Most of us look at the start of a new year as a time for setting fresh goals in many areas of life. These goals typically revolve around common themes such as better health habits (I want to lose 15-20 pounds), improving personal relationships (I’ll be more attentive to my spouse) or better life balance (I’ll no longer take work projects home each evening). This is also a time when many of us will review and update our financial plans to make sure the plan will provide adequate financial security for our family.
As we consider strategies for accomplishing our personal and charitable financial goals for 2016 and beyond, we should schedule time to do the following:
· Identify your sources of income and expenses.
· Determine the value of your assets and the income (if any) they produce.
· Review the needs of family members and others, including your church, and consider any changes that may be needed in your plans.
· Define your goals for the management and future distribution of financial assets.
· Make a detailed list of your assets, such as home (including furnishings) and other real estate, vehicles and other personal property, financial accounts, retirement plans and other investments, including their original cost and current market value.
It is also beneficial to meet with your professional advisors to review and establish your personal and charitable financial goals. Your financial advisor, life insurance representative, accountant, attorney or other specialist can help you evaluate your specific circumstances and guide you in structuring an estate and financial plan that best achieves your goals.
Regular reviews of your long-range estate and financial plans are the best way to make certain your desires for the management and disposition of your property are up to date and meet your current needs.
The Kentucky Baptist Foundation is honored to work with individuals seeking how best to organize their estate planning goals to achieve their personal and charitable objectives to support their church and other Baptist causes. To learn more, you may contact the Foundation’s trust counsel, Laurie Valentine, or me at our toll-free number (866) 489-3533.
Richard Carnes is the president of the Kentucky Baptist Foundation, PO Box 436389, Louisville, KY 40253; toll-free (866) 489-3533; KYBaptistFoundation.org
The information in this article is provided as general information and is not intended as legal or tax advice. For advice and assistance in specific cases, you should seek the advice of an attorney or other professional adviser.
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