April is a Good Time

It was windy in lower Westchester County late last week. I think that was because of the collective sigh of relief that everyone was feeling as they got their tax returns into the mail before the April 15th deadline.

But before you pack away your financial papers for another year, it might be a good time to take stock and do a bit of financial planning.

First of all, tax planning should not be something you do only in late December and in early April each year. It should be on going throughout the year.

Secondly, check your wills. Are they up to date? The bull market and hot local real estate market may mean that your estate has increased in size. Does your will reflect a large increase in your net worth? Have your made any direct bequests in your original will? Do these designations still make sense to you? If you named executors and guardians for your children, do you still want these same people to serve in those roles?

You should also review your investments, especially any retirement accounts that you might own. Don't hold onto a stock or a mutual fund with the misguided hope that it will bounce back or recoup its losses.