October is a great time to do that financial housekeeping that you have been procrastinating over.
What is the biggest and most costly mistake that individuals can make in connection with their finances?
Certified Public Accountant Bob Martin recommends that individuals prepare or update their powers of attorney, prepare or update wills, review their insurance coverage, and review and update beneficiary designations.
Besides getting their wills and other paperwork in order, what else should individuals do between October and the year end to improve their financial situations?
Martin recommends they review what is in their investment accounts, maximize flexible-spending accounts, decide on charitable and family gifts and prepare for tax law changes.