents, then you must see an attorney to ensure that everything is up to date.

March
Planning Idea: How are you doing on your retirement funds? Review the asset allocation of your portfolio. Contact a Financial Advisor for professional advice in determining how much you should be saving and what the best investment vehicles are.

April
Planning Idea: Prepare a Location List - a comprehensive list of all your accounts, financial and otherwise, and all Internet usernames and passwords. Keep it in a secure location to avoid identity theft.

May
Planning Idea: Evaluate the protection of your assets. Review your Homeowners Insurance; Car Insurance; Investment Property/ Casualty Insurance. Perform an inventory of your non-financial assets (home, furniture, cars, personal belongings) to ensure that your property insurance coverage is adequate for your assets.

June
Planning Idea: This month, review your life, health, and disability insurance policies. Make sure you have adequate coverage. Consult with your insurance advisor as to the appropriate amounts for your age and income. Consider getting Long Term Care Insurance.

July
Mid-Year review: Compare January- June income and expenditures with your budget. Make adjustments as appropriate.

August
Planning Idea: Order a copy of your credit report. A federal law allows you to get a free copy of your credit reports once a year; read it carefully and report any discrepancies to the appropriate agencies to ensure accuracy.

September
Planning Idea: Request a Personal Earnings and Benefit Estimate Statement from the Social Security Administration. Which summarizes your social security earnings history and provides an estimate of the benefits to which you are entitled.

October
Planning Idea: Discuss with your family your wishes concerning health care and funeral arrangements. Not a pleasant task, but it is important that others know your wishes should you be incapacitated. Create an Advance Directive to document your decisions.

November
Planning Idea: Start your year-end planning now. Estimate your taxes due for the year, and determine what steps you should take before year end to minimize them. Consider making charitable contributions before year-end.

December
Planning Idea: Consider paying tax-deductible expenses prior to year-end, contact your tax professional for guidance. If your estate planning indicates a potential estate tax liability, consider making gifts before year-end to minimize estate taxes. You can give away $12,000 a year to each of a number of donees free of gift tax.

[*Always seek Professional guidance to help determine whether, how and when to implement any of these suggestions.]

Want To Use This Article In Your Ezine or Website? You have my permission, as long as you include this complete blurb with it: Darlynn Morgan is an aunt, writer, speaker and Personal Family Lawyer. Darlynn makes it super easy for your family to talk about and plan for sticky subjects like money, death and taxes. Find out more about how you can protect your kids at: http://www.MorganLawGroup.com

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