Getting A Fresh Start on Tax Year 2009!

As we prepare our 2008 taxes to mail by April 15, we cannot ignore the impact of this investment year has had. Although a small minority prospered significantly, most have had sobering news to absorb. Those with positive and open relationships with financial advisors have been reviewing, reassessing, and revising financial plans in light of the last six months.

Here are some Springboard recommendations:

1. Take time to reflect on any gap you may have in your financial and legal "team". Did you have a coordinated strategy for your investments and tax preparation?
2. Do you have a system for maintaining key records for 2009, and have you shared that information with those who would need to step in for you in case of illness or emergency? Do not wait!
3. Review your estate plans, insurance products and investments. For instance, your family needs may warrant not only rebalancing your retirement and investment portfolio, but updating insurance coverage to offset changes in your total financial picture.
4. Remember to include a review of longterm care and disability insurance if your "cash cushion" is smaller now.
   

While it is easy to look backwards and wish you knew "then" what we all see plainly now, taking action with what you have learned may be a good remedy for remorse! Wayne Gretsky says it well:

" I skate where the puck is going to be, not where it has been".

Here's to a great start for next year's tax season.