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Frequent Contributor

Year end to do topics

Every December, I make it a priority to review/update my will, estate plan, letter of instruction, and worksheet contain account numbers, locations of safe deposit boxes, essential phone numbers, etc. Anyone that has acted as an executor can appreciate how much time and effort can be saved by having this information readily available. Survivors should also have a place to find bill due dates, RMD information, tax requirements, etc. While we may feel invulnerable, we should all prepare the inevitable.

Below are two references that some may find helpful. The first is a convenient way to organize important information.

The second is an overview that may shed some light for those beginning to work on a plan.


https://www.troweprice.com/content/dam/iinvestor/Forms/family-records-worksheet.pdf

 

https://www.troweprice.com/content/dam/iinvestor/planning-and-research/Insights/estate-planning-guid...

"There seems to be some perverse human characteristic that likes to make easy things difficult.---Warren Buffett"

veni vidi vici vti
4 Replies
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Frequent Contributor

Re: Year end to do topics

Wise advice.

Bob

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Explorer ○○

Re: Year end to do topics

Thanks Bentley.  That's a great list.

We bought our current home about 4 years ago.  Each year we like to find a reasonably small to mid sized remodeling project for January.  The project is usually picked months in advance and I save up to pay cash.  In December I work on details with the wife as well as put together a list of contractors I want to call.  I might get estimates in December or wait until January depending on our schedules.

I am not all that skilled and make enough behind a desk now that I don't do much sweat equity anymore.  I find many contractors will easily answer their phone and give their undivided attention in the winter months.  We get a lot of rain in the winter here so if it is an outdoor job and they can't do it right away we are one of the first jobs on their list when the weather gets better.

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Participant ○○○

Re: Year end to do topics

Hi,

@Bentley 

All good suggestions, but I wouldn't put them in the category of my year-end to-do list.  

This is a busy time of year with the holidays.  Better to put what available time one has to estimate your current year taxes, simulate and fund any IRA-to-Roth conversions, charitable contributions/bunching deductions (or not) and other taxable or tax avoidance issues along with paying any remaining federal/state estimated taxes and perhaps writing allowable $15,000 gift checks, as applicable ... et cetera.  

Perhaps selecting another time of the year, such as springtime when daylight savings kicks in might be a better trigger to do those sort of things.  YMMV.  

ctyankee

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Frequent Contributor

Re: Year end to do topics


@ctyankee wrote:

Hi,

@Bentley 

All good suggestions, but I wouldn't put them in the category of my year-end to-do list.  

This is a busy time of year with the holidays.  Better to put what available time one has to estimate your current year taxes, simulate and fund any IRA-to-Roth conversions, charitable contributions/bunching deductions (or not) and other taxable or tax avoidance issues along with paying any remaining federal/state estimated taxes and perhaps writing allowable $15,000 gift checks, as applicable ... et cetera.  

Perhaps selecting another time of the year, such as springtime when daylight savings kicks in might be a better trigger to do those sort of things.  YMMV.  

ctyankee


 

 Year-end works well for me since all my plans are already in place. I have no desire or need to "simulate and fund any IRA-to-Roth conversions," my charitable contributions are made in June, my CPA send me my estimated quarterly payments.

 This year it took me about ten minutes to pull up TRowe organizing worksheet, change the name and phone number of new CPA and print a copy for my wife's file.

"There seems to be some perverse human characteristic that likes to make easy things difficult.---Warren Buffett"

veni vidi vici vti
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