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Essential Year End Financial Planning – Part One

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This is Part 1 of the essential year end checklist you need to review to maximize your financial health in 2019 and beyond! 

Review Your Health Insurance Plan

Whether you have an employer-based plan, a private plan, or Medicare, NEVER automatically assume that the plan you selected last year will be best option for you and your family next year.  Your health needs change, as do the benefits offered by the insurance plan.  We can help you assess your current health insurance plan to ensure it remains aligned with your current health and financial situation.

Review Your Beneficiaries

Financial statements, whether for investment accounts, retirement accounts, annuities or life insurance, may not indicate current beneficiary elections.  Take this opportunity to view your account profile online or pick up the phone and call the institution to ask who is presently listed as beneficiary on each of your accounts.  If none is listed or if a change is necessary, now is a great time to do it.  Its painless and will give you more peace of mind!

Review Asset Titles

If you established a Revocable Trust (aka Family Trust, Personal Trust, Living Trust) during the past year (or before) and have not yet re-titled your assets in the name of the Trust, take this opportunity to do it.  Assets to be titled inside the Trust generally include:  Real Estate, Checking/Savings accounts, and taxable investment accounts.  You will need a copy of your Trust and/or Trust Certificate, depending on the institution.  And again, its painless and provides even more peace of mind!

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