How to Make the Next 100 Days Impactful
What comes to mind when you think of spring?
Maybe it is blooming flowers, buzzing insects, singing birds, or the fresh smell of the earth after
a rain. Your thoughts might turn to outdoor pursuits as the days grow warmer and longer.
Memorial Day is not far off, marking the unofficial start of summer. Soon, the summer solstice
will arrive, followed by the Fourth of July, the kids going back to school, and Labor Day.
Before lamenting how quickly the time has passed and what you never got around to doing, it
can be helpful for your personal, professional, and financial well-being to step back and give
some thought and energy to reevaluating your goals and priorities for the next 100 days.
Spring is an opportune season for housekeeping, both literally and metaphorically. It is time to
throw open the windows of your life, let in the fresh air, and catch up on the small chores that
often get pushed aside amid modern life's frenetic pace - including dusting off your estate plan,
clearing away outdated documents, and tidying up your financial house.
Goodbye Winter, Hello Spring (Cleaning)
According to the American Cleaning Institute (ACI), 80 percent of Americans engage in an
annual spring-cleaning routine.1 The top areas people target in their homes are those that tend
to get overlooked in daily and weekly cleaning, including floors and baseboards, storage
spaces, windows, and areas behind furniture.2
Atop our list of dreaded places to clean are the spaces that are hard to access (such as
underneath appliances) and have accumulated a winter's worth of grime (e.g., bathrooms,
vents, and basements). However, 80 percent of Americans also told ACI that cleaning those
filthy spots is better than at least one other seasonal activity: doing their taxes.3
Spring cleaning has roots in cultures and religious traditions that date back centuries, including
the Jewish practice of cleaning homes to remove chametz (leavened bread) for Passover and
the Iranian tradition of khaneh tekani ("shaking the house") before the Persian New Year.
Some Christian traditions, such as cleaning the church altar before Good Friday or cleaning for
Lent, also have elements of spring cleaning. In China, a thorough cleaning of the house before
the Lunar New Year is a tradition that incorporates religious practices and symbolizes sweeping
away ill fortune to make room for positive energy in the coming year.
In nineteenth-century America, the custom of spring cleaning took hold as pioneers swept out
the soot and grime from winter's coal once warmer days allowed open windows.
A spotless house can have a therapeutic effect that gives you a sense of control and the peace
of mind that your family is living in a clean, safe environment. The same thinking can also apply
to your estate plan.
In a recent survey, nearly one-quarter of Americans said that they have not updated their estate
plan since creating it.4 Others have not touched it in the past 10 years and, for some, it has
been 15 years or more.5
Like those spots under the couch and behind the refrigerator, your estate plan, if left untouched
in a drawer, can gather dust. You need to occasionally take it out and clear away outdated
beneficiaries, guardians, and powers of attorney; spruce up your list of assets; and scrub clean
the dingy aspects of your plan so they clearly reflect your current life circumstances.
For example, maybe you recently opened an investment account that has not been added to
your estate plan. There could also be events, such as a birth, death, or marriage in the family,
that affect your plan. If you do not polish up your plan once in a while, you risk a stain on your
legacy by not leaving your money and property to the right people in the right way.
With the dreaded tax season behind us, now is also a good time to dust off financial strategies
for the year ahead, such as reviewing deductions, contributions, and estimated tax payments;
organizing financial documents for the first half of the year; preparing for midyear adjustments;
going over any changes to tax and estate planning laws; assessing asset allocations; and, if you
filed a tax extension, preparing for the October 15 deadline.
Shifting from Tax Breaks to Summer Break
Summer vacation is something you may look forward to year-round but start preparing for
months in advance. However, if you do not give your vacation plans a once-over in the weeks
and months leading up to departure, you could find that there are some spots that need a touchup.
Many Americans skipped their summer vacation last year due to affordability concerns.6
However, more than one-third were so committed to traveling over the summer that they said
they were willing to go into debt to pay for their trip.7
If you plan to vacation this summer, you can get your pregetaway ducks in a row by taking the
following steps:
- Schedule bill payments
- Inform your bank and credit card companies about your plans to avoid account freezes or
card blocks
- Secure travel documents (e.g., passports and insurance cards)
- Check local laws at your destination to avoid legal, cultural, and safety and security issues
- Ensure that your financial and healthcare powers of attorney are valid, accurate, and, for
international travel, recognized in the country you plan to visit
An Estate Plan for All Seasons
Aligning our personal and professional lives with the natural rhythm of the seasons and the
rituals surrounding it can help us feel more grounded. Viewed in this context, estate planning is
not just about documents - it reflects the dynamic, ever-changing flux of life and the need to
harmonize with it.
Seasons change, lives change, and estate plans should change as we encounter certain natural
milestones and key life events, such as birth or adoption; a beneficiary reaching adulthood;
illness, death, or disability in the family; starting a job or closing a business; or a significant
change in asset values or net worth.
Life, like spring weather, can be unpredictable and change quickly. However, with the right plan
and the right advisors in place, you can be prepared for whichever way the wind blows.
As you look ahead to the next 100 days, take time this spring to remove the cobwebs from your
estate plan, sweep your financial floors clean, and clear the decks for a stress-free and
enjoyable summer.
To discuss updates to your estate plan, call us.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional Counselors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
