Yes, and in most cases, not often enough. A financial plan is a living document, not a one-time event. Annual reviews keep your plan aligned with your life as income changes, family circumstances shift, tax laws evolve, and retirement approaches. For Nevada residents, annual reviews also ensure you are capturing the full value of Nevada's unique planning advantages.
Schedule Your Annual Financial Plan ReviewA financial plan built last year is based on last year's income, last year's tax laws, last year's family situation, and last year's account balances. Life does not stand still, and neither should your plan. The most common financial planning failures, outdated beneficiary designations, lapsed insurance coverage, missed Roth conversion windows, and undercontributed retirement accounts, are all discovered at the worst possible time: at death, disability, or retirement. Annual reviews catch these problems while they can still be fixed.
These events cannot wait for your annual review, each creates new financial risks, new planning opportunities, or both. A delay of even a few weeks can mean outdated beneficiary designations, coverage gaps, or missed tax windows.
Marriage triggers: update beneficiary designations on all retirement accounts, life insurance, and any annuities; add spouse to health and disability coverage; review life insurance amounts for a new dependent; update your will and powers of attorney to include your spouse; in Nevada, understand how community property rules now apply to assets acquired during the marriage, all income and assets earned after the wedding date are jointly owned unless specifically structured otherwise.
Divorce triggers: immediately update every beneficiary designation, an ex-spouse named as beneficiary on a retirement account will receive those assets even if your divorce decree says otherwise; review life insurance beneficiaries; update your will and powers of attorney; address retirement account division via Qualified Domestic Relations Orders (QDROs) for 401(k) plans; in Nevada, understand the community property settlement's implications for future asset ownership, and review Social Security spousal benefit eligibility if the marriage lasted 10+ years.
A new child triggers: increase life insurance to protect the income and future savings you would have accumulated over 25+ years; increase disability insurance to protect your earning capacity; update beneficiary designations to include the child (usually via a trust for minors, not direct designation); update your will to designate a guardian; consider 529 college savings; review your budget to ensure retirement contributions are maintained despite new expenses, many parents inadvertently reduce retirement savings at exactly the wrong time.
Purchasing a home triggers: update your will and estate documents to reflect the new asset; ensure life insurance is sufficient to pay off the mortgage if you die; review disability insurance to ensure it covers the mortgage payment in addition to living expenses; update your emergency fund target to account for higher monthly obligations; consider whether the purchase affects your overall asset allocation and retirement timeline; in Nevada, evaluate community property implications if the home is purchased during marriage.
A new job or major income change triggers: enroll in new employer benefits immediately and compare group insurance options against your existing individual coverage; roll over or keep your previous 401(k) (rarely should you cash it out); adjust retirement contribution rates to capture new employer match; if income rises significantly, revisit Roth vs. traditional contribution analysis; if income falls significantly, assess whether current insurance premiums remain sustainable; evaluate COBRA vs. marketplace coverage for the period between jobs.
A significant health event triggers: review disability insurance coverage and understand the elimination period before benefits begin; update healthcare directive and living will to reflect current wishes; review life insurance adequacy if the diagnosis affects insurability; model how medical expenses affect retirement savings projections; assess whether long-term care planning needs acceleration given the diagnosis; in Nevada, update power of attorney for healthcare decisions if the current designee is no longer the right person.
A thorough annual review covers ten categories. Work through each one systematically, or go through it with Sasson Emambakhsh in a free annual review meeting. Many items take only a few minutes to confirm; others may reveal important action items.
Check every account that has a beneficiary designation: 401(k), IRA, Roth IRA, life insurance policies, annuities, HSA, and any payable-on-death bank accounts. Confirm the named beneficiaries are still the right people, and that contingent beneficiaries are named. In Nevada, confirm that beneficiary designations align with community property expectations, and with your will, which cannot override beneficiary designations on accounts.
Life insurance: is the death benefit still sufficient to replace your income for dependents, pay off debts, and fund future retirement savings you would have accumulated? Disability insurance: does the benefit cover your current income level, including any raises since the policy was issued? Long-term care: are benefit amounts and inflation riders still appropriate? Review all policies for premium payment status, lapsed premiums are a common and avoidable coverage gap.
Are you maximizing available tax-advantaged space? Check 401(k) contribution amount vs. the annual limit ($23,000 in 2024; $30,500 if 50+). Check IRA contribution, are you eligible for a direct Roth contribution, or do you need a backdoor Roth? Are you capturing the full employer match? Has a raise since your last review created room to increase contributions? Has a new benefit enrollment created an HSA opportunity?
Market movements shift portfolio allocation over time, a strong equity year can leave you significantly more equity-heavy than your target. Annual rebalancing restores your target allocation, systematically buying low and selling high. In taxable accounts, rebalance using new contributions or dividends where possible to minimize taxable events. In IRAs and 401(k)s, rebalancing generates no immediate tax event. Nevada's zero state income tax means taxable account rebalancing triggers only federal capital gains tax.
Is your emergency fund still sized correctly? 3–6 months of essential expenses in liquid savings, not invested. If expenses have risen (new mortgage, new child, higher healthcare costs), the target has risen too. If you dipped into the emergency fund during the year, confirm it has been replenished. The emergency fund is the foundation that prevents financial plans from being derailed by unexpected expenses, a depleted fund is a significant risk to everything built on top of it.
Confirm your will is current and reflects your current wishes for asset distribution and, if you have minor children, guardian designation. Confirm your durable power of attorney for finances names the right person, and has not expired or been superseded. Confirm your healthcare directive reflects current medical preferences. If your estate has grown significantly, discuss with an estate attorney whether a trust structure is now appropriate, particularly if you are a Nevada resident with assets that would benefit from Nevada's favorable trust laws.
October–November is the ideal time to review your year-to-date income and project your full-year tax picture. Is there room for a Roth conversion before year-end without crossing into a higher tax bracket or triggering IRMAA in two years? Are there unrealized capital losses in taxable accounts that could be harvested before year-end? Should you accelerate deductions into this year or defer income to next year? For Nevada residents, all tax planning is federal-only, no state income tax complicates the analysis, but the federal optimization is still valuable and available every year.
If you are within 10 years of Social Security eligibility, revisit your projected claiming age and estimated benefit. Has anything changed, a divorce, spouse's income change, a health event, that might alter the optimal claiming strategy? If you are already collecting, are you aware of your current provisional income level and whether you are managing federal taxation of benefits effectively? Review your SSA statement annually (ssa.gov) to confirm earnings credits are being recorded correctly.
The cost of not reviewing your financial plan is often invisible, until it is not. Here is what consistent annual reviews protect against compared to the most common "set it and forget it" outcomes.
Nevada is a community property state, income and assets acquired during marriage belong equally to both spouses. Any life change during the year that affects marital status, major purchases, or inheritance (which remains separate property) should be reviewed for community property implications. A divorce settlement, a new real estate purchase, or receipt of an inheritance all interact with Nevada's community property rules in specific ways that affect beneficiary designations, estate planning, and asset titling.
Nevada's zero state income tax means all Roth conversion analysis is federal-only. Annual review should identify: current-year federal bracket, projected year-end income, IRMAA thresholds for two years out, and the ideal conversion amount to fill up the current bracket without crossing into the next or triggering IRMAA. The October–November window is ideal for this calculation, while there is still time to execute a conversion before December 31.
Nevada offers some of the most favorable trust laws in the United States: no state estate tax (regardless of estate size), Domestic Asset Protection Trusts (DAPTs) with strong creditor protection, and dynasty trust options allowing assets to remain in trust for up to 365 years. Annual reviews for Nevada residents with growing estates should include a discussion of whether any trust structures have become appropriate since the prior year, particularly if net worth has grown significantly or asset protection concerns have changed.
If you moved to Nevada during the year, your financial plan needs immediate revision to capture Nevada's tax advantages, particularly Roth conversion optimization and estate planning under Nevada law. If you are considering moving out of Nevada to a higher-tax state, your annual review should include an accelerated Roth conversion analysis: executing larger conversions while still a Nevada resident locks in the federal-only tax cost permanently, since Roth withdrawals are tax-free regardless of future state of residence.
Families with children have the most complex financial plans and the most at stake from outdated documents. Annual reviews ensure life insurance amounts keep pace with income growth, beneficiary designations reflect your current family structure, guardian designations in your will are still appropriate, and the overall plan accounts for children's futures, from college savings to the income protection that would fund their upbringing if a parent died prematurely.
High-income earners in Nevada, physicians, attorneys, executives, real estate professionals, face the most significant Roth conversion and tax optimization opportunities each year, and the most to lose from missing them. Annual reviews capture contribution limit changes, evaluate backdoor Roth and mega backdoor Roth opportunities, model Roth conversion amounts, and coordinate stock option or bonus income with year-end tax planning. The dollar value of annual optimization is highest for high earners.
The decade before retirement is when annual reviews have their highest leverage. Roth conversion windows, Social Security claiming analysis, Medicare planning, long-term care decisions, and the transition from accumulation to decumulation all require ongoing attention and adjustment as retirement approaches. A pre-retiree who misses an annual review in this decade may miss a Roth conversion opportunity that would have saved $15,000–$25,000 in federal taxes per year in retirement.
Las Vegas real estate has appreciated significantly over the past decade. Homeowners who have seen substantial equity growth should review annually how that equity fits into their overall financial plan: as a potential source of retirement income (reverse mortgage, downsizing), as part of the estate plan (step-up in basis considerations under community property law), and as an asset that may affect Medicaid long-term care eligibility analysis.
Before your review meeting (or self-review), collect: account statements for all retirement accounts, brokerage accounts, and bank accounts; current life, disability, and long-term care insurance policies with coverage amounts; existing estate documents (will, power of attorney, healthcare directive); Social Security earnings statement from ssa.gov; and a summary of major life changes during the past year. This inventory takes 30–60 minutes to compile and makes every subsequent review step faster and more accurate.
Work through each of the 10 review categories: beneficiary designations, insurance amounts, contribution rates, asset allocation, emergency fund, estate documents, tax strategy, Social Security, debt levels, and financial goals. Flag any item that has changed or needs updating. Do not try to evaluate and fix everything simultaneously, the review identifies what needs attention; action items can be prioritized and addressed in sequence after the review is complete.
If reviewing in Q4 (October–December), calculate year-to-date income and project your full-year federal tax picture. Identify: remaining room in your current tax bracket for a Roth conversion; any unrealized losses in taxable accounts for tax-loss harvesting; whether additional retirement contributions before year-end are possible and advisable; and whether any deductions should be accelerated into this year. Nevada residents focus this analysis entirely on the federal level, no state income tax complicates the calculation, which simplifies optimization.
At the end of each review, schedule the next one, ideally in the same quarter each year, with Q4 being most tax-efficient. Set calendar reminders for life-event trigger checks: your anniversary (community property changes), your birthday approaching age 50 (catch-up contributions begin), approaching age 59½ (penalty-free IRA withdrawals), approaching age 63 (SECURE 2.0 super catch-up window ends), and approaching age 65 (Medicare enrollment window). Proactive reminders prevent the most common planning mistakes that result from overlooked transitions.
At minimum, once per year, ideally in the fourth quarter of the year to coordinate with year-end tax moves like Roth conversions and tax-loss harvesting. You should also conduct an immediate review after any major life event: marriage, divorce, birth of a child, home purchase, job change, significant income change, serious health diagnosis, death of a named beneficiary, or significant tax law changes.
A plan that is reviewed only when something feels wrong is a plan that is permanently behind its optimal trajectory. Annual reviews keep the plan proactive rather than reactive, capturing opportunities before they close and addressing risks before they materialize.
A complete annual review covers ten categories: (1) Beneficiary designations on all accounts and insurance; (2) Life and disability insurance coverage amounts vs. current income and debts; (3) Retirement contribution rates vs. available limits; (4) Asset allocation rebalancing; (5) Emergency fund adequacy; (6) Estate documents, will, power of attorney, healthcare directive; (7) Tax strategy, Roth conversion room, tax-loss harvesting, estimated taxes; (8) Social Security strategy, projected claiming age and benefit; (9) Debt levels and interest rates; (10) Overall financial goals alignment.
For Nevada residents, the review also includes Nevada-specific items: community property implications of any life changes during the year, Roth conversion optimization under federal-only tax analysis, and whether any Nevada trust or estate planning opportunities have become relevant.
Immediate review triggers include: marriage (beneficiary updates, insurance additions, community property awareness in Nevada); divorce (beneficiary removals, QDRO for 401(k) splitting, community property settlement); birth or adoption of a child (life insurance increase, beneficiary and guardian updates); death of a named beneficiary (update designations throughout); significant income change (contribution rates, Roth vs. traditional analysis); home purchase (insurance review, estate update); job change (benefits transition, rollover decision); serious health diagnosis (disability coverage, healthcare directive update); and significant tax law changes.
In Nevada, any event that changes marital property status, marriage, divorce, or receipt of an inheritance (which remains separate property in Nevada), should also trigger a community property review with your estate planning attorney.
Yes, and this is one of the most consequential facts in financial planning. Beneficiary designations on retirement accounts (401(k), IRA, Roth IRA), life insurance policies, annuities, and payable-on-death bank accounts override whatever your will says. If your will leaves everything to your current spouse but your IRA still names your ex-spouse as beneficiary, the ex-spouse receives the IRA, your will cannot change that.
This is why beneficiary designation review is the highest-priority item in every annual review. The consequences of an outdated beneficiary designation, a named beneficiary who is deceased, an ex-spouse, a minor child who would receive funds without a trust structure, or simply the wrong person, can be devastating and are often irreversible after the account holder's death. Check every account annually and after every life change.
Nevada's community property laws, zero state income tax, and unique estate planning advantages create review considerations that residents of common-law states do not face. Community property rules mean that all income and assets acquired during marriage are jointly owned, a life change like a significant inheritance, a separate property home that becomes community property through commingling, or a divorce settlement has community property implications specific to Nevada that require review.
Nevada's zero income tax also makes annual Roth conversion optimization uniquely important, every conversion in Nevada costs only federal income tax, while the same conversion in California also costs state income tax. The annual review identifies the optimal conversion amount given current-year federal income, IRMAA thresholds, and bracket management. Finally, Nevada's favorable trust laws, DAPTs, dynasty trusts, no estate tax, create estate planning opportunities that grow in relevance as assets accumulate and should be revisited annually.
An annual review with Sasson Emambakhsh covers your complete financial picture: retirement account balances and contribution rates, insurance coverage adequacy, beneficiary designations, estate document currency, tax strategy opportunities (Roth conversions, estimated taxes), Social Security projection if approaching eligibility, and overall goal alignment. Reviews typically take 60–90 minutes and are available in person at our Las Vegas office, by phone, or by video.
Annual reviews are complimentary, there is no cost and no obligation to make any changes or add any products as a result of the review. Many review conversations confirm that everything is on track, which itself has value. Others identify specific action items that, addressed promptly, can prevent significant financial damage or capture meaningful opportunities. Either outcome is worth the 60–90 minutes invested each year.
Work through these six areas each year to keep your plan aligned with your life and goals.
A financial plan that is never reviewed is a plan that has drifted from reality. Annual reviews with Sasson Emambakhsh (NV #4185790 | TX #3460699 | FL #G322852 | AZ #22097825) ensure your beneficiary designations are current, your coverage is adequate, your contribution rates are keeping pace, and your tax strategy is capturing every opportunity available under Nevada's zero-income-tax environment. No cost. No obligation. Just 60–90 minutes that could protect everything you have built.
Schedule Your Free Annual Review (702) 734-4438