One thing that we can all agree on is that 2020 brought lots of change. Many were left without jobs, without access to their loved ones in nursing homes, and without documentation to be able to take care of or make financial decisions for loved ones. A few things that can help ease your anxiety as we start a new year include:
- Plan. Do not be left without crucial estate planning documents such as Healthcare and Financial Powers of Attorney. Know where your original will is. Inform your family of your wishes in the event of a sudden death or illness.
- Look at your investments. Make sure that the beneficiaries of your IRAs and annuities are up to date. In 2020, the Secure Act changed how beneficiaries received distributions from IRAs. In most cases, the beneficiary must receive distributions over a ten year period.
- Update beneficiaries and values of your life insurance policies.
- Have a plan for how to run your business in the event you have to shut down or quarantine.
- Have a backup plan in place if you are caring for a loved one in case you become ill yourself.
- Did I already say PLAN?!