Are You Prepared?

It Started With Something I Keep Forgetting

A friend of mine, a mechanic, is kept busy by forgetful people.

They forget to change the oil in their cars, they overlook checking to see whether their air filter is dirty, and as far as their fuel filters, "out of sight is out of mind".

Today there are "extended drain intervals" and "long life" filters available, but when one forgets to tend to these matters in a timely manner, dirt engine, and costly repairs end up being the result.

Did you ever notice that there is a "constant" here? Namely that humans forget things.

What kind of reminder "system" do you use to ensure that important things, like car care, don't get overlooked? 

Finding that file

Where Is That File???

I was looking for my file on my medical plan last night and found I really need to get organized and  get the key files in one place.  In my desk drawer I found some financial files, but not the medical plan. Then I looked in a nice two-drawer all-wood file cabinet I have in the bedroom. There were files on our cars and insurance policies, but no medical plan. Then I checked the  square, heavy fireproof file box I have in my bedroom closet. My marriage license, house purchase agreement, retirement plan and other files were there, but no medical plan.

Then I remembered the aluminum 3-drawer file cabinet I have just inside the garage. Lots of business files, investments, etc., but not the one I wanted.  I wouldn’t have put it in the bank safety deposit box, would I have? No.  I finally remembered that I had moved my medical plan and medical records from the heavily stuffed bedroom file drawer to an empty drawer in the bathroom. Of course!  I should have remembered that.

What would I do if we ever had a fire here and I wanted to save some files?  What if we were in a flood zone and there was a flood?  What if I died?   How long would my wife have to spend finding all the critical files?

It made me realize that I have to get organized and put all the key files in one place. Are you in the same situation? How many file places do you have?

Andy Schultz
Tampa, FL

 

How Ownership in a Business Venture Impacts You

Ownership in a business prompts reviews of coverage on two fronts: the personal planning and the corporate. With business owners, your financial security is often closely tied to the business.

If the business was to go under, so possibly does your financial security.

There should be sufficient business coverages in place, such as life and disability insurance, so at the death of an owner, the surviving partner can obtain the deceased partner’s interest in the business while the surviving spouse is able to see worth for their deceased spouse’s business interest.

Likewise, its important to document how the legal and financial obligations you have taken on as a  business owner/partner.

Having a buy-sell agreement that identifies the value of the business and the right type and amount of insurance allows for a transfer of ownership, and thus avoids disputes among remaining partners and the surviving spouse. Again, all of the personal coverages and personal casualty coverages should be reviewed here too. In addition, consideration must be given to any property and liability exposure that exists as a result of the business being operated. 

Being a business owner is a great thing, but to protect  your interests, and those of your family, you MUST have your relationship and obligations to the business well documented.  Business ownership is high satisfaction, and high stress.  

Did you ever consider how a financial Windfall can change your plans?

We all dream of a financial windfall at some time and pleasantly enough, this to creates a need to review your peraonal arrangements, priorities, and plans.

Take your insurance coverage for example.

The insurance coverages that were in place may no longer be necessary if the financial windfall is sufficient to accomplish one’s financial goals. Things like disability insurance may be less important since one can now financially handle the loss of income by way of the windfall assets.

Life insurance may need to be decreased, and possibly terminated altogether, but long-term care usually remains a worthwhile coverage to hold onto. With increased assets comes increased exposure and liabilities and as such, the property and casualty coverages should be reviewed. Basic policies may not cover extensive assets or special assets, so find a qualified property and casualty insurance broker who can help you reevaluate your situation.    

Last, but certainly not least, make sure you update your will, your preferences in case you become incapacitated, your insurance carrier and contact information as well asa the information about how want your affairs handled that you want to leave with others/share with others.  It can eliminate a lot of pain and suffering later, and who doesn't want that?

 

Would your survivors be aware...

Today, unlike years ago, families are frequently scatterer across a large geographical area.  Family members may be many states away, or even in other countries.  And unfortunately, in the increasingly busy world we live in, remote children may lose touch with the reality that as elder family members continue to age, that arrangements that need to be made for that day when our loved one is no longer with us.

One of the first decisions to be made in funeral prearrangements and pre planning at a funeral home is between cremation or burial at a cemetery. The decision is often done based on religious beliefs, but many people nowadays also have personal preferences. This decision leads to having to choose from among urns and caskets. Sometimes, even if cremation is chosen, the decision includes burial of the urn in a cemetery. If the cemetery is the final resting place, a cemetery plot or mausoleum crypt has to be purchased while making the prearrangements.

Other choices for the final resting place of the deceased after a cremation are a columbarium niche, the home of the next of kin or scattering of the ashes in a location of deep significance to the departed.  If the columbarium niche is chosen, this also has to be purchased beforehand.

For some people with next of kin in another country, the choice may be to have the body shipped out to the family. This should be taken into consideration during the funeral prearrangements and pre planning. A funeral home in Tampa, for example, specializes in ship outs to Cuba.

Another decision to be made during funeral prearrangements and pre planning at a funeral home is whether to have a funeral service or a memorial service. Having both could also be an option.

Would your susrivors be aware that you have made pre-arrangements?  Or where to find them?

The key thing for family members to remember is that people (of any age) will make these arrangements with or without your involvement.  It is critical to understand if arrangements have been made, and if so where the details are recorded.  Doing so, in a repository like MyArchive can eliminate the frustration, confusion and angst that often accompanies the passing of a loved one.

Who would know?

If you weren't around, would your loved ones  have any idea about the myriad details that I have taken care of for years? 

Things like who takes care of  the routine cleaning of the  house gutters, or making sure the A/C in the car is checked and recharged as needed.  Or who is the plumber that gets a call from time to time, or the person that put in the sprinkler system, or any number of other "things" that need to be taken care of, but family members may be unaware of.

Further, if I weren't around, would my loved ones get ripped off?  Maybe  they'd dig through files or boxes of old tax records, and be able to find out if $350 was the right price to pay for unclogging a drain.  But surely there needs to be an easier way.

Imagine how simple it would be for those we care for, if all of this information was available online.  Easy to lookup, so that you'd get the right information, the right service person, and pay the right price.  Wouldn't that seem easier and safer?

I Love My Pets ... Don't You?

I don’t have kids, but I do have my “furchildren” … more affectionately known as my “furbabies”.  It doesn’t matter how old they may be; they will always be my babies.  Every morning that I get up, you can feel the love in our room.  Our 90 lb. “kenardly” dog (can hardly tell what she is) is either on the bed curled up against our legs or at one side or the other on the floor beside us.  And, our 9 lb cat is purring in her mail carrier (her preferred bedding) on the love chest at the foot of the bed, just waiting for us to throw our feet over the side of the bed to start yet another day.

And, when we travel, I do worry about them.  We have a wonderful pet sitter that takes care of their needs when we are away but ...  What if we are in an accident?  Who is going to take care of them long-term?  Worse yet, what if we are killed?  What will happen to these sweet, affectionate animals?  (By the way, don’t let them hear you call them animals … they don’t know.)

Who would know who their vet is or that they are both on medicated food for chronic urinary tract infections?  How would they know that our "kenardly" has had several surgeries and has hip dysplasia?  How about their treats, their favorite chairs, their preferred playtime activities, or the cute little behaviors they have developed over the years that make us laugh every day? 

Yes, their life will be different if we are no longer there, and it is so important that we make it easier for them to adapt without us.  I shutter to think about it, but it could happen.  Our “furbabies” have feelings too.  It may seem silly to those who don’t have pets,  but to those of us who acknowledge that they are an integral part of our family will certainly understand.  I’m so happy to be able to have MyArchive to capture the needs that my “furbabies” have.   It does bring peace of mind to know that our little critters will be taken care of if we are incapacitated in any way.  

A Fortune Almost Lost

A month ago a dear friend of mine called and mentioned that her father had died several months before. They had the hardest time locating all of his records like title to the house, will, car title, etc. They knew he was pretty well off but had never shared where the income came from, only that he had a great number of stock shares in several dividend-producing companies.

They searched the house from top to bottom, his safety deposit box (at least they knew which bank he used), and everywhere else they could think of, but found nothing. One day they were cleaning up his car in preparation to selling it, and what did they find in the trunk? All his records including the stock certificates in a very old and dirty file folder under some oil-stained towels! What an unusual place to keep such documents.

Here are some points to ponder:
What would have happened if they hadn't looked in the trunk? Would the next owner of the car be the new owner of the shares? Or would they just have thrown out the old ragged files with everything else.

Thinking about this makes me wonder “where are all of my files?” ”Does my wife know where they are?” “Where do you keep your life's documents?” “In one place or scattered around the house in secret places?”

Does it make you wonder, too?

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Had to Prove It Was His

A friend of mine, a NY State Trooper, was dispatched to a lake home of a lady, and was told by the dispatcher it was a "domestic Issue". Oh, great, he thought, another case of bickering spouses. (These are among the most dangerous of calls for law enforcement).

When he got to the property, he discovered a man arguing with the woman of the house over a sailboat that he had untied and was getting ready to load onto a trailer.

Seems the man of the house was recently married, and had shortly after the nuptials and without notice taken off with one of the bridesmaids he had met. The relatively new bride was understandably not in a good mood to begin with, when the fellow with the pickup and trailer showed up to pull out the boat.

"That's mine!" she insisted! And the fellow with the trailer insisted, that it was only half hers, and that he and his (now departed) buddy had gone in half-and-half on the purchase of the boat and he had the check to prove it.

Sometimes, when you go into a "shared" ownership arrangement, things can get sticky if you don't have the paperwork to prove it. Whether it's a boat, race car, horse, airplane, condo, ATV or any other asset, it pays to document who owns what.

Unfortunately our society today sees too many cases end up in expensive court cases to sort out these matters when having proper documentation, in an accessible location, could save much unnecesary grief and suffering.

Have you any similar experiences you would like to share?

Don't Miss This Great Opportunity !

Like you, I can let things get backed up, and then I have to scramble to get caught up.  

You or somebody you know, probably scrambles around like crazy at tax season, trying to find documents, receipts, and other artifacts that are needed to prepare the annual tax filing.

It's easy to miss some off the events that trigger reviewing our personal situation, and updating our documentation.  And unlike tax deadlines, these can happen at random times throughout our life:

• When you have a newborn
• New relationship with medical, financial, or legal professionals
• Change your employment
• Get married, separated or divorce
• Lose your spouse/partner
• Purchase a new insurance policy
• Open, change or cancel a bank account
• Create new online accounts, or change passwords or access codes
• Obtain (or cancel) credit/debit/charge cards
• Execute a contract or formal agreement
• Change ownership percentages in an asset

This is only a partial list, but it should get you thinking about where this information is recorded/stored today.  (It is recorded and stored somewhere safe, isn't it?)