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Contributed by Rosie Cisneros

You may need to rebuild your financial life someday. Natural disasters such as tornados and earthquakes can cause widespread destruction and put entire cities and businesses out of commission in the blink of an eye. Even more commonplace disasters, such as house fires, can be devastating if you don’t have copies of your important documents and data in one safe place. Just imagine trying to file an insurance claim or your taxes, if your computer, your home and all of your documents have been obliterated.

Disaster preparation expert, Michael Emmerman, advises creating a “red file” that can be sealed in an envelope and mailed to a relative, friend or professional fiduciary. In that file, you’d include copies of everything you or your heirs would need to rebuild your financial life. Emmerman says that in the past, it was recommended to keep your “red file” at work. That was before a World Trade Center tower fell nearly on top of him while he was helping coordinate the emergency response at its base. The incredible devastation of that day — and the troubles faced by people and the businesses that didn’t have adequate and remote record backups — convinced Emmerman that we need to do more.

Emmerman now recommends you put your red file into a larger envelope, and overnight the package to the person you’ve entrusted with its safe-keeping. Instruct the recipient to leave the inner envelope sealed and to send it back, on request, if a disaster should wipe out your originals. Just remember to pick someone whom you trust and who lives away from your area. Otherwise, the same disaster could wipe out those copies as well. While no one wants to contemplate a disaster, taking time to create a “red file” will make the process of reconstructing your financial life easier, in case disaster actually strikes.

Creating a “red file” Include copies of all documents and data you or your heirs would need to rebuild your financial life, such as:

  • Birth, death and marriage certificates
  • Identification (driver’s license, passport)
  • House deeds, mortgage, home equity notes
  • Car title, lease or loan information
  • Insurance policies and agent contact info
  • Credit and debit cards (front and back)
  • A household inventory
  • Tax returns for the past three years
  • The location of wills and trusts, as well as contact info for executors, trustees and guardians
  • A list of your financial advisers
  • A list of user IDs and passwords for online financial accounts

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Pashmina Lalchandani

CEO & Co-Founder, Bar & Cocoa / Owner, Flow Simple
December 9, 2010, Douglass was a client of Pashmina’s

I’ve known Doug in many contexts, as a friend, as a client and as a business partner and he impresses me on all levels. He’s dependable, smart, generous and I wouldn’t hesitate recommending him and his law firm to anyone.
He’s the best and most ethical lawyers providing asset protection with rock solid strategies to give you peace of mind about your wealth. Straight forward, and straight talk. Doug is exactly the lawyer I want on my side. If I send someone to Doug, I know they’ll thank me for it!

Social & Solar Entrepreneur, Pan Afrikan Theorist, Translator/Interpreter,
Founder & Visionary Leader @ Afrikanpride.
March 12, 2011, Marlon E. D. J. worked with Douglass but at different companies

Doug is one of the most powerful thinker i have came across. During the short time that i have known Doug he has been a great source of inspiration. He has a simplistic yet effective and accurate way to analyze anything you bring to his attention, and then by asking you key questions he gets you to see the light at the end of the tunnel. Besides being extremely bright, he is a genuine and caring individual which is why I feel fortunate to know him. I can say without a doubt that he his the person you would want to talk to if you were in need of a person with his expertise.
Most of the lawyers out there will probably meet your needs, but if you are looking for someone to exceed your expectations and give you that wow factor, look no more he is the person for the job.

Patricia Salter

Associate Dentist at Smileology
December 1, 2010, Patricia was a client of Douglass’

I have been a client of Douglas Lodmell’s since 2001. My main concern was asset protection in this litigious society. I can sleep alot better at night knowing I have the instruments in place to protect the fruits of my labor, and that they will not end up in the hands of a slick trial attorney.

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