Feb5Written by:Betty Berry
2/5/2009 11:20 AM 
By Betty Berry
Wednesday, February 4, 2009
Q: My parents are very private about their finances and personal records. Until now this hasn’t been a problem, but they are beginning to need my assistance and I don’t have the information I need to help them get the care and services they require. Do you have any suggestions about what would be useful for me to ask them to provide?
A: Your situation is not uncommon. We all are guilty to some degree about lack of planning for future situations.
Planning for the future should include among other things getting our financial and personal records in order and at least letting a family member or close friend know where the records are kept should an emergency arise.
While each person’s situation is unique and requires different action, there is specific information and basic documents that should be available.
The following suggestions may help to organize personal and financial records not only for your parents but perhaps also for yourself.
To start, a personal records file should include the individual’s full legal name as well as any other names previously used, legal residence, date and place of birth, mother’s maiden name and Social Security number. Without these five pieces of information, obtaining services can be very difficult.
The file should also include the name or names of spouses and children and whether they are living or deceased.
Information on where to find a will or trust, certificates of birth, marriage, divorce, adoption, death and military discharge papers and citizenship papers should be provided.
A record of employment (employers and dates of employment), education (schools, degrees and dates obtained) and military service (enlistment and discharge dates, branch of service and rank) would be most useful in determining what benefits might be available.
Requests, preferences or prearrangements for burial along with religious affiliation as well as names and addresses of close friends, relatives, doctors, accountant, lawyer or financial adviser can make the caregiver’s task much easier.
The second file, a financial records file is the place to list information about insurance policies, bank accounts, deeds, investments and other valuables.
This file should show all sources and amounts of income (pension, social security, interest, etc.) and types of assets (stocks, bonds, property, bank accounts, etc.)
Details of insurance coverage also are needed. Names of insurers and policy numbers for healthcare, life and property coverage and contact telephone numbers for those policies will provide the caregiver with the ability to handle almost any crisis.
It should also indicate how assets are titled (e.g. joint ownership) and beneficiary named on specific assets (e.g. IRAs).
If there are outstanding liabilities, a list of what is owed and to whom and payment due dates should be included. This would cover such debts as mortgages, credit cards, charge accounts and property and income taxes.
The reverse also is important if there is money due from loans, contracts etc.
The financial record file should also provide the location of a safe deposit box, if applicable, and the name or names of those who have access.
Also in the world of computers, any passwords or codes should be noted. A copy of the most recent income tax return would also be a useful resource.
Additional issues that should be considered are the execution of two documents, an advance directive for healthcare and a general durable power of attorney. These documents will allow the person named in the document to act on behalf of the person who can no longer act on his or her own behalf.
Before completing any legal documents, however, never hesitate to consult with an attorney for advice to make sure the action you plan does what you are expecting it to do.
Happenings
Tuesday, Feb. 10: A seminar on housing options runs from 7 to 8:30 p.m. at the Senior Concerns Adult Day Center, 401 Hodencamp Road, Thousand Oaks. For more information, call 497-0189.
Feb. 11: A seminar titled “Volunteering: A Win-Win Situation” runs from 1:30 to 3 p.m. at the Westlake Village Civic Center, 31200 E. Oak Crest Drive. For more information, call 495-6250.