It’s a snowy day here in the NYC metro area – we’ve closed our New Jersey offices so that our staff can remain safely at home. Don’t know about you, but I am flashing back to my mom coming into my room early in the morning to announce a kid’s most favorite four words: School’s Closed – Snow Day! On went the snow boots, snowsuits (really!), hats and mittens and a million layers underneath, all so that we could build snow forts for hours, followed by a hot chocolate/mini-marshmallow chaser. It just did not get better than that!
Unexpected Down Time is Still a Magical Thing
While I am tempted to be that child again and immediately embark on a West Wing binge-watch extravaganza, I would like to offer our list of some alternative projects
to consider today:
- Begin the process of organizing the income tax information needed to file this year’s federal and state returns. Gather income information (1099’s, K-1’s W-2’s) as well as charitable, medical, child care and other deduction and credit information. Remember to advise your professionals about any changes in circumstance and address, and finally, urge your newly adult children to do the same;
- Put together your list of user names and passwords and store them in a safe location
which you should then share with your important (and trusted) family members and
- Review and reconsider your retirement fund contribution rates – keeping in mind
employer matches and other benefits. Given the changes in the stock market over
the past year, review your investment allocations within and without your retirement
- Review your insurance protections, including life, disability long-term care, health, and homeowners insurance and discuss with your professionals; and
- Review your estate planning documents, that is, your Will, Trust and your Powers of Attorney – both financial and medical. Consider having them reviewed by estate planning counsel. This is especially important if your documents are more than three to five years old, or if you live (or own property) in a state where changes in the law may severely impact your plans (including New Jersey and New York). And you should be mindful of life changes that have occurred since the documents were written, as your plans and your people may no longer be appropriate to meet your needs.
So Enjoy the Unexpected Gift of Unscheduled Time, Snowmen or Not!
We’re here to help in any way we can, give us a call at 201.488.4644.