Matt’s 2024 New Year’s Resolutions

It is the time of year when many of us make New Year’s resolutions.  During a recent NPR broadcast, a motivational psychologist stated that most people do not succeed in New Year’s resolutions because they set their goals too high. Matt is sharing some of his resolutions for 2024 and grouped them into three resolution categories: estate planning, professional, and personal.

We wish all of you a Happy New Year and hope that you will consider contacting us if one of your New Year’s resolutions is to update your estate plan.

Estate Planning Resolutions

  1. Schedule Your Required Minimum Distributions – Many clients try to maximize tax-deferred growth by waiting until mid-November or early December to contact their financial institution to withdraw their required minimum distributions. That is a worthwhile strategy but we recommend that you preschedule the withdrawals while being sensitive to whether you plan to do qualified charitable distributions since sadly some clients lose their faculties and then are not able to schedule these distributions creating additional chaos for their families.
  2. Complete the Process of Updating Your Documents – Several clients feel that they have reached the finish line when they engage us to prepare their estate planning documents. The documents are not effective until they are signed and executed. We will do our best to kindly move the process forward but do ask you to work with us to help us accomplish our mutual goal of completing these documents for you.
  3. Be More Open with Your Family About Your Planning Goals – I often share with clients that one of my favorite college courses was Game Theory. When families share financial goals and inheritance objectives with each other, it creates the opportunities for additional gratitude for inheritance and more efficient distribution of assets to beneficiaries who can best benefit from receiving particular assets.

Professional Resolutions

  1. Connecting with Fellow Advisors – I have really enjoyed meeting new advisors and reconnecting with other advisors on a regular basis. It has been great to learn more about their businesses and work together to help one another.
  2. Continue to Integrate Technology Into Our Practice – Using online tools for billing, client communication and marketing is making our practice more efficient, environmentally conscious and successful allowing us to devote our revenues towards servicing our clients and their needs.
  3. Be Responsive to Client Needs – Being responsive is not only getting back to a client question timely but being thoughtful in the response so the client knows that we did our best to listen to their need.

Personal Resolutions

  1. Get More Involved in the Community – The past year has involved a lot of transition in my life which has made it hard to get more involved in the community. I am looking forward to the opportunity to become more engaged in community activities in 2024.
  2. Be Kind – This one is on the annual list. Sometimes because of natural intensity and feeling rushed for time, it is easy just to respond without considering whether a response is kind, particularly with those closest to us (our family). I am going to do my best to stay conscious of the goal to always be kind.
  3. Utilizing Membership Services – Prior to the pandemic, I frequently worked out at the Jewish Community Center. During the pandemic, the Jewish Community Center changed their operating hours making it difficult for me to utilize during the week. However, I realized that I could utilize our membership on weekends and am going to make an effort to get there at least three Sundays a month.

Photo by Teuku Fadhil on Unsplash

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