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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