THE GIRLFRIENDS’ GUIDETO

FINANCIAL SAVVYEstate Planning Handout

September 23, 2014

Kimberly B. McDermott Lewis, Rice & Fingersh, L.C.

600 Washington AvenueSuite 2500

St. Louis, Missouri 63101(314) 444-7833

kmcdermott@lewisrice.com

WHY DO I NEED ESTATE PLANNING?Women outlive men, marry older partners and are more likely to

be widowed. We need to be involved and be knowledgeable to protect ourselves. If you do not want state law to determine what

happens to you and your assets upon incapacity or death, you must document your plans and intentions.

©2014 LEWIS RICE   FINGERSH L.C.

Women’s Women’s Leadership Leadership

Council of the Council of the Humane Society Humane Society

of Missouriof Missouri

Edward Jones Edward Jones AuditoriumAuditorium12555 Manchester Road12555 Manchester Road

St. Louis, MO 63131St. Louis, MO 63131

WHAT DO I NEED TO DO?•Get organized! Make an inventory of what you have: assets in your own name, joint assets, bank accounts, cars, real property, life insurance, IRAs, retirement plans, etc.•Choose people you trust to act for you or on your behalf:

• For legal and financial matters if you are temporarily or permanently disabled (called a durable power of attorney);

• For medical decisions in the event you are unable to do so (called a health care power of attorney);

• To handle your affairs when you are deceased (called an executor or a trustee); and

• To physically and emotionally care for any minor children you have at your death (called a guardian).

•Consider and determine your preferences about end of life care (and memorialize those in a living well or health care directive).•Think about what you want to happen to your assets during your life if you are incapacitated and at your death:

• For whom do you want to provide?• Family, friends, charities? Does anyone in your life have special needs to

consider?• Who should manage and handle the administration of these tasks in your

absence?• Are there special considerations because of a second marriage, children

from a previous relationship or other situations?•Research and choose professional advisors who are right for you (or you and your partner) and put your decisions on paper!•It is critical that all beneficiary forms for retirement accounts and life insurance are properly completed and filed with the custodian of those assets.

HOT TOPIC: Digital Estate Planning

Make a list of all “digital” information and how to access it. This includes all online bank and brokerage accounts, retirement plans, credit cards, loans, PayPal, utility bills, frequent flier info, Amazon, iTunes, Netflix, Expedia, eBay and other purchasing websites, Facebook, Twitter, Four Square, Flickr, icloud, You Tube and other social websites, any blogs or websites owned by you,

Linked In or other professional websites, email accounts, music sites, photo sharing sights, etc. Keep the log-in, password and account information in a safe place (i.e., safe deposit box – either at a bank

or virtual) and make sure your trusted fiduciary knows about it.