Year-End Financial & Legal Checklist

As the year draws to a close, it’s essential to take stock of your financial and legal matters. A well-organized year-end review can help you ensure compliance, avoid surprises, and set clear goals for the year ahead.

Here’s a comprehensive checklist to guide you through this important process.

Reconcile Accounts: Ensure all bank accounts, credit cards, and investment accounts are balanced and accurate.

Update Budgets: Compare your annual budget to actual expenses and adjust for the coming year.

Assess Debts: Review outstanding loans and credit card balances. Consider a payoff strategy to reduce interest costs.



Maximize Tax Deductions: Organize receipts for deductible expenses and charitable donations.

2. Tax Preparation

Verify W-2s and 1099s: Ensure all income statements are accurate and accounted for.

Plan Contributions: Max out contributions to retirement accounts, like 401(k)s or IRAs, before year-end.

Check Tax Withholdings: Update withholdings to avoid overpaying or underpaying in the next tax year.



Review Tax Law Changes: Be aware of new tax regulations that may impact your return.

3. Legal Documents & Estate Planning

Update Your Will: Reflect any changes in family circumstances, assets, or beneficiaries.

Review Powers of Attorney: Confirm that medical and financial powers of attorney are up-to-date.

Check Beneficiary Designations: Ensure that life insurance policies, retirement accounts, and other assets have correct beneficiaries listed.



Evaluate Trusts: If you have a trust, review it to ensure it aligns with your current financial goals.

4. Business Owners: Financial & Legal Health

Review Contracts: Examine agreements with vendors, clients, and employees for renewal or renegotiation.

File Annual Reports: Ensure compliance with state and federal filing requirements.

Evaluate Business Structure: Consider whether your business entity (LLC, corporation, etc.) still suits your needs.



Audit Financial Statements: Work with a professional to assess profitability and growth areas.

5. Insurance Coverage Check-Up

Reassess Policies: Review health, auto, home, and life insurance policies to confirm adequate coverage.

Adjust Business Insurance: Ensure your business insurance meets operational needs and liabilities.



Evaluate Premiums: Compare rates to ensure you’re getting the best value.

6. Personal Goals & Planning

Set Financial Goals: Define short-term and long-term objectives for savings, investments, or major purchases.

Build an Emergency Fund: Ensure you have at least 3–6 months’ worth of expenses saved.



Prioritize Debt Reduction: Set specific goals for reducing high-interest debt.

7. Compliance & Legal Updates

Research Regulatory Changes: Stay informed about new laws that may impact your personal or business finances.

Address Outstanding Legal Issues: Resolve any pending litigation or compliance concerns.



Consult Professionals: Seek advice from attorneys, accountants, or financial planners for personalized guidance.

8. Plan for the Future

Schedule Annual Reviews: Plan periodic check-ins with financial advisors, accountants, and legal professionals.

Document Organization: Ensure all important documents are securely stored and accessible.



Family Discussions: Talk to your family about goals, plans, and any changes to your estate plan.

Overview

A thorough year-end review not only protects your current interests but also sets you up for success in the year ahead. Dedicate time to these steps now and enjoy peace of mind knowing you’re financially and legally prepared for whatever the future holds.



Need Help?
Our team of legal and financial professionals is here to assist you in navigating year-end planning. Contact us today for expert guidance tailored to your unique needs.