Page 16 - HCMA The Bulletin Winter 2020

Benefit Provider
The Bank of Tampa
Ending 2020 on a High Note
Oliviana Catrone
Vice President, Private Relationship Manager ocatrone@bankoftampa.com
As 2020 comes to an end, fresh beginnings are on the horizon. As we move into the holiday months, now seems like the perfect time to begin to assess your personal financial well- being. Use what little time remains of 2020 to ensure you have a solid fi- nancial plan and fresh perspective for 2021.
Below are some steps to consider:
Overall Financials:
• Review your Personal Financial Statement. It’s a good practice to update and review your personal financial state- ment (PFS) each year. This is a great document that will help you assess your assets and liabilities.
• Reassess your goals. Your short-term and long-term goals may look a little different now than they did at the start of 2020. Have your needs changed? Do you have new priorities you would like to work toward in 2021? Now is a great time to reassess your goals and make an actionable plan to get there.
• Schedule your meetings. First thing is first—we recom- mend you kick off your year-end checklist by scheduling a meeting with your private banker. Now is the perfect time for a financial checkup!
Family:
• Complete your estate planning. If you have already com- pleted estate planning for your family, ensure you review your documents every 3-5 years to account for life events and updates.
• Review your insurance policies. Review your home, auto and life insurance policies and decide if you have the cor- rect coverage. Do deductibles need to be adjusted? Do you have proper coverage for natural disasters?
• Review account titles. Verify that your bank accounts, retire- ment accounts and life insurance policies have the up-to-date titles and beneficiaries listed.
Taxes:
• Schedule a meeting with your Certified Public Accoun- tant (CPA). Many CPA’s will have their own year-end tax planning guidance to ensure there are no surprises when it is time to file. Ensure that your CPA is aware of any future plans such as, starting a new business, selling a business or making major home improvements.
•Consider charitable contributions. This one is a win- win—especially as we approach the holidays. Consider donating to an organization that is near and dear to your heart. You may be able to reduce you taxable income, and feel good about giving to a meaningful cause.
Year-end can be a very busy time, especially as things look a little different this year. Get ahead of your financial plans, so it’s one less thing you need to worry about this holiday season. If you are interested in learning more about The Bank of Tampa, please contact me directly at (813) 998-2617.
About the Author
Oliviana Catrone serves as Vice President, Private Relation- ship Manager at The Bank of Tampa, one of the largest com- munity banks in the Tampa Bay area. She brings more than 10 years of experience in banking and finance. Oliviana is involved with several community organizations throughout Tampa Bay. Sue currently serves on the board of the Tampa Connection, as well as More Health. Oliviana holds a Bachelor of Science in marketing from John Carroll University.
Disclaimers:
The Bank of Tampa does not provide accounting, tax or legal advice. Prior to making financial decisions, consult your legal and/or tax advisors.
Member FDIC
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HCMA BULLETIN, Vol 66, No. 3 – Winter 2020