Christine HoneygoskyMarch 24, 2014

WHEN TO UPDATE . . .

WHEN TO PITCH

Stacks and piles and towers . . . Oh my! We all seem to be swimming in paperwork

Bank, investment and credit card statementsMortgage, insurance and automobile documentsMedical and health insurance files Tax returns

What to do with this mess?

What needs to be updated and how often? How long to keep files?

When can files be safely destroyed and discarded?

Created From Current Practices; Holistic In Approach

As client advocates our role is more than just financial Our interaction with prospects and reviews with clients often

combine financial with personal/professional dreams and goals

What do we give our clients now Binder – for all client’s financials only What do our clients do with the binder?

Investment Portfolios Take A Backseat When A Medical Emergency, Death Or Natural Disaster

Occurs

Do you know what medications your spouse takes?

Do you know who to call in an emergency?

Can you answer key medical history questions if your spouse can’t?

Do you have a Medical Power of Attorney AND a Living Will?

Would you be able to find valuable documents when the rest of your world is spiraling out of control?

Which One Are You?

The “Organized One”Knows usernames and

passwords for websites that the family uses.

Knows the due dates for key household bills like:

MortgageCar paymentsInsuranceUtilities

Which One Are You?

“The Tourist”Blissfully unaware and

enjoying the scenery.

If you’re “The Tourist”, how quickly could you become “The Organized One”?

Are You Prepared…When “Life” Happens?

Types of Life Altering Events

Serious Illness or Accident Death Retirement Birth or Adoption Home Ownership Moving Home Downsizing Entering Nursing Home or Assisted Living Facility Marriage or Divorce Empty Nest

Organization and Regular Review are Critical

Key to a stress free life. How quickly can you or a loved one access

the current information? Have you kept your spouse or significant

other in the loop?

Breaking It Down

It can be difficult to compartmentalize our lives. It’s much easier to get organized if it’s done in

segments. How often should we review and revise? How long are we supposed to keep all these

documents?

Medical Information

Personal and family medical history Living Will Medical Power of Attorney Emergency Contact List

Medical History

Separate lists for each family member. Don’t forget the minor children! Be sure to include their Immunization Records.

List should include hospitalizations and surgeries in the last 5 years.

List all allergies. List all prescription medications currently being

taken. Don’t forget to include over-the-counter

drugs. Be sure to include dosages and frequency. Very important to keep this this current.

Living Will and Medical Power of Attorney

These are similar documents that work in concert with each other. Living Will - Describes and instructs how the person wants end-of-life

health care managed. It takes effect when the patient is terminally ill or is in a permanent vegetative state

Medical Power of Attorney - Gives a designated person the authority to make health care decisions on behalf of the person. It takes effect when the patient is temporarily unconscious.

Each adult family member needs to have their own Living Will and Medical Power of Attorney.

Don’t forget HIPAA Privacy release for college-age children.

Emergency Contacts

Recommend that list has 3 emergency These contacts should live nearby, if possible.

Separate lists for each family member.

Don’t forget about minor children

Medical Information:When to Update and When to Pitch

Personal and Family Medical History Update when needed – new medication, new surgery, new diagnosis, etc.

Living Will and Medical Power of Attorney Review and update when necessary

If you want to change agent for health care If you want to make any situational alterations.

Health Insurance Do you have the most recent health insurance card in your wallet?

Shred and discard the old card.

Emergency Contact List Each person should have 3 emergency contacts Make sure phones numbers are updated Make individual lists for EACH member of the family

Estate & Insurance

Will Estate Plan Durable Power of Attorney Life Insurance Policies Additional Insurance Policies

Estate & InsuranceWhen to Update and When to Pitch

Will Should be reviewed with your attorney

every 3 years or when a life altering event occurs

Important for both spouses Don’t forget college-aged children

Durable Power of Attorney Should be reviewed with your attorney every 3 years or when a life altering event occurs Important for both spouses Don’t forget college-aged children

Life, P&C, Auto, LTC and other insurance policies Should be reviewed with your insurance agent every 3 years or when a life altering event occurs Important for both spouses Don’t forget college-aged children

Medical bills and records Keep all medical bills and supporting documentation such as

checks and credit card statements until you are sure that the billhas been acknowledged and has been paid in full by your and/or your insurance company

If you’re deducting unreimbursed medical expenses on your tax return, keep all supporting documentation.

Banking & Investments

List of bank accounts – savings, checking, money-market Individual Retirement accounts 401(k) accounts Pension documents Annuity contracts Stock certificates, savings bonds and

brokerage accounts

Banking & Investments – When to Update & When to Pitch

Tax Returns and supporting documents Anything to do with taxes should be kept at least seven years.

Retirement Plan Statements Keep quarterly statements until you receive the annual summary. Keep annual summaries until you close the account

IRA Contributions If you made an after-tax contribution to an IRA, you will need to keep your records indefinitely to

prove you already paid tax on the money when it’s time to make a withdrawal.

Brokerage Statements, Mutual Fund Statements You must keep these until you sell the securities covered by them to prove whether you have

capital gains or losses for your tax return. If you hold stocks or bonds for many years, you will need to keep the statements. Keep quarterly statements until you receive the annual summary. Keep annual summaries until you close the account.

Banking & Investments – When to Update & When to Pitch

Checking & Savings Account Statements Rule of thumb is to save last 3 years in case you’re audited. If possible, go paperless! Most banks have an online statement archive feature.

Credit Card Receipts & Statements Keep original receipts until your statement comes and then match them up. You can then

discard the receipts. Keep statements for 7 years if they document tax-related expenses. If not tax-related expenses, shred since most credit card companies have an online

statement archive feature.

Paycheck Stubs Keep paycheck stubs until you receive your annual W-2 form from your employer(s) and

make sure the information matches. Most financial and tax consultants advise you retain for 7 years or longer.

Important Documents

Housing, land and cemetery deed information Escrow mortgage accounts Vehicle titles Partnership and corporate operating agreements List of all website user names and passwords

Important Documents: When to Update & When to Pitch

Housing, land and cemetery deed information Housing and land deed information

Really crucial records are most likely filed at the County Recorder’s Office. Recommended that you retain your statements for up to 7 years after you sell or pay off the

mortgaged property.

House/condo Records Keep all records documenting the purchase price and the cost of all improvements, as well as records

of expenses incurred in selling and buying the property for 7 years after you sell it.

Vehicle titles and maintenance records Keep in a safe place while owned.

Partnership and corporate operating agreements Keep while partnership etc. is in effect. Once dissolved, maintain all partnership and corporate operating agreements for at least 10 years.

List of all website user names and passwords Keep the list in a safe place Be sure to include all sites used to pay bills online; manage financial accounts, etc. For added security, change passwords on a 30, 60 or 90 day basis.

Can YOUR Clients Pass The Test?

We've developed a handy Checklist for your use that’s been designed to gauge your client’sorganizational level

No we don’t mean a refrigerator or freezer!

I.C.E. means In Case of Emergency

ICEbox™ was created to provide clarity for families in the event of a medical emergency, death or natural disaster

When a life altering event occurs, there’s no time to hunt for important paperwork

It gives users the power to inform doctors about family members’ medications, provides important phone numbers and contacts, and lets the user access valuable documents when they need them

It is a complete organizational system designed to provide peace of mind when it’s needed the most

ICEbox™ System Includes 4 Snap Secure, 3-ring plastic organizational

binders for Health, Estate & Insurance, Banking & Investment and Other Important Documents.

A 256MB flash drive with pre-loaded fillable PDFs covering categories including: Medical/Medications History, Emergency Contacts, Important Websites/Passwords, Credit/Debit Cards, etc.

Secure, password protected and encrypted online vault.

Partnered with Net Law for the creation of Estate Planning documents.

For More InformationCraig A. Sutherland

Christine Honeygosky

ICEbox Solutions, LLC20 Northwoods Blvd.Columbus, OH 43235

614.802.0242

www.youricebox.com | info@youricebox.com