Collecting Information

Collecting Information

In order to understand your personal and financial circumstances, you first need to collect all of your relevant information. The most straightforward information to gather is quantitative information or "the numbers". This is everything that can be found on a statement or in a document as well as objective facts about yourself and your family.

Less straightforward but equally important is qualitative (non-numerical) information. This can often be subjective in nature and require some thought to figure out.

The more complete the information collected, the better the results of the planning process. If at all possible, nothing must be left out.

Personal facts to collect include:

• you (and your spouse's) date of birth (DOB)
• where you live (for tax purposes)
• children and their DOB's
• other dependents and their DOB's
• do you have estate planning documents and when were they last updated? (will, power of attorney, health care proxy, living will, trust)

Financial statements and documents to collect include:

• bank account statements
• brokerage account statements
• retirement account statements (401k/IRA/etc.)
• health savings account statements (HSA)
• education savings account statements (529/Coverdell)
• deferred annuity account statements
• pay stubs
• employee benefit plan documents
• employee stock option plan documents
• deferred compensation plan documents
• social security statements
• income tax returns
• real estate tax bills
• insurance policies (health, life, disability, long-term care, auto, home, renter's, umbrella liability)
• mortgage statements
• car loan statements
• credit card statements
• student loan statements
• other loan statements

Other financial information to collect includes:

• real estate you own, where it's located, its purchase price, cost of improvements, and current value
• valuable personal property you own, its purchase price, and current value
• business interests that you own (this would require its own topic of discussion)
• business income
• pension income
• rental income
• money that is legally owed to you
• gifts and inheritances that you expect to receive
• other valuable assets and income not listed above
• a breakdown of current living expenses by category
• known future expenses

Qualitative information to collect includes:

• health status
• family circumstances
• values
• attitudes
• expectations
• goals
• needs
• priorities