It’s March Madness time (even though it bleeds over into April these days) and just like the four quarters of a professional basketball game (I know, college players play 2 halves), we’ve moved into the second quarter of the year. For the kids in school, April 1 brings lots of tricks and jokes. But for us adults, it brings the second quarter, the year is 25% over, and summer is just around the corner. For many small businesses, March 31 was also the end of their fiscal year, meaning April 1 is actually the start of a new year for them. So as April 1 is here, there are a few things you should do.
Check Your Wills and Trusts
My financial advisor friend Tony would tell you it’s always a good time to check your will to see if it needs to be updated. Especially if it’s been a while, a quick check-in is a good idea. For many of my clients, the end of the quarter is also a good time to check their My Personal Planning Essentials checklist to make sure it’s up to date as well. If you don’t have one, feel free to click the link and have one sent to you. Even if you aren’t a client, it’s a good resource to keep handy with your will.
For businesses with a fiscal year ending on March 31, it’s the end of the year. As the fiscal year ends, you probably need to have an annual meeting. The prospect of an annual meeting may sound more daunting than it actually is. In reality, you really need to prepare some corporate resolutions and some corporate minutes and you’re all set. If you’re a large public company, you’ve got to make sure you give notice to your shareholders and you hopefully have an attorney who is advising you on what to do. But for small businesses, an annual meeting can be equally important and an attorney can help guide you through the process.
Maybe over the Winter you got engaged – Congratulations! You and your beau are putting together your perfect summer (or fall wedding). There can be food tastings, DJ auditions and other fun things to try before the big day. But you also may want to consider a prenuptial agreement. For many of my clients, a prenuptial agreement is a good idea. It may seem like it is an intimidating conversation, but it doesn’t have to be. Others have been given a prenup and just need someone to review it with them. No matter which end of the spectrum you are on, speaking to an attorney about whether you need a prenup (or reviewing a prenup you’ve been given) is a good use of your time.