December 2014

2015 New Year’s Resolutions

Whether you have kept all your prior resolutions or not, it's a wonderful idea to be proactive and consider in advance how you want 2015 to look. With this in mind, here are some ideas we believe you should consider for your 2015 New Year's Resolutions' list.

Family. Has your family changed? Do you have a son or daughter getting married or new grandchildren? Are there career changes for anyone included in your estate plan? Deaths? If there have been any significant changes in your family or assets, you may want to update your estate plan to maximize the protection it will give for your current situation.

Retirement Plans and Life Insurance. After you signed your new Will (and trust), did you follow-up and make sure beneficiary designations on retirement plans and life insurance policies were coordinated with the new plan? If not, please resolve to do this now (and follow-through.)

Tax Planning. If your year-end tax planning shows the need to prepare differently for tax time, have you taken steps to implement these, such as working with your payroll company or bookkeeper to make withholding changes?

Business Owners

  • Records. There are some things we hear from entrepreneurs on a regular basis, including "Our corporate book is not up-to-date." It is valuable to have these corporate records in good order. Taxing authorities, lenders and investors will all take a close look at these many times. We've helped clients bring these current at the last minute, and in advance of any issues. Naturally, it's much easier done before there is an urgent need.
  • Buy-Sell Agreement. What price would your family receive for your company shares if you died in 2015? What would you have to pay if your partner died in 2015? If you're not sure, you will want to find out.
  • Expansion. Have you started doing business in any other states? If so, you may need to register your company there.
  • Employees. Are your Employment and Non-Compete Agreements with key employees in good order?