Important dates and timely to-dos for July, August and September.
Assess insurance needs: Periodically review and update coverage to ensure proper protection, especially if you’ve experienced any major life events in the past 12 months.
Update your estate plan: Check the beneficiaries of your IRAs, insurance policies, trusts and any other accounts, and update information that is no longer relevant. Ensure your plan protects you and your family in the case of an unexpected event.
Plan a family meeting: Legacy planning is more than sharing wealth. It also includes passing down family values and history to the next generation. Host a family meeting to share the traditions that can help create a living legacy.
Address life changes: Speak with your advisor about major life changes you’ve experienced and how your financial plan could be affected. These changes include marriages, births, deaths, divorces, a sudden windfall and more.
Check for college deadlines: Many colleges and universities have registration and tuition payment deadlines in the summer months. If you have a 529 plan, make sure to discuss qualified expenses and payment plans with your advisor.
Register with SSA.gov: Check your earnings history for accuracy and review your expected benefits – doing this regularly should ward off error. If you’re close to retirement age, discuss with your advisor when and how you should file to maximize household benefits.
Maximize your charitable impact: To support others during the coronavirus outbreak, the Center for Disaster Philanthropy advises starting with charities you know and expanding your existing giving, especially for nonprofits that provide food and medical relief. From there, try giving to reputable national charities. Do your research before writing a check, and if you have a donor advised fund, consider speeding up your long-term giving plans.
Talk to your advisor to ensure you don't miss any important financial planning dates.
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