There is so much more to do than just collecting important documents and assigning a POA. Here are just a few of the tasks that Midway Belmont completes for you.
18. CC your POA
A neutral third party should be copied on communications with accountants, lawyers, and financial planners so nothing falls through the cracks.
33. History Recording
This is a common “Wished I would have done this sooner” for the current aging population.
41. CFP Performance
How has your financial advisor fared against the market over the past 10 years? How much (in dollars!) have you been charged in management fees over that time?
27. Beneficiary Review
Have you created any new accounts since you populated your trust? Have you taken all the steps needed to avoid probate for cash and investment accounts?
12. Photo Digitization
It’s likely that parents have photos in binders or frames that have never been digitized, and are at risk of degrading.
3. Home Safety
Parents may resist safety upgrades as “too soon” but the truth is that the most common in-home accidents can happen at any age.
44. Digital Records
Scanning paper documents that have not been scanned (and OCR processing of previously scanned documents!) will allow for quick searching within archives.
24. Tax Document Prep
Quickly take an administrative burden off your plate.
29. Advanced Directive
Did you have a DNR for each state in which you spend time? Is it in the right format for EMTs? (Must be printed on yellow paper in Maryland!)
Having the most accurate cash needs allows your financial manager to maximize returns of non-cash accounts and hedge against having to sell high cost-basis securites to pay for long term care.
48. Vendor Hiring
Soliciting multiple competitive bids and thoroughly vetting vendors is essential for any project over $5000 such as home improvements or care providers.
7. Insurance Inventory
A simple process to ensure the highest replacement value possible in case of loss – and make sure you are not over-paying premiums.
5. Insurance Review
Do you really still need the coverage that you bought five, ten or twenty years ago?
28. Tackling Clutter
Anyone can remove junk. But It is an incredibly time consuming process to reduce clutter with thoughtfulness and respect.
36. Home Cost Basis
Even if you don’t plan on selling real estate before death, recording the improvements to your home is a wise step – before the information is lost.
