Brighten up your estate plan this summer
Check in with your advisor and review dates to remember this season.
- June 19: Juneteenth (observed)
- July 4: Independence Day
- Sept. 4: Labor Day
Dates to remember
For deadlines that fall on a weekend, action may need to be taken by the preceding weekday.
- June 15: The deadline for U.S. citizens abroad to file tax returns. Second quarter estimated tax payments are also due, if required.
- July 1: Parents and students might want to make note of deadlines for scholarship applications and paid internships in July.
- Sept. 15: Third quarter estimated tax payments are due.
Travelers are planning big adventures to make up for lost time, according to Trafalgar. Skyscanner reports some cost-effective destinations include Nicaragua, Morocco, Turkey and India.
Things to do
- Create an account with SSA.gov: Check your earnings history for accuracy and review your expected benefits; doing this regularly should ward off error. If you’re close to retirement age, discuss with your advisor when and how you should file to maximize household benefits.
- Freshen up your estate plan: Check the beneficiaries of your IRAs, insurance policies, trusts and other accounts, and update information that’s no longer relevant. Ensure your plan protects you and your family in the case of an unexpected event.
- Pencil in a family meeting: Legacy planning is more than sharing wealth – it’s also about passing down family values and history to the next generation. Host a family meeting to spark dialogue about traditions and building the future you want to see.
- Share big news with your financial team: Speak with your advisor about major life changes you’ve experienced and how your financial plan could be affected. These changes include marriages, births, deaths, divorces, a sudden windfall and more.
- Check for college deadlines: Many colleges and universities have registration and tuition payment deadlines in the summer months. If you have a 529 plan, make sure to discuss qualified expenses and payment plans with your advisor.
- Assess insurance needs: Periodically review coverage to ensure proper protection, especially if you’ve recently experienced major life events; your advisor can help as part of your larger risk management plan.
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