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Have you scheduled your fiscal health review?

As many of us are getting together documents in advance of filing our tax returns, this is a great time to review your fiscal health. A few things you may want to consider:

  • Cash flow – Do you know what you have coming in and out each month? Are you living within your means, allocating money to cover fundamental, intermediate and long term needs?

  • Debt – Given the volatility of the interest rate environment, have you reviewed your current debts and the interest rates you are paying? Do you have a plan for paying these off efficiently?

  • Savings – Do you have enough money in savings to cover unexpected or significant expenses?

  • Investments – Have you reviewed your contribution level and performance of your accounts against your goals? Are you still comfortable with the level of risk you are assuming based on your circumstances?

  • Insurance – With the drastic changes in real estate values, are you still appropriately insured against damages or loss? Have you reviewed the values of other tangible assets and collections? Have you reviewed life, disability and health insurance coverage?

  • Tax – Have you prepared a list of questions and updates for your tax advisor so they can explore options to create tax efficient solutions?

  • Estate/Legacy – Do you have a will or trust? If so, when was the last time you reviewed these to ensure they reflect your wishes? Are your beneficiaries on your retirement and insurance accounts updated?

It is important to engage your team of experts and advisors on a regular basis to ensure all aspects of your fiscal plan complement your overall strategy, especially the impact of business strategies on your personal planning, and vice versa.

Note: ESC Strategy does not provide specific advice on tax, investments and insurance. Please contact your advisors directly.


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