Fairport’s Five Summertime Tips

1) If the kids or grandkids are home for the summer and have a summer job, help them set up an IRA. The power of compounding will give them a huge advantage early in life. It teaches them the importance of saving, compounding returns and reducing the tax bite out of their paycheck! To incentivize them, consider matching what they contribute.

2) Summer is a great time to have a conversation about the family’s priorities for charitable giving and how you might collaborate on gifting. If your children are young and you have started the “save” and “give” plan that we recommend, then you can take time to talk about where they might want to give their funds. Summer is a much better time than the holidays which tend to be frantic and children are often more focused on gift receiving than giving! We have lots of resources to help you in this process.

3) As fire tends to hit homes more in the summer, we are reminded how important it is to have an emergency fire escape plan for our loved ones. Do you have a meeting place for family members in the case of fire or other damage in or to your home? You want an area far enough away but not too far so that you can know when everyone has safely exited the house. The front porch of a neighbor’s house or large natural marker, such as a big tree on a nearby lawn, make good choices.

4) While most of our clients have insurance coverage on their personal property, an excellent protection tool is to take a video of everything in your home or of significant value to you (contents, collectibles, etc.). If damage is done to your home it is often hard to remember all the furniture, art and other valuables in each and every room and closet. So a video inventory is a good thing to have and keep in a location outside the home such as a safety deposit box.

5) Do you feel like you are always trying to remember all your passwords and important web access information? Well, if you are having trouble, then likely your loved ones would have a difficult time retrieving this information if something happened to you. Start recording your important information in a safe location and share it with a trusted partner, loved one or perhaps the person who has your financial power of attorney. Be sure you save it in a very safe and protected location.

Please contact us if you have any questions or if we can be of assistance in executing some of these strategies. Have a safe and happy summer!