Tax Tip Tuesday – What’s Your Plan?

A long time client has chosen to give Power of Attorney to his bank. He had been the man who helped everyone else who aged, get organised and get to their tax appointment. 

Other clients come in solo, even though they are in a relationship. I always remind them what if something happens to you? Auto pays don’t end with death. 

One of my good friend’s husband was terminal, she had time to start the process of collecting his passwords for the electric, water, mortgage, medical insurance, etc. The ones she didn’t have when he died was his phone and email passwords.

Which one are you? If you are single, do you have a fireproof safety box with logins & passwords and have given a family member the key? Who will help you? What would you need to know if someone close to you couldn’t take care of their bills?

  • My mother has my brother and I on every account, just in case. 
  • In my firebox I keep my credit card info sheets that says if there is an accident while flying and I bought my tickets with their card, there is life insurance money. (Read that small print!) My mom has a key – though she may not remember where she put it! 
  • My email passwords are written down & stored in the firebox. 
  • When I create a new account, Food 52, King Arthur Flour, Netflix, Utilities, Cell phone, I write the log in and password in an email to myself with the subject line the name of the company. When I get the email I save and archive it. When I  (or someone who needs to help me) needs the info they just need to do a search of my email and there it is.

Take a quiet Saturday afternoon and think through some of this. How prepared are you?

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