Consolidate and Organize for Successful Money Management

Document Sample
Consolidate and Organize for Successful Money Management Powered By Docstoc
					                 Consolidate and Organize for Successful Money Management

Managing your money can be tedious, especially if too many accounts are involved. A life spent
accumulating wealth can often mean busy days that last spill over into nights and weekends,
leaving little time for personal organization.

Does having a lot of different financial accounts signal success? Are you better off having
accounts segmented? Not necessarily, experts warn.

You may understand this dilemma if you:
    moved a lot and left accounts open behind you,
    had several jobs – each with its own 401K or other retirement plans,
    had several existing accounts at your bank but decided to also open accounts at a nearby
      credit union because their rates were better,
    are managing money for someone else,
    inherited wealth with its own accounts,
    sold part or all of a business you owned, or
    bought and sold stocks and bonds, etc.

Consolidation and organization are business practices for the best wealth management. Fewer
accounts mean greater focus on your overall financial picture. You can look at all your accounts
in a smaller amount of time to identify whether you are meeting your financial goals, if you are
overexposed in one area or another, and be able to make the best choices.

Family Members and Heirs Benefit, Too

This can help your family, too. Often only one spouse handles the family’s financial affairs, but
the other spouse needs to be aware of what’s happening in general. Too many accounts can be
confusing for someone who is peripherally involved. When you die, it is certainly much easier
for your heirs to track your financial picture if it is coordinated, organized, and easily accessible.

There are divisions that make sense when you need to keep funds separated. Keeping separate
accounts for personal, business, investment and rental property is a good idea. But fewer
accounts where possible may mean fewer fees, greater tax advantages, more efficient estate
planning, and better use of assets.

Minko Law Office in Brooklyn is experienced in Estate Planning and can help with any legal issue
in that area.

Experienced estate planning attorneys Brooklyn NY of the Minko Law Office offers estate
planning and business planning resources to residents of Brooklyn NY. To learn more about
these free resources, please visit www.minkolaw.com/ today.

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:14
posted:2/14/2013
language:
pages:1
Description: Managing your money can be tedious, especially if too many accounts are involved. A life spent accumulating wealth can often mean busy days that last spill over into nights and weekends, leaving little time for personal organization.