NEW YEAR’S RESOLUTION: WEIGHT LOSS!

Everyone likes to make a New Year’s resolution, but it is always best to make a New Year’s resolution that we can keep. Many of us make outlandish weight loss resolutions that fall by the wayside in just a few months. I have a simple weight loss program for many of you that is easy to start and easy to maintain. This weight loss program does not require the traditional work out it requires the review of old files. Many of us have maintained tax files and account files for over 15 years. Traditionally, you only need to retain seven years of your tax records and anything beyond that just becomes cumbersome. As grandparents and parents die, children are faced with the unwelcome job of sorting through documentation that is 20 and 30 years old, only to determine that most of it is irrelevant and outdated. Unfortunately, we cannot just go in and toss mom and dad or grandma and grandpa’s documentation with the thought that there could be an important stock certificate or life insurance policy tucked in amongst the paperwork. If you are looking for a weight loss program and a New Year’s resolution all at the same time, I suggest as part of making things easier for your children or family in the future, start going through old documentation now and start shedding those pounds as soon as possible.

While you are going through old documentation now would also be a good time for you to make sure you have a current list of assets, account information for your successor Trustees or administrators.