Spring cleaning is for finances, too. Taxes are probably wrapped up for 2011, so start a filing system for 2012’s receipts. As long as you have access, credit card statements, bills, paycheck records, investment account state and tax paperwork can probably be shifted online. Get your free annual credit report to check for any errors and fix any mistakes that could drag down your score. Check the status of your retirement savings and make plans to contribute to IRAs and 401(k)s. While you’re at it, take a look at your investment portfolio and rebalance it based on your age and desired risk level—especially if it got battered by the stock market. Finally, check on your insurance coverage, including renters, homeowners, life and car—see if you have too much or not enough.
The IRS still has the authority to impose fines on nonfilers.
Insurers have may have defenses. One problem: The bad guys know about the defenses.
The law affects access to policy loans for insureds who are getting LTC-related accelerated death benefits.
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