Volume 3 issue 3 web

Volume 3, Issue 3

Safety Pins “By Any Other Name” I’m not alone in my dilemma. The descriptions of what many people do for a living has changed either because the duties of the job have changed, or due to title inflation, or maybe a little bit of both.

By Dr. Jack Marrion

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Safe Retirement “Baseball, Hot Dogs, Apple Pie and Savings Bonds” A lot of misunderstandings, mystery and myths surrounding how the investment actually works.

SavingsBonds.com has identified the Top 5 Savings Bond Myths that every bond owner should know:

By Jackie Brahney

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Personal Finance “Read This Before Tossing Old Tax Records” Now that you’ve completed your taxes for 2013, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away.

By Thompson Myers & Associates

Wealth Transfer Using Single Premium Life By: Raymond J. Ohlson, CLU, CRC

Way back in December, 1993, Cornell University’s

Science News calculated that over ten trillion dollars in wealth would change hands by the year 2040, with about 115 million bequests averaging more than $ 90,000 each! With the up-tick in our recent markets, who knows what those numbers really are today?

When considering wealth transfer, most Americans want to know that no matter the size of their estate, their assets will move to the people they choose at the lowest possible rate of taxation and at the highest rate

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Safe For Life “Safe Boating Choices” Now that summer is in full swing, you could while away the hours on a golf course, hacking at a small ball until it flies into the nearest rough. Or you could zip about on a lake or the ocean of your choice in a brand new boat

By Steve Dinnen

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Playing it Safe “Mad Men” The advertising agency business was my livelihood during that twenty-year span and I was fortunate to be a part of a young maverick group that broke away from a larger agency to form a new shop with a lot to offer, but few material resources.

By Norm Wilkens

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Safety Pins ... “Wealth Transfer Using Single Premium Life” - Continued of interest earned throughout the life of the products they have purchased, with little or no risk. Consumers should also understand that a Single Premium Life product could be one of the most efficient wealth transfer vehicles available.

Today, you have many types of products from which to choose that will work: Universal Life, Indexed Life, or Whole Life. Since most of the inheritors are in the middle class, they are not candidates for and don’t need sophisticated estate planning. However, whether or not estate taxes will be a factor in your wealth transfer planning, income taxes can have a huge effect.

Single Premium Life products take advantage of current tax laws. They provide you (the insured) with a lump sum of money to increase the size of your estate and then pass the proceeds – federal income tax-free – to your heirs while bypassing probate!

If you are between the ages of 60 and 85 with money set aside and earmarked for future generations, you may be an ideal candidate for Single Premium Life. If you are somewhat conservative and prefer guarantees rather than assumptions, you are also an ideal candidate.

Since Single Premium Life is life insurance, you should be in fairly good health and be able to meet underwriter requirements; however, many of these products are called “simplified issue” and do not require a medical exam. When you’re considering a Single Premium Life product, you should use monies that you don’t need right now.

Therefore, ask yourself one simple question:

“What’s the purpose of the money I have accumulated right now?” If you intend to pass on all or part of that money to your kids, grandkids, or church, then you may be a candidate for Single Premium Life. If you have money in CDs, a passbook savings account, or fixed annuities, you may be a good candidate. If you have money that you don’t use because you have other sources of income (such as CDs that you roll over year after year), again, you’re a possible candidate.

Here are a few other considerations: Interest on CDs and passbook savings accounts are taxable each year, and they reduce your legacy to your heirs. Deferred annuities earmarked for your kids’ inheritance also include a tax time bomb that could really disrupt your heirs’ income tax situation. You see, annuities are usually designed to provide lifetime income for you, not to facilitate wealth transfer for your heirs.

Therefore, monies you leave to your beneficiaries from an annuity are fully taxable, meaning the longer the annuity accumulates monies, the more taxes your heirs will pay!

Furthermore, since these taxes are calculated based on your heirs’ tax bracket, which may be higher than yours, your heirs’ taxes could be significant. For those people who do not need to use all of their money for their own income (living expenses, etc.), Single Premium Life can eliminate those taxes.

Single Premium Life was designed as a wealth transfer product. In addition to the death benefit

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Safety Pins ... “Wealth Transfer Using Single Premium Life” - Continued – which is several times higher than the initial single premium – the Single Premium Life product also provides accelerated death benefits for nursing home care (meaning you can actually withdraw part or all of the death benefit of the policy to pay for your nursing home care) as well as home health care services.

Single Premium Life Wealth Transfer Benefits 1. Takes advantage of current tax laws to minimize tax liability 2. Federal income tax-free

About the Author: Raymond J. Ohlson CLU, CRC, CEO & President of The Ohlson Group, Inc. and SMP International, LLC Mr. Ohlson entered the insurance business while completing his Bachelor of Science Degree at Ball State University. He quickly qualified for the Million Dollar Round Table (MDRT) of which he is a Life Member. He also received his Chartered Life Underwriter (CLU) designation from the American College in Bryn Mawr, Pennsylvania.

Mr. Ohlson, a former life insurance company president, currently sits on college and hospital boards and is a published author.

Raymond J. Ohlson can be reached at: Email: rohlson@ohlsongroup.com.

3. Conservative life insurance policy that provides guarantees 4. Helps to increase the size of our estate in a tax efficient manner 5. Accelerated death benefits for nursing home or home health services 6. Protects beneficiaries from being bumped up into a higher tax bracket 7. Helps avoid the “tax time bomb”

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SAFETY PINS

By Any Other Name

By Dr. Jack Marrion

O

ver a score of years ago I was a stockbroker. I sold stocks. Stocks I sold. See, it doesn’t matter how you turn it.

When I said I was a stockbroker everybody knew what I did for a living. I long for those days because that was the last time when someone asked my children what their father did to put food on the table that they were able to give an intelligent answer. With my current job, after I had to tell my daughter that she shouldn’t tell people “Daddy sits around in his underwear and drinks coffee” when asked what her father did each day, she went through a period of simply saying “I’m not allowed to tell you” when asked the question, which could Back to Table of Contents

explain the strange stares I got.

I do research on financial topics, but calling myself a researcher might create the impression that I work in a lab and actually do meaningful work. I’ve written a few books and many articles, but calling myself a writer seems just a bit pretentious. Hemingway was a writer. Ayn Rand was a writer. I am a hack with a keyboard. I’ve tried calling myself a consultant, but either people ask me how long I’ve been out of work, or share that they’re in sales too.

I’m not alone in my dilemma.

The descriptions of what many people do for a living has changed either because the

duties of the job have changed, or due to title inflation, or maybe a little bit of both. Are you still called a reporter if you also write commentary on the news you reported? Should you still be addressed as an insurance agent if you also provide mutual funds to customers? And exactly what does a physician assistant or a nurse practitioner do, or are they the same thing?

To avoid unintentionally insulting anyone I’ve begin to refer to people in every walk of life as working Americans, but I fear even that term may take on some other meaning so I’m toying with the idea of calling everyone professionals. ( Page 4 )

Safety Pins... “By Any Other Name” - Continued Title inflation has been with us a long time. One of the first instances is when farmhands out West began calling themselves cowboys. It was a masterful piece of image building that created the mythology of our heritage.

Somehow I can’t imagine singing “My heroes have always been farmhands”. But cowboys! That’s good marketing.

I’ve haven’t met a secretary in ages. I wasn’t aware that everyone that goes to work for a software company automatically gets an engineering degree. And maybe it was in the ‘90s when companies added “specialist” or “director” to every job description in the free world.

It isn’t that I’m against all these titles – you can call yourself potentate or swami because it’s all the same to me – but it makes it really difficult to figure out whom you’re really talking to and what they actually do. I think from now on when people ask me what I do I’ll be honest and tell them I’m really not sure, but I’m open to any suggestions they may have.

Contrary to what his daughter might have told you, Jack Marrion wears slacks and sweater while doing his research.

About the Author: Dr. Jack Marrion Dr. Marrion’s research on senior decision making and the financial world have been featured in hundreds of publications including: Business Week, Kiplinger, Smart Money, and The Wall Street Journal. He is the author of six books and a frequent media guest.

Email: jack@safemoneyplaces.com

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Safe Retirement

Baseball, Hot Dogs, Apple Pie and Savings Bonds!

By Jackie Brahney

When the iconic U.S.

Savings Bond was introduced in 1935, American patriotism was running high. Millions purchased savings bonds as a way to show support for the country especially during times of war, as well as for the investments guaranteed financial safety and security.

They were affordable for most and easy to purchase.

Currently over 50 million savings bond investors own nearly $178 billion worth of savings bonds. For decades, Uncle Sam did a great job marketing and selling the Back to Table of Contents

investment. However once owned, many investors stuffed the bonds in shoeboxes, drawers, under the bed, or in safety deposit boxes. The bonds were often earmarked for education, retirement or stored away for rainy day purposes.

SavingsBonds.com has identified the Top 5 Savings Bond Myths that every bond owner should know:

There are approximately 637 million paper savings bonds still in circulation. Most of these bond owners still don’t properly track or manage their investment. A lot of misunderstandings, mystery and myths surrounding how the investment actually works.

Fact: Series EE paper bonds will continue to earn interest AFTER it has reached face value, for up to 30 years or until it is redeemed - whichever occurs first. The good news is bonds are often worth more than the amount printed on the face of the (paper) bond,

Myth #1. When a savings bond reaches its face value – the amount printed on the front of the paper bond - it will stop earning any additional interest.

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Safe Retirement ... “Baseball, Hotdogs, Apple Pie and Savings Bonds� however, the difference between the purchase amount and the cash in value is considered reportable interest.

Note: Effective January 2012, Series EE Bonds and I Bonds are purchased electronically at face value and will earn interest for 30 years.

Myth #2. All series of savings bonds earn the same rate of interest.

Fact: Different series of savings bonds (E, EE, I, HH) are/were assigned different interest earning rates at the time they were purchased.

For example, if you purchased

a new Series EE and an I Savings bonds in the exact same month, they would offer different interest rates.

Myth #3. All savings bonds will keep the same interest rate throughout the life of the bond.

Fact: Depending on when the bond was purchased and the series of bond, different rates, rules and formulas are applied.

For example, EE paper bonds purchased 1997-2005 earn a variable interest rate which can change every 6 months.

EE bonds purchased 2005 and after earn a fixed rate of interest. Series I bond rates

are calculated by combining a fixed rate portion (which remains the same for the life of the bond) with a variable rate portion (which changes every 6 months).

Myth #4. When the new savings bond interest rates are announced twice each year, these new rates become the interest rate for existing (older) savings bonds.

Fact: The new interest rates only apply to new bond purchases.

Here is what happens to older bonds: Let’s assume an EE

Safe Retirement ... “Baseball, Hotdogs, Apple Pie and Savings Bonds” savings bond was issued on April 1, it was assigned an interest rate for the first six months of its life. On November 1, new interest rates are issued. The interest rate from November 1 and April 1 is averaged, and the April 1st bond has a new “blended interest rate.” This process continues for every sixth month period. For both paper and electronic Series EE bonds issued 2005 and after, bonds are assigned a fixed rate that will be applied to that bond for the first 20 years.

Myth #5. When an owner cashes in a savings bond, there is a “special tax rate” to calculate the taxes on the proceeds from the bond(s).

Fact: Savings bond interest is consolidated with other earnings and expenses on an individual’s federal income tax return and the resulting gross taxable amount is taxed at an “ordinary income tax” rate.

Savings bonds are not subject

to state and local taxes.

With the fourth of July holiday upon us, it’s a great time for savings bond owners to dust off their savings bonds and obtain a complimentary SavingsBonds.com Bond Inventory Report. To create a complimentary Inventory Report, go to www. savingsbonds.com/calc and enter each bond. Once the information is stored, a colorcoded, personalized Report will display cash in values along with interest rates, timing, maturity, and taxation details about each bond. A detailed, easy to understand, “what this means to you” legend will also be displayed and can be printed.

While it may have felt good and patriotic purchasing an American classic savings bond, checking financial performance to see if they are an investment still worth holding onto, might make one feel a little smarter.

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About the Author: Jackie Brahney Jackie Brahney is the Marketing Director for SavingsBonds.com. She is responsible for the public relations, serves as the creative director, writes the content for the company’s articles, press releases, website and blogs and manages the social media efforts. Jackie is also involved in company partnerships initiatives, and has written and recorded the company’s educational savings bond videos. She has appeared on dozens of radio shows discussing savings bonds and her works have been published on numerous websites, blogs, newspapers and magazines, including Money Magazine, Kiplinger Personal Finance, and The Boston Globe.

Ms. Brahney received a BA in Communications with a minor in Sociology, and was the recipient of the academic excellence award in Communications from The College of New Jersey. Jackie is a volunteer/ supporter, along with her husband and family, with LunchBreak, which is one of NJ’s largest soup kitchens.

She is also a supporter of various fundraising associations and a member of the Preservation Alliance of Spring Lake, NJ. SavingsBonds.com is a division of Union Information Services, founded in 1973, headquartered in Spring Lake Heights, NJ.

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PERSONAL FINANCE Read This Before Tossing Old Tax Records ...

By Thompson Myers and Associates, PC

Now that you’ve completed your taxes for 2013, you are probably wondering what old tax records can be discarded.

If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed to be kept in the first place.

Generally, we keep “tax” records for two basic reasons: 1. In case the IRS or a state agency decides to question the information reported on our tax returns Back to Table of Contents

2. To keep track of the tax basis of our capital assets so that the tax liability can be minimized when we actually dispose of the assets.

With certain exceptions, the statute for assessing additional tax is three years from the return due date or the date the return was filed, whichever is later. However, the statute of limitations for many states is one year longer than the federal statute of limitations.

In addition to lengthened state statutes clouding the recordkeeping issue, the federal three-year assessment period is extended to six years if a taxpayer omits an amount that is more than 25%

of the gross income reported on a tax return. In addition, of course, the statutes don’t begin running until a return has been filed. There is no limit on the assessment period where a taxpayer files a false or fraudulent return in order to evade tax.

If an exception does not apply to you, for federal purposes, most of your tax records that are more than three years old can probably be discarded. If you live in a state with a longer statute, then add a year or so to that number.

For example: Sue filed her 2013 tax return before the due date of April 15, 2014. She will be able to safely dispose ( Page 10 )

Personal Finance ... “Read This Before Tossing Old Tax Records ...” of most of her records after April 15, 2017. On the other hand, Don files his 2013 return on June 2, 2014. He needs to keep his records at least until June 2, 2017. In both cases, the taxpayers may opt to keep their records a year or two longer if their states have a statute of limitations longer than three years.

Note: If a due date falls on a Saturday, Sunday or holiday, the due date becomes the next business day.

The big problem! The problem with discarding records indiscriminately for a particular year once the statute of limitations has expired is that many taxpayers combine their normal tax records and the records needed to substantiate the basis of capital assets.

They need to be separated, and the basis records should not be discarded before the statute expires for the year in which the asset is disposed.

Thus, it makes more sense to keep those records separated by asset. The following are examples of records that fall into this category:

• Stock acquisition data - If you own stock in a corporation, keep the purchase records for at least four years after the year the stock is sold. This data will be needed in order to prove the amount of profit (or loss) you had on the sale.

• Stock and mutual fund statements - Many taxpayers use the dividends that they receive from a stock or mutual fund to buy more shares of the same stock or fund. The reinvested amounts add to the basis in the property and reduce gains when the stock is finally sold. Keep statements for at least four years after the final sale.

• Tangible property purchase and improvement records - Keep records of home, investment, rental property or business property acquisitions, AND related capital improvements for at least four years after the underlying property is sold.

Have questions about whether or not to retain certain records?

Give this office a call first. It is better to be sure before discarding something that might be needed down the road.

About Thompson Myers & Associates, PC Accounting Firm Thompson Myers & Associates’ accounting and payroll staff have been delivering professional services to small businesses in Central Indiana for over 20 years.

Having worked with hundreds of small business clients, we have significant expertise with a wide variety of service businesses in Indiana. We have especially strong experience and expertise in working with businesses in the healthcare (medical, dental, etc.) and food service (restaurants, caterers, etc.) industries.

Phone Number: (317) 571-8080 Email: info@thompsonmyers.com Website: https://www.thompsonmyers.com/

Our Annuity Overview Handout Explains:

• The different types of annuities and how they work • The tax benefits of annuities • Living and Death benefits of annuities • How annuities provide an income you cannot outlive

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( Page 13 )

Safe For Life

Safe Boating Choices By Steve Dinnen

Now that summer is in full swing, you could

while away the hours on a golf course, hacking at a small ball until it flies into the nearest rough. Or you could zip about on a lake or the ocean of your choice in a brand new boat – or perhaps on a used boat, especially if you’re reluctant to spend what can easily approach a million dollars! Money aside, boats can be fun, and they come in an endless variety to suit just about every need and desire.

For information on sailboats we contacted Jim Kavle of Annapolis, Maryland, a marina manager there and lifelong sailor – Jim has crewed on Americas Cup boats three times. We learned that the creature comforts available on boats today are better than ever, and they’re built sturdily enough that some hulls now come with lifetime warranties.

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Kavle summed up the choices among sailboats easily: “It’s a huge array.” They range from 10or 12-foot dinghies to 100-foot plus monsters that take experts such as Kavle to pilot. There are “day sailors” which, as the name implies, are meant to accommodate you and a few pals for just a day. These could be sailboats that you park at your home and then load onto trailers for trips to dockside.

You’ll also find countless boat makers and hundreds of designs, including something called “One-Designs” which offers a standard template that different manufacturers use to build boats to its specifications. Kavle also mentioned that “J Boats” are some of the more popular OneDesigns. These J Boats have open cockpits, range in length between twenty and thirty feet, and can hold three or four passengers. ( Page 12 )

Safe For Life ... “Safe Boating Choices” - Continued Kavle pretty much grew up around sailboats, “but,” he adds, “If you didn’t, there are tons of sailing schools, many of which are run by communities.” He also says that it’s “very common to learn about sailing by signing on to crew a vessel at a local yacht club. You don’t typically need to be a club member.”

The choices for power boaters are just as wide.

Do you want a bass boat, so you can, well, fish for bass? How about a “cigarette” boat (so named because they were developed to smuggle cigarettes from Canada) that can zip around Biscayne Bay at up to 80 mph? For his money, Paul Cuellers, owner of D & W Marina in Celina, Ohio, would opt for a pontoon boat (also called a houseboat). They have a larger seating capacity than a cigarette boat – ten or even fifteen people or more, versus the five for a cigarette boat – and cost way less to buy and operate.

No, these pontoons or houseboats aren’t as sexy as speedboat; however, some of them go fast enough to haul a skier. And they can be roomy. We spotted one for sale in Kentucky that sports three bedrooms, a gas grill, washer and dryer, and even a Jacuzzi. You’ll find standard sized bathrooms, rather than cramped “heads,” frequently on these boats, too. “A pontoon boat fills about all the things you’re looking for in a

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lake boat,” Cuellers says It’s important for any buyer to size up the environment in which you will be operating the boat. Grand Lake St. Mary’s, where Cuellers is based, is a shallow and thus favors boats with little draft. That’s not the case on the north coast of Ohio – Lake Erie. There, you’ll want something that can operate in rougher waters, so a houseboat may not be you best choice.

As with all major investments, do your homework, talk to the professionals, scout out your water locale, and then “dive in!” “Safe Boating Choices” can lead you to one of the most enjoyable experiences in your life!

About the Author: Steve Dinnen Steve is a freelance writer specializing in financial and travel news. He received his Bachelors Degree from Drake University and his Master of Journalism from Oklahoma University.

Mr. Dinnen served as Sr. Business Reporter for the Des Moines Register, Business News Editor for the Indianapolis Star and served as Editor (freelance) for the Christian Science Monitor of its weekly personal finance column.

Email: paudel2001@msn.com.

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Playing it Safe

MAD MEN

by Norm Wilkens

A

s this is being writen, the final episodes of the classic AMC “Mad Men” are underway.

It hardly seems possible that, after seven seasons of this history making television series, the last days of Sterling Cooper & Associates will be ending. I for one, will hate to see it go because, with very few exceptions, it was as trueto-life as any reality program even down to the most minute of fixtures on the sets. It was an accurate depiction of the ad

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business in the 1970/1980’s.

The reason I liked the program so much was I could closely identify with it. Why? I lived it during the seventies and eighties. The advertising agency business was my livelihood during that twenty-year span and I was fortunate to be a part of a young maverick group that broke away from a larger agency to form a new shop with a lot to offer, but few material resources. We started with

just three accounts and three staff members – each holding responsibility for various phases of the business. My job was primarily account services and contact; the president of the firm took on marketing and creative while the third partner was in charge of art direction.

To say we had fun doesn’t begin to cover the experience.

What we didn’t know about the business, and there seemed to be more than enough of that, we invented. We grew quickly ( Page 14 )

Playing it Safe ... “Mad Men” - Continued because the “band of three” had as its main focus taking client creativity seriously and trying different approaches that were untested.

Our agency became a major force in the market when we were selected by one of the major banks in Indianapolis.

By this time, we had grown to the size of a dozen people and were held together by a philosophy of “let’s try it.” I don’t want to give the impression that we were “fly-by-night.”

We were not, but conventional advertising was not on our

minds. Consequently, The Green Briefcase Campaign for Merchants National Bank took the market by storm, and led to the bank growing from footings of around four hundred thousand to over a billion dollars in less than three years. It also assured our success in the industry.

Other similarities could be compared with “Mad Men.” Women were a significant part of our growth plans. Where in past agency experience, the women were destined to be secretaries and media sources,

in our agency the distaff side of the ledger filled creative slots; principal positions and client contact assignments.

All served very well and, upon leaving us, ended up in top flight management positions.

Salaries and ownership were also on the docket. We wanted to make sure that everyone felt appreciated and so salary reviews became not only essential, but a way to show our staff what it meant to work extra hours and holidays. One of our women writers would come in around noon, but would

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Playing it Safe ... “Mad Men” - Continued not leave her office until ten at night. As long as the work was completed, we let her set her own hours. Another writer, this time a man, chose to write his copy in an old fashioned bathtub. That’s right!

He painted it blue with gold feet and stuffed it with pillows.

I can still see him working in that tub and the brilliant copy he created is still some of the best in my recollections. By the way, he went on to author an historical novel.

There were other similarities with “Mad Men.” Almost to a person, our home lives suffered. We were all so dedicated to making the agency a success, there didn’t seem time to cover the home scene. Our children grew up quickly and credit goes to the mothers who were there

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covering the long hours we spent building the business.

One discrepancy I do find in the series is the amount of drinking and smoking that took place inside the TV agency walls. That may have been true of a shop in Manhattan or Los Angeles, but wasn’t so much so in the Midwest.

To say that witnessing the final episodes of “Mad Men” will bring back memories for me, and I’m sure the others who were are part of that era, doesn’t begin to cover the feelings. If you have any doubt as to the authenticity of the programs, you can lay that notion aside. They are as true as true can be – right down to the desk lamps, phone books and typewriters. NO COMPUTERS!

About the Author: Norm Wilkens A nationally recognized speaker and writer, Norman Wilkens has traveled to forty-seven of the fifty states speaking on topics of marketing, advertising and public relations.

His most noteworthy subjects include: Healthcare Marketing; Multigenerational travel and Baby Boomers - their contribution to society and economics. He is presently serving as Midwestern Contributor to California’s AAA WESTWAYS Magazine.

Among Wilkens’ current activities are the Butler University Alumni Board of Directors; Butler’s Central Indiana Alumni Chapter Board; Chairman of the Board of Visitors for the new Communication College of Butler; Board of Directors of Ruth Lilly Educational Foundation; Salvation Army of Indiana Advisory Board and as an Elder at Second Presbyterian Church of Indiana.

Email: NormWilkens@aol.com

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