10 Planning Ideas to Keep Your Finances on Track in 2020
It’s important to evaluate your resources and spending to ensure you are on track to meet your personal goals. Ferguson Wellman and West Bearing’s team can provide resources to help you identify planning opportunities.
On the heels of strong equity performance and tax law changes, it may be appropriate to evaluate your risk tolerances and confirm you have the optimal asset allocation and tax strategy in place.
Here are 10 planning ideas to keep your finances on track:
Evaluate your resources and spending to ensure you are on track to meet your personal goals.
Confirm you have the right asset allocation strategy in the context of where you are at in your life and the current economic cycle.
Manage your income tax strategy and update if need be with your CPA and portfolio manager.
Review and consider possible updates to your estate plan with recent tax law changes.
Make sure the titling of your assets and beneficiary designations are appropriate and correct.
Optimize your charitable giving impact and strategies.
Consider funding educational accounts for children or grandchildren.
Evaluate your risk preparedness including review of your umbrella and other insurance.
Plan your future Social Security withdrawal strategy.
Schedule a collaborative meeting with your portfolio manager, CPA and attorney.