Life Crises: How to Achieve Your Financial Goals

Budget Your Way to Success Use personal finance software List sources of income Identify major expenses oRecord every expenditure oCut expenses if possible Monitor regularly

Budget Your Way to Success Cut expenses but pay yourself first Emergency funds and loans Sell unnecessary items Insurance and taxes

How to Handle Bankruptcy Affects your credit Discharges some debt Two primary types oChapter 7 oChapter 13

How to Handle Bankruptcy Chapter 7 oLiquefies assets not exempt oRestricts who can file by income oCan use only once every 6 years

How to Handle Bankruptcy Chapter 13 oCan retain essential property oMust complete in 3 to 5 years oMust pay at least $100 monthly

How to Rebuild Credit Credit counseling service oNonprofit is preferable oHelps organize budget oCheck credentials

How to Rebuild Credit Debt management plan Debt negotiation programs

How to Rebuild Credit Secured credit card oLimited to deposited amount oAvailable after bankruptcy discharge

Staying Out of the Red Negotiate severance pay Apply for unemployment Keep up insurance

Protect Yourself with Insurance Health insurance oCompare policies oKnow limitations and exclusions oCustomize  Rider  Endorsement

Protect Yourself with Insurance Health insurance alternatives oCOBRA oIndividual coverage oTrade group oState-sponsored

Protect Yourself with Insurance Medicaid (Medi-Cal) oAvailable for certain groups oDirectly pays providers oApply through social services office

Protect Yourself with Insurance Disability insurance oDeducted by state oOffered by employer oPurchase on own

Tax Breaks for Job Hunting Must seek similar work Cannot deduct if too long of a gap Cannot deduct costs of first search Cannot deduct reimbursements

Tax Breaks for Job Hunting Possible deductions oRésumé oTravel oRelocation oMedical Costs

Reducing Taxes on Your Estate Estate planning oMinimizes tax consequences oNeeded if worth $1.5 million or more oEnsures how assets are disposed

Reducing Taxes on Your Estate Make annual gifts Shield property Use trusts Make charitable gifts Fund a life insurance trust

Preparing for Your Funeral Funeral home not necessary Be sure to comparison shop oGet itemized price list oConsider package offers

Preparing for Your Funeral Cemetery considerations oReligious connection oRestrictions on memorials oIncidentals oEndowment care oVeteran burial

On behalf of AICPA and CalCPA, thank you!