FINANCIAL GUIDANCE

1. FINANCIAL GUIDANCE LAPPL Delegates Conference April 27-29, 2017

2. Who am I? LAPD Professional Specialist Steve Getzoff, C. P. A. Contact information: Employee Assistance Unit (213) 486-0190 EAU (818) 906-2230 Office (818) 515-5773 Cell fct@lapd.online E-mail

3. LAPD Financial Counseling Team The Financial Counseling Team includes: • General tax, estate planning, probate & bankruptcy attorneys • A certified public accountant • An Internal Revenue Service agent • Professional Financial advisors • A real estate professional

4. Objectives • “Symptoms” that there may be a problem. • Basic understanding of financial issues. • Knowledge about financial information resources. • The NEW Overtime Windfall Pitfalls • Upon My Death.

5. “Symptoms” • Complaints about: • Spouse spending • Bills • Mortgage • Brown bag lunch • Phone calls • Asking for a loan • All the toys • Investments

6. Basic Financial Issues • Officer safety/Good cop going bad • Credit card debt • Mortgage payments • Deferred Comp loans • Pay day loans • Overtime • No off duty work • Chemical dependency • Gilmore Decision

7. Basic financial issues (cont.) • Relationships/Divorce • School Loans • Child support/Alimony • Retirement • DROP • Gilmore decision • Retiree/survivor health insurance • Deferred Comp • Portfolio • Losses in value

8. Knowledge about financial resources • EAU • LAPD Financial Counseling Team • Los Angeles Police FCU • Money Management International • Watch out for debt settlement/credit card repair companies • LAPPL • Pensions • Deferred Comp • Police Relief • Eagle and Badge Foundation

9. Monthly Budget Income: Net pay checks each month $. Expenses: Automobile $. Rent/Mortgage $. Food, household, clothing $. Education, child support $. Taxes, insurance etc. $. Credit cards $. Other expenses (list) $. Net Cash Over (Short) $.

10. Monthly Expenses to Cut

11. New Overtime Windfall Pitfalls • Manna from Heaven • Thinking it will last forever • Spending at the new income level • Let’s buy a new house • TAXES

12. What Else You Need To Know • Wills + Trusts • Domestic Partnerships • Keeping Beneficiaries Updated • Life Insurance • Upon My Death

13. Upon My Death • Instructions as to where certain documents are located and what to do upon my death: • 1. Clean out safe deposit box and bank account before notifying the bank of my death. • 2. Notify these people of my death (provide specific names and way to contact them): • Immediate Family • Work • Friends • Insurance Agent • Accountant • Banks (see location of accounts below) • Credit card companies

14. Upon My Death (cont.) • 3. Type of funeral desired: • Any prearrangements made • Pallbearers, photos, songs played, prayers to be recited • Who to officiate • Who to speak • 4. Location of Important Documents: • Unpaid bills • Paid bills • Tax returns • Permanent documents: • Deeds • Loan Documents • Pink slips

15. Upon My Death (cont.) • Permanent documents: • Passports • Wills • Trusts • Safe Deposit Box: • Name of Bank • Location of Key • 5. List of Money Owed to Me • 6. List of Money Owed to Others • 7. Guns and other valuable

16. Upon My Death (cont.) • 8. Bank Accounts: Name, Address, Account Number • 9. Retirement Accounts: Contact name, Address, Phone or E-mail, Account Numbers • 10. Life Insurance Contracts • 11. What, if anything, of my personal belongings to be given to certain family members or friends immediately after my death. • 12. What I want done with my pets. • 13. Passwords & Pin Numbers

17. That’s all folks!