As we are finally bringing this year to a close, take some time to check off a few important items before year-end:

1. Check your overall portfolio allocation

• • 2020 has been a record-setting, volatile year, and it is not over yet, so, have you harvested enough liquidity to capture opportunities moving into 2021?
  • Have you adjusted your holdings for where the market is now or are you still holding onto pre-COVID assets that are no longer viable long-term?
  • What is your advisor’s projected 2021 plan and beyond—long-term horizon 2-5 years into the future— and how will your allocation continue to adapt?

2. Make sure your portfolio is tax-efficient

• • All of the 2020 volatility can create options to capture some losses that will help you offset your gains. Has your advisor analyzed your portfolio and updated you?
  • Have you discussed your 2020 tax situation with your tax professionals to understand projected tax burdens prior to the close of the year?
  • Have you finalized and confirmed any planned donations or tax-efficient contributions before the close of the calendar year?

3. Review your risk-management and overall insurance

• • If 2020 has taught us all anything, it is that uncertainty and the unexpected are always around the corner, so make sure that all of the defensive mechanisms you have in place are current and at the proper levels
  • Insurance needs change all the time, personally and professionally, so there is no better way to tidy up your life than making sure that you are properly protected
  • Verify all your premiums are paid in full and that your policies are in good standing

4. Review your estate plan

• • The close of any year is a wonderful time to focus on family and friends, so as you enjoy your legacy, when is the last time you checked on your estate plan?
  • Unfortunately, even when life is good, you have to be prepared for the inevitable, so make sure that your estate plan reflects any recent changes in your life
  • Family additions, property additions, business adjustments, liquidity events, health changes…any number of events can trigger needs to review and adapt your estate plan

5. Reflect on your year and set goals for next year

• • Despite 2020 and all it has challenged us with, many have fought against the flow to achieve, maintain, or adjust and everyone should take stock of what they have been able to learn from this year
  • If 2020 was up or down, always plan to rise in the future, and where will that plan take you? How can 2021 be your best year, what are your goals, what will you do to get the year kicked off quickly and in the right direction?
  • Always celebrate something. Positivity is infectious, and the best among us chase success, not hide from failure