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End-of-Summer Checklist: 5 Financial Considerations and Annual Maintenance Reminders ✅

Writer's picture: John A. WhiteJohn A. White

Updated: Sep 24, 2024

As summer comes to a close and we transition into fall, it’s an excellent time to review your financial strategies. At Financial Guideposts, we believe in proactive financial planning to help you stay on track with your goals. Here’s a checklist to ensure your financial health is in top shape as we move into the new season.


1. Prepare and/or Revise Your Personal Inventories

Maintaining a detailed list of your financial assets is essential for comprehensive planning. We recommend keeping a current inventory of where your assets are held, along with contact information for your financial advisors, tax preparers, and estate planning attorneys. At Financial Guideposts, we offer a secure platform to help you store and organize these critical documents.


Your inventories are only useful if they’re up to date, so regular reviews are essential. Take time to refresh them before the busy fall season begins. Doing so not only ensures your family has access to the latest information but also provides clarity and guidance in times of urgency. Think of it as creating a roadmap that gives your loved ones confidence and ease during difficult times.


2. Consider a Family Meeting with Your Adult Children

Transparent communication is key, especially when your adult children are named in your estate planning documents. Organizing a family meeting can significantly enhance this transparency. Let your children know where important documents are stored and who they should contact in an emergency. Start with the basics and gradually expand into deeper discussions about roles and responsibilities.


If you own a family business or foundation, these meetings are invaluable for preparing your children for future responsibilities. Involving them in these conversations fosters transparency, preparedness, and understanding of your intentions. At Financial Guideposts, we have helped numerous families conduct these meetings to ensure unity and prevent disputes over finances.


3. Ensure Your Adult Children Have Power of Attorney and Advanced Directive Documents in Place

Once your child turns 18, they are legally an adult, which changes your rights as a parent. It’s crucial to have Power of Attorney and Advanced Directive documents in place for them. These allow you to assist with financial and medical decisions in case of emergencies.


If your child is moving out of state, consider preparing these documents for both your home state and the state where they will be living. This small step can save precious time in an emergency, ensuring decisions can be made without delays due to jurisdictional issues. Setting up these documents provides peace of mind for both you and your child as they transition into adulthood.


4. Create or Review 529 Plans for Your Children or Grandchildren

With the back-to-school season in full swing, now is the perfect time to focus on education savings. If you haven’t already, consider establishing a 529 plan for your children or grandchildren. These tax-advantaged plans are an effective way to save for future education expenses.


If you already have 529 plans, take this opportunity to review their progress. Check if the investments are aligned with your risk tolerance and whether they’re on track to meet the rising costs of tuition. Regularly reviewing your 529 accounts ensures that your loved ones are set up for success, and at Financial Guideposts, we are committed to helping you maximize these plans.


5. Start Early with Year-End Gift Planning

To maximize your annual gifting strategy, early preparation is key. Begin planning for gifts of business interests or other assets that may require valuations or appraisals. Getting started early ensures that these are completed in time, allowing you to make the most of your gifts and efficiently use your lifetime gift and estate tax exemption.


If trust agreements are part of your plan, starting the process early allows for ample time to review and get comfortable with the terms. Trusts can be complex, and understanding their impact on your overall financial strategy is critical. Thoughtful preparation ensures that you’re making informed decisions that will benefit your loved ones in the long run.


Conclusion

Financial planning is an ongoing process, not a one-time event. As summer winds down, take this opportunity to review your financial strategy and make necessary adjustments. At Financial Guideposts, we are here to help you stay on course, ensuring that your financial goals are met and your future is secure.


✅ Talk to John White

Are you ready to get your financial house in order? Schedule a call with John White today! With over 30 years of experience helping families navigate the complexities of financial planning, John brings a wealth of knowledge and genuine care to every consultation. 



At Financial Guideposts, we are passionate about guiding you to where you need to be to ensure you and your family live your best, most stress-free life. Our mission is to keep your family financially protected, no matter what happens. Let us help you achieve peace of mind and financial security. Schedule your call with John White now and take the first step toward a brighter financial future.



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