(Photo: Shutterstock.com).

If you're like me and you live above the Mason-Dixon line, chances are it has been a long winter. I live near Chicago, and it has been brutal. One of those winters where you forget you have neighbors because no one ever ventures outside unless they're in the comfort of their pre-heated car.

Soon (hopefully), however, my neighbors will venture from their cozy living rooms and start the typical spring-cleaning projects–organizing the garage, cleaning up winter debris in the yard, maybe even washing the windows. While I never look forward to doing any of these projects, I always feel great once they're done. The same is true with our personal finances—spring is a great time to tackle some of the projects that you've probably been putting off for a while. My guess is you're not necessarily looking forward to any of these projects, but you will feel better once you get them out of the way. Here's a quick list of some smart financial spring-cleaning projects:

Review retirement plan contributions. Law firms have traditionally done a nice job of implementing quality firm-sponsored retirement plans, such as 401(k) or profit-sharing plans. Are you taking full advantage of these plans by maximizing your contribution to the plans available to you?

For example, for 2019 you can contribute up to $19,000 to a 401(k) plan ($25,000 if you are over 50). Those dollars you contribute can grow on a tax-deferred basis, which can be a powerful strategy to help you have a financially sound retirement. Many law firms also have adopted pension plans such as cash balance plans that enable participants to contribute potentially much greater amounts toward their retirement.

Take a moment this spring to review how much you are contributing to your firm-sponsored retirement plans and if you are not maximizing your contributions start ratcheting up the amount you are contributing.

Revisit tax withholdings with your CPA. Whether you are a partner or associate, you are getting ready to file your tax return in a few weeks. Many people get excited this time of year, hoping they will be in line for a significant tax refund. Others are dreading the possibility of owing more tax. While a refund sounds like a better alternative to owing, I would suggest that neither of these outcomes is good. The ideal outcome is to neither owe nor get a refund. When you get a tax refund that means you have overpaid your taxes all year, essentially giving the government an interest-free loan.

So how can you give yourself a chance to dial in your tax payments throughout the year more accurately? I would suggest you sit down with your CPA and review your withholdings from each of your paychecks. Perhaps making an adjustment to your personal allowances on Form W-4 could make sense if you typically get a large refund or you typically owe a significant amount each April. The key is to be proactive and have the discussion with your CPA to see if your current withholdings make sense and to make needed adjustments earlier in the year so you can get yourself on the right track.

Get your estate plan done (finally). In my experience, lawyers are not typically very good at getting their own documents buttoned up. Usually you are so busy solving other peoples' problems that you don't take the time to make sure your own documents are up to date and reflective of your wishes. When it comes to your financial life, I would argue that your estate plan is perhaps the single most important element to get squared away.

You work incredibly hard to create your wealth, but if your estate plan is either non-existent or outdated you risk having all the assets you've accumulated getting divvied up upon your passing in a way that is not in line with your wishes. You can also end up greatly complicating the lives of your loved ones who will have to try to sort out your estate once you are gone without the benefit of clear directions. This situation can lead to unnecessary disputes, arguments and overall familial discord that could all be avoided with a thoughtfully executed estate plan.

The problem with estate planning is that it is one of the single most depressing topics to discuss because the conversation starts with “okay, you're dead, now what do you want to happen?” As a result, people tend to kick the can down the road on their estate plan instead of tackling it head on and just knocking it out.

So, here's an idea to get you motivated to get your plan in place or updated. Book a trip! Given that it has been a long winter, book a trip somewhere warm. This may sound strange, but in my experience having a trip on the horizon is one of the great motivators to get estate plans done. For example, if you are married with young kids, book a trip for just you and your spouse. Knowing that you will be flying somewhere without your kids will motivate you to make sure your documents are up to date in case something was to happen to you while on your trip. This is a win-win—you get to go on a vacation and you finally get your estate plan in place.

With spring comes a sense of hope and a motivation to tackle the projects you've been putting off all winter long. Make sure that when it comes to your list of spring-cleaning projects you don't forget to add these all-important financial projects to the list.

Important Disclosure: Investments involve risk and past performance may not be indicative of future results. Balasa Dinverno Foltz LLC (BDF) investment and wealth management strategy recommendations may not be profitable, suitable or equal historical performance. BDF's current written disclosure statement discussing advisory services and fees is available for review at www.BDFLLC.com or upon request.

Justin Peacock is an owner and wealth manager at BDF, a fee-only wealth management firm based near Chicago with assets under management in excess of $4 billion. BDF serves clients nationwide and Justin provides financial planning services specifically tailored to addressing the distinct needs of lawyers. He can be reached at [email protected].