Tax Tip of the Week | No. 261 | Do You Have A FROG File?

Tax Tip of the Week | July 30, 2014 | No. 261 | Do You Have A FROG File?Everyone needs one of these...

I recently attended a seminar on estate planning. The attorney presenting the class provided a nicely summarized list of important information that everyone should have prepared prior to their death.  She called this list a “FROG File” (For Your Own Good).The list includes:The Essentials-    Executed Will Document-    Trust Document(s)-    Letter of Instructions:o    Funeral Arrangementso    Contact information for CPA, Attorney, Financial Advisor, Insurance Agents, Bankers, etc.Proof of Ownership-    Housing, land, and cemetery deeds-    Proof of loans made and debts owed-    Vehicle Titles-    Stock Certificates, savings bonds and brokerage accounts-    Partnership and/or Corporate Operating Agreements-    Tax Returns (at least five years)Bank/Brokerage Accounts-    List of all Bank and Brokerage Accounts-    List of all user names and passwords to access the accounts-    List of safe-deposit boxeso    For each, indicate who is the named beneficiary or has joint ownershipHealth Care-    Personal and family medical history-    Durable health-care power of attorney-    Authorization to release health-care information-    Living Will-    Do-Not-Resuscitate OrderLife Insurance and Retirement Accounts-    Life Insurance policies-    Individual Retirement Accounts-    401(k) accounts-    Pension documents-    Annuity Contractso    Make sure beneficiary information is up-to-date!Certificates and Licenses-    Marriage License-    Divorce Decrees-    Military RecordsSince we never know when we will be “hit by the bus” it would be a good idea to start your FROG file today!

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Rick Prewitt - the guy behind TTW...until next week.