The first few months of the year are a great time for financial planning. To help you get started, here is my 2024 planning checklist:  

□ Take stock of last year 

1.  Review portfolio performance and asset allocation
2.  Discuss tax-smart investments
3.  Review adding private alternative investments

□ Bonus Planning

1.  Review spending and saving
2.  Discuss options for saving bonus 

□ Review 401k 

1.  Confirm contribution amount and update withholding if necessary
2.  Confirm mix of Roth vs Regular
3.  Review asset allocation and performance
4.  Discuss new mutual funds added to lineup
5.  Review and discuss planning opportunities
   • In-service distributions
   • Roth conversions

□ Retirement Saving in 2024

1.  Discuss deferred compensation
2.  Any self-employed income eligible for a solo retirement plan? 

□ Review Employer Stock, Options, Stock Purchase Plan, Restricted Stock

1.  Discuss prior year performance
2.  Review company stock concentration risks
3.  Discuss divesting of employer stock in a tax-efficient manner if appropriate
4.  Stock Options - know expiration and discuss how to maximize - consider impact of possible changes in tax code
5.  Employer Stock Purchase Plan - discuss advantages/disadvantages, reinvest dividends? 
6.  Restricted Stock - evaluate 83b and partial 83b election 

□ Evaluate Insurances

1. Is the Group Term life insurance competitive? 
2. Is the Group Disability Insurance coverage enough and adequate? Review terms and conditions
3. Is there a need for permanent insurance?
4. Is Umbrella Liability insurance adequate?
5. Confirm primary and contingent beneficiary 

□ Income Taxes

1. Ensure proper withholding
2. Current tax rates may expire at the end of 2025 - accelerate income to 2024? 
3. Long-term Capital Gains Tax Planning - recognize gains in 2024? Evaluate ways to defer or minimize tax. 

□ Estate Planning

1. Are current estate documents up to date? 
2. Are trustees, executors, and beneficiaries current? 
3. Understand possible changes coming in 2026
4. Do the children need estate documents? 

□ College Planning

1.  Review amount and ways to save for college
2.  New for 2024 - 529 rollover to Roth IRA

□ Charitable Planning

1.  How best to give to charity in 2024?
2.  Is there a need for a Donor Advised Fund? 
3.  Do we need to consider bunching donations in 2024?