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Before You Take Off Financial Planning for Deployment Pre-Deployment

Before You Take Off Financial Planning for Deployment Pre-Deployment. Presented by Madeleine Greene, AFC. Deployment Planning. Increases saving/spending power Eliminates stress Prepares you and your family for the future. Prepare For Deployment.

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Before You Take Off Financial Planning for Deployment Pre-Deployment

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  1. Before You Take OffFinancial Planning for DeploymentPre-Deployment Presented by Madeleine Greene, AFC

  2. Deployment Planning Increases saving/spending power Eliminates stress Prepares you and your family for the future

  3. Prepare For Deployment List the questions you and your family have about DEPLOYMENT

  4. Questions About • Important documents • Financial issues • Property management • Housing • Vehicles • Communication issues • Emergencies

  5. IMPORTANT DOCUMENTS Put Your Legal Affairs In Order

  6. Important Documents • Will • Advanced medical directives • Powers of Attorney (POA) • General • Special/limited Legal assistance free of charge in your area http://legalassistance.law.af.mil/content/locator.php

  7. Important Documents • Update • Beneficiaries on accounts • SGLI, TSP, PAY • Insurance policies, investments • Service record & contact list

  8. ImportantDocuments • Update • DEERS-Defense Enrollment Eligibility Reporting System • Confirm enrollment, call 1-800-538-9552 • TRICARE and dental • ID cards, drivers license, passport • Spouse relocation-notify command

  9. Family Care Plan • Required • Single parents • Single Service Members • Dual-service couples responsible for family members • Plan Outlines • Care of family members in your absence 9

  10. Know Your SCRA Rights • Servicemembers Civil Relief Act (SCRA) • 6% cap on debts incurred before active duty • Ability to break leases • Limited eviction protection • Temporary stays of civil proceedings • Bankruptcy • Foreclosure: www.hud.gov/foreclosure • Divorce

  11. FINANCIAL PREPARATIONS For Financial Readiness

  12. Financial Preparations • To-do list • Re-evaluate financial goals: • (SMART goals) • SDP - Savings Deposit Program • Create a deployment spending plan • Review investments • Avoid combat overspending • Review combat zone Service Member benefits

  13. NewMoney Your opportunity to save! • Pay down debt • Revolving savings • Safety savings • Long-term savings

  14. Paying Bills • Financial arrangements • Spouse or POA • Direct deposit • Allotments • Automatic bill pay • Credit card use • Set spending limits

  15. Taxes • Extension • Automatic 60-Day filing Extension • 180-Day Automatic Combat Zone Extension • Freeze any IRS assessments for 180 days combatzone@IRS.gov • POA or spouse • Need prior year tax returns to file extensions • IRS Form 2848 and POA to File Joint Tax Return • File IRS Form 4868 for Four-Month Extension

  16. Taxes • Tax Assistance • http://www.irs.gov • (Search-Military Exclusion Pay) • www.militaryonesource.com • (For FREE tax preparation or questions) • 1-800-342-9647

  17. WhileDeployed • Check your LES online • Protect Your Identity: • “Active Duty” alert • Credit freeze: www.consumersunion.org/campaigns//learn_more/003484indiv.html Order your free credit reports at www.annualcreditreport.com

  18. PROPERTY MANAGEMENT Protect Your Assets In Your Absence

  19. House/Apartment/Vehicles • Vehicles • Put in storage • Renew registration, tags, inspection • Check on reduced insurance rates • Check for repairs and maintenance Home/Apartment • Payment • Subletting – credit checks • Maintenance and lawn care • Sharing

  20. EMERGENCIES HAPPEN Have a Plan

  21. Emergencies Discuss How to Handle: • Car trouble • Home maintenance • Finances Develop a Support System: • Friends • Family • Community • Red Cross • Have on Hand: • Contact lists • Emergency $$ funding

  22. TOOLS To Do the Job

  23. GettingtheJobDone

  24. ServicemembersCivilReliefAct(SCRA)

  25. YourHelpList

  26. Support System Handout

  27. WebsitesHandout

  28. Websites

  29. Good Luck! • Complete your checklist • Questions? • Have a safe and prosperous deployment!

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