CLIENT ANNUAL CHECKUP

The 3-Minute Review

Check the box next to any key item that impacts your situation or needs more research or discussion.

Tax Planning

  • Review sales of any appreciated property including real estate & artwork.
  • Collect cost-basis information on sold securities
  • Review realized and unrealized gains and losses.
  • Check loss carry-forwards from last year.
  • Identify transactions that could improve tax situation.
  • Have tax advisor prepare a year-end tax projection, including AMT.
  • Review potential deductions and credits before year-end.

Education Planning

  • Calculate how much children (or grandchildren) will need for college.
  • Establish a plan for saving the required amount.
  • Open a suitable account (529, Coverdell, UGMA) and develop an investment plan.

Retirement Planning

  • Analyze Roth IRA conversion scenarios: Full vs. partial vs. none.
  • Max out 401 (k) contributions including catch ¬up contributions.
  • Max out IRA contributions including catch-up contributions.
  • Open a retirement plan if newly self¬-employed.
  • Take required minimum distribution from IRA.
  • Review overall retirement income strategy

Investments

  • Confirm investment goals and strategy
  • Review asset allocation and risk tolerance
  • Review fundamentals of portfolio positions.
  • Revisit income and savings needs.

Insurance

  • Review life insurance policies.
  • Review costs of current insurance policies.
  • Review health insurance coverage.
  • Identify changes in life, business, or financial circumstances that may require insurance adjustments.
  • Make sure you have adequate coverage and necessary policy features for:
    -Health
    -Disability
    -Long-Term Care
    -Life
    -Auto
    -Home
    -Umbrella

Health

  • Calculate medical expense deductible. Consider pushing forward or delaying medical treatments
  • Spend any remaining balances in Flexible Spending Accounts.
  • Review Medicare enrollment options.

Milestones

  • 50: Now you can make catch-up contributions to IRAs and some qualified retirement plans.
  • 55: You can take distributions from 401 (k) plans without penalty if retired.
  • 59 ˝: You can take distributions from IRAs without penalty.
  • 62-70: You can apply for Social Security benefits.
  • 65: You can apply for Medicare.
  • 70 ˝: You must begin taking RMDs from IRAs.

Debt Management

  • Compare the interest rate on home loans with prevailing rates, and consider refinancing.
  • Check the terms of credit cards, and switch to lowest-cost cards, if necessary.
  • Consider consolidating student loans to reduce interest rate.
  • Assess the level of debt, and implement a plan for reducing it.

Estate Planning

  • Review all beneficiary designations (IRAs, retirement plans, life insurance policies) and update if necessary
  • Review will and/or trust documents, and update if necessary.
  • Execute durable power of attorney.
  • If no estate planning is done, make an appointment with attorney to develop a plan.

Life Events

Could one or more of the following events happen within the next five years?

  • Move
  • Job change
  • Marriage of self or family member (child, parents)
  • Birth of a child or grandchild
  • Divorce
  • Widowhood
  • Inheritance

Emergency Planning

  • Set aside ___ months' expenses.
  • List other resources (home equity, personal line of credit) available in case

Notes and Next Steps:








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