MasterPlan
Alliance
Quest For The Best
In Dentistry!
CONTENTS OF YOUR FINANCIAL CARE PACKAGE
Your care package should include all of the following.
1. INSURANCE:
Store your policies in the safe deposit box, or send photocopies to your remote location. Yes, I know, it's a tedious and boring job. But if you have to file a claim, you'll be glad you did.
Also, write down your agent's name, address and phone number for each policy.
Of course, you should have the necessary coverages to begin with
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Life and disability (unless you are
already financially independent) |
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Health |
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Automobile(s) |
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Property - home and personal property;
office property |
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Liability - professional, personal, and
general business |
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Business interruption (loss of income) |
Make sure that your property insurance (home and office) provides for the replacement cost of your property. Without this special endorsement, your insurance will only pay the original cost less depreciation, which after only a few years can be next to nothing (on personal property). If you do not already have the replacement cost endorsement, add it today.
Also, your property is not insured against earthquake loss unless you purchase a special earthquake endorsement. However, loss due to ensuing fire is generally covered under your fire protection. Check with your agent to understand exactly what your policy covers.
If your area is at risk for flood, mudslides, etc.,
buy whatever riders are indicated.
2. RECEIPTS for all "substantial" investments and purchases.
Real property
Obviously, your backup system should include copies of all deeds and purchase receipts. (Hold originals in safe deposit box). Also include receipts or canceled checks for major building improvements.
Personal property:
cars, furnishings, electronics, clothing, etc.A wise person once said that our security lies not in what we have, but in what we can do without. Still, starting over from scratch could be VERY expensive. Many small items, singly inconsequential, can add up to a substantial investment. Your best protection is to have lots of documentation of your actual purchases.
In addition to copies of purchase receipts, your care package may include canceled checks and credit card statements. Don't hesitate to go back five to ten years. These will help you document your purchases if and when you need to.
Also, include photos of every room in the house and close-ups of all furniture, art, etc. Take lots of pictures. They will not only prove what you have, but help you to remember the smaller things. A VIDEO TAPE IS EVEN BETTER.
Photograph or videotape both home and office.
Financial Assets
(e.g., bank accounts, brokerage accounts, mutual funds, CD's.)
It is not enough for you to know how much you have and where. What if something happens to you? Your spouse and significant others need to have this information readily available, including account numbers, addresses and phone numbers.
Therefore, compile a "Master Information List" (see page 9) and include copies of recent statements from all brokerage accounts, mutual funds, bank accounts, etc.
3. ESTATE PLANS
At a minimum, include the name, address, and telephone number of the attorney who executed your wills, trusts and related documents. At your discretion, also include copies of the documents.
You say you don't have a will? You need one. CALL A QUALIFIED ESTATE PLANNING ATTORNEY TODAY and make an appointment. You owe it to yourself and your loved ones.
4. TAX RETURNS
(Optional: Last one to three years' returns - federal and state).
The IRS will produce copies of returns you have filed upon request. But do you really want them resurrecting your old returns?
5. IMPORTANT: BUSINESS.COMPUTER BACKUP
If you use a computer in your business, you should already be making backup files on a regular basis (at least weekly). Include a backup in your care package, then replace it on a periodic basis.
6. OTHER: photocopies or originals of the following:
Birth certificates Diplomas
Passports Automobile title
Social Security records Powers of Attorney
Partnership or other business agreements
Marriage certificate or dissolution papers
