Bankers Urge New Yorkers to Look at Financial Planning Issues Before the End of the Year

NEW YORK, NY (12/06/2007)(readMedia)-- New Yorkers should take a close look at their personal finances and examine key financial planning issues before the 2007 tax year ends, according to Michael P. Smith, President and CEO of the New York Bankers Association, and Melinda Sartori, NYBA Trust Marketing Committee chair and Executive Vice President of Chemung Canal Trust Company (Elmira).

“In addition to the planning for holiday shopping that so many New Yorkers are currently engaged in, families and individuals should also undertake a careful examination of important financial planning issues before the end of the year, particularly since decisions made now can have a very significant impact on taxes that will be owed to the Federal and state governments,” Smith said.

Smith urged all media news outlets – television, radio, newspapers, magazines, websites and blogs – to consider running stories during this time of year to remind their viewers, listeners and readers about the importance of financial planning and the relevance that financial planning decisions can have on the tax bills that individuals and families face next April 15th.

“Financial planning issues are very diverse, depending on the age and financial status of the individual, as well as based on whether they have aging parents or children of any age,” Sartori said. “As baby boomers continue to seek ways to fund the education of their Generation X children as well as plan for their golden years, tax and retirement planning and establishing trusts and estates will continue to be important for millions of New Yorkers.”

“More New Yorkers than ever before are actively engaged in investing, financial planning and issues surrounding their financial well being. And that’s a good thing,” Smith said.

Recently, the New York Bankers Association issued a new media resource guide entitled, “Financial Planning Professionals: Leaders In Their Field.” It is a resource for members of the media who need background information and/or on-the-record analysis of issues such as trusts and estates, financial planning, retirement planning, wealth management, tax planning, and elder law.

“The individuals listed in the resource guide are leaders in their field and they are from every corner of New York State,” Sartori said. “They are available to talk to members of the media on the record or for background and can provide the analysis and expertise journalists seek when presenting stories on estate, tax or financial planning, trusts or other important financial issues.”

A copy of the resource guide can be found online at the New York Bankers Association website, or by clicking on http://www.nyba.com/press/TrustMediaKitOctober%2007.pdf.

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