Year End Planning: Wills, Insurance, Portfolios and Debt

When the end of the year comes around, you are probably more aware than ever that you need to get things in order.  As you begin to tackle all those last-minute things you do at the end of the year, use this checklist to ensure that you are on the right track in regards to your financial planning:

• Make a list of your debt, such as credit cards and loans that you want to pay off or pay down in the upcoming year
• Look over your investment portfolio to ensure that it is still suitable for you in the upcoming year. Working with your tax advisor, sell any stocks for a loss to write off or offset gains.
• Contribute the maximum to your 401(k) and IRA accounts.
• Examine your insurance policies to make sure everything is in order regarding beneficiaries and whether your policy offers the right coverage.
• Review your estate plan to make sure that your will still reflects your personal wishes for the distribution of your assets.