Life experiences have the most profound impact on my learning. I do not think that I am alone in needing to experience something firsthand to gain a greater understanding and better perception. Unfortunately, with the passing of my dad last month, I’ve been able to gain a better grasp of all the financial tasks and responsibilities that survivors are left to sort through.

This shortened version of our office’s “Survivor’s Checklist” below breaks down tasks to be completed initially, within 1-2 months, 3-6 months, and 6-12+ months after the death of a loved one. Whether you are navigating a similar experience, know that you will at some point, or preparing your own survivors, I hope this offers some help and perspective.

Initial Tasks

• Call close family members, friends, and clergy
• Review any personal wishes document for organ donation, funeral/burial arrangement wishes and subsequent information.
• Handle care of dependents, pets, and livestock.
• Contact employer, professional organizations, and/or volunteer organizations of decedent.
• If decedent was a business owner, enact provisions for short-term continuation of the business.
• Locate original will, birth certificate, social security card, safe deposit box of decedent.
• Contact attorney, financial advisor, and accountant
• Prepare funeral or burial arrangements.
• Contact any military, fraternal, or religious group to conduct funeral services or for burial benefits.
• Prepare an obituary, if not already prepared by decedent.
• Obtain multiple (5 – 10) certified copies of death certificate.
• Verify mortgage and insurance payments are made while the estate is being settled.
• Arrange to retrieve belongings from decedent’s workplace.

Within 1 to 2 months

• Report death to Social Security & Medicare by calling 1-800-772-1213. Contact supplemental health or insurance plans to cancel coverage. If Social Security benefits were received the month(s) after death, return benefits amount to SSA as soon as possible.
• Ask the decedent’s former employer about continuing health insurance coverage and potential survivor’s benefits for a spouse or child.
• Apply for lump-sum death benefit and/or Widow’s, Widower’s or Surviving Divorced Spouse’s benefits.
• Verify salary, vacation, or sick pay owed to decedent is collected. If death was work-related, the deceased’s estate or beneficiaries may be entitled to workers compensation benefits.
• Contact past employers regarding pension plans, employee retirement plans and life insurance policies. Contact the Department of Veterans Affairs if decedent was a veteran.
• If decedent owned, controlled, or was a principal in a business, review any buy-sell agreements in which his or her interest must be sold.
• Locate life insurance policies and contact insurance agencies to file claims.
• Contact all credit card companies and report death. Cancel all credit & debit cards, unless co-owner is named on the account and wishes to retain the card. Have institution list “holder is deceased” as the reason of account closure.
• Review bills and/or automatic payments and stop payment of unneeded services, subscriptions, or memberships (such as newspaper, cell phone, gym membership, etc.).
• Send death certificate to each credit bureau, request that a “Decedent Alert” be placed on the decedent’s credit report.
• Cancel Driver’s License and notify election board.
• Send thank you notes to well-wishers and pallbearers.

Within 3 to 6 months

• Retitle jointly held accounts, assets and debts.
• Retitle assets held in the deceased’s name.
• Step cost basis to fair market value for all assets.
• Request a copy of the deceased’s credit report to determine remaining open credit accounts.
• Review and evaluate surviving spouse’s budget, goals, investment allocation, insurance needs, estate planning documents
• Review and update surviving spouse’s beneficiary designations on qualified accounts.

6 to 12 months and beyond

• If an estate tax return is required, work with attorney or CPA to file appropriate returns.
• Executor of estate should work to distribute estate assets to heirs.
• After all insurance claims are received and estate debts are paid, distribute and close estate accounts.
• Review decedent’s credit report annually.

I learned so much from my father while he was alive and surprisingly, am continuing to do so after he is gone. Survivors should remember to take one day and one task at a time. Keep learning from all the life experiences you are granted, the bad and the good.

Published in the Victoria Advocate.

Beth Koonce is a CFP® professional and Lead Advisor with Keller Wealth Advisors.

The month of June commemorates Elder Abuse Awareness Month. Millions of elders in the United States are becoming targets for elder abuse, particularly financial abuse and exploitation. It is estimated that elders in the United States lose at least $2.6 billion dollars on an annual basis as a result of financial exploitation. With such a large amount of money on the line, thieves and scammers create sophisticated strategies to take advantage of one of our most vulnerable populations. Sadly, the perpetrators can often times be someone close—such as family members! Whether you are a senior citizen yourself, or you have elderly parents, grandparents, or neighbors, you must take the appropriate steps to prevent yourself or others from falling victim to financial exploitation.

Spot the Red Flags:

• Unexplained fluctuations in bank accounts, including unusual spending behavior.

• Large gifts made to others.

• Modifications to an existing will or power of attorney.

• A sudden change in mood, and the refusal to discuss financial concerns.

• Unusual use of credit cards, frequent ATM withdrawals, or checks made out to “cash.”

• New people or long lost family members reappearing in the elderly individual’s life.

• Changes to financial documents, such as insurance policies or retirement accounts.

• Rushed financial decisions.

• Annuity sales that do not make financial sense based on the elderly individuals age.
Prevention

• Create a “team” of professionals who are acutely aware of your financial position by obtaining a Certified Financial Planner® Professional, Certified Public Accountant, and an attorney. You will definitely want these trusted advisors in your corner should you fall victim to financial exploitation.

• Elders are highly targeted through Internet and e-mail due to the perception that they lack awareness in the realm of technology. Always be cautious when utilizing the Internet and never share personal information unless it is to a trusted party.

• Legitimate governmental agencies, such as the Internal Revenue Service, will never make unsolicited calls to retrieve your personal information, like bank account numbers and Social Security numbers. Hang up immediately!

• Communicate with your loved ones, friends, family and neighbors. Isolation can increase the risk of financial exploitation, so it is imperative that elderly citizens have a network of trusted individuals that check in with them regularly.

• Never make rushed financial decisions or sign documents you don’t understand. Obtain the specifics of financial agreements and acquire a second opinion by sharing it with your trusted advisor.

• Sometimes it is too good to be true! Learn more about frequent scams that target elder individuals. For example, scammers will target elderly victims by tricking them into believing that they have won a generous amount via lottery or a sweepstakes. Do not pay a fee or “taxes” to collect these so-called winnings.

• Authorize your financial institutions to contact trusted individuals regarding unusual financial transactions.

If you are an older adult, be proactive and take the necessary steps to reduce your risk to financial abuse. You may optimistically believe that it won’t happen to you, but it could! Financial abuse can have long lasting effects on not only your life, but your loved ones’ lives as well. If you are aware of active elderly abuse, or there is cause for suspicion, by Texas law, it is required that you report the elder abuse. To report elder financial abuse, contact the Adult Protective Services at 800-252-5400 or online at TxAbuseHotline.org.

Published in the Victoria Advocate

Carlee H. Gibbs, CPA is a staff accountant for Keller & Associates CPAs, PLLC.