As you begin to review your parents' financial situation, here's a list of key documents to review and keep in a central location:
1. Bank and brokerage statements and stock and bond certificates
2. Deeds to the house and any other property
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
3. Insurance policies
4. Information on retirement accounts: IRAs, 401(k), ...
5. Information on Social Security and pension benefits from current or past employers
6. Durable power of attorney, naming an agent to handle legal affairs if necessary
7. Advance medical directives, including a durable power of attorney for health care and a living will
8. A list of key contacts, including your parents' physicians, lawyer, and estate planner or financial adviser (see Kiplinger's Your Family Records Organizer CD-ROM.)
-
Stock Market Today: Dow Adds 654 Points as 3M Stock Explodes HigherIt was a risk-on day for stocks thanks to an upbeat inflation reading and impressive earnings from 3M and Deckers.
-
3M Leads Dow Stocks After Massive Earnings Beat3M stock is headed toward its best day ever after the industrial conglomerate's impressive earnings report. Here's what you need to know.
-
Medicare Basics: 11 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
-
Six of the Worst Assets to Inheritinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
-
403(b) Contribution Limits for 2024: Good News for Teachersretirement plans Teachers and nonprofit workers can contribute more to a 403(b) retirement plan in 2024 than they could in 2023.
-
SEP IRA Contribution Limits for 2024SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 a year.
-
Roth IRA Contribution Limits for 2024Roth IRAs Roth IRA contribution limits have gone up for 2024. Here's what you need to know.
-
SIMPLE IRA Contribution Limits for 2024simple IRA The SIMPLE IRA contribution limit increased by $500 for 2024 and workers at small businesses can contribute up to $16,000 or $19,500 if 50 or over.
-
457 Contribution Limits for 2024retirement plans State and local government workers can contribute more to their 457 plans in 2024 than in 2023.
-
Roth 401(k) Contribution Limits for 2024retirement plans The Roth 401(k) contribution limit for 2024 is increasing, and workers who are 50 and older can save even more.
