Summertime Financial Blues

From Carol McAtee’s CPA firm in St. Petersburg, FL –Family vacations tend to dominate this time of year. Sometimes there is nothing more exciting (or more stressful?) as planning and packing for the long awaited summer getaway. Parents take kids on road trips and grandparents retreat to summer hideaways to escape the heat. Unfortunately, as the mercury climbs, interest in financial matters declines.

However, this is the perfect time to make sure certain financial affairs are in order. Instead of just “hoping nothing happens and dealing with it when you get back”, review the items in the checklist below before heading out onto the highway.

  • Inform trustees or executors where all important documents are located and make sure they have access to them. For example, if important papers are kept in a safety deposit box or safe, make sure they have the key or combination.
  • Review life insurance policies to determine if there is enough coverage.
  • Review beneficiary designations on life insurance, retirement plans, and annuities and make sure they are coordinated with current estate plans.
  • Review your living will and healthcare power of attorney and make sure they conform to the HIPAA Act.
  • Inform advisors with any other changes before leaving town.
  • Inform the post office to hold the mail until your return, so mail does not accumulate in the mailbox at your house.
  • Finally, if part of the trip is business related save receipts for tax time as some expenses may be tax deductable.

Remember, there’s nothing like leaving for that summer vacation free from guilt and worry. Contact us at McAtee & Associates for assistance in all of your financial and tax matters.

ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.

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