Life Planning Guide, 2015

Is Your

Financial House In Order?

How to Survive

A Job Loss Handling an

Inheritance – Credit Unions – New Parents – ‘Bootstrap’ Your Business A Publication of the Lewiston Tribune and Moscow-Pullman Daily News

2

l e w i s t o n t r i b u n e & M OS C OW - P ULL M A N D A IL Y NEWS

S A TUR D A Y, J A NU A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | YOUR FUTURE

Is Your Financial House In Order?

5 ways to improve your fiscal future now (‌ don’t turn the page!)

By Nanette Wiser CTW Features

Know Your Financial Footprint

Don’t let economic bad news and dwindling assets prevent you from adopting a smart financial strategy.

Make a plan, investment professionals advise, and stick with it. Start fresh, no guilt: If you’ve made mistakes with money in the past, put it behind you.

Focus on a secure financial future by embracing these ideas:

Take a snapshot of your finances and audit your worth. Review all financial statements (bank, credit card, mortgage, 401(k), brokerage account), income and expenses. Once you’ve got the big picture, make a budget and stick to it.

Keep a log of everything you spend and tally it monthly. Look for ways to cut

Honesty, Integrity, Service Â&#x2021; \HDUV RI H[SHULHQFH LQ WKH EXVLQHVV Â&#x2021; 'HDOV ZLWK WRS UDWHG FRPSDQLHV OLNH 92<$ $WKHQH $PHULFDQ *HQHUDO 0XWXDO RI 2PDKD 7UDQVDPHULFD /LIH Â&#x2021; /LIH ,QVXUDQFH Â&#x2021; 6 3 ,QGH[HG $QQXLWLHV Â&#x2021; ,5$ 5ROORYHUV Â&#x2021; /RQJ 7HUP &DUH ,QVXUDQFH Â&#x2021; 0HGLFDUH 6XSSOHPHQW ,QVXUDQFH

%RE %DWHV /87&) %URDGZD\ &ROWRQ :$

ZZZ EREEDWHVLQVXUDQFH FRP

back. Research lower cost options for car insurance, health insurance, cable and phone.

Make sure your fiscal public profile is both current and secure. Check your credit report and review your credit history. Look for things such as credit card accounts that arenâ&#x20AC;&#x2122;t yours or accounts listed as unpaid that have been paid off. You are entitled to a free annual credit report from each of the three main credit bureaus. Your goal? An excellent score of 740 and up. Finally, beware of identity fraud. Invest in a paper shredder and never provide your social security number by phone or online.

Save More, Invest Wisely â&#x20AC;&#x153;Pay yourself first: Save a set amount right away, before doing anything else.

Itâ&#x20AC;&#x2122;s hard to spend what you donâ&#x20AC;&#x2122;t have, right? So save first, not last,â&#x20AC;? says Christine Walker, Vice President of Farmers & Merchants Bank. Direct deposit paychecks, pension and social security and avoid the temptation of pulling spending money out of the in-person transaction.

Set aside a percentage of your paycheck for savings or investments. If your employer offers a 401(k), it can reduce your taxable income and grow your nest egg. Any employer contribution is free money. Take it.

You can save in several ways. Consider setting up an IRA account with a bank, credit union, brokerage firm or mutual fund company to supplement your workplace retirement plan. Create a flexible spending account to cover prescription, medical visits or health insurance co-payments. Start an emergency savings account in addition to your retirement or paying down debt savings account. Get a high-yield savings account that is free of investment risk, earns a return and is liquid so that you can tap it when you need it fast.

San Diego attorney and investment consultant Robert Weaver recommends sticking to a plan, staying on top of current trends and diversifying assets to meet your goals: â&#x20AC;&#x153;Develop a diverse array of asset classes â&#x20AC;&#x201C; stocks, bonds,

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

3

LIFE PLANNING GUIDE

FINANCIAL PLANNING | YOUR FUTURE continued real estate (including a home), metals, commodities, and your business. Except for home and business, it’s safer to use liquid vehicles to hold these assets – ETFs, REITs, MLPs and funds.”

Shop your banking options. If online banking is free, sign up and use it only on your home computer. The advantage?

You can pay bills quickly, your account credit/debits automatically so you can stay on track. Find a free checking account that charges no monthly service fees or per-transaction fees.

Adopt a foolproof credit card strategy.

Reduce credit card debt. Pay cash when possible. See if you can qualify for a balance transfer card that offers a low or 0 percent introductory interest rate for the first six to 12 months. If you can get a good deal, move your high-rate debt to that new card.

You’ll never get ahead if you spend more than you are paid. A little cost-cutting can pay off in big savings. It’s not rocket science. Buy only what you need, not what you want. If it’s not on the must-have list, don’t purchase the item.

Leave the cash and credit cards at home and window shop instead. Discounts and coupons are your best friends. Be a coupon queen. Double them up, buy when items are on sale, sign up for reputable online coupon sites (Coupon Sherpa) and comparison shop the flyers.

Some stores will even match competitors’ lower prices. Shop sales and know when annual discounts occur for household goods, linens and clothing.

Take advantage of loyalty and discount cards/days. Download Cardstar, a mobile app that keeps track of merchant loyalty cards. If you’re a student or 50+, look for discounts in travel, entertain-

ment (movies) or memberships (AARP, AAA). Get paid to spend with a rewards card or get free miles and other perks with an airline credit card.

Improve Your Money IQ Get smart and research personal financial advice. Start with your local business section and the financial reporters who cover the money beat. Bookmark websites and magazines that offer great tips and advice. Visit the library to bone up on authors such as Suze Orman, Dave Ramsey, J.D. Roth, Adam Baker, The Motley Fool or “The Complete Idiot’s Guide to Managing Money.”

Ask for advice from your accountant, successful business people, friends and family who invest wisely and save well.

Do research on “money making” ideas such as garage sales, selling unwanted electronics or selling gently used clothes

on consignment.

And don’t be afraid to plan for the future. “Plan your estate. A will, possibly coupled with a trust, is an essential eleBe Accountable: Set Financial Goals ment of any good financial plan. Don’t It’s all about planning and housekeep- procrastinate,” says H. Parker Evans, ing. Once you’ve set financial goals, be President & Chief Investment Strategist sure you are on track. By keeping good of Florida’s Successful Portfolios LLC. records and bills organized by month Online software, such as Quicken’s Willand type, you can review your status and Maker, can help. Notarize the will and claim your allowable income tax and store it with your protected documents. deductions at the end of the year. © CTW Features

A P , S L L E & S E L T T BA NTING A & IAPA Member: ISCP

ACCOU G BOOKKEEPINION T A TAX PREPAR

lls, CPA E .

R e i n n Lo 612 Main St.

634 Br yden Ave. 81 Lewiston • 746-36

81 Kendrick • 289-33

For 22 Years Serving Our Communities

436763AX-15

Spend Less

4

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | FINANCIAL TIMELINE

Financial Planning Timeline How to think smarter and plan better in money matters at all stages of life, from tots to retirees

By Taniesha Robinson CTW Features

Good financial habits start early. The very best last well into old age. For those somewhere in the middle and still trying to figure it all out, there’s help. No matter what stage of life, a person can always take steps to improve his or her finances, says Julie Jason, president of the Jackson, Grant Investment Advisors, Stamford, Conn. Here are tips on what family members need to think about and plan for at all stages of life, from childhood to retirement. w.morganstanleyfa.com/clearwatergroup

A new year prompts a look ahead.

Meet with The Clearwater Group at Morgan Stanley to discuss your investment plans, including retirement savings, education funding, and wealth transfer. Contact us to schedule a visit.

The Clearwater Group 518 Diagonal St Clarkston, WA 99403 (509) 295-5175 www.morganstanleyfa.com/clearwatergroup

Timothy Lynch, CFA© Portfolio Management Director Financial Advisor

Kenneth Maestas Financial Planning Specialist Financial Advisor

Eric Justis Financial Advisor

Parent Complex Address: 500 108th Ave NE, Ste 1900, Bellevue, WA 98004 ©2015 Morgan Stanley Smith Barney LLC. Member SIPC. CRC1087418 01/15

Named 2014 Financial Issuer of the Year

by International Financing Review

eimprove his or rnces, says Julie resident of the , grant ent advisors, d, - conn. Here are are what family memd emed to think about lut n for at all stages t- childhood tip to es rom to ent.

c ia l

u i d e

Jason, president of the Jackson, grant investment advisors, Stamford, conn.

Here are tip tips on what family memtip bers need to think about tipplan for at all stages and of life, from childhood to retirement.

ti

tip

tip

COMPLICATED TAXES?

BRING IT ON

pown l aexperience. n n i n g g u i d e

12

f i nanci al

three buckets: one for views on money matGetting the most back savings, one for charity ters and what you’ve starts with getting the mostabout expertise. and one for spending. learned saving Thakor recommends and spending.

H&R Block has more Enrolled Agents (the highest credential awarded by the IRS) than any other tax parents help children preparation company allocate 10 percent forand we guarantee the accuracy of every return prepared by H&R Block professionals. savings, 10 percent for Put ourand expertise to work on your complicated return. charity 80 percent "Bankruptcy "Foreign earned "State returns for spending. income exclusion "Corporations "Trusts "Estates "Farms "International income

"Itemized deductions Sale of business, Required " reading: home or stock "Partnerships Jean Chatzky, award"Sole proprietorships

tip H&R BLOCK

winning financial journal® ist, wrote “Not Your NEVER SETTLE FOR LESS™ Parents’ Money Book: 1446 to Main, Lewiston (208)Saving 743-0222 Making, and Help kids learn save: Spending Your Own Fiddle with the online Money,” (Simon & allowance calculator at ©2013 HRB Tax Group, Inc.

pl anni ng

guide

Street save 20 percent ing out in 2010 make1219 it Idaho should P.O. Drawer 835 more difficult to over-Lewiston,ofIdaho their income,Thakor 83501 load on credit and debt, says.

(208) 743-1516 www.cmd-law.com requiring anyone investment smarts: If under age 21 to show Paul B. Burris is an associate with Creason, Moore, proof of income or get Dokken & Geidl, PLLC. He graduated magna cum laude parents co-signUniversity in from thetoGonzaga School of Law in 2013 and now focuses primarily on advising individuals and order to his getpractice a credit companies about legal opportunities for wealth planning card. college students and preservation. Mr. Burris assists his clients with estate shouldn’t avoid credit employer offers planning, probate, trust creation,your Medicaid, and elder law,aas tax sheltered savings cards completely, how- development well as business formation, and management.

Mr. a Burris is licensed in Idaho, Washington, and United plan, such asthe a 401(k), ever. student should Court. He is also accredited by the Veterans sign up and contribute getStates oneTax credit card in Administration and can assist with veterans’ benefit issues you can. Your taxes hisand ortheir herinterplay name; moniwith Medicaidallissues. will be lower, your comtor his credit record at pany may kick in more, the three major agenand automatic deduccies; and pay off the bill

tip

tip

437189AX_15

e mut s o

better in to money matters steps improve his orat all stages of life, from her finances, saystots Julieto retirees

isTockphoTo.com women and author labor women and author of labor really goes into according to Sallie Mae. of marriage.

T finance expert for understand how much thanor$3,000, accumulated before “get financially ” an iP “get financially naked,” more an iPod Xbox purfortunately for frisky, naked, newlywed women and author of labor really goes2009). into according to Sallie Mae. marriage.

Thakor urges2009). financial Media, chas (adams Media, chase. Encourage a young(adams credit users, ch S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5 LIFE PLANNING GUIDE 5 “get financially naked,” anKids iPodshould or Xbox purfortunately fora frisky, conduct should learn teen learn to teen to find part-time newlyweds credit Kids cardto reform mea-to all assets at (adams Media, 2009). chase.

Encourage a young credit users, financial check-ins on FINANCIAL PLANNING | FINANCIAL TIMELINEinto CONTINUED divide allowances job,ca divide allowances job, and share your sures that started roll- intoannually.

Kids should learn to teen to find a part-time credit card reform meaall assets at least semibuckets: three buckets: one for views on money mating outthree in 2010 makeone it for shouldview sav Teens College sTudenTs neWlyWeds Children divide allowances into job, and share your sures rollannually. couples savings, one for charityof their ters savings, one for charity tersthat and started what you’ve more difficult to overinca three buckets: one for views on money mating out in about 2010 make should save 20 percent and one for and one for spending. learned savingit load on credit andspending. debt, says. learn If savings, little ones start to learn the basics of As kids approach their teenage years, they A new couple’s main financial goal one for charity ters and what you’ve more to overofrequiring their income, Thakor Thakor recommends and s recommends and difficult spending. anyone investmen money management as they grow, perhaps can Thakor start to grasp the truth in the old adage should be to build a solid foundation that they can avoid the for debt spending. and exuberant spend- “money doesn’t grow onsaving trees.” Thakor tells load on credit and debt, includes an emergency fund to cover three to and one learned about says. parents help children parents help under age of21living to show ingif habits that ones plague many adults. think about howchildren many hours they sixa months expenses, Thakor says. little start to learn teens astohave kids approach their new couple’s main It’s important recommends to teach children that would to work to earn enough to buy However, this should happen only after each Thakor and spending. requiring anyone investment smarts: If allocate 10 percent forhave allocate 10 percent for proof of income or get every dollar they receive is not a dollar they an item they want.

This way, they begin to partner pays down any debts they may the basics of money teenage years, theygoes can financial goal should parents help children can spend, says Manisha Thakor, personal understand how 10 muchpercent labor reallyfor into under age 21 to show accumulated before marriage. savings, 10 percent forurges savings, parents to co-sign in Thakor finance expert for women and author of “get an iPod or Xbox pur-chase. Encourage a teen newlyweds to conduct financial check-ins management as they start to grasp the truth be to build a solid founallocate percent for financially naked,”10 (adams Media, 2009). to find a part-time job,80 andpercent share your views proof of income or get on allto assets semi-annually. couples charity and 80 percent charity and order getat aleast credit Kids should learn to divide allowances into on money mat-ters and what you’ve learned should save 20 percent of their income, grow, they can in the oldspending. adage dation that includes an savings, parents to co-sign in forsays. spending. three buckets:perhaps one10 for percent savings, one for for charity about saving and Thakor for spending. card. college students and one for spending. Thakor recommends charity 80 and percent to getreading: a credit avoid theand debt exu-for “money doesn’t grow order emergency fund to your emplo Requ Required shouldn’t avoid credit parents help children allocate 10 percent savings, 10 percent for charity and 80 percent The average college-age credit card for spending. college students on trees.”Thakor tells card. three to six tax sheltere Jean Jean Chatzky, awardcardscover completely, howforberant spending. spending habits holder carries a balance of more than $3,000, according to Sallie Mae.. shouldn’t avoid credit your employer offers a winna winning financial plan, such a student that plague many adults. Required teens toreading: think about ofshould living Fortunately for frisky, journalyoung credit us- ever.months ers, credit card“Not reformYour measures Jean award-they cards taxget sheltered savings completely, how-that started w ist, wrote sign upist, and one credit card in says. it’s important to teach howChatzky, many hours expenses, Thakor rolling out in 2010 make it more difficult to winning financial journalplan, such as a 401(k), ever. a student should overload on credit and debt, requiring anyone Money Book: can. his orHowever, her name;this monichildren that every dollar would have to work to Parents’ shouldall youPare under age 21 to show proof of income or ist, wrote “Not Your sign up and contribute get one credit card in Required reading: Jeanto Chatzky, award- get parents toSaving Investment smarts: If your employer co-sign inand order to get a credittor his Help kids learn save: will be Maki lowe Helpenough kids learn save: credit record atto they receive is not a dol- winning earn towrote buy an Making, The average collegehappen only after financial journal-ist, “Not offers a tax sheltered savings plan,each such as card. college students shouldn’t avoid credit Parents’ Money Book: allthe you can.

Your taxes or completely, her name; moniYour Parents’ with Money Book: Making, Saving his a three 401(k), sign up andagencontribute all youpany can. may Spen Fiddle with the online Spending Your Own k Fiddle the online major cards however. a student should lar can spend, they want.

This credit holder partner pays any Helpthey kids learn to save: Fiddlesays with the anditem Spending Your Own Money,” (Simon & taxes will be lower, down your company may getage one credit card incard his or her name; moni- Your Making, Saving and will bekick lower, your comkids learnatto save: credit record atmajor agenMone allowance calculator atand automa onlineHelp allowance calculator www.threejars.

Schuster, 2010) to help start teens on in more, and automatic deduc-tions (Simon &three allowance calculator ata path torMoney,” cies; and pay off the bill torhis his credit record at the com to come up with a weeklypersonal sum that’s to financial success.begin to make it easy.they may have Manisha Thakor, way, they carries a balance of debts cies; and pay off the bill every month.

Used Spending Your Own to pany may kick inUsed more, Fiddle with the the three major agenSchu to tions make Schuster, 2010) www.threejars.com month. reasonable, based on the ageonline of the child and responsibly, a credit cardto canhelp help young every www.threejars.com thefinance parent’s own experience. expert for understand how much more than $3,000, accumulated before adults buildpay a strong credit profile.

Money,” (Simon & and automatic deducallowance calculator at cies; and off the bill start come up with a weekly start teens on a path to come up with a weekly responsibly, a credit women and author of labor really goes into according to Sallie Mae. marriage.

Thakor urges Schuster, 2010) to help tions make ithelp easy. www.threejars.com to every month.

Used finan> sum that’s reasonable, financial success. sum that’s reasonable, card can young CMDG “get financially naked,” start an iPod Xbox fortunately for frisky, adults newlyweds conduct teens on aage pathofpurtothe come up with a weekly responsibly, a credit based theto age of the based onor the build aonstrong >> conTinUeD financial success. sum that’s reasonable, cardyoung can help young (adams Media, 2009). chase.

Encourage a credit users, financial child andcheck-ins the parent’son child and the parent’s credit profile.

CREASON, MOORE, DOKKEN on paGe 14 semibased on thelearn age of buildcard a strong experience. own experience.

Kids should tothe teen to find a part-time adults credit reform meaallown assets at least & GEIDL, PLLC child and the parent’s credit profile. divide allowances into job, and share your sures that started roll-LAWYERS annually. couples

437083AX_15

6

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | FINANCIAL TIMELINE CONTINUED

Financial Planning Timeline Continued...

Financial Planning Timeline Continued...

Married WiTh a faMily

in your 30s and early 40s

in Married your 50s…

WiTh a faMily

your60s…

30s ininyour and early 40s

Financial Planning Timeline “FiftyContinued... is the time start of prepThe minimum age to Once the storks

Once the storks start dropping baby bundles Married at the doorstep, it’s WiTh a faMily time to think about life insurance.Whole life insurance is expensive Once the storks start and unnecessary in dropping baby bundles Thakor’s opinion. at the doorstep, it’sShe suggests acquiring time to think about life term life insurance insurance.

Whole life instead, which proinsurance is expensive videsunnecessary coverage forina set and time period – usually Thakor’s opinion.

She five to 30acquiring years – at a suggests fixed life rate. term insurance Keep retirement instead, which pro- saving incoverage mind, despite vides for a the set focusperiod on children.

You time – usually can to put30$5,000 year five years –a at a into an Individual fixed rate.

Retirement AccountsavKeep retirement (IRA) delay paying ing in and mind, despite the taxes on investment focus children.You earnings until retirecan put $5,000 a year mentanage.

If you don’t into Individual have a retirement plan Retirement Account (or areand in adelay plan paying and (IRA) earn less than a certain taxes on investment amount),until you can also earnings retiretake aage. tax If deduction ment you don’t for your IRA contribuhave a retirement plan tions. (or are in a plan and earn less than a certain amount), you can also take a tax deduction for your IRA contributions.

tip

in your 30s and early 40s

“The challenge as you enter into these years is to avoid lifestyle creep,”Thakor says.“It’s very easy to start living beyond your means.

“The challenge as you The more earn, enter into you these years sometimes the more is to avoid lifestyle you spend.”

This prescreep,” Thakor says.

“It’s ents aeasy big to problem for very start living savings for a couple’s beyond your means. retirement andearn, their The more you children’s college edusometimes the more cation.

Thakor has you spend.”

This presnoted another dangerents a big problem for ous trend in this age savings for a couple’s bracket: risky retirement andinvesttheir ments.An investment children’s college eduportfolio at thishas age cation.

Thakor shouldanother be a low-cost, noted dangerhigh-quality mix age of ous trend in this stocks, bonds and bracket: risky investmutualAn funds that ments. investment grows conservatively portfolio at this age over time, says. should be ashe low-cost, high-quality mix of stocks, bonds and mutual funds that grows conservatively over time, she says.

tip

college planning: The College Savings Plan calculator at the financial education website www.

Start early. Make retiremindyourfinances.com, ment saving a priority. can help planning: families develDevise a plan, stick to it college The op or fine-tune a college and set goals. Grab a College Savings Plan savings plan, factoring in quick estimate of your calculator at the financial number and ages of chilretirement education website www.

Start early.needs Makeusing retiredren in the family. Click the “Ballpark mindyourfinances.com, ment saving aEstimate” priority. on “Financial Tools.” tool at www.choosetocan help families develDevise a plan, stick to it save.org/ op or fine-tune a college and set goals. Grab a savings plan, factoring in quick estimate of your number and ages of chilretirement needs using dren in the family. Click the “Ballpark Estimate” 14 f i n a n c i a l p l a n n i n g g u i d e on “Financial Tools.” tool at www.chooseto-

tip

tip

aration and a time of dropping baby bundles in your”says 50s… opportunity, Julie at the doorstep, it’s Jason,toauthor “Thelife time think of about AARP Retirement Survivinsurance.Whole life al Guide: How toof Make “Fifty is the prepinsurance istime expensive Smart Financial Deciaration and a time of and unnecessary in sions in Good Times and opportunity, ”says Julie Thakor’s opinion.

She Bad, ” (Sterling, 2009).

Jason, author of “The suggests acquiring Makelife catch-up contribuAARP Retirement Survivterm insurance tions, an extra amount al Guide: How to Make instead, which prothosecoverage over 50 can add to Smart Financial Decivides for a set 401(k) and other retiresions in Good Times and time period – usually ment accounts.

At Bad, ”to(Sterling, five 30 years2009).

– atage a 59 1/2 you will no longer be Make catch-up contribufixed rate. hitKeep with tax penalties on tions, anretirement extra amount savwithdrawals from retirethose over 50 can add to ing in mind, despite the ment accounts, but leav401(k) and other retirefocus on children.You ing money in means ment accounts.

At age 59 can put $5,000 a year more time for it to 1/2 you will no longer be into an Individual grow.

Imagine you’re retirhit with tax penalties on Retirement Account ing onand Monday and withdrawals from retire(IRA) delay paying need to calculate how ment accounts, but taxes on investmentleavlongmoney youruntil funds will last. ing in means earnings retireJason says this scenario more time for it to grow. ment age. If you don’t forces people to look Imagine you’re retirhave a retirement planat their savings ing onexpenses, Monday (or are in a planand and and income sources need to calculate how earn less than a certain outside of work.

“If you long your funds will last. amount), you can also do the analysis, you can Jason says this scenario take a tax deduction adjust your and forces people to look at for your IRAsavings contribuinvesting,” she says. their expenses, savings tions. get going! you on and incomeAre sources outside of work.“If you do the analysis, you can adjust your savings and investing,” she says.

tip tip

get going!

Are you The on college planning: track financially for a comCollege Savings Plan fortable retirement?

The calculator at the financial Financial Planning education website Assoc. www. offers an interactive Finanmindyourfinances.com, cial Roadmap tool to help can help families develhighlight areas where you track financially for a comop or fine-tune a college need to improve: Go to fortable retirement?

The savings plan, factoring in www.fpaforfinancialplanFinancial Planning Assoc. number and ages of chilning.org/ and click on offers an interactive Finandren in the family. Click “Financial Roadmap” cial Roadmap tool to help on “Financial Tools.” under Tools & Resources highlight areas where you. need to improve: Go to www.fpaforfinancialplanning.org/ and click on 14 fin ancial p “Financial Roadmap”

tip

receive Social Security in your benefits is age60s… is 62, but delaying to a later year will mean a bigger monthly benefit.

GenThe minimum age to erally, governmentreceive Social Security sponsored Medicare benefits is age is 62, health insurance is but delaying to a later available to those age year will mean a bigger 65 and older.

At 66, monthly benefit.

Gen“The challenge as you thoseinto bornthese between erally, governmententer years 1943 and 1954 are elisponsored Medicare is to avoid lifestyle gible for full Social health insurance is “It’s creep,” Thakor says.

Security benefits. available to those age very easy to start living says that those 65Jason and older.

At 66, beyond your means. at age 65 must realize those born between The more you earn, that they’re targets for 1943 and 1954 are elisometimes the more every ambitious finangible for full Social you spend.”This prescial advisor.

“Put onfor a Security ents a bigbenefits. problem skeptics hat,” she says.

Jason says that those savings for a couple’s Retirees interat age 65should must retirement andrealize their view professionals to that they’re targets for children’s college edumake sure they have every ambitious financation.Thakor has prioradvisor. experience with cial “Put on a noted another dangerretirement accounts skeptics sheage says. ous trendhat,” in this and clients in financial Retirees should interbracket: risky investsituations similar. Makview professionals to ments.

An investment ing decisions for a make sure they have portfolio at this age $100,000 is prior experience with should be account a low-cost, very different from retirement accounts high-quality mix of making decisions for a and clients in and financial stocks, bonds million-dollar account, situations similar.

Makmutual funds that Jason says. ing decisions for a grows conservatively $100,000 account over time, she says.is very different from making decisions for a million-dollar account, Jason says.

tip tip

Start early. Make retireLearnsaving what your estiment a priority. mated social security Devise a plan, stick to it benefit be at retireand set will goals.

Grab a ment by using the retirequick estimate of your ment estimator atusing www. retirement needs ssa.gov/estimator or call Learn what your estithe “Ballpark Estimate” 1-800-772-1213. mated social security tool at www.choosetobenefit will be at retiresave.org/ ment by using the retirement estimator at www. ssa.gov/estimator or call l1-800-772-1213. anning guide

tip

in your your 50s…

70s… in

80s and beyond in your 60s…

“Fifty is the time of preparation and a time of in your 70s… opportunity,”says Julie Jason, author of“The AARP Retirement Survival Guide: How to Make Smart Financial Decisions in Good Times and Bad,”(Sterling, 2009).

Make catch-up contributions, an extra amount those over 50 can add to 401(k) and other retirement accounts.At age 59 1/2 you will no longer be hit with tax penalties on withdrawals from retirement accounts, but leaving money in means more time for it to grow.

Imagine you’re retiring on Monday and need to calculate how long your funds will last.

Jason says this scenario forces people to look at their expenses, savings “Now is the sources time to and income review assumptions outside of work.“If you andthe make adjustments do analysis, you can to your cash flow and adjust your savings and to your investments,” investing,” she says.

Jason says.

At the “Now is the time to get going!

Are yououton set of retirement, peoreview assumptions ple assume that and make adjustments healthcare beand their to your cashwill flow greatest expense.

It to your investments,” turns out theoutlargJason says.that At the est expense is most set of retirement, peotrack financially for a comoften taxes.

Plan toThe ple assume that fortable retirement? begin taking minimum healthcare will beAssoc. their Financial Planning withdrawals from most greatest expense.

It offers an interactive Finanretirement accounts turns out that thetolargcial Roadmap tool help by 70 1/2 or you may est expense is most highlight areas where you be charged aPlan penalty. often toto need totaxes. improve: Go begin taking minimum www.fpaforfinancialplanwithdrawals from ning.org/ and click onmost retirement accounts “Financial Roadmap” by 70 1/2 or you may . under Tools & Resources be charged a penalty.

The minimum age to receive Social Security 80s and beyond benefits is age is 62, but delaying to a later year will mean a bigger monthly benefit. Generally, governmentsponsored Medicare health insurance is available to those age 65 and older.At 66, those born between 1943 and 1954 are eligible for full Social Security benefits.

Jason says that those at age 65 must realize that they’re targets for every ambitious financial advisor.“Put on a skeptics hat,” she says.

Retirees should interview professionals to make sure they have prior experience with retirement accounts and clients in financial Healthcaresimilar. and legacy situations Makplanning should ing decisions for acome into the picture $100,000 account is around age 85,from Jason very different says.

Long-term care making decisions for a for husbands and Healthcare and legacy million-dollar account, wivessays. should be deterplanning should come Jason mined. a certain into the“At picture point you to around agehave 85, Jason bring in your spouse says. Long-term care andhusbands see if you’re for andin sync with each wives should beother,” deterJason says. reminds mined.

“At aShe certain retirees tohave include point you to the desire to leave an bring in your spouse Learn what your estiinheritance in their and see if you’re in mated social security planning. sync with each other,” benefit will be at retire©says. cTWShe features Jasonby reminds ment using the retireretirees to include the ment estimator at www. desire to leave an ssa.gov/estimator or call inheritance in their 1-800-772-1213. planning.

tip

tip

© cTW features

in

“Now review and m to you to you Jason set of ple ass health greate turns o est ex often begin withd retirem by 70 be cha

OO

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

ne of the ne most significant non-family relationships in your life of the most significant non-family relationships inmay your life may be the bond youbond shareyou withshare yourwith financial all, your be the your planner. financial After planner.

After all, your money can beLjust to you as to it is to as them.

I F Ecan P Las A Nbe Nimportant I N Gjust G U I Das E important money you it is to them.

7

You both want to see your

You both want to see your grow as quickly and FINANCIAL PLANNINGmoney | YOUR FUTURE money grow as quickly and safely as possible. And you

safely as possible. And you both need to be on the same both need to be on the same page to achieve this. page to achieve this.

If you have a financial planIf you have a financial planner, how would you describe ner, how would you describe your relationship? Collaboryour relationship? Collaborative? Non-existent? If you lean ative? Non-existent? If you lean more toward the latter, it is more toward the latter, it is probably time to take your probably time to take your money, time and business elsemoney, time and business elsewhere. where.

You and Your Planner

One of the most significant nonSTAY LOCAL STAY LOCAL family relationships in your life may be the bond you share with your financial planner. After all, your money can be just as important to you as it is to them.

A frustrating aspect of a A frustrating aspect of a bad advisor relationship is bad advisor relationship is not being able to get in touch not being able to get in touch with him or her when you with him or her when you need help the most. That’s need help the most. That’s why it may be best to find a why it may be best to find a representative on a local level representative on a local level — one who can tip you off on — one who can tip you off on the next big investment wave the next big investment wave or guide you through smart or guide you through smart savings adjustments. savings adjustments.

Local financial advisors Local financial advisors who are backed by national who are backed by national firms are likely to be invested firms are likely to be invested in your community, both in your community, both financially andas emotionally. Stay Local You both want to see your money grow financially and emotionally.

They want to see you be sucThey want to see you be sucquickly and safely as possible. And need cessfulyou with both your financial cessful with your financial planning goals and will rein- A frustrating asplanning goals and will reinto be on the same page to achieve this. vest a portion of their time, pect of a bad advisor vest a portion of their time, resources or monetary sup© FOTOLIA resources or monetary supIf you have a financial planner, would relationship is not being porthow into local causes. port into local causes. big investment wave youadvisor. through with your life that may become more aggressive inor guide with your If hesmart or she input by you describe your relationship? Collabor-ative? ableship to will get require in touch with with your life that may become more aggressive in with your advisor. If he o ship will require input by require an adjustment in the investment portion of doesn’t know your strategy you, even if you aren’t an require an adjustment in the investment portion of doesn’t know your strate you, even if you aren’t an savings adjustments.

Non-existent? If you lean more toward the latter, himexpert or her when you need help the most.

That’s investment or savings strate- your portfolio, you should feel behind changing your in finance.

You should expert in finance. You should investment or savings strate- your portfolio, you should feel behind changing your gies. comfortable in discussing the approach, you may not get keep your advisor updated gies.a comfortable in discussing the approach, you may not your advisor updated it is probably time to take your money, and may be bestkeep to find a representative on A strongtime advisor relation-whyonitany Local financial who backed by Also, if you decide to pros and cons of doingadvisors so the mostare effective counsel. changes that happen A strong advisor relationAlso, if you decide to pros and cons of doing so the most effective couns on any changes that happen

DEFINE YOUR DEFINE YOUR EXPECTATIONS EXPECTATIONS

business elsewhere.

local level — one who can tip you off on the next

national firms are likely to be invested in your community, both financially and emotionally.

They want to see you be successful with your financial planning goals and will reinvest a portion of their time, resources or monetary support into local causes.

Define Your Expectations A strong advisor relationship will require input by you, even if you aren’t an expert in finance. You should keep your advisor updated on any changes that happen with your life that may require an adjustment in investment or savings strategies.

Donald T Montgomery

Financial Advisor 1630 23rd Avenue, Ste 201B Lewiston, ID 83501 Office: (208)746-4366 dmontgomery@wradvisors.com

Also, if you decide to become more aggressive in the investment portion of your portfolio, you should feel comfortable in discussing the pros and cons of doing so with your advisor.

If he or she doesn’t know your strategy behind changing your approach, you may not get the most effective counsel.

8

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | CREDIT UNIONS

Credit Unions: Power to the People Credit unions are low-cost, low-profile alternatives to commerical banks.

As consumers balk at the high banking fees, the low profile thing may be history in the nation’s 7,200 credit unions. The problem: High fees for working-class account holders and small businesses and poor customer service. The message: Enough is enough.

The movement stemmed from already-rampant public distaste for

the government bailout of large banks coupled with a social media call for a “National Bank Transfer Day” on Nov. 5, 2011. That Saturday alone brought 40,000 new members and their $80 million to credit unions nationwide, according to the Credit Union National Association.

The Sept. 29 unveiling of Bank of America’s now-rescinded $5 monthly debit card fee sparked the mass exodus, which occurred throughout the month of October. In a CUNA survey of 5,000 credit unions, a majority attributed their new membership growth since that date to consumer reaction to newly imposed bank fees and the Bank Transfer Day idea. Since then, the idea has grown.

Some 61,000 people have liked the cause on Facebook, where the new slogan is, “Every Day is Bank Transfer Day.” While credit unions enjoyed the influx of new business and began lobbying

for the ability to make more business loans, big banks claim the movement has helped business, saying consumer accounts typically cost them more money than they make. And with new government regulations limiting surcharges, banks are refocusing their sights on business.

Though short-term effects may not be significant, some believe the popularity of credit unions will continue to grow.

“Last year, we saw 1 million new credit union members. We will see more than that in 2012,” predicts CUNA President and CEO Bill Cheney.

Consumers are rediscovering the services offered by local credit unions, which are nonprofit, member-owned alternatives to banks that provide all of the same services, according to Cheney.

“By moving to credit unions, consumers will save about $70 a year, on average,” he says. Studies have shown people living paycheck to paycheck save

ACCOUNTING AND CONSULTING

Accounting & Auditing Business Consulting Tax Services

Personal Financial Planning Business Valuations

www.presnellgage.com

Lewiston

Moscow

Orono

Grangeville

Pullman

208-746-8281

208-882-2211

208-476-3012

208-983-1254

509-332-6541

437220AX-15

By Laura Drotleff CTW Features The nation’s biggest commercial banks received a clear message last fall when an estimated 650,000 consumers withdrew some $4.5 billion and transferred the funds to new accounts

est rates compared to banks, even in ed to city employees and select this low-interest environment. groups.

“It’s an entirely different philosoAs a student at Michigan State The nation’s biggest commercial banks received a clear message last fall when phy,” he says. “Banks use people to University, Michelle Gutierrez S A T U R D650,000 A Y, J A consumers N U A R Y 2 4withdrew , 2 0 1 5 some $4.5 billion and transferred Lmake I F E money; P L A N Ncredit I N G Gunions U I D E use 9 an estimated belonged to MSUFCU. Now an alumthe funds to new accounts in the nation’s 7,200 credit unions. The problem: money to help people. Credit unions nus living in Kerrville, Texas more High fees for working-class account holders and small businesses and poorCONTINUED truly are groups of people coming than 15 years later, she says she has customer service. The message: Enough is enough. together to help each other, versus remained a credit union customer.

The movement from than already-rampant public the govbusinessmembers. with banks, which “We never changed,” Gutierrezmembers in the Michigan even more at astemmed credit union the people.distaste Credit for unions truly aredoing groups by 162,000 ernment bailout of large banks coupled with a social media call for a “National ultimately answer to their shareholdsays.

“We have just always made the and Oakland University average customer because they use more of people coming together to help each “When I deal with a bank – and, as a State University Bank Transfer Day” on Nov. 5, 2011. That Saturday alone brought 40,000 new ers.” conscious decision to go with local credit union services. other, versus doing business withSmall-business banks, small-business owner, I deal them a lot communities, including students, alumni, members and their $80 million to credit unions nationwide, according to the owner Matt D’Arcy, federal credit unions first. They have Because they are member-owned, which ultimately answer to their share– there seems to be a revolving door for facultyinand employees, local schools Credit Union National Association. a financial planner who owns always had their members mind.” credit unions are ableoftoBank offerofbetter holders.” $5 monthly management types,” and businesses. Tucson Old City Pueblo The Sept.

29 unveiling America’s now-rescinded Greybridge Financial Group and is D’Arcy says. “With © CTW Features lower fees, across the occurred Small-business owner Mattvice D’Arcy, a aand credit union,ofyou may encounter the Credit Union in Tucson, Ariz., is limited debitrates cardand fee sparked the virtually mass exodus, which throughout the president co-owner Hupp month of October. a CUNA of 5,000 unions,planner a majority attribTax in Willowick, Ohio, says perhaps board, CheneyInsays.

Thissurvey includes highercredit financial who owns Greybridge same manager for 30 to city employees and uted savings their new membership to consumer reaction because of the years, nonprofit of rates and lower growth interestsince rates that dateFinancial Group and isto vice president and status you can select groups.

Learn more about… newly imposed to bank feeseven and the Bank Transfer Day idea.

Since then, the idea credit unions, their compared banks, in this low-interand co-owner of Hupp Tax in Willoreallymanagement develop a timeAs a student at has grown. Some 61,000 people have liked the cause on Facebook, where the often has more longevity, allowing est environment. wick, Ohio, says perhaps because of the trusted relationship Michigan State new slogan is, “Every Day is Bank Transfer Day.” them to develop rapport with memJoining a credit union at “It’s an entirely differentthe philosophy,” nonprofitand status of credit their and know that they University, Michelle asmarterchoice.org While credit unions enjoyed influx of new business began lobby- unions, bers. he says.

“Banks use people to make management often has more longevity, will go to bat for you.”

Gutierrez belonged Comparing credit union rates ing for the ability to make more business loans, big banks claim the move“When I deal with a bank – and, as credit unions saying use money to help allowing them develop rapport with Whereas anyone to MSUFCU. Now versus bank rates at ncua.gov mentmoney; has helped business, consumer accounts typically costtothem a small-business owner, I deal them a cantowalk any an alumnus living in (look under Resources and more money than they make. And with new government regulations limiting lot – there seems be ainto revolving Information) surcharges, banks are refocusing their sights on business. door for management types,” bank and openD’Arcy an Kerrville, Texas more Making smart financial decisions Though short-term effects may not be significant, some believe the popusays. “With a credit union, you may account, credit unions than 15 years later, at mycreditunion.gov larity of credit unions will continue to grow. “Last year, we saw 1 million new encounter the are same manager for 30 slightly differshe says she has recredit union members. We will see more than that in 2012,” predicts CUNA years, and you can really develop a © CTW Features ent, with fields of mained a credit union President and CEO Bill Cheney. time-trusted relationship and know

FINANCIAL PLANNING | CREDIT UNIONS

membership eligibility. Nearly everyone has a credit union they can join, but they have to find one they qualify to join first.

For example, Michigan State University Federal Credit Union (MSUFCU), based in East Lansing, Mich., is owned

customer.

“We never changed,” Gutierrez says. “We have just always made the conscious decision to go with local federal credit unions first. They have always had their members in mind.” © CTW Features

Small Premium, BIG COVERAGE! Lowest Cost...

TERM LIFE

10 year, 15 year, or 20 year level term life.

Quote 8 Top Life Companies with one request!

Call or Quote on-line

www.Am-Ins.com Call Now!

AU TO • HOME • BUSINESS • MEDICAL • LIFE

437378AX_15

Lewiston 746-9646 Moscow 882-8544 Toll Free 800-735-6355

10

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | PERSONAL FINANCE

Handling an Inheritance An inheritance brings with it a range of emotions and responsibility. Along with the pain of losing someone you love, you also may be experiencing an influx of cash that you feel overwhelmed in handling.

Americans lose 90 percent of inherited wealth by the third generation, according to a recent report in the Wall Street Journal. You can avoid suffering the same financial fate by remaining disciplined in your spending and smart in your investments.

Start a Savings Plan Depending on the size of your inheritance, one smart option is placing the majority of it in an FDIC-insured moneymarket account. There are options for short-term accounts with larger interest rates than a regular savings account.

Keeping the money separate from your checking account will help you in avoiding irresponsible spending – the main reason for the previously mentioned wealth loss statistic. Create a little distance between you and your new money by finding safe, interest-friendly havens for it.

Consult a Planner You can find a fee-only planner who doesn’t work on commission by visiting www.napfa.org, the website of the National Association of Personal Financial Advisors. The organization urges people to interview several advisors before you

What’s Your Plan?

Your goals might be easy to describe: a comfortable retirement, a lasting legacy and the list goes on. Getting there is a more complicated matter.

select one.

Your advisor will help you come up with a customized financial plan, guiding you in defining your short- and long-term financial goals. You may be able to find free financial counsel in your area through events like Financial Planning Days – a collaborative effort between financial planning organizations, government agencies and schools, municipal buildings and libraries that delivers free financial counsel.

Keep Your Job “Take this Job and Shove It” may be a song that comes to mind if you inherit a

large sum of money. But you may want to reconsider singing that tune to your boss.

Some people treat their windfall of money as an opportunity to rapidly improve their lifestyle by buying a bigger home, a new car and other luxuries all at once.

The National Association of Personal Financial Advisors urges clients to spread out their spending over the years while still maintaining employment to pad their savings or retirement account.

Set a plan in place to limit your monthly spending – and stick to it.

For life insurance, call a good neighbor.

Call us and we’ll help you choose the right life insurance for you and your family.

That’s why D.A. Davidson & Co. has a full range of products and services to get you moving in the right direction.

Let’s Get Started

Steve Forge 1442 Idaho Street Lewiston

(208) 746-7052

steven.forge.b63r@statefarm.com

0305 5th Street | Lewiston, ID 83501 | 208.743.0818 | 800.237.2814 111 N. Washington, Ste. 6 | Moscow, ID 83843 | 208.883.5396 | 800.808.5396 www.dadavidson.com | D.A. Davidson & Co. member SIPC

Rebecca Knudson Lewiston Center Mall 1920 19th Ave., Lewiston

(208) 746-2400

rebecca@lewisclarkagent.com

Bruce Wyatt 502 Thain Road Lewiston

(208) 743-6249

bruce.wyatt.b63n@statefarm.com

State Farm Life Insurance Company (not licensed in MA, NY or WI) State Farm Life and Accident Assurance Company (Licensed in NY and WI) • Bloomington, IL

4 3 6 9 5 5 A X- 1 5

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

11

LIFE PLANNING GUIDE

FINANCIAL PLANNING | FAMILY

Making Plans: New Parents Parents with a baby born in 2013 will spend an average of $245,000 to raise their little bundle of joy.

These latest statistics reported by the United States Department of Agriculture don’t even include the cost of college, which can quickly rack up tens of thousands per year in tuition costs.

The price tag on raising a child has been on a steady incline — a 24 percent increase since 1960, according to the USDA. Taking on the increasing costs can be a challenge for many new parents.

But with proper planning and realistic expectations, even newbies can come out ahead as their children grow.

Health Care The USDA attributes the rise in childraising to the cost of health care. With parents covering larger proportion of children’s costs with higher co-payments and premiums, expenditures can add up quickly.

When setting a budget and savings plan, make sure to apportion enough to health care costs, as well as unpredictable medical expenses that are sure to come up.

Start a small savings account for funds devoted to medical costs. This will keep you prepared for such occurrences instead of having to dip into your primary savings account for medical payments.

Long-Term Planning New parents will find that with the birth of their child comes the urge to protect him or her. This natural instinct includes the need to build a solid financial footing to be able to afford all of the necessities.

But lost in the everyday chaos of raising a new child are the long-term financial strategies that can make a huge difference.

If you’re a new parent, consider preparing a will, an inventory of assets and debt and a legal document naming a person to be the guardian should anything happen to you.

These can be uncomfortable topics to discuss, especially in the midst of newfound parenthood, but planning wisely now can pay off in the future.

When You Own Your Own Business You know What It’s All About It’s All About Service. Taking care of your customers and delivering something extra, going above and beyond your customers’ expectations.

That’s what we air to do here at Community Bank.

We understand the needs of a small business because we’re a small business too. If you run a business in the LC Valley, Community Bank can help you reach you business goals. Contact Darrin for you commercial or agricultural loans or lines.

Local Money Working For Local People Clarkston

118 Bridge Street 509-758-6878 www.communitybanknet.com

437326AX_15

Member FDIC

Darrin Eberhardt Clarkston/Pullman 509-758-6878 deberhardt@ communitybanknet.com

W

12

hile school is a great place to become educated about math, science and English, the art of savings and maintaining good credit are lessons that generally are taught at home.

l e w i s t o n t r i b u n e & M OS C OW - P ULL M A N D A IL Y NEWS

FINANCIAL PLANNING | KIDS

As a parent, it is up to you to devise unique ways to teach your children to be smart money managers. The values you instill in them from an early age are ones that can carry over into lifelong principles and lead to excellent financial health. Depending on the age of your child, there are many ways to teach smart financial sense, even from as young as 2 years old.

S A TUR D A Y, J A NU A R Y 2 4 , 2 0 1 5

Raising Money-wise Children

GIVE THEM While school is a great place to become educated CONTROL about math, science and English, the art of saving and maintaining good credit are lessons that generally are taught at home.

As a parent, it is up to you to devise unique ways to teach your children to be smart money managers. The values you instill in them from an early age are ones that can carry over into lifelong principles and lead to excellent financial health. Depending on the age of your child, there are many ways to teach smart financial sense, even from as young as 2 years old.

Give Them Control An allowance is the first interaction your child will have with earning money. It may seem minor to you —probably only a few dollars a week — but the most important aspect

An allowance is the first interaction your child will have with earning money. It may seem minor to you — probably only a few dollars a week — but the most important aspect of receiving an allowance is deciding how to of receiving an it. allowance is deciding how to your groceries, sit down with your child and money management that your children need spend spend it. With only light guidance clip coupons. Give them a stack of coupons to learn early on. By providing them responfromlight you, let your child haveyou, let With only guidance from you won’t be using and teach them how to find sibilities and giving them choices, you are the power of spending his or your childher have the power ofyour spending his or great deals and compare product prices. automatically offering them a voice at the allowance.

Teach © FOTOLIA her allowance.

Teach children about the Once you arrive at the store, build in a few family’s financial table. children aboutyour the importance of savings and also buyimportance of savings and also buyingenthusiast for activities thatyour yourchild child Remember that theyRemember are probably going ities that cancan taketake is togame-like engage them that they are ing for others. Having the the alead on. Make in shopping. Before you on. evenMake probably make finanothers. Having the responsibility of money the lead contest out aofcontest finding the to make financial mistakes asgoing they toage.

Even responsibility of money man- head out the door for your out of finding mistakestheir as they age. Even management givesgives children opportunity to feel products that correlate with the theproducts best coupon a decision as small ascial spending entire agement children that correlate with the best groceries, sit down with your a decision as small as spending Teamwork is a paramount both the positives andtochallenges deals. Show your enthusiasm as you rack upvalue allowance instead of saving a dollar or two opportunity feel both theof making coupon deals. Show your child and clip coupons. Give of smart money manage- their entire allowance instead positives and challenges of financial decisions. savings, be sure toasgive children from can beneed addressed by you.

Byorworkyou your rack up them a stack ofthe coupons youandenthusiasm of saving a dollar two from it ment that youritchildren making financial decisions.

Smart Shopping of positive while you can can helpberaise a child whoBy thereinforcement savings, and be sure to they to learning won’t be usingplenty and teach addressed by you. earlytogether, on. By providing givegrocery your children how to find working together, you can them responsibilities and givOne of the best ways to guide yourthem budding helpgreat youdeals cut your costs.plenty of respects money and the responsibilities thathelp positive reinforcement while compare product prices. ing them choices, youit. are auto- raise a child who respects finance enthusiast is to engage them inand shopTeach Teamwork come with Once you arrive at the store, they help you cut your gromatically offering them a voice money and the responsibilities One of the best ways to ping. Before you even headfinance out the door forin a few game-like Teamwork a paramount value of smartat the family’s financial table. that come with it. costs. build activ- iscery guide your budding

TEACH TEAMWORK

SMART SHOPPING

Joint Commission 2013 Top Performer on Key Quality Measures

• Pneumonia • Surgical Care

We are pleased to be one of only 1,224 hospitals in the United States to achieve this distinction!

Your Community Owned & Operated Hospital For 60 Years Tri-State Memorial Hospital & Medical Campus • 1221 Highland Avenue, Clarkston, WA 509.758.5511 • www.TriStateHospital.org

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

13

LIFE PLANNING GUIDE

Itâ&#x20AC;&#x2122;s not about what you know.

Itâ&#x20AC;&#x2122;s about understanding what you donâ&#x20AC;&#x2122;t.

We believe that right now is the right time for you to be working with DQ LQGHSHQGHQW Č´QDQFLDO DGYLVRU DQG Č´QGLQJ RQH WKDW LV FRPPLWWHG to putting your needs ahead of their own is critical.

Thatâ&#x20AC;&#x2122;s what we do. :KDWHYHU \RXU Č´QDQFLDO JRDOV QR PDWWHU KRZ ELJ \RXU GUHDPV \RX deserve an investment strategy that is meant for you and your lifestyle.

Itâ&#x20AC;&#x2122;s our job to find it.

Inâ&#x20AC;˘vestâ&#x20AC;˘ing v. - 7R GHYRWH RQHČ&#x2021;V WLPH HÎ?RUW RU energy to a particular undertaking with the expectation of a worthwhile result.

At Schrette & Lee Wealth Management we have no production commitments to any organization, no proprietary products we are UHTXLUHG WR RÎ?HU DQG QR SUHIHUUHG SURGXFW SDUWQHUV ZH DUH WU\LQJ WR

Paul D. Schrette President

Joseph V. Lee Vice President

NHHS KDSS\ WKHUHE\ DOORZLQJ XV WR UHPDLQ LQGHSHQGHQW DQG ČľH[LEOH in our choice of wealth management solutions for our clients.

No gimmicks. No hassles. Just honest, unbiased advice and a solid investment strategy designed specifically for you.

1407 16TH AVENUE LEWISTON, ID 83501 PHONE: 208-743-1943

1875 N LAKEWOOD DRIVE, SUITE 102 COEUR Dâ&#x20AC;&#x2122; ALENE, ID 83814 PHONE: 208-664-6952

Fidelity, Charles Schwab, TD Ameritrade and Pershing serve as custodians of client assets for select investment advisory programs. Not all investment strategies and fee based investment advisory programs are available through each custodian. The annual advisory fee generally covers fees paid to your Č´QDQFLDO DGYLVRU WKH FXVWRGLDQ SURJUDP PDQDJHU DQG LQYHVWPHQW PDQDJHU The annual advisory fee is separate from any mutual fund or ETF fund H[SHQVHV $OWKRXJK 6FKUHWWH /HH RÎ?HUV IHH EDVHG DGYLVRU\ EXVLQHVV ZH GR RÎ?HU FRPPLVVLRQ EDVHG SURGXFWV 3OHDVH UHYLHZ DOO GRFXPHQWV FDUHIXOO\ SULRU to investing for a complete explanation of fees and cost of each program.

Ready to learn more with no obligation?

Call 888-743-1943 or visit us online at www.schretteandlee.com

Want to stay connected?

Visit us on Facebook, Twitter and Linkedin

Securities and Advisory Services offered through Madison Avenue Securities, Inc. (â&#x20AC;&#x153;MASâ&#x20AC;?), Member FINRA/SIPC, and a Registered Investment Advisor.

Fidelity, Schwab, TD Ameritrade, Pershing, MAS and Schrette & Lee Wealth Management are not affiliated companies.

ÂŽ

14

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

FINANCIAL PLANNING | EDUCATION

Saving for College Annual tuition for a four-year private institution was $30,000 last year. It was $8,900 for in-state students at public institutions.

These statistics from the College Board can be downright frightening for parents and students trying to save for education.

The price of education can seem expensive, but the long-term positive impact on your childâ&#x20AC;&#x2122;s future career is often worth the cost.

Experts advise parents to start saving as soon as possible to help defray some of the costs of college. So whether you are a new parent or one with children in high school, now is the time to put some money to the side for college.

Begins March 9th

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

15

LIFE PLANNING GUIDE

FINANCIAL PLANNING | EDUCATION continued 529 Plan

sources of financial gain when conA recent study by the Financial In- sidering your college savings plan. dustry Regulation Authority (FIN• Savings and Investment Plans RA) Investor Education Foundation like U.S. Savings Bonds and Taxable found that 41 percent of families Investment Accounts with children have set aside some • Pell grants, community grants money for college education. and employer/work grants Of that group, 33 percent report using a tax-advantaged savings account, such as a 529 Plan. The Financial Planning Association urges parents to research their state’s 529 plan specifications because more than 30 states have a tax advantage for contributing to these plans.

• Regular investments into college savings account

Checklist

Plan for Payments

• Low-interest loans that offer deferred interest while your child is attending college

If you fall short of your goal of

If you child is college age, talk with them about how much you can afford and what they will have to come up with through their own employment or grants.

Between your own savings, the student’s ability to earn money and attending a college with an affordable tuition rate, you’ll be on much better financial footing after graduation.

Tax & Accounting Services

MERRILL KAUFMAN PLLC D. LaRae Merrill C.P.A.

email: larae@clarkstoncpa.com

Karen Kaufman C.P.A.

email: karen@clarkstoncpa.com

724 Sixth Street, Clarkston, WA 99403

(509) 758-1580 Fax (509) 758-6845

The Care You Need...The Attention You Deserve!

Come see the difference that Bishop Place can make for you! Stop by for a personal tour.

• Cottages t Living Apt. • Independen ater Pool, • Indoor Salt W s Center Spa and Fitnes e • Memory Car are • Enhanced C ecovery • Short Stay R

• Diabetic Management • Medication Management by Licensed Nursing

• Physical Speech and Occupational Therapy • Personal Support Services

815 SE Klemgard, Pullman, WA 99163 (509) 334-9488 www.bishopplace.net

437311AX_15

Be sure to look into the following

• Financial gifts to your child or unexpected income

covering college tuition with your designated savings, do your best to keep college loans to a minimum.

16

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | THE WORKPLACE

Survive a Job Loss Annual tuition for a four-year private institution was $30,000 last year. It was $8,900 for in-state students at public institutions.

ALTERNATIVE NURSING SERVICES, INC. “Professional & Caring In-Home Care” You Choose the hours…

You Choose the days…

Alternative Nursing Services, Inc. has been serving our communities with professionalism, quality & integrity since 1995.

The primary responsibility of Alternative Nursing Services, Inc. is to the client. We continually strive to provide quality of life for all people entrusted to our care. We endeavor to meet the total needs of those we care for! Call us Today to answer any of your questions or for a free in-home assessment.

Services Available:

• Daily Living Assistance • Housekeeping • Medication Reminders • Meal Preparation • Transportation • Bathing Assistance

Programs Offered:

• Personal Care Services • Developmental Therapy • Homemaker Services • Adult Day Care • Skilled Nursing Services • Residential Habilitation • Respite Care • Companionship Services

receive.

Review your severance package closely to understand all of its working parts. Typical agreements contain your pay terms, vacation pay terms, benefits information, return of property standards, non-compete clauses and confidentiality requirements.

Maintain Insurance One of the highest costs you will incur on your own is that of health insurance, especially if you’re used to your company paying a majority share of it. It is im-

Counties Served: • Nez Perce • Latah • Lewis • Clearwater • Idaho • Asotin

• Garfield • Whitman • Benton • Spokane • Ada

Payment Options: • Idaho Medicaid • Idaho Workmen Compensation • Washington Insurance Medicaid • Washington • Long Term Labor & Industries Insurance Insurance • V.A. Medical • Private Pay Insurance & (discount options available) AAA-Homemaker

Locally Owned Since 1995…

Lewiston/Clarkston ...............(208) 746-3050 Moscow ........................... (208) 882-0616 Kamiah............................ (208) 935-2204 Grangeville/Orofino ........... 1-800-930-3050

436443AX-15

No matter where you live or what your employment situation may be, there is always a chance you could suddenly lose your job. The less warning you receive, the more difficult it will be for you to properly plan for the tough financial and emotional road ahead.

Severance Package If you’re fortunate enough to be offered a severance package from your former employer, it will be up to you to wisely maintain the lump sum or payments you

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

17

LIFE PLANNING GUIDE

FINANCIAL PLANNING | THE WORKPLACE continued portant to maintain your insurance, including health, life and disability because the last thing you need while unemployed is to suffer a major injury or sickness that you cannot afford to have properly diagnosed.

Weathering the Storm Other tips from the Financial Planning Association include: • Talk to your spouse or other close family members about what you’re facing financially. They will be able to offer their support, as well as ideas for helping you through the situation.

• Consider government or private assistance, especially if either can mean the difference between you paying your bills and ending up in major debt.

• Start looking for work soon. Rely on your connections to find your next paycheck. Network through social media and job boards, through which you may be able to also find headhunters, job placement opportunities or professional services to improve your search.

How to handle a temporary loss of income Millions of North Americans are struggling to make ends meet, and data suggests many adults are living paycheck to paycheck. A study released in 2012 by the Consumer Federation of America and Certified Financial Planner Board of Standards revealed roughly 38 percent of Americans stay afloat by living paycheck to paycheck. In 2010, a national survey showed that around 60 percent of Canadians would be in financial peril if their paychecks were delayed even one week.

Household liabilities, including mortgages and rents, as well as other established debt makes it impossible for some people to remain financially sound without a steady income.

Should a circumstance like a medical illness, loss of job or furlough in pay delay a salary, many people would quickly find themselves in financial hot water. Despite conventional wisdom that suggests people should have enough money set aside to cover at least six months’ of

expenses, many people do not even come close to this amount. So what to do if your are faced with a temporary loss of pay? Everyone’s situation is unique, but the following tips can help men and women weather the storm of financial uncertainty.

on track. Individuals sidelined from work by an injury may be eligible for compensation through worker’s programs or any personal insurance plans.

* Talk to your creditors. It is best to be open and honest with creditors so that this blip on * Remain calm. When money suddenly stops your financial history doesn’t end up causing coming in, remain calm and assess the situation. any long-term damage to your credit. Many Now is the time to take out financial worksheets creditors have contingency plans in place and and bank statements. Add up the amount of will be willing to work with individuals who money you have in the bank and any assets that anticipate trouble paying their bills. You may can be liquidated without penalty. Compare this be able to temporarily freeze accounts or waive to the money that is spent each month. Once you payments for a certain period of time without have an accurate picture of your finances, you penalty. If you have a store credit card, you may can establish a plan. be able to negotiate a cash settlement to wipe out the debt. Some creditors will take as little as * Explore assistance programs. Laid off a few dollars a month as good-faith payments. workers may be eligible for unemployment Just don’t wait until it’s too late to negotiate benefits. Be sure to file for unemployment as with creditors. soon as possible. While unemployment benefits won’t equal your previous earnings, the money – Metro Creative Services can help pay bills until you are able to get back

18

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | SMALL BUSINESS

‘Bootstrap’ Your Business Talk to a group of entrepreneurs about their startup operations and you can guarantee the word ‘bootstrapping’ will come up in conversation.

By Nanette Wiser CTW Features

you spend on eating out, entertainment and clothes, the more you can reinvest into your company. Before going all-in on starting a new business, you may have to ask yourself if you’re committed to living a lean lifestyle before your company takes off.

The term doesn’t describe the next big dance or exercise fad, but rather a pull-yourself-upby-your-bootstraps mentality that many business owners have taken with their finances.

It also means little or no funding from large venture capital firms, as well as a strict approach to spending and saving.

Find savings – Everywhere

Many of today’s most successful businesses started with a few thousand dollars and a savvy businessperson at the helm devoted to steady, organic growth.

Less funding from investors means the entrepreneur can keep more of the profit and continue

Just because you’re on a bootstrap budget doesn’t mean you can’t secure large amounts of funding. Small business grants are available from many resources, including state governments and private groups. to make decisions on his or her own – without having to check with financial

A Compassionate Care Company

e Lewiston e Orofino e Kamiah e Grangeville 150 126th St, Suite B 526 17th Avenue Orofino, ID 83544 Lewiston, ID 83501 Office 208-476-3714 Office 208-746-7433 e toll free: 1-866-919-CARE (2273) e email: compcare@suddenlink.net

436445AX-15

Compassionate & Caring

In-Home Health Care — Up to 24 Hours a day...

So how exactly do you bootstrap a business?

Cut Costs – Everywhere

“Your Hometown, Home Care Company”

7 Days a week... We are there when you need us most.

backers.

If you want to become a successful businessperson, you may have to be willing to live as a minimalist for the first few years of starting your company.

There will be certain aspects of running an operation that you will have to pay startup costs for, including necessary licensure, equipment or technology, but other spending will be on a very limited level.

The cost-cutting exercise will impact your personal finances. The less money

Earning a grant will likely require a written or video submission describing your business vision and how the funds will help you grow. Take the time necessary to complete your application because many grants have specific formatting and content specifications.

Online crowdfunding is another monetary source that has become quite popular among the entrepreneurial crowd. It is a form of microfinance that does not require repayment, instead calling for donations and support from the general public. You can find websites that help spread your message in exchange for a small percentage of the funds you raise.

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

19

LIFE PLANNING GUIDE

DEDICATED HOPE, HEALING AND RECOVERY TO

We Offer:

• In-Patient and Out-Patient Rehabilitation Programs • 24-Hour Licensed Nursing Care • Medicare, Medicaid, VA & Private Insurance • Resident Centered Care Model • Enhanced Dining Program Including Select Menu & Breakfast at Your Leisure • On Staff Therapists • Private Palliative Care Suite • Wound Care Specialist

Premier Facility of the Valley Top Award Winner in Lewiston Individualized Patient Centered Activity Plan

CONTINUE THE CARE

Please call to schedule a tour or just drop in. We are always available to show you the center and answer any questions you may have.

208-743-9543 • 3315 8th Street, Lewiston WE ARE VERY PROUD OF OUR NEW LOOK, PLEASE COME BY FOR A TOUR!

434934AE-15

Kindred understands that when people are discharged from a traditional hospital, they often need continued care in order to recover completely. To meet this need we offer services including aggressive, medically complex care, intensive care and short-term rehabilitation. Doctors, case managers, social workers and family members don’t stop caring simply because their loved one or patient has changed location. Neither do we.

20

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | SMALL BUSINESS

When Home Alone Isn’t Enough Families face difficult choices when one or both of their parents can no longer live on their own.

By Jim Gorzelany CTW Features

80s, suddenly become so frail,” Duff says.

One of the toughest decisions many of us will face in our lifetimes is what to do when an aging parent can no longer live independently.

Just ask Theresa Duff of Joliet, Ill. Her mother, Rita, already losing her eyesight from macular degeneration, was further hobbled by a broken shoulder and two shattered wrists due to a fall. “It was painful to see mom, who had raised a house full of kids, nursed her husband after his stroke and remained active into her

As the population ages, the number of adults who need longterm care rises. About nine million senior citizens will need some form of long-term care this year, according to the U.S. Department of Health and Human Services. While the department says family members and friends are the sole caregivers for 70 percent of the elderly, this may not always be possible or practical.

“Mom wasn’t ready for a nursing home just yet, but none of the family

Ask About Our Move-In Specials!

Call Us Today

Seniors Wanted!

• Luxurious Studio, 1 and 2 Bedroom Apartments - limited Medicaid Studio apartments available • Three Delicious Meals Served Daily • Life Enhancing Activities • Scheduled Transportation • Certified Assisted Living Staff 24/7 • Individually Personalized Services and Assistance Plans • Emergency Call Response Systems in All Apartments • Weekly Housekeeping & Linen Service • Paid Utilities and Cable TV

Bringing Independence to Living and Quality to Life 1285 SW Center St. Pullman, WA 99163

(509) 332-2629 www.whitmanslc.com

members still living in the area had homes that could accommodate her limited mobility,” Duff says. “We had to weigh our choices carefully to address her needs, wishes and dignity.”

If a family member feels a parent who’s living on his or her own is on the decline and needs custodial assistance, he or she should consult with a medical professional. Either way it’s essential to determine what level of care is needed. This can run from simple help with housekeeping and shopping to more acute levels of care such as health monitoring and physical, speech or occupational therapy.

Ultimately, this becomes a decision based as much on a family’s financial resources as it is on an aging parent’s needs. That’s because neither Medicare nor most supplemental health insurance policies pay for long-term care costs.

For many, in-home health care can be a desirable and reasonably affordable option. Those who require only modest assistance may have their needs served by a part-time caregiver. Those requiring additional help may require 24-hour live-in assistance. Aside from the cost, family members have to consider the effort involved in hiring a caregiver and

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

following up regularly to ensure that proper care is being given.

Another approach is to use the services of a licensed home health care agency, which is a necessity if an individual requires skilled nursing care or physical therapy services.

The National Association for Home Care & Hospice maintains a national database of such agencies with tips on how to choose and deal with one on an ongoing basis at www.nahc. org.

21

LIFE PLANNING GUIDE

tive purposes, but not for ongoing care. State Medicaid programs will generally pay for basic nursing home services, but only after an individual’s personal assets are exhausted and he or she has no other means to cover the cost.

All nursing homes that participate in Medicare or Medicaid are subject to annual inspections. In addition to personal vetting of any facilities under consideration, it’s a good idea to compare these inspection records by consulting the “Nursing Home If living at home proves to be Compare” resource at www.mediparticularly difficult because of stairs care.gov. or other hazards, placing an elderly parent in an assisted living facility So how did the Duff family finally may be best. Residents often live in decide to care for their mom, Rita? separate apartments, enjoy commu“We wrestled with our options and nal meals and participate in planned though the family would have preactivities. Costs usually depends on ferred that she live out her final years the size of the living area, services at home, we finally settled on movrequired and where the facility is lo- ing her to an assisted living center,” cated, adding up to several thousand Duff says. “We didn’t have to worry dollars a month. about caregivers not showing up or being inattentive to mom’s needs, For those who require constant and it afforded her some indepencare, a nursing home may be the dence and socialization without her only option, albeit a costly one. having to be cooped up alone at Medicare pays for skilled nursing home.” facility care for a limited period following a hospital stay for rehabilita© CTW Features

Comkee New Ma ories Mem ith Us! W

• Studio & 1 bedroom apartments • Spacious bathrooms with walk-in showers.

• Kitchenettes with refrigerator, sink & microwave • Fully furnished common areas to enjoy time with family & friends • Elegant dining room with fire place • 3 restaurant style meals served daily

RoyalPlazaRetirement.com Assisted Living: 208.746.2800 2870 Juniper Drive | Lewiston, ID 83501

When you only need to visit,

And the care needed to get you home: • Physical Therapy • Speech and Occupational Therapy • Skilled Nursing • Meds & Pain Management • Transportation for Medical Visits

RoyalPlazaHealthandRehab.com Rehabilitation Living: 208.746.2855

22

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | NURSING FACILITY

Choosing a Skilled Nursing Facility for Your Loved One

Choosing to place a loved one in a skilled nursing facility is often a heartbreaking and difficult decision for all involved. Both the loved one and the family making the decision can find it painful and confusing to make a choice from the hundreds of facilities around the country.

It is a rare thing for a nursing facility to make headlines, unless there are horrific tragedies happening or the staff is unskilled and harming patients. Most skilled nursing facilities never make the

news and never rise to infamy; they are quiet and dedicated to the care of those who can no longer care for themselves.

The overwhelming majority of staff and administrators at skilled nurs-

Make Your Life Easier with Assisted Living!

ing facilities are there to tend to your loved one as if they were there own. It is important to choose a facility that is highly rated by whichever state governing agency is applicable for your area.

Most facilities’ staff will have some sort of certification from your state’s nursing board or health agency.

ught o h t o h W le affordab be d care coul d! this goo

Locally owned and operated since 1989.

for a tour! r o f y b drop

(509) 758-5260

1215 Evergreen Court, Clarkston, WA www.evergreenestatesclarkston.com

437313AX_15

• Housekeeping/Linen Services STUDIO • Beauty/Barber Shop on site AVAILABLE • Restaurant Style Dining and 3 Daily Meals • Full Social, Recreational and Fitness Calendar NOW! • Free Laundry Facilities • Individual Care Plans • Cable TV included • Media Room gy • Located on the Tri-State Hospital Campus Call Peg just r o s • State of the Art Emergency Call System l i a t e d

It is extremely important to select a facility that is still close to family and/or friends who will be able to visit the person frequently. This will assist them with the transition from independent home living into a skilled nursing environment.

It is also important to make sure they are aware that their safety and health is of the utmost concern, as a skilled nursing facility is on a higher standard of care level than an assisted living facility.

Assisted living facilities are designed for older individuals to live in a somewhat private setting, with staff on duty

for minimal assistance. A skilled nursing facility is designed to care for those who are no longer able to care for themselves due to infirmity or severe illness.

The staff at these types of facilities is much more skilled and regulated than the staff at an assisted living facility.

Skilled nursing facilities have staff who are authorized to provide and administer medications according to prescriptions, while assisted living facility staff are not usually authorized to administer medications.

One of the best ways to get a good idea of the facility is to go and visit in person. Any reputable facility will be happy to schedule an interview with the facility director and a full tour of the facility, including the living areas.

Sights, sounds and smells should be a significant influence on whether you want your loved one living in the facility full-time. Any facility who does not

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

23

LIFE PLANNING GUIDE

want to allow a full tour or a meeting with the director and staff should be immediately crossed off your list of potentials.

level of care is required to be provided to your loved one.

It is important to remember this decision is not a final one.

If your loved one is not receiving the care that you expect or if they are showing signs of abuse or lack of care, you are entitled to remove them and place them with a different facility. Frequent visits to your loved one will tell you if they are getting the care you expect and also alert you to any problems right away.

Another good method of finding the best facility is to speak with the family members of those who are currently living there. They will not give you the sugarcoated version of what is happening to their own family member, so they may provide the most unbiased review of the staff and facility.

Finances are always an issue regarding medical care, and moving your loved one to a skilled nursing facility is no different. Because a skilled nursing facility provides a much higher level of care than an assisted living facility, the cost involved will be significantly

higher. It is also important to consider consulting an attorney who handles

We make a difference.

nursing facility cases for their advice on what to expect for your money and what

It is important to place your loved one in the proper skilled nursing facility if they are no longer able to care for themselves on their own. Proper research and frequent visits to your loved one will ensure their quality of life is the best it can and they are provided with the level of care they deserve.

Planning ahead for the services you may need …

Wedgewood Terrace

… The Valley’s only nonprofit assisted living community for seniors

•Suite •Private Rooms •Medicaid Beds Available

Call Casey for a tour.

(208) 743-5322

437204AX_15

erenity Tour Lewiston’s Premiere lace Assisted Living Facility

All the comforts of home, including: Delicious Meals, Medication Oversight, 24 Hour Up and Awake Supervision. Private Pay and Medicaid Accepted.

1917 17th Ave, Lewiston, ID 743-5322 www.serenityplaceinc.com

Positive, Professional Personalized

Adult hourly daycare program Respite care daily rate Assisted living apartments Secured dementia care apartments Alzheimer’s education programs Medication management Nutritious meals and snacks Laundry and housekeeping services Onsite salon Full exciting activities program Medicaid Accepted

Call or visit us to learn more.

We love to show off our beautiful facility!

The Independence you want, The Support you need, The Freedom you deserve 436725AZ-15

2114 Vineyard Avenue – Lewiston, ID 83501 – (208) 743-4545 Across the street from the Idaho State Veterans Home

24

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | FUNERAL HOME

Choosing a Funeral Home When grieving over the loss of a loved one, the last thing you want to be thinking about is planning their funeral.

However, if no funeral plans were made prior to the death, you may find yourself facing this reality. This is a difficult process and you want to make sure that you are comfortable with any arrangements you might have to make.

When you are ready to begin planning, the first step you need to take is to choose where you would like to have the service. This decision may be easier

if your loved one was a member of a church, synagogue, mosque or other religious organization.

Next, perform a search on the Internet or newspaper obituary page to find funeral homes in your area. Call each one and make an appointment for an on-site or telephone arrangement conference with a funeral director to discuss your basic options.

Did You Know?

Did you know there are creative ways to support Tri-State Hospital Foundation?

Ways in which Tri-State, you, and your loved ones all benefit at the same time?

Such giving techniques are called “planned gifts,” because with thoughtful planning, you create win-win solutions for you and the only community-owned hospital in the valley.

Discover the Benefits of Giving Wisely We thank all of our planned-gift donors for their generous support.

LEGACY

Circle

George H. & Marjorie Day † Dr. Wayne and Vivian Day D & L Feeley † Lloyd J. Fountain † Darrell & Carol Gamet Marguerite U. La Hatt † Cecil & Rita Parlet † † Deceased

Legacy Circle is a special club designed to honor those who have recognized Tri-State Hospital Foundation in their estate.

Mary Poe † Walter W. Seibly, MD † Illa Smith Alexander & Beth † Swantz Dale & Verla Ward † Sandra (Ward) Eckmann † Lois D. Williams †

Please let us know if you have already included Tri-State Hospital Foundation in your estate plan or if you would like more information.

We would love to hear from you!

HOSPITAL

1347 12th St. | PO Box 636 Clarkston, WA 99403 509.758.4902

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

25

LIFE PLANNING GUIDE

FINANCIAL PLANNING | FUNERAL HOME Most likely, the cost of the funeral is one of your concerns. Start your conversation with the funeral director by asking about the basic fee. Independent family-owned funeral homes may offer lower costs, but you won’t know for sure until you talk to them.

too pricey, you have the right to purchase a casket elsewhere with no additional charge.

Compare prices at other funeral homes and on the Internet, then make the choice that works best for your situation.

From there, you can follow-up with questions on available services and any down payments you will need to make. After this initial conversation, you can make a more educated estimate of your funeral budget.

If you are planning the funeral with other family members, make sure you discuss who is going to be the primary contact for all funeral arrangements. This makes things easier for both the funeral home and family There’s no getting around the high cost of funerals.

It is said to be one of the most expensive purchases you members who are trying to get information on arrangements. will make. The total cost can easily run over $10,000, with the casket alone making up over half of the sum.

After finalizing your decision on what type of service you would like, you need With the funeral director, you will review general to get all of the paperwork in order. This pricing with a list of services. You won’t want to make means filling out and submitting all necesany decisions on the spot, so ask the funeral director sary permits and copies of death certificates, as well for an itemized price in writing. as securing burial arrangements at the cemetery or The Federal Trade Commission mandates that each crematory. funeral home provide customers with a pricing list.

This may all seem overwhelming, but remember Remember that you have control over what services that if you have done your research you have chosen you receive. You should never pay for funeral services the best funeral home for the needs of your loved one. that you do not want.

They have the expertise to guide you through this difIf casket prices at your chosen funeral home are ficult process and to ensure the funeral runs smoothly

Malcom’s Brower-Wann Funeral Home

•Burial or Cremation Services •Pre-arranged funeral plans are guaranteed •Webcasting available from our chapel erving the n S •Modern comfortable facility with k regio Lewis-Clar 24. up-to-date Audio/Video since 19 •Professional Service ~ Personal Caring

1711 18th Street, Lewiston, Idaho 83501

4 3 6 9 5 3 A X- 1 5

www.malcomsfuneralhome.com (208) 743-4578

for everyone.

Remember if you have any questions, do not hesitate to ask the funeral home for their advice. You always have the option of finding a different funeral home if you have problems with them down the road.

If that happens, you only need to pay for services that you requested them to perform.

Contact your funeral home for additional questions or concerns.

26

l e w i st o n tr i b un e & M O S C OW - P U LL M A N D A IL Y N EW S

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

FINANCIAL PLANNING | WIDOW

What a Widow Needs to Know The death of a husband launches many women into uncharted territory: financial planning.

By Dawn Klingensmith CTW Features Although women generally outlive their spouses, it’s still common in this day and age for husbands to handle long-term financial planning

with little or no involvement from their wives. Once widowed, women often find that financial advisers who did business with their husbands fail to address their concerns. In fact, 70 percent of widows considered firing

their advisers within three years of their husbands’ deaths, according to research by Minneapolis-based Allianz Life Insurance Co. “Advisers often aren’t as responsive as they should be, they talk down to widows, or they take the ‘Don’t bother your pretty little head’ approach and fail to explain things,” says Washington, D.C.-based financial planner Alexandra Armstrong, co-author of “On Your Own: A Widow’s Passage to Emotional and Financial Well-Being” (Armstrong Fleming & Moore Inc., 2006).

Some women cede control not only because they’re overwhelmed by the estate-settling and grieving processes but also because they doubt their abilities when it comes to “high finance,” says behavioral psychologist Matt Wallaert, the lead scientist at Thrive, a New York-based financial management Web site (JustThrive.com).

Women routinely handle dayto-day household finances such as paying bills and managing bank accounts, Wallaert adds, but due to lack of exposure they tend to under-

Thinking of Pre-planning Your Funeral or Cremation

• Prepayment guarantees the cost of services and merchandise at today’s price.

• Ensures your wishes are met • Pre-plan in your home, our office, by phone or online

Vassar-Rawls Funeral Home & Crematory Exceptional Service

Fully licensed staff

Competitive prices

Our Family, Serving Your Family since 1898.

920 21st Ave. Lewiston • 208-743-6541 or 800-584-8812 www.vassar-rawls.com

4 3 6 9 5 4 A X- 1 5

S A T U R D A Y, J A N U A R Y 2 4 , 2 0 1 5

27

LIFE PLANNING GUIDE

FINANCIAL PLANNING | WIDOW continued estimate their investment-management capabilities. When put to the test, though, women usually know more about investing than they think they do.

The basics of financial planning can be learned. Meanwhile, newly widowed women should make it clear they intend to retain control over their investments, that they’ll make adjustments in their own time and that they won’t tolerate strongarm tactics or dismissive treatment.

However, Armstrong advises against making immediate changes. Unless an adviser’s dealings seem shady, in the beginning it’s easiest to work with that person because he or she is already familiar with the couple’s situation. This also applies to lawyers and accountants, Armstrong says. “In six months to a year, you can reassess these relationships,” she says.

A widow’s first order of business when working with an adviser is calculating how much it will cost her to live. The adviser should provide her with a list of records she needs to assemble. She might want to take someone with her who’ll ask questions that don’t occur to her. Before inviting a family member, she should consider whether that person’s interests might be self-serving. She should take notes and ask that any recommendations be put in writing.

“It’s a difficult time. Things go in one ear and out the other,” Armstrong says.

A widow also should find out

whether the adviser has an assistant who can answer basic questions.

That way, she’s less likely to feel like a burden or like she’s being ignored in the event the adviser is busy with other clients.

Initially, the goal is to make sure the widow has sufficient income to pay her current expenses. “Very rarely is there a situation where something immediate needs to be done with the investment portfolio,” Wallaert says. So if an adviser presses, a widow might want to hire a replacement once the estate is settled.

Often, “adult children kind of swoop in and take over,” Armstrong says. “Don’t succumb to any undue pressure from anyone, including family.”

If a widow ultimately decides to hire a new financial planner, she should ask other trusted advisers (accountant, lawyer, banker) for recommendations, as well as her widowed friends. An adviser should offer an initial consultation for free. Wallaert recommends asking whether the adviser is incentivized to steer clients toward certain investments and to regard such a setup as a potential red flag. Armstrong recommends asking whether the adviser belongs to an Estate Planning Council. Many competent advisers don’t, she says.

But membership is a good indication the adviser is interested in working with widows. © CTW Features

Pre-planning is a SIMPLE process with GUARANTEED benefits for your family.

Mountain View Funeral Home & Crematory Lewis Clark Memorial Gardens

Merchant Funeral Home Richardson Brown Funeral Home 437323AX_15

Burial or Cremation

What You Need to Know About Prearranging Why Should I Prearrange Services?

It’s the right thing to do for you and your family. Here are five important reasons to plan your funeral now: 1.

You’ll protect your family from unnecessary pain & expense.

2.

You’ll say goodbye in a way that uniquely reflects your personal style — not someone else’s.

3.

You’ll lessen the financial burden. Our easy payment plans make it easy for you to comfortably pay for your funeral over time, at today’s prices, so your family won’t have to find the money later.

4.

You’ll minimize disputes between your well-meaning relatives.

5.

You’ll show your love in a way your family will never forget.

1225 E. 6th Street • Moscow, ID (208) 882-4534 www.shortsfuneralchapel.net

28

lewiston tribune

S A TUR D A Y, J A NU A R Y 2 4 , 2 0 1 5 www.edwardjones.com

Dreaming Up

The Ideal Retirement Is Your Job. Helping You Get There Is Ours.

To learn more about why Edward Jones makes sense for you, call or visit today.

It’s simple, really. How well you retire depends on how well you plan today. Whether retirement is down the road or just around the corner, the more you work toward your goals now, the better prepared you can be.

Preparing for retirement means taking a long-term perspective. We recommend buying quality investments and holding them because we believe that’s the soundest way we can help you work toward your goals. At Edward Jones, we spend time getting to know your retirement goals so we can help you reach them.

Dean E. Roy, AAMS Brad Melton, AAMS

®

®

Financial Advisor

Financial Advisor

1024 16th Avenue Lewiston, ID 83501 (208) 798-4742 1-877-798-4770

1702 G Street Lewiston, ID 83501 (208) 746-1114 1-888-746-1123

Scott Arnone Financial Advisor

302 5th Street Clarkston, WA 99403 (509) 758-8119 1-800-441-2308

Christian Leer, AAMS Stephanie Johnson Matt Sartini, AAMS Sherrie Beckman, AAMS ®

®

Financial Advisor

Financial Advisor

Financial Advisor

Financial Advisor

740 5th Street Clarkston, WA 99403 (509) 751-1610 1-877-751-1610

517 Thain Road Lewiston, ID 83501 (208) 746-7167 1-877-490-7167

122 Johnson Avenue Orofino, ID 83544 (208) 476-3271 1-866-904-3271

940 Bryden Avenue Lewiston, ID 83501 (208) 746-3875 1-800-646-8316

1366 Bridge Street Clarkston, WA 99403 (509) 758-8353 1-800-787-8353

Trevor E Arnone

Larry Kopczynski

Financial Advisor

303 Bridge Street, Ste.3 Clarkston, WA 99403 (509) 758-8731 1-866-758-9595

1455 G Street Suite 101 Lewiston, ID 83501 (208) 746-2308 1-844-746-2308

Financial Advisor

2501 17th Street Lewiston, ID 83501 (208) 798-4732 1-866-798-4732

Professional Mall IT 1260 SE Bishop, Suite C Pullman, WA 99163 (509) 332-1564

Financial Advisor

Financial Advisor

Jim Kubiak

Financial Advisor

Brian E. Bailey, AAMS

®

®

Jeff Bollinger, AAMS CFP Jay Mlazgar, AAMS

Greg Bloom

®

®

Financial Advisor

Eastside Marketplace 1420 S Blaine, Suite 22 Moscow, ID 83843 (208) 882-4474

Financial Advisor

609 S. Washington Suite 203 Moscow, ID 83843 (208) 882-1234

Carolyn Hicklin Financial Advisor

609 S. Washington Suite 203 Moscow, ID 83843 (208) 882-1894

MAKING SENSE OF INVESTING Member SIPC

437208AX_15