| Last weekend Mark and I finally tackled the “miscellaneous” room down by the garage that over the years had become a messy collection of our golf clubs, Mark’s cycling “stuff”, gardening things and all of Mark’s power tools, screws, wrenches, about 78 Allen keys, hammers, nails etc. Coincidentally, the in-laws had stopped by for a visit and lucky for me, my mother-in-law loves nothing more than organizing. Within a few hours, the miscellaneous room turned into a museum of convenience, right down to the labels. While I wouldn’t describe a ‘fun’ weekend to include cleaning/organizing, there is something very satisfying about the end result. I realized this when I caught myself admiring the room the next day and appreciated it even more when I was able to easily find the things I needed the next time I was running out to door. 1. Wipe the Walls and Ceilings Ya, those things you never think about and walk past everyday maybe thinking every now and again, “I should scrub that spot”. I bet you think about your Will and POA just as often. Make sure your Will and Power of Attorney are up to date before you get the ladder out. 2. Reseal Grout Lines This is a proactive maintenance exercise which may not have an immediate impact on the value of your home but if avoided, could have far reaching implications on your walls, floors, countertops and plumbing. Same thing goes for insurance. Having it won’t make a difference to your wealth today but you’ll be glad you had it one day, trust me. Ensure you have adequate life and living benefits insurance – because when you need it, it’s already too late. 3. Clean out your kitchen cabinets and refrigerator You’ll find some pretty interesting things I bet – do you really need 38 cans of tuna and 5 different types of salad dressing? Same goes for your portfolio. If you have more than one advisor, take the time to compare your portfolios to make sure you don’t own the same stock 7 times. Comb through your portfolios to trim positions back to your determined asset allocation and sell that stock you secretly hate for never recovering to find growth in new areas. Or better yet, make it easier on yourself and just consolidate everything with your favourite advisor to do this for you. 4. Dust Books and Shelves Dust accumulates on the things we don’t use often and looks awful. When was the last time made sure that you had beneficiaries in place where you could and that these beneficiary designations are in fact in-line with your wishes? As our lives progress, our dusty paperwork may not be keeping pace. 5. Purge! Donate that blazer that doesn’t fit you anymore (along with those pants) and anything you haven’t worn in the past 6 months. Go through your closets, drawers, etc and do it because you’ll be donating them to someone who will wear them. While you’re being all philanthropic, a great way to take your charitable giving to the next level is by creating a charitable foundation. Donating shares is also a great way to give back, while being tax efficient. 6. Ensure Fire Safety Change batteries in smoke detectors (this should be done twice a year), and make sure units are free of dust. Teach everyone in your household how to use a fire extinguisher, and review escape plans. While you’re at it, complete the Family Inventory and tell your family about where you’ve stored it. The Family Inventory is a first step in developing an estate plan and can help ensure that all of your assets are accounted for and considered - an invaluable resource to surviving heirs, executors and trustees as an estate is settled. If you want one, just ask. 7. Split the Work Turn on some tunes and get the entire family involved – it’s no fun doing it all yourself anyway. Splitting the work is my only segway into income-splitting. If you don’t have any income-splitting strategies in place, we need to talk about saving you taxes. Now you are in-the-know with Word on the Street. Enjoy your weekend, D. |