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Pointers for Year-End Planning by December 31


Ny 2015Every year end provides an opportunity to look back and then plan for next year. With the end of 2014 rapidly approaching, that opportunity would be right about now.

Don’t know where to start?

Fortunately, a recent article from kjrh.com, titled 7 financial steps to take before New Year's Eve, will help.  Here are a few of those key steps to consider:

Wait! Didn’t 2014 just start?

Nope. It's true, the year is just about over. But you can still make a big impact on your financial future before ringing in the New Year.

Make a plan to get out of debt. Ok, you probably can’t get out of debt between now and New Year’s. However, you can get set up to be debt-free very soon. The original article says that the first step is to watch your spending over the holidays, but don’t overdo it. It only makes it more difficult. Next, create a system to eliminate debt by first consolidating and refinancing to the lowest possible interest rate. Once you do that, “bust a move” to pay off the highest cost debt and make minimum payments towards your other credit card balances.

Track your spending. Even if you aren’t in debt, it’s very important to figure where and how much you spend on a monthly basis. Once you know this, you can see if you’re spending wisely or if you need to make some course corrections. The neat thing about tracking your spending before New Year’s is that you get into the routine of your system—plus if you are using a spreadsheet or accounting software, you’ll also simplify your tax reporting, especially if you do your own taxes.

Review your estate plan. Typically things slow down at work during the holidays, which allows you a little time to get to items you may have been putting off, like estate planning. It’s a favorite of procrastinators! Find an experienced estate planning attorney and get started.   Don’t take chances. Read the original article and learn more about these steps and others. Just don’t wait until “after the holidays”!

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: kjrh.com (December 2, 2014) 7 financial steps to take before New Year's Eve

 

 

 

 

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The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.