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2 steps to help prepare your finances for a natural disaster

Natural disasters can happen anywhere in the country. The Southeast may currently dominate newsfeeds as it prepares for a hurricane, but Minnesotans are also dealing with natural disasters as many find themselves the victims of floods.

Whether currently dealing with the aftermath of a natural disaster or not, everyone can benefit from an emergency preparedness plan. To help better ensure the plan covers all your needs, include the following:

 

  • Copies. Make copies of tax returns, deeds to property, bank statements and insurance paperwork. The Federal Emergency Management Agency (FEMA) also recommends having a copy of your identification, birth certification, social security card, physician information, health records, immunization records and any needed prescriptions with this information. Ideally, keep an electronic copy on a hard drive or flash drive. If preparing for a storm or other imminent disaster, have a set of copies with a family member or good friend that is not located in the disaster area.
  • Photos. Take photographs of any valuable items. This can serve as evidence to aid in insurance claims if furniture, artwork and other costly pieces of property are lost or damaged in the disaster.

Certain tax expenses can qualify for relief in the event of a natural disaster. The Internal Revenue Service (IRS) reports it provided such relief to millions of taxpayers in 2018. It is also important to note that options are available. if the IRS does not agree to offer relief. An attorney experienced in dealing with tax liabilities can review your situation and discuss your options.

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