Estate Planning

EG

STATE PLANNING UIDE

PUBLISHED BY THE ALPENA NEWS • THURSDAY, MAY 5, 2022

Legacy

Leave your

ESTATE PLANNING

for Generations to Come...

Leave a Lasting Legacy

Would you like to make a gift that outlasts your lifetime to secure the future development of Alpena Community College and support for its students?

For more information, contact ACC Foundation Executive Director Brenda Herman at (989) 358-7297.

Leave a Legacy for the United Way Deed your home or farm to the United Way with a provision that gives you the right to use your home or farm for the rest of your life and that of any other person named in the deed.

Reduce the burden of taxes on you and your family.

When the owners of the life estate have passed away, we will use or sell the property to further our charitable work.

Art, History or Science your passion?

108 Water St. • Alpena 989-354-2221 • www.unitedwaynemi.org Serving Alcona, Alpena & Montmorency Counties

Presque Isle Co. Council on Aging

When planning your estate, please consider helping the seniors in your area.

Posen: 6520 Darga Hwy., 989-766-8121 • Onaway: 4203 S. Lynn St. • 989-733-2559 email: info@piccoa.org • www.piccoa.org ____________________________________________ 2 - Estate Planning ~ Thursday, May 5, 2022

Interested in helping Society of St. Vincent de Paul Alpena with our mission?

A simple, flexible and versatile way to ensure we can continue our work for years to come is a gift in your will or living trust, known as a charitable bequest.

Visit svdpusa.plannedgiving.org or call (989) 354-3671

for details and help out your neighbors right here in your community for years to come.

What to know about life insurance Millions of adults go to great lengths to protect their assets. Those measures run the gamut from simple everyday efforts like utilizing twofactor authentication when accessing financial accounts via online or mobile banking apps to more complicated undertakings like estate planning.

Life insurance is a component of estate planning that is vital to anyone looking to protect their assets in the event of their death.

formation, as well as family history, is important because it can serve as an indicator of future health risks. Some variables, including lifestyle habits like smoking, won’t necessarily appear on an individual’s medical history. In an effort to address that, insurance providers typically ask prospective policy holders to answer a variety of questions about their lifestyle, including whether or not they smoke and how much alcohol they consume. It’s vital that individuals answer these questions honestly, as companies can Explaining life insurance Life insurance is both similar to deny payouts to beneficiaries if they and different from other types of in- determine policy holders misled them surance. Like homeowners and auto during the application process. insurance policies, life insurance provides financial protection in difCoverage ficult circumstances. A life insurance Coverage needs vary depending policy is a contract between an insur- on the individual. Life insurance is ance provider and a policy holder that intended to provide for loved ones guarantees a payout to beneficiaries in the aftermath of a policy holder’s designated by the insured individual death. How much money will those in the wake of that individual’s death. individuals need to pay their bills?

Young adults who are just starting Personal history their families may want more coverInsurance providers differ, but in- age than aging adults who have aldividuals interested in life insurance ready paid off their homes and saved can expect to be asked about their a considerable amount for retirement. medical histories and lifestyle habits The National Association of Insurwhen discussing policies. Prospective ance Commissioners recommends policy holders will often be asked to that individuals ask themselves how sign waivers that allow providers to much of the family income they proaccess their medical records. This is vide and if anyone else, such as an necessary so companies can get an aging parent, depends on them for idea of the health of the person ap- financial support. Answering these plying for life insurance, which will questions can help individuals deterdetermine the cost of a policy. That in- mine how much coverage they need.

• Life • Group • 401k and Pension Plans • Underwriting • Long Term Care Insurance • IRAs • Mutual Funds

Permanent life insurance policies last until the policy holder’s death so long as he or she continues to pay the premiums on time. Financial advisors can help individuals understand the ins and outs of the various types of permanent life insurance policies, which differ from term life policies because they can serve as investment vehicles and sources of loans in certain instances.

Life insurance is a vital component of asset protection that can offer peace of mind to policy holders who want to ensure their loved ones are provided for in the wake of their death.

Keith Wallace, William Pfeifer, & Theodore Johnson experienced attorneys right here in Alpena

Financial Services by

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Types of coverage Insurance providers offer various types of life insurance policies. Term life policies are among the most popular because they tend to be affordable while offering substantial coverage.

There are different types of term life policies, but policies tend to run for anywhere from 10 to 30 years and expire around the time individuals reach retirement age. That’s because many people save enough for retirement and don’t have the sizable expenses, such as a mortgage, to account for at this point in their lives. That means loved ones won’t necessarily need to be provided for in the wake of a policy holder’s death.

(989)358-6643

nate.blury@oasecurities.com

Helping you prepare for your future for over 39 years Registered Representative of and securities offered through OneAmerica Securities, Inc., a Registered Investment Advisor, Member FINRA, SIPC. Financial Services By Design is not an affiliate of OneAmerica Securities and is not a broker dealer or Registered Investment Advisor.

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____________________________________________ Thursday, May 5, 2022 ~ Estate Planning - 3

Tips for Buying Life Insurance (StatePoint) More and more people are realizing that adding life insurance to their financial plan can provide a measure of security for their loved ones. In fact, according to a survey by the financial services trade association LIMRA, the first six months of 2021 saw the highest number of U.S. life insurance policies sold since 1983, and nearly one in three Americans said they were more likely to purchase coverage due to the COVID-19 pandemic.

Whether you’re buying life insurance for the first time or reviewing your policy to make sure you have the right coverage, here are five tips to help guide you in the right direction:

1. Know the difference between term and permanent life insurance. Term life insurance coverage lasts for a set amount of time – most policies are for 10 to 30-year terms – while permanent life insurance covers your entire lifetime. There are advantages and disadvantages to both, but some prefer term since it has a lower premium compared to permanent; it can be tailored to the length of time it’s needed (such as long enough for your mortgage or your children’s college educations to be paid for).

On the other hand, permanent policies often have cash accumulation and can be tailored to last your lifetime.

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____________________________________________ 4 - Estate Planning ~ Thursday, May 5, 2022

2. Determine how much you need. There are several factors to consider, including your age, debts, monthly expenses and number of children. Did you know that even stay-at-home parents and student loan cosigners could have a definite need for life insurance? An insurance agent can help you figure out who and what you need to protect.

To estimate your coverage needs, use the free Erie Insurance life insurance calculator found at www. erieinsurance.com/life-calc.

3. Purchase sooner rather than later. If you hold off buying term life insurance until age 50, the rate can be up to 212% higher compared to buying at age 30. So don’t wait. Policies are more affordable than you may think. Permanent policies can also drastically change over time. For example, a $250,000 Erie Family Life policy could cost less than $15 a month, or about what you might spend on three or four coffee shop drinks.

4. Talk with a trusted advisor. An insurance agent can help answer any questions you have, walk you through the process, lay out the options that make sense for your life and budget, anticipate Offering Assisted Living & Memory Care.

your needs and make the process efficient. In many cases, your advisor can tell you how much you need and how much it can cost in just a couple of minutes.

5. Choose a proper beneficiary.

In other words, decide who you want your benefit to go to when you pass away, such as a spouse, close family member or grown child. There’s also the option to leave it to a charity, school or church. It’s important to make sure you think through who your beneficiaries are and if any proceeds meant to benefit a minor should be held in trust. When selecting a beneficiary, a policy owner must select someone with “insurable interest” in the life of the insured. Insurable interest generally means that the beneficiary will incur some type of loss should the life insured pass away.

“Insurance is a critical part of any financial plan,” said Louis Colaizzo, senior vice president of Erie Family Life. “This is why we’re continuing our efforts to educate customers about the importance of having adequate coverage that ensures their loved ones are protected.”

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Exterior Home Upgrades That Deliver a Return on Investment your home value -- with the addition of glass, internal blinds and hardware allow a deck, patio or porch. Whether you add for customization to fit your personal a small hibachi grill or get as involved as aesthetic. installing a full outdoor kitchen, be sure 4. Lower bills: Did you know that to include an area to prepare and enjoy you can lower your bills and add natumeals. A few key touches, like string ral beauty and privacy to your property lights and potted plants, along with cozy 1. Install storm doors: Storm doors by planting trees strategically? In sumfurniture, can make the space feel homey. give you the option of letting in more mer, the shade that trees create can help light and ventilation on fair weather days, keep your home cool. In winter, they can 3. Replace patio doors: If your patio while protecting your entry door from help block wind and prevent drafts. The doors are drafty or get stuck easily, it harsh conditions and weathering. There Utah State University Forest Extension may be time for an ENERGY STAR-cerare many ways to customize this upgrade recommends locating trees no closer to meet your aesthetic and functional tified replacement. Endure sliding glass than 2.5 times their mature height to the needs. Options from ProVia include re- patio doors from ProVia come standard south of a building to avoid winter shadtractable screens at the top and bottom with ComforTech Warm Edge Glazing, ing. They also suggest knowing the size for more venting options, as well as styl- a high-tech glass package that measur- and other characteristics of a particular ish designs and colors for instant curb ably improves thermal performance for species before planting to avoid future appeal. Families might want to consider greater efficiency and reduced interior problems, such as hitting power lines. storm doors featuring heavy-duty, non- condensation. These doors also have in5. Protect your home: If you live removable stainless steel screens ideal for creased sound abatement and meet the most stringent industry standards in an area prone to extreme weather -keeping children and pets safely inside. for storm protection, ease of entry and heavy rain, hail, driving wind, frigid temNearly Additionally, optionsInvisible for in- peratures, or scorching heat -- your home Silk Hearing Aidsentry. from 2. Get summer-ready: Extend your forced No one can terior woodgrain and exterior paint col- tell needs protection against the elements. home’s outdoor living area justSignia in timeyour nearly ors, varying internal grid styles and patinsulated vinyl siding proyou're wearing CedarMAX one! invisible for summer -- plus substantially increaseready-to-wear terns, and multiple choices for decorative vides defense against these harsh condi(StatePoint) Want to make some serious exterior home upgrades that improve your safety and comfort, add beauty to your home and deliver a return on your investment? Here are five projects that do just that:

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tions and improves energy efficiency as well. The insulation contributes to the rigidity of the panel, increases durability, and provides five times greater impact resistance over hollow siding, protecting against damage by hail, high winds, or contact with your child’s fastball. Color and beauty are also huge factors in this home improvement decision; CedarMAX offers many options to customize the look with both neutral and bold colors and coordinated accessories. It’s resistant to fading, chalking, cracking, peeling, and thermal expansion and contraction, making it a sound investment for years to come.

It’s important to see a tangible return on larger home upgrades. The best projects to consider are those that increase your home value, save you money, and add beauty and comfort to your home that will last long after your years there.

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____________________________________________ Thursday, May 5, 2022 ~ Estate Planning - 5

Spring Cleaning: Is Your ‘Junk’ Worth a Fortune?

(StatePoint) If your family is like most, you have “junk” in your basement, garage or attic, such as sports cards, memorabilia and toys. Before you toss them out during spring cleaning, consider that the prices of sports cards, games and other ephemera are skyrocketing.

How can you determine if your stuff is valuable and, if it is, how can you sell it?

A widely accepted rule for sports cards, memorabilia and toys is that older items are worth more. However, these days even more recent items are also commanding high prices.

“Vintage sports cards from the early periods of a sport are almost always highly collectible, especially of Hall of Famers,” says Al Crisafulli, Auction Director at Love of the Game Auctions, an internet sports and memorabilia auction that helps families sell collectibles.

“But don’t assume sports cards or other

memorabilia have to be old to be valuable. Modern cards of such stars as Tom Brady, Mike Trout, LeBron James, Michael Jordan, Derek Jeter and others can sell for lots of money.“ He is offering tips to help determine if your belongings are valuable: Older Sports Cards Cards from the 1960s and earlier are collectible, and those from before the 1940s can be extremely valuable. Bigname Hall of Famers like Babe Ruth, Ty Cobb, Lou Gehrig, Honus Wagner, Mickey Mantle and others bring high prices.

With old cards from the 1880s and early 1900s, look for tobacco and candy brands, such as Old Judge, Piedmont, Sweet Caporal or American Caramel.

Really old Sports memorabilia from the 19th and early 20th Century, such as photographs, postcards, bats, gloves and balls are also collectible.

When opting to sell sports items, consider a specialty auction, such as Love of the Game, which has the expertise to professionally research sports items and maintains lists of bidders specializing in this area, to get top dollar. More information is available at loveofthegameauctions.com.

Modern Cards Prices on recent baseball, basketball and football cards have risen rapidly. The three keys are condition, star power and cards from early in player careers.

Do you have major current stars, like Mike Trout, Patrick Mahomes, Tom Brady and LeBron James? Or do you have greats from the recent past, like Michael Jordan, Kobe Bryant, Magic Johnson, Derek Jeter or Joe Montana?

Check if your cards are denoted as Rookie, Prospect, Draft Pick or other indicators they’re from a player’s first season.

And condition is king, as cards that look pack fresh with sharp corners and a wellcentered image command highest prices.

Additionally, unopened packs and boxes from almost any year can be valuable.

Memorabilia Do you have old advertising posters depicting sports stars or famous entertainment personalities together with food, tobacco or sporting goods brands.

Many original signs, store displays and promotional items are collectible, especially those dating from the early 1900s into the 1960s. But low-quality reproductions aren’t. Look for memorabilia spotlighting sports heroes, superheroes, early Walt Disney characters and Star Wars subjects.

So, while you’re spring cleaning that attic, basement or garage, don’t rush to the garbage. Before throwing out old “junk,” determine if it’s valuable!

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____________________________________________ 6 - Estate Planning ~ Thursday, May 5, 2022

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Financing funerals According to Lincoln Heritage Funeral Advantage, the average funeral costs between $7,000 and $10,000. It can be easy to overlook planning for such a large expense, and many people may think their funeral costs will be covered by their life insurance policies. However, that isn’t always the case and certain complications can arise. The funeral planning information guide Funeral Basics states that sometimes insurance policies become invalid if payments have not been made. Policies may have liens on them, or some named beneficiaries may no longer be alive. This can stall the process as issues are worked through. In addition, it can sometimes take between six and eight weeks for beneficiaries to receive life insurance policy payouts. Since many funerals take place within a week of a person’s death, it’s

unlikely that surviving family members will be able to finance funerals with life insurance payouts. In addition, some policies may not be assignable, which means the benefits cannot be assigned to go to a third party who will file the claim for you (i.e., the funeral home or an assignment company with which the funeral home partners). It’s important to determine if an existing policy is assignable and to take appropriate measures if it is not. Individuals may want to consider burial insurance or preneed funeral insurance. Another option is to use preplanning services, which allow people to prepay for funeral expenses and make planning decisions regarding the services and burial so that family members will not be tasked with financing and/or planning a funeral during a difficult time in their lives.

“Your family will thank you for taking good care of tomorrow, today.”

Karen Jo Bennett, Attorney at Law • Rosemary H. Buhl, Of Counsel

www.northernlaw.com • 989-356-6128 109 N. Second Avenue • The Center Building

* Elder Law * Medicaid Planning * Estates and Trusts * Business & Real Estate Law ____________________________________________ Thursday, May 5, 2022 ~ Estate Planning - 7

____________________________________________ 8 - Estate Planning ~ Thursday, May 5, 2022