Family Financial Management Annie’s Project January 23, 2007 Coweta Oklahoma

Organize Household Records It isn’t necessary to keep track of every penny that is spent by the entire household. It is necessary to know where all of the important papers are located and they are accessible and secure.  Bad ideas are a shoe box in the bedroom closet or the top dresser drawer.

Important Records Some of these records will be needed to prepare the income tax returns and need to be accessible. If the home is damaged or destroyed, these records will be valuable so they need to be stored safely. In the event of a death, these records will be necessary to settle the estate.

How To Get Started MOTIVATION – the first HARD step. Pull out all of the papers and begin to sort them. Discard any unnecessary papers (shred) Decide who will take the lead on keeping these papers organized and safe. Schedule a regular time each week to work on the family records.

Where to Keep the Records Home Safe  Should be fireproof  Burglarproof  Hard to be torandoproof Safe Deposit Box Investment Certificates Bonds Deeds Mortgages Contracts Insurance Policies Automobile Titles Appraisals Household Inventory Will / Trust Documents

Home File File Cabinet or a Sturdy Box  Items that are replaceable and used frequently Insurance Policies Guarantees Warranties Education Records Financial Statements Health Records Copies of Household Inventory List of Safety Deposit Box Contents Tax Payments Canceled Checks

Home Safe A home safe should be used for frequently needed items that need to be protected from fire and theft.  Income tax returns from previous years  Durable powers of attorney  Asset and property records

Your Wallet Your Wallet is a mini-storage location Personal ID Driver’s License Credit Cards Medicare or Health Insurance Card Blood Type Organ Donor Card Special Medication Information Name and Phone Number of Family Physician

Personal and Family Records To Keep Names, addresses, and phone numbers of relatives Names, addresses, and phone numbers of advisors Location of valuable records Location of safe deposit box and key Location of CD’s, computer discs, video’s, photo’s of home inventory. Computer passwords and file names

Personal and Family Records To Keep Location and identification of valuables Insurance policies Health records Education records Employment records

Property Information To Keep Property deeds Motor vehicle records Equipment warranties, guarantees, and instruction books Records of your home purchase and improvements Burial plots Other property purchases and improvements

Household Inventory Reasons for a household inventory: Amount of insurance to purchase Basis for filing insurance claims or tax losses Evidence of ownership Value of possessions – net worth statement

Financial Information To Keep Earnings records Account records from financial institutions Credit and debit card information Personal tax returns Retirement benefits Notes and money owed

Financial Accounts Current Files  Bank statements and cancelled checks  Bills to be paid  Credit card statements Permanent Files  Credit records  Pension or retirement information  Contracts, notes, debts  Investments

Legal Records To Keep Official certificates Birth, marriage, death, etc. Current estate planning information Wills, trusts, list of non-titled property Advance Directives and Powers of Attorney Social Security Card Passport

How Long To Keep Records Tax Records  IRS Says at least 3 – 6 years  Consider keeping them 7 to 10 years Bank Statements  7 years Cancelled Checks  1 year unless it is for a home improvement then keep it for 6 years Credit Card Statements  1 years unless it is for a deductible expense or for a major purchase, keep much longer

Get Started Make a plan Get organized Replace missing items Complete inventory Update at least annually Make an appointment with YOURSELF Schedule regular weekly sessions Stick to it