The "Change of Plans" Checklist
As life changes, we can underestimate the impact of life events on the financial plans we've created.
HOW TO USE: Move your cursor over the financial elements to see specific details in the blue sidebar.
Financial Table of Elements
T - Taxes
In - Investments
Is - Insurance
Em - Employee Benefits
Es - Estate Plan
Sl - Student Loans
Urgency Level
Red - Professional help required
Orange - Contact a specialist
Yellow - Handle yourself
Family Structure
Change or potential change in marital status
T
Is
Em
Es
Sl
Death of spouse
T
In
Is
Em
Es
Sl
Preparing for pregnancy or currently pregnant
T
Is
Em
Es
Sl
Preparing for adoption
T
Is
Em
Es
Sl
Change in number of dependents (birth of child, loss of child as dependent)
T
Is
Em
Es
Sl
Financial responsibility for family member outside your home (e.g. parent, sibling)
Is
Change in status of spousal support
T
Home Ownership
Buying or refinancing a home (including investment property)
T
In
Is
Es
Sl
Buying a home out of state
T
Es
Selling or accessing the equity in an existing home (including investment property)
T
Considering an out of state move
T
Sl
Damage to home or planned repairs or renovations
Is
Health
Weight loss ≥ 10% of body weight
Is
Change in status of diagnosed condition (initial diagnosis, improved outlook)
Is
Em
Prolonged health concerns and/or diagnosis
T
Is
Es
Em
Terminal diagnosis of self or spouse
Is
Es
Stopped smoking
Is
Em
Decline in health of family member for which you may be responsible
Em
Is
In
Major surgery completed or planned within 12 months
T
Em
Have access to an HSA, FSA or Dependent FSA
T
Sl
In
Children
Identification of special abilities or learning differences
Es
T
Em
Is
Start of private schooling or college
T
In
Distributed funds to children from business
T
Child(ren) with unearned income
T
In
Planned major support for child (home purchase, PLUS student loan, financial gift)
T
Employment
Changed employment status (new hire, laid off, retirement)
T
Em
Is
Eligible for a bonus
T
Is
Consistently work overtime hours
Is
Increase in total household income of greater than 20%
T
Sl
Decrease in household income
Sl
Earn more than $200,000
T
Em
Is
Sl
Student Loan Borrowers
Changed employment status with a nonprofit or government entity
Sl
Paying on an Income Driven Repayment (IDR) plan
T
Em
In
Owe less than your income in federal student loans
Sl
Have private student loans
Sl
Have Parent PLUS loans
Sl
Have a cosigner or serve as a cosigner on a private student loan
Sl
In
Equity Compensation
Changed employment status with a company offering equity compensation
T
In
Em
Within 90 days of company exit with unexercised stock options
In
T
Sl
Exited with company stock in your 401(k)
T
In
Vested equity compensation within last 6 months
T
Sl
In
Company has gone or will go public
T
Sl
In
Estate Planning and Charitable Giving
Established a will or trust
Is
In
T
Em
Designated persons as trustee, executor or guardian(s) for your minor children
Es
Death of a person relevant to your estate plan (spouse, trustee, guardian, beneficiary)
Es
In
Change in preference for persons or terms relevant to your estate plan
Es
Planning to pass property or stock to a loved one
In
T
Death or decline in health for a parent or elderly family member
Es
In
Is
Inherited property or investments
T
Planning significant charitable contributions in the coming years
T
Donating stock or property to charity
T
Es
MORE RESOURCES:
Married Filing Jointly taxpayers often have access to additional tax deductions and credits and more forgiving tax brackets than Single filers or couples filing Married Filing Separately. There are scenarios, however, when filing Married Filing Separately may still be appropriate. According to the IRS, if you're legally separated or divorced at the end of the year, "you must file as single for that tax year unless you're eligible to file as head of household or you remarry by the end of the year". PODCAST RESOURCES: "Should I File My Taxes Separate From My Spouse?"