Here are some important goals you might want to set for the coming new year:
- Make a Will, or review your existing Will and check it for needed revisions.
- Prepare a Living Will, otherwise known as an “advance medical directive.”
- For older clients especially, prepare a Durable Power of Attorney which grants a trusted advisor or loved one the power to act on your behalf should you become incapacitated.
- For small businesses, update your corporate minute books with appropriate corporate resolutions electing officers and directors for the coming year and approving corporate and financial activities for the preceding year.
- Review your insurance picture (auto, home and health) to make certain that you have proper coverages, that the amount of coverage is adequate, and that you are optimizing your premium costs by selecting correct deductibles.
- Review the asset mix in your investment portfolio. Most advisors recommend that younger investors focus mostly on equities, with older investors shifting more and more of their portfolio composition to debt instruments and cash.
- Force yourself to save more. One way to do this is by having your employer deduct a specified amount each pay period and automatically depositing it into your savings account.
- Set up a program to review past-due receivables on a regular basis, and promptly contact late-paying customers to prevent small debts from growing into large problems.
— Kevin Palmer