As it stands now, you can reset and redistribute your ascension points and trophies for free an unlimited number of times. It is extremely beneficial to take advantage of this.
One thing you should always keep ascension points in is Mining and Woodcutting NRG. This is an essential move and does TONS for your stone and wood gains. Trophies are most useful in Mining and Wood NRG reduction as well, your trophies you should balance depending on your mine level and woodcutting upgrades...when you clear a mining field you hopefully will have enough wood to upgrade to the next depth. If you don't gain enough wood in that time, you should put more trophies in woodcutting.
With the rest of your ascension points you should always respec for the activity you're doing at the time. Woodcutting damage when chopping, log gains when you're about to finish the tree off, pet damage before you do the arena, double training before you train, claim boost before claiming, etc etc. I've gotten into a routine and it just takes a few seconds to do while really paying off.
When you are idling with your party, party boost is the best. Once I've got my NRGs and party boost as high as possible, I put the change in xp boost, then gold boost, then damage.