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Getting Organized “Keep it or Toss It” By: Mary Lou Odle District Extension Agent K-State Research & Extension PO Box 5040, Salina, KS 67402 785-309-5850 [email protected] What needs your attention? • • • • Clutter Clothing Papers Records Clutter • Basket for mail • Containers for gloves, etc. • Hooks or special spot for easily lost item such as keys • Every evening have a “pick up” time Clothing • Spring and Fall—clean out and toss • If it doesn’t fit—recycle • How much do you need? Papers • Newspapers & magazines—share, recycle • Mail—shred junk • Bills—have special location and mark date to pay on envelope – Mark tax deductible bill --After bills paid, file or discard Use these to reduce paper • Catalog opt out – www.catalogchoice.org • Credit Card opt out – 1-888-567-8688 or – www.optoutprescreen.com • Free credit report – 1-877-322-8228 or www.annualcreditreport.com • Do not call list – 1-888-382-1222, or www.donotcall.gov/reg.aspx Getting Organized • Stop feeing guilty about what hasn’t been done • Set a goal • Designate a work area • Decide who will do what • Have a wastebasket and shredder • Take Action! Are you prepared • Can you find important documents? – Bank account information – Credit Card information – Wills or trusts – Insurance information --Emergency situation information --Warrenties Put together “Important Information Notebook” • Provides quick reference to entire financial picture • Contains valuable information someone else may need to manage your affairs • Tell family about notebook and where to find it in case something happens to you Include in Information Notebook • “Our Valuable Records” – www.ksre.ksu.edu/library publication no. MF 685 or computer form “Record of Important Papers” at www.extension.org/pages/12476/record-ofimportant-papers • Personal and Professional directory • List of files in file cabinet and records on computer • Document location—will, trust • List of insurance policies & location • User name and passwords for computer programs plus location of back up files • List of debt obligations with due dates and contacts Information notebook--cont • Property inventory—personal and real www.knowyourstuff.org • Location of Safety Deposit Box and key • Location of list of who is to get personal items • Burial plot and funeral information • Location of Advanced directives—Living Will, Medical durable power of attorney (forms at www.aging.ksu.edu click on publications • Social Security and Medicare numbers Farm Information for Notebook • List of land owned and rented (map out of Rural Directory with locations marked) • List of landlords and phone numbers • List of tenants and phone numbers • How land is rented, oral or written--cash or shares • Where leases stored so family can honor • Inventory of what equipment you own, % own, what dad or partner own • Who owns small equipment and tools Farm Information--notebook • • • • • • Financial statements for last couple yrs. Cash flow—most lenders require Name and phone nos. for following: Contact at FSA or NRCS Loan officer—banking institution Crop insurance agent Farm Information--Notebook • • • • • • • Where is grain stored Contact at elevator Extension Agent Agronomist Repair and parts man ph. Nos. Where septic lines run Main water shut off Types of information to keep • • • • • • Personal and family Property Financial Legal Farm Establish a system that works for you Ask Yourself • What could happen if I did not have this particular information or receipt? • Will it cost dollars and time to replace this rather than keep it? • WHEN IN DOUBT DON’T THROW IT OUT! Where to keep important papers • • • • • Wallet Home files—temp and permanent Computer files Safety deposit box or home safe Long term storage Wallet • • • • Things you may need day to day Photocopy contents and store in safe place A wallet is a not a long term storage area Clean out once a year Temporary Files • Current files: day to day records – Bills to pay – Move some things to permanent files after action – Shred items no longer needed Permanent Files • Credit and Debit card numbers and contact numbers • Estate plans—trusts and wills • Farm records • Insurance • Investments • Personal and Family Permanent Files—cont. • • • • • Property Organizations Vehicles Taxes Any other files you find necessary Computer Records • • • • Scan or download and toss some papers Keep up to date with recordkeeping Back up often Store backup of important information somewhere else. • Consider “Cloud” storage • Keep record of passwords Papers to Keep or Toss • • • • • • • • • • Land and home purchase papers-till sell Proof of loan or mortgage payment—indefinitely Retirement savings plan—keep annual statements Bills for large purchases—as long as own Pay stubs—one yrs. Till get W-2 W-2 till get Social Security Farm equipment papers—till sell Repair bills—for taxes and proof of work done Monthly bills—one year Receipts minor purchases—3 months What to keep & how long • Income tax records and receipts – At lease 3 yrs. Or if did not report all income or might be fraud-keep indefinitely. Farm Management Assoc. suggests keep at least 10 yrs. – Tax records useful where financial history is relevant • Credit and Debit card receipts—till get bill or bank statement or longer to prove purchase. Keep credit card bills one yr. • Other receipts—as long as needed as proof of purchase or for taxes or until recorded on budget sheet. Safety Deposit Box • Anything you can’t replace or would be costly or time consuming to replace – Birth certificates – Marriage certificate – Divorce papers – Military papers – Contracts – Only people listed on box can get into it Replace Vital Records • KDHE Office of Vital Statistics – www.kdheks.gov/vital – 785-296-1400 • Get records of events in Kansas – – – – – Births Deaths Marriage Divorce Plus how to get records from other states Personal Records to Keep • • • • • • • • Insurance policies—check beneficiaries Health records Education Licenses to practice-certificates List of birthdays and marriages Family history Household Inventory Warranties and receipts Have you Checked Beneficiaries • • • • • • • Insurance policies Investment accounts IRAs Retirement accounts Bank accounts Certificates of deposit Titled properties Health Insurance • Kansas Health Insurance Association – For people who have been turned town for health insurance or have pre-existing conditions – www.khiastatepool.com, 1-800-392-9290 • SHICK—Senior Health Insurance Counseling for Kansas 1-800-860-5260 – Information for people on Medicare or soon to be on Medicare Long Term Storage • Use water proof containers • For records and papers such as past tax returns • Go thorough file cabinet once a year and move items to long term storage Emergency File • Something you can grab and easily take with you in emergency – List of medications, name of doctors – Health insurance ID number – Home and farm insurance agent ph. number – Bank account numbers – Cash – Family & friend contact list Other Organizational Tips • Make a bucket list—what you want to do before you die • Envelope for current receipts till sure product works and you want to keep • Gift something to others (Cash—can give up to $13,000 to anyone in 2012) • Shred anything with your information • Enjoy the freedom of being able to find what you want when you want it Resources • K-State Research and Extension – www.ksre.ksu.edu • KSU Agriculture – information and classes offered – www.agmanager.info • Several States coalition of Research & Extension educational programs for farm families. – www.rightrisk.org – Click on resources at bottom of page Resources • Organizing Your Household Records – http://www.ksre.ksu.edu/financialmanagement/~/doc117 67.ashx • Interactive form of Our Valuable Records – www.extension.org/mediawiki/files/b/b9/Record_of_Impo rtant_papers.rft • Household Inventory – http://www.extenson.org/pages/11357/householdproperty-inventory Resources Nationwide Extension web site. www.extension.org Family Resource Management—Getting Organized by Alaska Extension www.uaf.edu/ces (click publications) To order Rural Directory: 620-365-2106, Central Publishing Co. Inc. Getting Organized Keep It or Toss It • • • • Get Started Set realistic goals Establish definite time such as weekly to work Share some jobs with family • I challenge you to have your “Important Information Notebook” prepared by the end of this year?