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GOT BACK=UP?

Filed under: Asset Education, Photo Asset Archival, Protecting by Lizz @ 7:39 pm on June 14, 2008

Perhaps you are wondering just exactly what I mean when I ask “Got Back-Up?”  Back-up is a multifaceted, all encompassing planning process by which you protect yourself, your children, your things, your information, your business, and your wealth planning strategies. 
• Insure that when your computer crashes you have the means through external devices, an online service such as Carbonite.com, or a local offsite service such as Offsite Data Depot headquartered in Carson City, NV to recover your personal and business data.  Be sure to read the June 11, 2008, Reno Gazette Journal article, “Firms should prep for worst.”
• Insure that should you suffer a disability, life-threatening illness, or death a plan is in place for the care, support, and education of your minor children.  A living will, a living trust, and documents which support your wishes regarding the guardianship for your children will go a long way to insuring that your wishes are fulfilled.
• A well drafted estate plan will insure not only that your wishes are fulfilled, but will eliminate the expense of probate and minimize disputes among your heirs.
• The proper insurance coverage substantiated by an asset inventory will insure that damage to your home, vacation property, rental property, business location, and/or home-based business is expeditiously repaired so that you can continue living at the level to which you have become accustomed. 
• A video of rental and vacation rental property is invaluable should the property be returned to you in less than perfect condition.  Minimize disputes and unnecessary litigation with this valuable tool.
• A thorough inventory including an estimate of value substantiated by receipts and/or an appraisal will allow you to deduct losses not covered by your insurance policy against your income on your tax return.  This information is equally as useful when you make a charitable contribution of property.  See IRS publication 561 to ascertain the requirements for deducting a loss on your tax return as well as taking a charitable donation deduction. 
• Do you have elderly parents or family with disabilities requiring in-home caregivers?  A complete photographic inventory with supporting database and documentation will put caregivers and outside help on notice to prevent items going missing.
• Moving across town or across the country?  Insure that you have a photographic record of your possessions, an inventory of the numbers of items, and receipts and appraisals to back-up their value.  Put your mover on notice to insure delivery of everything, to insure care in delivery of your things, and to assist you in a claim for damage should this occur.

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To Be Or Not To Be PREPARED! It’s Time for an Insurance Policy Review.

Filed under: Asset Education, Photo Asset Archival, Protecting by Lizz @ 7:27 pm on

This year, in Nevada alone, we have experienced catastrophic flood, fire, and earthquake.  Nationwide catastrophic events have displaced people, destroyed businesses, leveled whole towns and communities, and resulted in billions of dollars worth of damage. 
When was the last time you had an annual insurance policy review?  Is your insurance agent/broker looking out for you or is he/she merely collecting a fee on your annual premium?  While the best agents and brokers periodically contact their clients for an insurance review, as a consumer, ultimately it is our responsibility to insure that we have the protections in place to rebuild our way of life in the event of a disaster, no matter the cause.  Blaming the insurance company or its personnel, when we are not accountable for our own inaction won’t bring back our standard of living. 
Additionally, our inaction can have a severe impact regionally and locally when we are underinsured or inadequately insured for events outside of the basic homeowner’s peril/casualty policy.    One of the biggest problems inherent of a disaster, whether a single incident house/condo/townhouse/business fire or a community-wide disaster is the impact on the community when rebuilding and the repurchasing of services and goods does not occur.  Additionally, the loss of businesses, homes, and jobs lessens the sales and property tax revenues collected to support the services we have all come to expect such as police and fire protection, street cleaning, and parks and recreation programs.
Be accountable; have a plan; develop a winning team to protect you in the event of a disaster.   Remember, we’re all in this together!

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