HOW TO USE THIS WEBSITE
When you click on the Family Resource Guide, you will find educational material on the topics needed to organize your personal information, which are separated into sections.
Please note that at the end of each section there is a link to the data pages that match that section, which are used to record your personal information. These data pages are also available in the Resources section. These can be downloaded and printed for your use.
NOTE: When was the last time you reviewed your credit reports: Each major credit bureau offers one free report a year.
When managing someone else's financial affairs, it is imperative to know information about the monthly income and cash flow.
Record the contact information for your CPA/Accountant. In this section also indicate location of your current year tax information. Set up a file to be the collecting spot of tax deductible receipts, that you gather during the year. Record the previous year's tax return location. Review with your accountant, the number of years she/he suggests you retain the substantiating documents to your tax returns. Keep all tax return forms (1040 forms), but shred all outdated backup documents as per his/her instructions. Make a file for capital improvements on your property and keep those receipts until the property is sold. These expenses will be added to your purchase price basis to decrease your capital gains taxes.
Enter the information on your financial advisor (s) and add any notes that will assist your estate administrator or your power of attorney for finance. You have chosen these individuals to assist you and they should be familiar with your affairs.
Include all accounts. Be certain to record any on-line banking information and the automatic deposits and automatic debits that are established. Keep this section updated. This is imperative information for an estate administrator or a trustee to know, in order to keep the estate/trust account funded appropriately.
It is suggested that the keys NOT be kept together – if one is missing, the other goes along for the ride! Keep an up-to-date inventory of the contents of the box. The Safe Deposit Box is an excellent place to keep the originals of your legal documents, keeping a photocopy at home for easy reference. When you have created your lists, this would be a good place to keep a safe deposit key. In order to have easy access to the safe deposit box after your death, you might consider having your successor trustee(s) on the signature card, but you keep possession of the key(s) until there is a time of need. Note if there is a charge for the box (which is usually tax deductible) or if it is offered free by the institution.
Recording your safe entry code is optional. There is a place to list the people who have that access information. Tip: Make a disguised entry into your contacts or address book, I have used the “phone number” technique for years. Each year, the children had new lockers with different combinations. I made them a list of phone numbers for the family and included their combinations in disguise: “Jim: 259-4000” for a gym locker combination of 2-59-4. They could check their phone list for their gym locker combination or main locker until they were memorized. You may wish to include a current inventory of the contents of the safe for insurance purposes. Do not keep that in the safe!
Many seniors depend upon their pensions for their basic living expenses, especially if they are not eligible for Social Security. Or they use them to supplement the social security payments. It is extremely important that the spouse understand if there are survivor benefits included in the pension provisions, and the expected dollar amount. Often, the spouse or adult child is the one who must handle the paperwork involved with disability or retirement. Knowing the location of the Employee Benefit paperwork or the Human Resource Department contact for the current or previous employer is extremely valuable.
IRA: TRADITIONAL, ROTH, SEP, ROLLOVER, SIMPLE, SPOUSAL, BENEFICIARY; 401(k), 403(b), ESOP, KEOGH, PROFIT SHARE, OTHER:
“Any asset that has a named beneficiary (such as an IRA), is part of your estate, but is not subject to the probate process. Thus, it is imperative that your beneficiary designations are kept up to date. Due to the demographics of an aging population, we are now beginning to see an increase in these investment plans being inherited. The public is generally unaware of the unique rules involved with this type of asset. It is vital that your financial adviser and estate-planning attorney be made aware of these accounts, so that your estate plan is properly coordinated and that your heirs have proper counseling prior to inheriting these assets. Together they can help your heirs prevent costly mistakes in transfer of title and understand the distribution rules.” Section used with permission: Harry Rubins, Former Financial Consultant Foothill Securities, Inc., Santa Rosa, CA
Stock Options and Security Certificates, Annuities, etc.: Make copies to keep at home, and store originals in either a personal safe or safe deposit box.
Charity organizations are deeply grateful to donors who plan ahead and make charitable gifts through their estate plans. These legacy gifts constitute a significant source of support for these organizations, and serve a variety of personal, estate and tax planning goals. As with any major financial transactions, you are encouraged to consult your professional advisors prior to making decisions.
This is the perfect place to record those investments that do not fall into any of the categories listed, but have resale value and are an asset of your estate. Examples are full or partial ownership in race horses, race cars, boats, country club memberships, gun, coin or stamp collections, etc. If you have collections of value, it is suggested that you have an appraisal done for insurance purposes, increase your insurance to cover these items, and keep copies of the appraisals in a binder you set up with your copies of other documents mentioned previously. Keep the original appraisal reports in the safe deposit box. Review those appraisals every five years or so.
Complete the data form for each property/membership in which you have a financial interest. Indicate if this is an inheritable asset.
Record all your credit card information. Also refer to the beginning of the financial section and note if monthly charges are routinely made to these accounts. If credit cards payments are paid by automatic electronic debit authorizations from your bank accounts make certain this is recorded. It is suggested that you obtain a credit report from the three major credit bureaus for review. You may find open accounts that you have not used in years, but are still listed as open and active. It will be necessary to write to those companies requesting that they close those accounts and notify the credit bureaus that these were closed at the consumer's request. Ask that they notify you by letter when this is accomplished. Keep these on file. Follow up several months later and requesting and reviewing credit reports again. With the high reports of identify theft, it is prudent that you have knowledge of your credit report and ratings .
The three major credit bureaus:
• Equifax 1-800-685-1111
• Experian (formerly TRW) 1-888-397-3742
• Trans Union 1-888-503-0048
Make a list of all companies that you have on auto-pay. Include the user name and password and account number. IF (or when) your credit card is compromised, you have information on hand to change your information either by phone or on their site.