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Sunday, October 27, 2013
An Advertising Supplement • The Hutchinson News
The Hutchinson News • An Advertising Supplement
LEGAL ISSUES AS WE AGE
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any important decisions concerning finances, healthcare, and end of life care require legal documents. Creating these documents in advance can save you time, money, and stress. Without them, you may need a court proceeding to establish guardianship or conservatorship when and if an elder loses his or her capacity to make financial or healthcare decisions. The important legal documents should include a Durable Power of Attorney, advance directives including a Health Care Power of Attorney, Living Will, and a Do Not Resuscitate Order. It is also essential to have an up to date Will, and/or Trust that designates financial, estate, legal control, and distribution of assets. Even with simple estates it is generally advisable to have an attorney create a document that will protect the elder’s wishes about his or her estate. Many of us don’t like to think about the need to sit down and write a will, or procrastinate on the assumption that the need for certain legal docu-
Sunday, October 27, 2013 ments will arise at a future date. No one can predict when an emergency or disaster situation will occur, and if caught unprepared, a person often faces a much greater burden and expense in resolving their legal affairs. Creating a life documents file can help us not only organize our legal affairs, but also to preserve our wishes, make sure our loved ones are cared for, and enable us to plan ahead for life’s unforeseen events. The life documents file should include all important papers, including social security information, marriage certificate, divorce decree, deeds, loan documents, insurance contracts, titles, military discharge or ID papers, naturalization papers, birth certificate or adoption certificate, along with legal forms. These legal forms should include a Will, Living Will, Power of Attorney, Trust, and any name change documents. Also included should be a list of locations of documents. Be sure to include the location and instructions to computer programs (financial software) and file names where the information may be stored. If a password is necessary provide that information also. There should also be a contact list of names and phone numbers of family members, and your preference for dealing with your remains. The location of all investments and debtor and creditor
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information should also be included. Be sure a family member or close friend knows the location of these documents and information so they will know your wishes even if you can’t communicate with them. We can assist you in the preparation of these documents. It is never too early to discuss these issues and plan for the inevitable. Such planning makes dealing with the loss of a loved one much easier and less expensive.
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Sunday, October 27, 2013
What Is The Best Age To Start Your Benefits?
An Advertising Supplement • The Hutchinson News record, you may choose to apply for survivors benefits now and delay your retirement benefit until later. If you delay receiving your retirement benefit until your full retirement age or later, your retirement benefit will be higher.
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If your spouse is full retirement age, he or she can apply for retirement benefits and then ask to have payments suspended. That way, you can receive a spouses benefits and he or she can continue to earn delayed retirement credits until age 70.
The amount you receive when you first get benefits sets the base for the amount you will receive for the rest of your life.
If you have reached your full retirement age, and are eligible for a spouses or ex-spouses benefit AND your own retirement benefit, you may choose to receive only spouses benefits. If you do that, you can delay receiving your own retirement benefit until a later date to take advantage of delayed retirement credits.
he answer is that there is no one "best age" for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances. Your monthly benefit amount can differ substantially based on the age when you start receiving benefits. If you decide to start benefits:
There are also some other things you may want to consider when you make that decision: Are you still working? If you plan to continue working, there are limits on how much you can earn each year between age 62 and full retirement age and still get all your benefits. Depending on the amount of your benefit and your earnings for the year, you may have to give up some of your benefits. If your earnings will be high, you may decide to wait until full retirement age to start your benefits. Once you reach full retirement age, there is no limit on how much you can earn. Do you come from a long lived family? When you think about retirement, be sure to plan for the long term. A man who turned 65 in 2013 can expect to live about another 18.9 years. A woman who turned 65 the same year can expect to live about another 20.9 years. And those are just averages. About one out of every four 65-year-olds today will live past age 90. One out of 10 will live past age 95. How is your health? If you are not in good health, you may decide to start your benefits earlier. Will you still have health insurance? If you stop working, not only will you lose your paycheck, but you may also lose valuable employer provided health insurance. Although there are exceptions, most people will not be covered by Medicare until they reach age 65. Your employer should be able to tell you if you will have retiree health benefits or if you can temporarily extend your health insurance coverage after you retire. Also, if you are married and your spouse is employed, you may be able to switch to his or her health insurance. Should I apply for Medicare? Remember, Medicare usually starts when you reach age 65. If you decide to delay starting your benefits, be sure to contact Social Security about 3 months before you turn age 65 to check about applying for Medicare. Even if you have health insurance through a current or former employer or as part of your severance package, you should still check to see whether you need to sign up for Medicare. Some health insurance plans change automatically at age 65. If you need to sign up for Medicare but you do not, your Medicare coverage may be delayed and cost more. Please read the general and special enrollment period information on page 12 of our Medicare booklet to find out what may happen if you delay. Are you eligible for benefits on someone else's record? If you are eligible on another record, you have additional options: If you qualify for benefits as a widow, widower or surviving divorced spouse on another
Do you have other income to support you if you decide to delay taking your benefits? If you don't need your benefits immediately, you may decide to: Wait beyond full retirement age and take advantage of the delayed retirement credits. Reminder: If you are within 4 months of age 65, or older, and you have health insurance through an employer or former employer, you should check to see whether you need to sign up for Medicare. Some health insurance plans change automatically at age 65.
After full retirement age, your surviving spouse may receive your full benefit amount plus any accumulated delayed retirement credits. Visit these other sites for useful retirement planning information: Calculate how much you need to retire The Employee Benefit Research Institute, Ballpark Estimator Department of Labor, Taking The Mystery Out Of Retirement Planning (This information is valuable to everyone. However, the booklet, which includes worksheets, is specifically designed to help those who are about a decade from retirement.) Department of Labor (DOL) Publications And Reports (This page links to publications and consumer information on health benefits and retirement planning.) Retirement Savings Toolkit (This page links to English and Spanish publications about retirement savings.) "Planning for Retirement / Retiring" (This MyMoney.gov page provides links to a variety of retirement planning tools, including a Medicare Eligibility Tool.) Senior Citizens' Resources (This USA.gov site provides a variety of financial planning tools, including a Federal Employees Retirement Calculator.) Full retirement age is the age at which a person may first become entitled to full or unreduced retirement benefits. No matter what your full retirement age (also called "normal retirement age") is, you may start receiving benefits as early as age 62 or as late as age 70. If You Retire Early You can retire at any time between age 62 and full retirement age. However, if you start benefits early, your benefits are reduced a fraction of a percent for each month before your full retirement age.
Choose early retirement and increase the value of your benefits by investing them instead of spending them. Reminder: If you're receiving early retirement from your employer, keep in mind that some company pensions include a Social Securityequivalent supplement that stops automatically at age 62. The supplement stops because they assume you will apply for your retirement benefits at age 62.
The chart below lists age 62 reduction amounts and includes examples based on an estimated monthly benefit of $1000 at full retirement age. Click on your year of birth to find out how much your benefit will be reduced if you retire between age 62 and full retirement age.
Will other family members qualify for benefits with you on your record? If your spouse or minor or disabled children will qualify for benefits with you, the value of their benefits, added to your own, may help you decide if taking your benefits sooner will be more advantageous.
If you were born on January 1st, you should refer to the previous year. If you were born on the 1st of the month, we figure your benefit (and your full retirement age) as if your birthday was in the previous month. If you were born on January 1st, we figure your benefit (and your full retirement age) as if your birthday was in December of the previous year. You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding. The maximum benefit for the spouse is 50% of the benefit the worker would receive at full retirement age. The % reduction for the spouse should be applied after the automatic 50% reduction. Percentages are approximate due to rounding.
However, when you start your retirement benefits also affects the amount your surviving spouse may receive. If you start your benefits: before full retirement age, we cannot pay your surviving spouse the full benefit amount from your record. The maximum survivors benefit is limited to what you would receive if you were still alive.
Note: If your birthday is on January 1st, we figure your benefit as if your birthday was in the previous year.
The Hutchinson News • An Advertising Supplement
First Wealth Management – First for a Strong Future
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irst National Bank of Hutchinson was founded on the corner of Sherman & Main in 1876. In 1913, The First was one of the first financial institutions in Kansas to be granted trust powers. This year the Centennial of that milestone is being celebrated. What started as a small department known as “The Trust Department”, has grown into First Wealth Management, an all-encompassing investment services provider which manages assets of nearly $1 billion. Unlike other investment firms, First Wealth Management offers a full range of investment services including personal investment portfolios, estate planning, trust oversight, brokerage, employer retirement plans and farm management. First Wealth Management manages assets and makes investment decisions via an Investment
Sunday, October 27, 2013 Strategy Committee comprised of senior investment bank officers. The Committee provides expert analysis of world economies and closely tracks the complexities of the market. With meetings at least monthly, the Committee is able to establish financial strategies and to make adjustments as needed. First Wealth Management’s core investment philosophy centers on the belief that customers have varying investment objectives, financial capabilities and risk tolerances. Customers work primarily with one relationship manager however a team of experts endeavors to maximize total return based on each customer’s overall profile and unique goals. First Wealth Management also provides full-service farm management. A team of seven farm managers and four support staff recently celebrated a half century of providing services in nearly all counties in Kansas as well as neighboring states. Managing over 233,000 acres, the department is the largest provider of farm management services in Kansas and is one of the largest in the nation. The Farm Management Department provides a wide range of services including: selection of qualified operators, regulatory compliance, crop insurance utilization, evaluation of rates for pasture stocking and rent, income and expense record keeping, conservation plans, payment of real estate taxes and grain market-
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ing plans. In addition, farm managers offer assistance to land owners with oil and gas lease negotiations. First Wealth Management is comprised of a team of over 30 employees led by Curtis Overton, Executive Vice President and Manager. A team philosophy has proven to be beneficial to customers for the first 100 years. First Wealth Management continues to be committed to the team philosophy and expertly providing wealth management services. First Wealth Management – First for Your Future. 620-694-2261, 888-362-1876 1stWealthManagement.com
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Sunday, October 27, 2013
An Advertising Supplement • The Hutchinson News
The Hutchinson News • An Advertising Supplement
Biker Extraordinaire By Susan Garofalo
John Bergey’s daily itinerary: Greet the day at 6 a.m. with a 2 ½-mile jog. Eat a good breakfast, read the newspaper, listen to the news. Take a half-mile walk around Dyck Arboretum of the Plains. Go for a half-mile swim (Monday, Wednesday, Friday) or 20- to 30-mile bicycle ride (Tuesday, Thursday, Saturday). Check on and send email. Eat a healthy lunch. Read journals, magazines or books for enjoyment and book club discussions. Volunteer with church and community friends. Take a second walk around Dyck Arboretum. On Sundays, enjoy the day off. “The more active you are,” says John, 88, “the better your mind and brain function.” John, a resident at Schowalter Villa continuing care retirement community in Hesston, Kan., grew up in Pennsylvania and first arrived in Hesston in 1946, as a college student. At Hesston College, he completed his nursing degree and met his future wife, Betty, who also was a nurse. His lifelong interest in personal fitness was a great influence on his career. At the University of Pittsburgh, he taught a nursing course about the aging process, emphasizing the importance of maintaining good personal habits. “I wanted to prepare my students for a positive aging process and help them see their value as role models,” says John. He later taught nursing at California State University at Fresno, and since retirement, has been a guest lecturer there, discussing fitness and how to age well. Ever energetic, John completed a big item on his to-do list this past summer, riding 500 miles in Bike Across Kansas. It was his ninth time to make the trip, and he enjoyed the challenges of the route and gained notoriety as the oldest rider. “I’m very happy and thankful to God,” says John. “I have a good body and I can carry on.”
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Sunday, October 27, 2013
An Advertising Supplement • The Hutchinson News
The Hutchinson News • An Advertising Supplement
Who’s minding the Farm when Mom and Dad are gone?
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merica’s farmland is transitioning. Per the latest Agricultural Census, 32% of American farmers were 65 and older while another 32% were between the ages of 55 and 64. The number of farmers age 75+ grew by 20% between 2002 and 2007. Quoting John L. Taylor, National Farm and Ranch Executive, U.S. Trust, “It’s clear that over the next decade or so, much of America’s farmland-now held or farmed by an aging generation-will need to be transitioned. How this will happen is not easily answered due to a number of factors and changes that have occurred over the last two to three decades.” As an aging baby boomer who grew up on a small western Kansas farm I can attest that this change is coming. This change will be decided by several factors. Over the past 10 to 15 years we have observed tremendous advances in agricultural technology. 12 row planters were just coming on the scene and now we have 48 rows and planting a half section of corn in a day. Auto steer, GPS and yield mapping were just dreams on the drawing board and now they are common place. Per John L. Taylor, “farming has grown from a trade to a true profession.” The knowledge a farmer
Sunday, October 27, 2013 must possess today is considerably different than it was a decade ago. A growing number of today’s farmers have an agricultural degree often backed by a minor in business. Laptops, tablets and smart phones have replaced the note pad in the front shirt pocket and pencil calculations of yields, inputs and profits. The fact is economics and scale has changed farming. Tractors now cost $250,000 or more and combines exceed $300,000. A farmer with $1,000,000 worth of equipment is common place. Many of Peoples Bank and Trust’s farm operators operate with less equipment and cover more acres. According to the USDA Agricultural Census data, in 1974 there were 32,752 farms of 1,000 acres or more. By 2007 that number had more than doubled to 80,821 farms. I often hear that the family farm is disappearing. People do not understand that with today’s technology and size of equipment farmers can and must farm larger amounts of land if they are to remain profitable. There are still many family farms, they are just larger. What today’s farmer quickly realizes is that owning the land is not as important as it once was. With the rising cost of farmland many farm operators are changing the model under which farmers have followed for generations. They are renting the land and investing in technology and equipment to raise today’s high valued crops. What we are seeing at Peoples Bank and Trust is a need to help the aging farmer transition in the coming years. It may be that he needs a succession plan to help a family member take over the farm. He may not have a family member to step into that role or maybe all of the children have gone on to pursue careers off the farm. In the past 10 years there has
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been an increased interest in farmland as an investment. We have helped investors purchase land and then leased it to a next generation farmer. We also have helped our farmers to prepare their succession plan. We have two full time farm managers on staff with a combined 60 plus years in agriculture. Peoples Bank and Trust can help make this transition something to look forward to rather than something to dread.
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Sunday, October 27, 2013
An Advertising Supplement • The Hutchinson News
A Place to Call Home
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meritus at Elm Grove Estates has received a face lift over the past few months. Due to the storms in early August, we have had quite a transformation throughout the community. All construction will be completed by the end of October and we will have all of our residents back home. Among all the activity, our residents and staff have remained resilient through this process. This is one reason why Emeritus at Elm Grove Estates is a place to call home. We are a tight nit family who cares about each other. We are very fortunate to have such wonderful residents who not only care about each other, but care about our staff. We here at Elm Grove are committed to providing the best care for each resident possible. While maintaining the independence that each person wants, we fill in the gaps by providing assistance where needed. We have a beautiful community that is now almost a complete remodel. More importantly, we have the staff available to help with all needs from dining, maintenance, and housekeeping to nursing. We even have a service available to residents and families to help with obtaining VA assistance, selling a home, insurance questions, and even bridge loans to help with funding you or your loved one’s ability to make the move to Elm Grove. Whatever the barrier is, we are here to help. Sometimes the thought of making a move to an Assisted Living Community is not so pleasant. However, if you come to us at Elm Grove Estates and experience our community, you will see that it really is a pleasant environment. We do offer Independent Living, Assisted Living, and a specialized Memory Care Neighborhood. We are also available for short term stays and even have an adult day stay program. If you or your loved one are thinking about making a move and would like more information or you would like to come in and experience our community, please call us or stop by. We are located at 2416 Brentwood in Hutchinson which is between Severance and Lorraine just off of 23rd street. Our family is committed to yours!
The Hutchinson News • An Advertising Supplement
Sunday, October 27, 2013
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Sunday, October 27, 2013
Tax-free Charitable Transfers from IRAs Set to Expire December 31, 2013 Taxpayers 70 ½ and older can bypass income tax by giving directly to charity
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An Advertising Supplement • The Hutchinson News Thanks to decades of deliberate saving, some of today’s retirees have more money in their IRAs than they need for daily living expenses and long-term care. Charitable individuals and couples have expressed an interest in giving the funds to charity, but income tax must be paid on all withdrawals, which reduces the value of the gift. Others are concerned about designating their children as IRA beneficiaries, since that may draw unintended tax consequences.
utchinson, KS – On January 2, 2013 President Obama signed the American Taxpayer Relief Act of 2012 (H.R. 8) into law, which renews the Charitable IRA provision of 2006, making it easier for Americans to give to causes they care about. This provision has the power to help local charities strengthen their communities by allowing individuals to roll over up to $100,000 from an Individual Retirement Account (IRA) to charity without being federally taxed. This extension expires December 31, 2013.
“For larger estates, a good portion of IRA wealth goes to estate taxes and income taxes of beneficiaries,” Patterson said. “Experts estimate heirs may receive less than 50% of IRA assets that pass through estates.” A provision in the federal law extends this special option: transferring IRA assets directly to charity. By going directly to a qualified public charity such as the Hutchinson Community Foundation, the money is not included in the IRA owner’s income and—most important—is not taxed, preserving the full amount for charitable purposes.
Millions of Americans continue to save pre-tax dollars in their IRAs. Thanks to regular investments and long-term returns, an estimated $5.3 trillion is invested in IRAs. The law allows taxpayers 70 ½ and older to share the wealth by giving retirement savings directly to charity—and bypassing income tax. (source: http://www.ici.org/research/stats/retirement/ret_12_q3)
Legislation Provides for Charity Through 2013, holders of traditional IRAs who are at least 70½ years old can make direct charitable transfers up to $100,000. Individuals may exclude the amount distributed directly to an eligible charity from their gross income. Hutchinson Community Foundation can help donors execute the transfers and choose from several charitable fund options for their gift. Donor Advised Funds do not qualify for tax-free IRA transfers.
This law is important to local charities operating as agents of philanthropy in order to continue to build community and improve social service programs that benefit people every day. This tax benefit will expire at the end of 2013. “It is a win-win—for people who would rather give to charity than pay taxes and for the nonprofit organizations they choose to support,” said Aubrey Patterson, Hutchinson Community Foundation president.
Statewide campaign could result in billions of dollars for Kansas communities, including Hutchinson and Reno County
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UTCHINSON, Kan. (Oct. 18, 2013) – Hutchinson Community Foundation is a sponsor of Keep 5 in Kansas, a new campaign from the Kansas Association of Community Foundations (KACF) that aims to make a big impact on the future of Kansas communities. A study by the Center for Economic Development and Business Research at Wichita State University found that in Reno County alone, an estimated $1.7 billion in estate wealth will be transferred from one generation to the next from 2010 to 2020. By 2064, this transfer of wealth will accumulate to nearly $12 billion. A majority of this transfer is expected to go to heirs, but as fewer people stay in the communities where they were raised, much of this wealth will leave Hutchinson and Reno County. “If we want Hutchinson and Reno County to continue to be a great place to live, it’s crucial for Kansans to give resources back to the places where they earned
“This really is a powerful and limited opportunity. The window is open now, but will close at the end of the year,” said Patterson. “For anyone interested in establishing a permanent legacy in this community, this is the opportunity of a lifetime to make the gift of a lifetime.”
community leadership, Hutchinson Community Foundation helps people support the causes they care about, now and for generations to come. Gift of a Lifetime: Shopping for Charity Having more retirement money than you need is a great problem to have, and one that’s now easier to solve. But generous IRA donors still face multiple options for their gifts: Support the entire community? Underwrite a special cause? Shore up a favorite charity? The Fund for Hutchinson may be the answer. “For people who care deeply about this community and its people, this fund is an excellent way to address our most pressing needs, today and tomorrow,” said Aubrey Patterson, Hutchinson Community Foundation president. Fund for Hutchinson—Meeting ever-changing community needs. IRA transfers to the Fund for Hutchinson address a broad range of current and future needs. Truly transforming Reno County, the Fund for Hutchinson is a “community savings account” that allows our community to take risks on new projects, address deep and daunting issues and try innovative solutions. The annual grant application process represents the one time of year that the Foundation representatives—board members, community leaders, and staff—hear about and support both new and pressing needs. Some of the grants are small but mighty, while others are large and far-reaching. Each, though, represents an innovative approach or collaboration; a new efficiency for an established organization; a critical need that requires “just-in-time” funding; or an opportunity that needs just that bit of local support to leverage great resources for our community.
Through philanthropic services, strategic grantmaking and
those resources,” said Aubrey Patterson, Hutchinson Community Foundation President. “The purpose of this campaign is to build understanding of the unprecedented opportunity for our community, and the role community foundations, nonprofits, professional advisors and each resident can play in securing permanent sources of funding for the present and future of our communities. We have the power to endow Hutchinson!” The Keep 5 in Kansas campaign asks every Kansan to designate a portion of their estate—as little as five percent—to their community by setting up funds at more than 70 community foundations in Kansas. In Reno County, these include Hutchinson Community Foundation and Buhler Community Foundation. As a result of this campaign, billions of dollars could potentially be invested in communities, organizations and projects across the state. The long-term goal of Hutchinson Community Foundation is to build permanent funds supported by many donors. Offering a wide range of fund options, Hutchinson Community Foundation can accept a wide variety of assets, such as land, commodities, IRAs, insurance plans, securities and more. Bob and Ruth Barker of Hutchinson chose Hutchinson Community Foundation’s Fund for Hutchinson to support the present and future needs of the community.
“We looked at our church and all of the other great organizations in our community,” said Bob. “But we were confused how to approach giving because it’s difficult to know where the needs will be in the future.” That’s when Ruth and Bob’s attorney, Jim Gilliland, saw an opportunity for the Barkers to connect with Hutchinson Community Foundation. Over lunch with Foundation President Aubrey Patterson, they discussed ways the community foundation could help them, especially as they considered their charitable legacy in Reno County. The couple quickly settled on a percentage gift from their trust to the Fund for Hutchinson. “It was an easy decision to contribute to a common community fund overseen by people who are as interested in the community as we are,” said Bob. “The process is simple, and it’s a fund that makes grants to all the organizations we care about. Most importantly, timely decisions can be made to address important needs in the community that we’re not aware of yet.” Since 1990, Hutchinson Community Foundation has awarded over $60 million in grants to community organizations and projects across Reno County. To learn more about how you can contribute to the long-term well-being of Reno County through your estate, contact Aubrey Patterson, Hutchinson Community Foundation President, at 620-663-5293.
The Hutchinson News • An Advertising Supplement
Sunday, October 27, 2013
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Sunday, October 27, 2013
An Advertising Supplement • The Hutchinson News
Asbury Park’s Construction Project is in Full Swing! Earlier this year Asbury Park closed on financing needed to replace its current Assisted Living building and also construct two additional GREEN HOUSE homes on its campus. Hutton Construction, Law/Kingdon Architecture, Emprise Bank, and the United States Department of Agriculture Rural Development Division have partnered with Asbury Park for more than a year to make this a reality. “All of this could not have happened without the presence of God in our midst throughout the process. We continue to give glory to God in all that we do in providing good care and housing that is safe, comfortable, and welcoming to our elders and their guests,” said Tom Williams, CEO. The project includes replacement of Asbury Park’s existing assisted living building with a new 36,466 square-foot Assisted Living Facility containing a secured assisted living area as well as the traditional assisted living model. In addition two new Green House Homes are being built for individuals requiring 24-hour skilled nursing services. Over the last few months, the construction project has really taken shape and is now at 50% completion! The framing of the three new buildings is done and interior work has begun. Mechanical, electrical and plumbing subcontractors have been busy and the installation of sheet rock has begun. Shingling of the roof is in process on all buildings, and windows and doors are being installed. The exterior walls have been waterproofed and installation of the brick façade and the siding above the bricks is in process. The new Assisted Living building has an interior courtyard which had to be done prior to finishing the framing of that building, to allow heavy equipment access to the courtyard during its completion. The front entrance to this building will now be completed over the next few weeks to ensure full enclosure prior to potential weather issues during the late fall and winter. This will provide assurances that Hutton will stay on schedule to complete the two Green House Homes mid-March 2014 and the new Assisted Living building in mid-April 2014. While everyone is excited about the opening of the new buildings, Asbury Park’s clinical management team continues to maintain an intentional blend of experienced nurses with backgrounds in acute/hospital care, long term care, nursing education, surgical care, hospice management, and palliative care. This blend of knowledge and expertise offers a significant reassurance to the elders and families at Asbury Park, knowing that their needs can be met at any time of the day or night— such as post-operative recovery, intravenous administration, pain management, and palliative care. Asbury Park has been assisting elderly individuals in Newton for over 50 years. The not-for-profit organization is a leader in eldercare in the state and provides services to more than 200 individuals, including 24-hour skilled nursing care, assisted living, independent living rental cottages and patio homes, home health and a community child care center. For more information and / or to watch Asbury Park as it grows, visit www.asburypark.org or follow Asbury Park’s Facebook page www.facebook.com/asburypark .
The Hutchinson News • An Advertising Supplement
Sunday, October 27, 2013
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Sunday, October 27, 2013
Leaving An Estate To Charity By MetroCreative Services
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hen movie producer David Gundlach passed away suddenly from a heart attack in October 2011, few people knew he intended to leave his massive personal fortune to a local charity in his hometown of Elkhart, Indiana. Gundlach gave away all of his $125 million to the Elkhart County Community Foundation. One doesn't have to be a famous movie producer or sports star to donate assets to charity in wills. Individuals sometimes make the choice to leave a portion of their estate to a favorite charity to create a legacy that helps the unfortunate. Such a decision may surprise family members, so it may be wise to discuss plans when drafting wills and ensuring that the correct method of bequeathing estates to charities is followed. When a will is written, it is typically in a person's best interest to consult with an estate-planning attorney prior to making any decisions. When working in conjunction with a financial planner, an attorney can help you grow your estate and ensure your assets will be distributed according to your wishes. When writing a will that includes charitable donations, be very precise in the verbiage and specify your wishes
An Advertising Supplement • The Hutchinson News and intents so they are carried out correctly. Just like feisty family members, charities can be quite aggressive in their pursuits of funding, particularly if they have reason to believe that money will be coming their way as part of a person's will. In order to prevent unnecessary battling among attorneys, it is best to have all of your wishes clearly explained and spelled out so the people and organizations who matter the most to you receive the money -- and that you're not simply funding legal bills. Leaving money to a charity can have financial advantages for the other benefactors of your will. A bequest to a charity reduces the size of your estate, meaning less money is subject to estate taxes. While you cannot benefit from an income-tax deduction while you are alive, you will cut down on taxes afterward, which would normally take away money that was left to family and friends. Despite the advantage to bequeathing money to a charity, it is not something that is very common. According to Russell N. James III, a professor at Texas Tech University who conducted a study that analyzed 20,000 Americans over the age of 50 from 1995 to 2006, only around 9.5 percent of those who donated more than $500 a year to charity planned on making a charitable bequest after their deaths. Those who want to save money in a tax-efficient way upon making a charitable donation can choose to donate an IRA account to charity. This will save your heirs money in income taxes that they otherwise would have to pay when the IRA is distributed. There are some gray
areas in doing this properly, so it is best to consult with a tax advisor. Donating a portion or all of your estate to charity can be a way to leave a legacy and support an organization that has special meaning to you.
The Hutchinson News • An Advertising Supplement
Sunday, October 27, 2013
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An Advertising Supplement • The Hutchinson News
The Hutchinson News • An Advertising Supplement
Volunteering Opportunities For Retirees By Metro Creative Services
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oday's retirees recognize that an active retirement tends to be more rewarding than simply sitting around the house, and that attitude is reflected in the vast number of retirees who volunteer with various nonprofit organizations and other programs across the globe. The following are a handful of volunteering opportunities for those retirees who want to give back and make the most of their retirements. Habitat for Humanity Habitat for Humanity is a nonprofit organization that builds and repairs homes for people in need. It has a program titled "Care-A-Vanners" in which volunteers typically spend two weeks traveling around the United States and Canada in rented RVs (retirees who own RVs may be able to drive their own vehicles) building and restoring homes. Volunteers must pay their own way and bring along their own supplies, such as work shoes, gloves, tool belts, and some tools (power tools are typically provided by the local Habitat for Humanity chapter), and free or low-cost RV parking is provided by Habitat for Humanity. Adventurous retirees who enjoy hitting the open road may find
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"Care-A-Vanners" matches their love of travel with their desire to give back. Work with children Many retirees, especially those without grandchildren or who live far away from their grandchildren, find volunteering with children to be especially rewarding. The opportunities to work with kids are numerous, and retirees can choose a volunteering opportunity where their own life experiences come in handy. For example, retirees who worked in the medical field might want to volunteer their time at a local children's hospital, where they can assist families as they cope with a child's illness and spend time with the children themselves, whether's it's tutoring sick children, reading them stories or helping them understand their illnesses. Retirees with considerable experience in the business world may want to work with a mentoring program that matches them up with career-minded youngsters. Service vacations Retirement is often seen as a time to travel and see the world, and many retirees have started to combine that love of travel with service opportunities. Globe Aware, a 501(c)(3) nonprofit organization, develops short-term volunteer programs in international environments. Each activity aims to promote cultural awareness and promote sustainability in needy communities. Volunteers work to address issues identified
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by the host communities as particularly pressing, interacting with the local residents in ways that are often impossible on more traditional vacations. Meals on Wheels Retirees tend to have their mornings and afternoons free, making them ideal candidates to volunteer with programs such as Meals on Wheels, a nonprofit organization devoted to delivering nutritious meals to those with limited mobility who are unable to prepare their own meals. The program delivers more than one million meals per day across the United States, and Canada has its own meal delivery programs as well. Many Meals on Wheels volunteers are retirees, who can decide their level of involvement upon volunteering. Disaster relief Disaster relief programs may be less predictable than more routine volunteer programs, but retirees often make great volunteers at disaster relief sites. Unlike working professionals who cannot travel to disaster relief sites without ample planning ahead of time, retirees often find the flexibility of retirement allows them to pitch in when an unforesee natural disaster strikes and volunteers are needed seemingly overnight. Many disaster relief programs need volunteers who are certified in CPR or have other unique lifesaving skills, but even retirees without such skills can help by handling supplies or by comforting and assisting survivors of natural disasters.
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Sunday, October 27, 2013
An Advertising Supplement • The Hutchinson News