The turbulence in the markets for the past year or so has played havoc with just about everyone's portfolio. Savvy investors know that this means they need to go in and rebalance their portfolios to prevent being overweighted in those assets that have avoided serious declines.
But your portfolio is not the only thing that might need your attention. Have you considered how the market downturn might have affected your estate planning? Do you have assets set aside for your grandchildren's college tuition that might not cover that amount anymore? Perhaps you have a block of stock that is supposed to go to your church after your death. If that stock was in, say, General Motors, it's time to take a second look at that gift. Maybe your primary residence has been willed to one of your children, and your vacation home to the other. Has the crash in housing values put those gifts out of whack with each other?
We here at Echelon Wealth Strategies would be happy to help you reassess where your estate plans stand in light of the economic crisis. To answer any questions about the readiness of your estate plans or how to figure out if they're still set up to achieve what you want, feel free to give me a call at 908-647-6000.
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