Strategies to review when dealing with your finances

If you have or are thinking of getting a financial plan, there are many parts involved. Here is a baker’s dozen worth of strategies to think about.

I call it Topics For Review, a check-the-box form used with my clients.

1. Talk about financial and estate plans with family members or confidants. Being secretive can only hurt because your wishes might not be carried out. Then get a written, comprehensive plan from a financial planner.

2. If you’re working, consider disability insurance. When you are sick, the bills keep coming.

3. There may be a danger of depleting assets and outliving your income. You may need help deciding what is important, what is not and how far you can stretch your money.

4. Most retirees want to stay in their home, but it can be expensive. Check to see what various retirement centers have to offer. Their costs are usually lower than trying to modify and stay in your home.

5. Here are three longevity questions about where to live: Who will change my light bulbs? How do I get an ice cream cone with no transportation? Who will I have meals with?

6. You may manage your money today, but who will manage your money tomorrow? You have to trust somebody in writing ahead of time. If you don’t plan, others will plan for you.

7. Sufficient wealth or long-term-care insurance means you are in control. Without money, you lose control. Extra money from life insurance is for those you leave behind.

8. Certain investments have unique features of asset protection. It would be a shame for a life’s work to be taken away because of an error or accident.

9. Work with your tax adviser or other advisers about tax planning. A penny saved is a penny earned.

10. Debt management has many strategies. Talk to your banker about an equity line of credit instead of pulling money from an IRA and paying income taxes. Again, check with your tax adviser.

11. You need an estate planning attorney to draw up legal documents to protect you. Once you’re sick or incapacitated, it may be too late. Do it today, because there might not be a tomorrow.

12. Wealth transfer gives heirs and others what you have after you’re finished using it. It’s complicated, and family arguments might happen.

13. It’s your turn to add your two cents.

There are many more topics for review. Remember, this is a starting point. This is plenty to talk about and lots of details to work out. It should be done. We all know it.

This story was originally published June 12, 2017 at 12:55 PM with the headline "Strategies to review when dealing with your finances."