This is the only time of year when people make all kinds of promises to themselves; solemn vows to quit smoking, lose weight, exercise more, work less, work more, become more spiritual, etc.

Consider adding this resolution - get your financial house on order.

Use this list to get started.

1. Protect yourself and your family with a proper and up-to-date Will, and two Powers of Attorney: one for personal health and one for personal property. Read this and this.
2. Protect assets like the family cottage from capital gains tax when you pass away by considering an ownership transfer now, a Cottage Trust, or the purchase of inexpensive joint and last- to-die life insurance to cover final tax costs. People who own recreational property should read this.  Most Canadians are unaware of their ultimate tax liabilities. Read my post here. Business owners should read this article written for The TaxLetter® that describes double taxation or possible triple taxation for business owners and how to avoid it, Read "Proper Planning" HERE.
3. Get organized with the free Estate Planning Toolkit available here. Obtain this essential roadmap at my website. It will ease the burden, ensure that wishes are respected, and facilitate a quick and efficient wind-up of an estate should the worst happen.

   The 4 part toolkit includes:

   Estate Directory - What if something happens to you? Help your spouse and children find every important document and access digital assets easily.

   Examples: wills, powers of attorney, bank accounts, investments, life insurance, property deeds, account log-in info, etc.

   Estate Planning Checklist - Organize your estate efficiently and eliminate taxes with this valuable checklist.

   Executor Duties Checklist - Does your executor know what do? Keep this document with your wills.

   Business Owners Planning Guide - This important document will help you develop a contingency plan to ensure continuity (and value) in your business.

4. Consider Critical Illness Insurance that provides a lump-sum, tax-free payout of up to $2 million if you get diagnosed with cancer, heart attack, stroke, kidney failure, multiple sclerosis, Alzheimer’s, Parkinson’s and many other illnesses. See the full list here. The money is paid 30 days after diagnosis and can be used for any purpose, including immediate access to the finest medical attention available. Some policies return all your premiums just for staying healthy! The product recently celebrated its 30^th birthday. Read my recent post on the subject here.
5. Stop neglecting your Group Insurance Plan – it deserves some attention. Most are limited and restrictive. Consider personally - owned Critical Illness insurance and Long Term Disability (LTD) Insurance and get the necessary guarantees to maintain your standard of living. It is vital to understand the difference between Critical Illness insurance and LTD. Read my recent post on the fleeting benefits of group plans here.
6. Review your existing Life Insurance for adequacy of protection. Look back at how your life has changed since you last bought it. In this low interest rate environment, $1 Million of life insurance proceeds generates less than $30,000 of before tax income. Sadly, 85% of Canadians are under-insured.
7. Review your Term Insurance policies. Costs have declined by as much as 50% in recent years. If you are healthy, and your policies are more than 10 years old, you can probably get more coverage for less money.
8. Avoid Mortgage Insurance from the banks - it is not consumer-friendly - walk the other way! Mortgage Life Insurance is the smarter, better and less costly alternative to traditional bank mortgage insurance. Get more coverage and monies left over for family and loved ones. CBC Marketplace did an investigative report the banks don’t want you to see. Watch it here and read this recent post.
9. Ensure that your parents’ assets (and yours) are well secured with sufficient finances available for long term care, and have the conversation before it’s too late. Get the facts on Long Term Care insurance and  read this recent post to learn more.
10. Be generous - and donate smart. Gift securities directly to a charity instead of selling them and donating the cash obtained to avoid the capital gains tax. Charitable planned giving is my favorite part of planning and a good thing to do!  Read this post about a recent case that turned a policy cancellation into a major gift.

Stay healthy