B. Legal Planning

1. Copy of will and trusts
2. Copy of life and unemployment insurance policies
3. Durable Power of Attorney (DPOA) documents
4. Prepaid funeral and burial arrangements/plan for pet relocation and expenses

C. Banking/Investments

1. Copy of each credit card with contact phone number
2. Divide out by financial institution a copy of bank statements, brokerage accounts, annuities, IRA’s, stock/bond certificates, and dividend reinvestment plans (DRIP)
3. Copy of retirement plans and investment real estate documents
4. Copy of “Survivor’s” Pension Benefit (what will surviving spouse receive after the retiree dies?)

D. Medical

1. Name and phone numbers of physicians, dentist, and pharmacy (list prescriptions)
2. Copy of medical insurance card and benefits guidebook
3. Long term care and disability insurance policies
4. Patient Advocate Designation document. Give primary care physician a copy
5. Copy of Medicare card and account number

E. Household

1. Copy of home deed, homeowners insurance (umbrella policies)
2. Copy of mortgage and home equity loan statements
3. Copy of auto title, loan/lease, and insurance documents
4. Copy of statements for gas, electric, water, waste management, telephones, etc.
5. Home maintenance file to include repair receipts, phone number of repairmen, warrantees, and appliance insurance.

Step Two ~ Discovery

Your documentation is organized. Breathe a sigh of relief! Next, you’ll need to assemble a team of people who can manage things if you’re unable to do so. Create a list of family members and evaluate the following:

1. Their role in the family, strengths, weaknesses, worries, living situation, income,monthly and annual expenses, insurance (including long-term care), emotional and physical health, goals and values.

2. How long will their money last if the family situation changes?

3. How do they feel about taking on a new role?

Now you’re ready to select individuals you want on your team. Include any that apply: family members, doctors, home care specialist, attorney, certified elder law specialists, insurance agents, brokers, CPA, caregivers, certified financial planner, therapist, etc. Many of these professionals are trained to help families deal with health, financial, and social issues in a holistic way.

Step Three ~ Create a Financial Plan

Sit down with a certified financial planner and develop a financial plan that addresses the following:

Financial Position:
• Create a cash flow statement which breaks down income and expenses.
• Determine your net worth by listing assets and liabilities.

Income Taxes:
• Review tax situation for capital gains/losses with real estate or stocks.
• Discuss inherited IRA status vs. pension /profit sharing plans.Investments:
• Analyze investments for quality, safety, income needs, tax situation, etc.
• Are investments manageable, properly diversified, or all over the place?

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