7 Steps to Take Before 2018

Planning for 2018

The hectic holiday season is in full swing. It is easy to get sidetracked and even easier to set things aside, however, don’t set aside planning for what is important for you and your families security.

Steps to Take Now

1. Cyber-security: Not only do hackers and other cyber-security threats not take a holiday, but they are also especially active as you spend more time online and share sensitive information. Here is a checklist to stay safe and secure online.
2. Beneficiaries: Check all your beneficiaries. Early next year I will be writing in detail about the many issues and common mistakes with beneficiary accounts at financial institutions, insurance policies, deferred savings accounts, and estate plans. In the meantime, be certain your beneficiaries are up to date.
3. Tax Exclusion Gifts: There is a limit on how much you can gift a person in a calendar year. Individuals can make annual federal tax exclusion gifts to a maximum of $14,000; married couples can gift a single person $28,000 without any gift tax. Payments made for medical care or education for an individual qualifies for a gift tax exclusion.
4. Tax Planning: With the proposed new tax bill there are important tax saving strategies to consider before year-end. In addition to maxing out on retirement contributions and college payments (this tax credit may no longer be available in 2018), chance deductions for charitable contributions will be limited in 2018, if tax proposals are passed by Congress. This would be an important time to seek the advice of your CPA or tax adviser.
5. Disability Planning: We are living longer and with that privilege comes the reality that an estimated 80-90% of us will need long-term health care in the future. The need can come suddenly. So we must be prepared with Health Care and Financial Power of Attorney documents and consider Long Term Health Care Insurance.
6. Estate Planning: Be certain your current estate plan is up to date; considering beneficiaries, trustees, executors, agents for Power of Attorney documents and all specific gifts. All accounts and assets should be titled in your Living Trust.
7. Small Business: From taxes to employee benefits, insurance policies, client prospects, client reviews, to 2018 forecasts and plans; now is the time to get ready for a successful new year. Here is a checklist.