Your Legacy Planning Year-End Checklist

Have you reviewed the progress of your legacy plan and set priorities for the following year?  Use this nine-point Aurora Legacy Planning Checklist to assess your progress and set an action plan for the coming year.

1. Tax planning. Have you reviewed your potential income deferrals and deductions to reduce taxable income, including finalizing charitable contributions?
2. Values and goals. What long-term goals are on track, what changes need to be made, and what new goals might you have?
3. Estate planning. Have you assessed changes to family dynamics that may require changes to your estate plan, such as a relative passing away, a child no longer a minor, or health issues?
4. Family conference. An annual year-end family meeting may encourage an atmosphere of dialogue where everyone feels comfortable discussing finances without judgment.
5. Educate the next generation. Tailoring information to different aged family members to continue their growth in financial literacy.
6. Charitable contributions. Have you decided on charitable giving to fulfill personal philanthropic goals and optimize tax benefits?
7. Minimum distributions. Did you ensure that you can take all IRS-mandated minimum retirement distributions?
8. Performance review. Analyze your investment’s financial performance over the year, examining investment returns, expense ratios, and financial plan achievements.
9. Setting priorities. Outline your financial objectives for the coming year. This may include anticipated significant purchases, investments, business decisions, or life changes.

Are you looking to end the year on a high note? We offer a complimentary review to evaluate your financial plan and investment strategy. Please contact us to set a time that works for you.