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Make Your Money Work Harder With An Annual Review Checklist

Let the Peloso-Barnes Group help you prepare your annual checklist.
Let the Peloso-Barnes Group help you prepare your annual checklist. Photo Credit: Contributed

NEW YORK -- Preparing for an annual financial review may be easier with a checklist to help you focus on important matters. With that in mind, here is the balance of the list we started earlier this month of key considerations that you may want to discuss with your financial advisor.

Am I taking full advantage of tax-advantaged accounts?

Remember that certain types of investments receive favorable tax treatment. Employee contributions to a traditional 401(k), for example, are deducted from your paycheck before taxes are assessed, which lessens taxable income during the year the contribution is made. Contributions may potentially grow free of federal income taxes until qualified withdrawals are made during retirement. If you are age 59 1/2 or older and have maintained the account for a minimum of five years, qualified withdrawals from a Roth IRA are tax free.2 (To contribute to a Roth IRA, investors must meet income thresholds established by the Internal Revenue Service. Learn more at www.irs.gov.)

Is my insurance coverage sufficient?

You may want to conduct an insurance needs analysis. There are many forms of insurance but, unfortunately, there is no one-size-fits-all policy. Life insurance, for example, may be a vital necessity if you have a spouse and children, but perhaps is less important for a single person. But disability insurance, which provides an income stream if you are unable to work, may be important for everyone.

Is my estate plan current?

If you have not already made an estate plan, your annual review may be a good time to start. Even if you already have a plan in place, it is good to revisit it yearly to make sure your beneficiary designations are up to date and that your plan still reflects your current wishes. This is also a good time to consider tax-efficient gifting strategies, so you can potentially minimize gift and estate taxes and keep more of your assets for those you care about.

You may have additional concerns unique to your situation, but the checklist we have provided over the last two weeks may help you keep your investment portfolio in order.

1. Asset allocation and rebalancing do not assure a profit or protect against loss in a declining market. There may be a potential tax implication with a rebalancing strategy. Please consult your tax advisor before implementing such a strategy.

If you’d like to learn more, please contact Julia A. Peloso-Barnes , CFP®, CPM®, ADPA®, CPRC®

Article by Wealth Management Systems Inc. and provided courtesy of Morgan Stanley Financial Advisor.

The author(s) are not employees of Morgan Stanley Smith Barney LLC ("Morgan Stanley"). The opinions expressed by the authors are solely their own and do not necessarily reflect those of Morgan Stanley. The information and data in the article or publication has been obtained from sources outside of Morgan Stanley and Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of Morgan Stanley.

Neither the information provided nor any opinion expressed constitutes a solicitation by Morgan Stanley with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned.

Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are suitable only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative Investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing. Certain of these risks may include but are not limited to:

Loss of all or a substantial portion of the investment due to leveraging, short-selling, or other speculative practices; Lack of liquidity in that there may be no secondary market for a fund; Volatility of returns; Restrictions on transferring interests in a fund;

Potential lack of diversification and resulting higher risk due to concentration of trading authority when a single advisor is utilized; Absence of information regarding valuations and pricing; Complex tax structures and delays in tax reporting; Less regulation and higher fees than mutual funds; and Risks associated with the operations, personnel, and processes of the manager.

As a diversified global financial services firm, Morgan Stanley Wealth Management engages in a broad spectrum of activities including financial advisory services, investment management activities, sponsoring and managing private investment funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication, and other activities. In the ordinary course of its business, Morgan Stanley Wealth Management therefore engages in activities where Morgan Stanley Wealth Management’s interests may conflict with the interests of its clients, including the private investment funds it manages. Morgan Stanley Wealth Management can give no assurance that conflicts of interest will be resolved in favor of its clients or any such fund.

Morgan Stanley Financial Advisor(s) engaged Daily Voice to feature this article.

Julia A. Peloso-Barnes may only transact business in states where she is registered or excluded or exempted from registration www.MorganStanleyFA.com/pelosobarnesgroup . Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Julia A. Peloso-Barnes is not registered or excluded or exempt from registration.

© 2015 Morgan Stanley Smith Barney LLC. Member SIPC.

Daily Voice produced this article as part of a paid Content Partnership with our advertiser, The Peloso-Barnes Group

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