armstrongwealth.com Disaster Checklist

Transcription

1 Disaster Checklist Earthquakes, hurricanes, tornadoes, floods, and wildfires can strike without warning. If there is a natural disaster, you'll want to be prepared. Use this handy checklist to make sure you're ready. First-aid supplies (e.g., bandages, antiseptic) Prescription medication Canned goods, can opener Several gallons of water Battery-powered radio and extra batteries Extra cell phone batteries Flashlight and extra batteries Matches in a waterproof container, candles Toiletries and personal hygiene items Special items for infants (e.g., formula, diapers) Protective clothing Extra bedding, sleeping bags Entertainment (e.g., games, deck of cards, books) Small amount of cash Plywood Rolls of plastic sheeting Sandbags Shovels Keep the following items in a safe place off-site or in a waterproof/fireproof container: Copies of important documents (e.g., wills, birth and marriage certificates, insurance policies) Passports Bank account and credit card information Home inventory checklist Securities and advisory services are offered through LPL Financial, a Registered Investment Advisor, Member FINRA/SIPC.

2 Estate Planning Checklist General information Yes No N/A 1. Has relevant personal information been gathered? Personal details Family details Current advisory team Goals and expectations 2. Has financial situation been assessed? Assets Liabilities Life insurance policies Other insurance coverage Income Expenses 3. Have current documents been reviewed? Will Trust documents Power of attorneys Medical directives Insurance policies Buy-sell agreements Deeds, leases, mortgages, and land contracts Guardian nominations Separation/divorce agreements Tax returns 4. Have funeral arrangements been made? Basics Yes No N/A 1. Is there currently a valid will? 2. If yes, does will reflect current goals and objectives? 3. Does choice of executor remain appropriate? 4. Has durable power of attorney been executed? 5. Have medical directives been executed? 6. Have beneficiary designations for retirement plans and life insurance policies been reviewed?

3 7. Has impact of probate been considered? Trusts Yes No N/A 1. Is the use of a living trust appropriate? 2. Is the use of a testamentary trust appropriate? 3. Is the use of an irrevocable life insurance trust appropriate? 4. Do existing trusts, if any, continue to meet overall objectives? Estate tax Yes No N/A 1. Has estate plan been reviewed due to changing tax laws? 2. Has impact of estate tax been evaluated? 3. Have options to minimize estate tax been explored? Lifetime gifting Full use of basic (applicable) exclusion amount and marital deduction Qualified terminable interest property (QTIP) elections Qualified domestic trust (QDT) for noncitizen spouse Charitable giving Grantor retained trusts Family limited partnership (FLP)/limited liability company (LLC) Lifetime gifting Yes No N/A 1. Have gifts been made? 2. Has a lifetime gifting strategy been implemented?

4 3. Are gift tax consequences understood? 4. Has consideration been given to types of property suitable for gifting? 5. Is valuation discount planning understood? Charitable intentions Yes No N/A 1. Have charitable gifts or bequests been planned? 2. Is a charitable trust appropriate? Charitable lead trust Charitable remainder trust Pooled income fund Private foundation Donor-advised fund 3. Is a charitable gift annuity appropriate? 4. Is the charitable gift of a remainder interest in a home or farm appropriate? Life insurance issues Yes No N/A 1. Have liquidity needs of estate at death been evaluated? 2. Is current life insurance coverage appropriate? 3. Have steps been taken to keep life insurance proceeds out of taxable estate? Policy ownership Irrevocable life insurance trust 4. Have beneficiary choices been evaluated in light of overall estate plan?

5 Business interests Yes No N/A 1. Have provisions been made to transfer business interest? Buy-sell agreement and necessary funding Sell business Transfer business with lifetime gifts Key person buyout 2. Is liquidation an option?

6 Long-Term Care Planning Checklist General information Yes No N/A 1. Has relevant personal information been gathered? Name Date of birth Legal state of residence Health status, including medications being taken Marital status Family members available for support Name, phone number, and address of attorney, physician, geriatric care manager or other advisor 2. Has financial situation been assessed? Income from Social Security, pension, employment, or other source Expenses Assets Liabilities Long-term care planning Yes No N/A 1. Is the need for long-term care imminent? 2. Are assets sufficient to cover long-term care needs? 3. Have ways to fund long-term care been reviewed/evaluated? 4. If homeowner, has home equity as a use of funds been discussed? 5. Are long-term care insurance benefits available? 6. Have various housing options and their costs been considered? In-home care Living with a relative Continuing care retirement community Assisted living Nursing home Insurance planning Yes No N/A

7 1. Is adequate health insurance available? Medicare Medigap Private health insurance Prescription plans 2. Have Medicaid planning goals and strategies been considered? 3. Has Medicaid qualification criteria been discussed? 4. Has the need for long-term care insurance been established? 5. Is long-term care insurance coverage available to the client? 6. Have existing long-term care insurance policies been reviewed/evaluated? 7. Does long-term care insurance coverage need to be upgraded? 8. Do long-term care benefits need to be accessed? Estate planning Yes No N/A 1. Has long-term care planning been coordinated with estate planning needs? 2. Have appropriate estate planning documents been prepared? Will Trust 3. Have advanced medical directives been prepared? Durable power of attorney Living will Health-care proxy 4. Have letters of instruction been prepared? 5. Has this information been communicated to family members? Other Yes No N/A

8 1. Has the need for organizing important documents and records been discussed? Bank account records (statements and passbooks) Monthly bills to be paid Stock certificates, bonds, and other investment records Retirement plan statements Real estate deeds, mortgages, and other property ownership records Vehicle titles Business agreements Insurance policies Will, trust, advanced medical directives, letters of instruction, and other documents Birth certificate, marriage certificate, divorce decree, military service papers

9 Loss of Spouse Checklist General information Yes No N/A 1. Has relevant personal information been gathered? Name, age, health status Dependents and family members 2. Has financial situation been assessed? Income Expenses Assets Liabilities Insurance coverage Immediate concerns Yes No N/A 1. Have family members, friends, and employer been contacted? 2. Were written wishes of the deceased reviewed? 3. Has a funeral home/funeral director been engaged? 4. Is the funeral service organized? 5. Have burial, interment, or cremation arrangements been made? 6. Has the obituary been drafted and sent to the appropriate newspapers/publishers? 7. Are funeral expense payment arrangements complete? 8. If deceased was a business owner, have provisions been made for the short-term continuation of the business? Next steps: getting organized Yes No N/A

10 1. Have the appropriate records been gathered and organized? Birth certificate Marriage certificate Divorce decree Military service Death certificate Life insurance policies Investment documents Will Tax information Employee benefits information 2. Have appropriate advisors been contacted? Attorney Accountant/tax advisor Insurance professional Other(s) Insurance considerations Yes No N/A 1. Have claims been filed with insurance companies? Individual life insurance policies Group life insurance policies Employer-based life insurance policies Accidental death and dismemberment policies Travel insurance policies Mortgage life insurance policies Credit life insurance policies 2. Have surviving spouse's insurance needs been re-evaluated? Life insurance Health insurance Disability insurance Homeowners insurance Auto insurance Liability insurance Long-term care insurance 3. Have beneficiary designations been reviewed and changed as appropriate?

11 Other available benefits Yes No N/A 1. Have other available benefits been claimed and/or agencies notified? Social Security survivor's benefits Social Security death benefits Federal employee benefits Civil service benefits State government employee benefits Military benefits Deceased spouse employee benefits Qualified retirement plan/ira benefits Retirement planning concerns Yes No N/A 1. Have retirement planning needs been re-evaluated? 2. Have beneficiary designations for existing IRAs and retirement plans been updated as appropriate? Settling the estate Yes No N/A 1. Have the executor/administrator, trustee(s), guardians, and heirs been contacted? 2. Has an attorney and/or other advisor(s) been contacted? 3. Have the appropriate records been gathered? 4. Is probate necessary? 5. Has a Taxpayer Identification Number (TIN) been obtained? 6. Have creditors been notified? 7. Have other institutions been notified?

12 8. Have assets been distributed to heirs? 9. Have appropriate tax returns been filed? Surviving spouse's estate planning concerns Yes No N/A 1. Is there an updated will? 2. Have advanced medical directives been prepared? Durable power of attorney Living will Health-care proxy 3. Have letters of instruction been prepared? 4. Does plan for estate tax need to be reviewed? Tax planning concerns Yes No N/A 1. Has a tax advisor been contacted? 2. Has a change in filing status been evaluated? 3. Have the tax consequences of making gifts been considered? 4. Has surviving spouse inherited retirement plan assets (income in respect of a decedent)? Reassessing the financial situation Yes No N/A

13 1. Have jointly owned assets been retitled? Real estate Vehicles Investments Bank accounts 2. Has budget been re-evaluated? Income sources Expenses: fixed and variable 3. Have other financial goals/needs been reviewed? Readjustment period Emergency fund College Other purchases Vacations 4. Has survivor's credit situation been discussed? Obtain credit reports Contact existing creditors Establish separate credit if necessary 1807 West Evans Street, Suite A Florence, SC Telephone: Fax: armstrongwealth@lpl.com