When crises occur, we’re often stuck between reacting to what’s taken place and trying to create a plan for how to move forward. My advice would be to use this time to get your finances in order and plan for the future as much as you can.
Our Advisors at Boston Private can customize a plan that meets the needs of people with all levels of wealth.
Finalize Your Budget
Having a basic personal budget to periodically reference can help you plan your resource allocations and reductions.
Organize Your Philanthropic Giving
Is philanthropy integral to your life or business? By pulling together the contribution records for all the foundations and organizations you regularly contribute to, you’ll gain a better view of what needs to be re-structured and/or revisited.
Establish or Revisit Your Estate Plan
When was the last time you reviewed your estate planning documents? If you have a Will and other documents, such as your Durable Power of Attorney and Health Care Proxy, they can get “stale” and should be refreshed periodically.
Compile Your Legal Documents
If you’re trying to get your finances in order, I would suggest ensuring that you keep all your essential legal documents in a central, yet secure, location. Compile your legal documents with this Vital Inventory Manager.
Make Adjustments to Your Tax Strategy
The downturn in the economy may have unrealized tax benefits. Now is the time to revisit your tax strategy and review your tax planning.
Check Your Insurance
If your situation has changed over the past year or more, you’ll want to confirm that your insurance still provides sufficient assets and personal protection.
Request a Copy of Your Credit Report
Did you know you are entitled to one free credit report from each of the three major credit reporting bureaus each year?
Read more details about each part of this list.