Give yourself a financial check up

When was the last time you had a financial check up? Many financial professionals suggest that you review your estate and investment plans periodically to ensure they stay on track to meet your needs and goals. Here are some checkpoints to keep in mind: Estate planning • Keep your estate plan current. Even with the potential repeal of federal estate taxes in 2010, planning is still important for many reasons such as in the event of your death before the tax is fully repealed. • Update your estate planning documents any time your financial or family circumstances or tax laws change, or at least once every three years. Your beneficiaries • Keep your beneficiary names current so the people or institutions you intended will receive your assets after you die. • Review your will to make certain the beneficiaries you name are current. • Double-check your insurance policies, retirement plans and IRAs. Proceeds from these products pass directly to the beneficiaries you name, generally not according to the provisions of your will. Investment portfolio • Your investment goals and market conditions may change over time, requiring periodic adjustments to your asset mix. • Depending on your investment goals, consider rebalancing your portfolio periodically as a way to keep your portfolio from getting too heavily weighted in either aggressive or conservative investments. • Make certain your portfolio provides enough opportunity for growth to outpace inflation and to help ensure you don’t outlive your retirement savings. Dean Hempel is a representative of Aid Association for Lutherans/Lutheran Brotherhood, a fraternal benefit society.