An estate, insurance, and funeral planning guide
2—Lewistown, PA
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Wednesday, March 9, 2022
Stephen D. King-Supervisor, Director Roger G. Barr, Director 120 Logan Street, Lewistown PA 717-248-5486 kingbarrfuneralhome@yahoo.com Serving Central PA families since 1841
“We would like to thank Stephen along with the entire staff of King-Barr Funeral Home, for their compassion, and professionalism taking care of my beloved husband and father Robert Bishop. I can not express our deep gratitude DQG WKDQNV IRU HYHU\WKLQJ IURP VWDUW WR ÀQLVK there was nothing left unanswered. Thank you again for everything.” - Beth Bishop We are also here to help you with your pre-planning arrangements.
How to include giving in your estate plan Wednesday, March 9, 2022
Charitable giving is the lifeblood of many nonprofit organizations. The generosity of donors helps charities meet their missions and provide vital services to people facing disease, financial hardship and other situations they cannot overcome on their own. Many donors make sacrifices to support their favorite tain luxuries so lustrates the self- can even continue causes and chari- money can be do- ness nature of char- after death. Estate ties. Forgoing cer- nated to charity il- itable giving, which planning is a com-
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plicated process that details exactly how a person wants their assets divvied up after death. But an estate plan also can go into effect while individuals are still alive. Each year, millions of people across the globe choose to include charitable giving in their estate plans, and that can benefit charities and donors. The following are a handful of the many ways charitable men and
women can incorporate giving into their estate plans. • Bequest giving in a will or living trust. Perhaps the most widely known way to include charitable giving in an estate plan is to bequeath money in a will or living will. The Community Foundation Alliance notes that bequests typically allow donors to define how their donations will be spent or utilized. That
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benefits charitable organizations, but surviving family members also can benefit from such arrangements. According to LawDepot.com, individuals may be able to lower the estate taxes on their estates at their time of death if they bequeath money to an eligible charitable organization in their
wills. • Consider a charitable rollover. The Internal Revenue Service notes that individuals with an IRA, SEP IRA, Simple IRA, or retirement plan account generally must begin withdrawing money from these accounts when they reach age 72. These withdrawals are called required
minimum distributions and they are considered taxable income. However, individuals who want to give to charity can opt for a Qualified Charitable Distribution, or QCD. A QCD counts toward the minimum distribution from retirement accounts and individuals will not be taxed on the money they donate
to charity. Thatʼs a win-win for charities and individuals 72 and over who do not need to withdraw money from their IRAs to meet daily living expenses. • Donate via a charitable remainder trust. A charitable remainder trust, or CRT, allows individuals to set up a trust that benefits both a designated benefi-
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name themselves as the beneficiaries of the trust, which ensures they will have an income during retirement and that their favorite charities will be supported when the trust expires. Individuals who want to make charitable giving part of their estate plan can do so in various ways.
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ciary and a charity or charities of their choosing. When a CRT is set up, a beneficiary will receive annual payments from the trust until it terminates, at which time the remaining funds in the trust are donated to charity. The philanthropy experts at Fidelity Charitable note that individuals can
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4 reasons why millennials need life insurance
Wednesday, March 9, 2022
If you're a millennial, the chances you've already invested in a private life insurance policy are probably pretty low. The share of Americans covered by life insurance slid from 63% in 2011 to 52% in 2021 and the most pronounced decrease has come from younger generations. It makes sense - you're young and healthy, and extra money goes towards the latest iPhone, smart home months forcing even device or international younger generations to travel. With the last 18 confront their own mor-
prioritize life insurance: 1. Save money over time. For all the stereotypes about millennials, it's a generation of good planners who are responsible and strong forward-thinkers. The cost of a life insurance policy is largely dependent upon risk (healthy millennials are generally considered a lower risk), so buying a life insurance policy when you are young can help lock in lower tality, 48% of millennials 12 months. are reportedly planning Here's why now is the rates with term or perto buy within the next time for millennials to manent insurance.
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2. Buying life insurance is easier. One of the main reasons millennials have avoided life insurance is because it has traditionally been a pain to buy. Fortunately, advances in technology have made it easier to purchase almost anything. Millennials use virtual assistants or e-commerce sites to shop for groceries and order takeout. Same-day delivery is no longer a perk, but an industry standard that even the
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brandona@sterlingwellthretirement.com
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life insurance industry is beginning to embrace. Signing up for life insurance isn't difficult now that there are streamlined processes like the Quility direct-toconsumer platform, which allows applicants to receive a personalized policy up to $1 million approved and delivered on average in ten minutes or less - no doctor's visits or in-person meetings necessary. The 100% online platform, which recently added two new term life products, including the brand's proprietary Quility Level Term product, is the new industry
standard in simplicity, convenience and affordability. The company also has licensed insurance agents available for in-person, virtual or telephone meetings. 3. Protect your family from financial burden. Millennials have long prioritized their careers and financial security but, as even the youngest millennials enter their mid-20s, more and more are starting families. It has become commonplace for people to believe they don't need life insurance because they don't have any
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children yet. But just because you don't have dependents doesn't mean there aren't people who depend on you. Life insurance will help protect your spouse or long-term significant other with whom you own or rent a home, and allows your parents or siblings to cover unanticipated costs as they grieve. Half of millennials acknowledge their families would face financial hardship should a wage-earner die unexpectedly - and 43% expressed concern about leaving their dependents in a difficult finan-
cial bind. That's especially important for millennials who have long prioritized their careers and financial security, but are now looking to start families as even the youngest of the generation enter their mid-20s. 4. Consider your cosigners. Today's graduates are strapped with recordbreaking student loan debt, so it's important for millennials to consider their cosigners when shopping for life insurance. Certain types of debt are waived in the event of an unex-
pected death - and that includes student loans. However, many millennials have their parents or loved ones cosign on loans, credit cards or mortgages. If that's the case, your student loan debt would transfer to your cosigner in the event of an unexpected death. A life insurance policy would help ease that financial burden in a time of grieving. Millennials are among the most educated and knowledgeable generations in history. They're health conscious, financially con-
Wednesday, March 9, 2022
scious and socially conscious. Yet, life insurance has been overlooked because the industry has made things too complex, too confusing and too inconvenient. COVID has raised awareness about the important role life insurance plays in families' financial security, so it's time for millennials to consider getting life insurance sooner rather than later. Quility can help secure your financial future in 10 minutes or less. Get insurance your way at www.quility.com.
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4 reasons to plan your own funeral
Wednesday, March 9, 2022
At some point, most of us will need to make final arrangements for someone we will miss. Coupled with overpowering grief, making even the simplest decisions about a funeral or cremation service can be confusing and overwhelming, especially since those decisions often need to be made in the days immediately following a death. Occasionally, decisions are made in haste and leave loved ones feeling like they didn't do enough to truly honor and celebrate a unique life. By working with a funeral professional to plan your service ahead of time, you give your loved ones peace of mind and comfort, as well as remove a potential financial burden. Here are four reasons to plan your own funeral or cremation. Your loved ones can focus on healing. When you pass, you will leave behind people who are deeply saddened by your absence. The days and weeks right
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after your passing will be emotionally difficult. Having all your arrangements in place and your final wishes documented will help relieve some of the stress involved in planning your memorial service and allow those who loved you most to concentrate on coming together and comforting one another. It's a good financial decision. The cost of living has increased over the years, and so has the cost of the average funeral. By planning ahead, you can lock in today's pricing. A burial space in a beautiful, serene section of your local cemetery could increase in
touches, such as song selections, special readings or videos. Your final wishes are recorded. Perhaps you would prefer a small, intimate memorial service, but your loved ones envisioned a flashy, expensive send-off. Planning final wishes ahead of time takes the guesswork out of the value before the time all of your wishes, equation and could of your passing. your family will know alleviate feelings of When you pre- to incorporate addi- guilt your loved ones special might have down the arrange your final tional arrangements that burial spot will remain the same price as it was when you bought it, protecting your loved ones against rising inflation. You can plan almost every detail in advance. Prepaid funeral plans typically include almost every aspect of your final arrangements, from the services of the funeral director to the casket of your choosing to the venue you select and more. Often, you can even select flowers and mementos for family and friends. And, by documenting
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road if they secondguess their decisions about your memorial service. Instead, they will take solace in knowing that your final arrangements were "exactly what mom wanted." To learn more about the benefits of planning a funeral, cremation or final resting place ahead of time, or to find a provider close to you for more information, visit DignityMemorial.com.
How guarantees of whole life insurance can help secure financial future
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This year, many people are making financial wellness resolutions. From budgeting better to saving for a bigticket item or investing more income into a 401(k), there are plenty of financial goals to choose. However, one that you've likely overlooked is whole life insurance. According to the American Council of Life Insurers, 90 million families in the U.S. rely on life insurance policies for financial and retirement security. In addition to protecting dependents from financial hardship if the policyholder dies, many policies also accumulate savings that can be used to cover needs beyond funeral expenses. Whole life insurance provides financial protection for as long as the insured policyholder lives. A whole life insurance policy, like that offered by Boston Mutual Life Insurance Com-
Wednesday, March 9, 2022
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pany, is a type of permanent life insurance that accumulates value throughout your life. Benefits of whole life insurance There are three main benefits of investing in a whole life insurance policy. 1. Guaranteed cash value Unlike term life insurance, whole life insurance accumulates a cash value that you can dip into during your life if a financial need arises. More importantly, as long as you pay your premiums, the cost of your policy will not increase, and the face amount and the interest rate are guaranteed. To access the value of the account, you essentially take a taxable withdrawal or tax-free loan you can pay back. You can use the money as needed such as to buy a car or put a down payment on a house. Even if you never access the
cash value during your lifetime, it will act as a safety net that can be used in financial emergencies. Whole life insurance can also supplement your existing retirement accounts, like your 401(k) or IRA account, helping you enjoy your golden years. 2. You own the policy The policyholder owns their whole life policies for themselves and their family members, not their employer. If the person who holds the policy changes jobs or retires, they can take their policy with them and pay their premiums directly to the insurance carrier. 3. Support loved ones Whole life insurance is guaranteed coverage for your whole life and can help support your beneficiaries. Depending on the size of your chosen policy, your life insurance policy can help set bene-
ficiaries up for success and financial security by contributing toward college tuition, a home mortgage or short-term expenses such as funeral costs. Also, life insurance payouts are not considered taxable income. If you pass while your coverage is in effect, your beneficiaries do not have to report the death benefit on tax returns. Boston Mutual Life
Insurance Company's whole life insurance policy allows you to choose the amount of insurance or premium that best suits your needs and budget. Other benefits include: * Family coverage. Family coverage is available to cover spouses, children and grandchildren. * Guaranteed premiums. As long as you pay your premiums, the cost of your life insurance policy will not in-
crease. * Portability. If your e m p l o y m e n t changes or you retire, you can keep the coverage and pay your premiums directly.
Putting you first made us #1. Chris Warfel, Agent 1126 W 4th Street Lewistown, PA 17044 Bus: 717-248-4227 www.chriswarfel.com
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6 smart ways to save money for your kids
Wednesday, March 9, 2022
Paid Content by Vanderbilt Mortgage and Finance, Inc. While there are many ways to set your kids up for a successful future, money in the bank is oneofthemostpowerful financial tools you can pass along. Every dollar you save or invest can help your child create a productive and stable foundation for many years to come. Whenitcomestosaving for your kids, the sooner the better. Building up funds now can ensure kids will have less to
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worry about as they get older and can open up more financial opportunities.
To help you get started, consider these several ways to save wisely for your kids.
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1. Open a college savings account If higher education is in your childʼs future, con-
sidera529savingsplan. This is a tax-advantaged investment plan that can be opened as soon as your child is born. The money grows tax free and can be withdrawn without taxes. There are two types of 529 plans: prepaid tuition and education savings. Prepaid tuition plans can purchase credits at a participating university and lock in current tuition costs.An education savings plan is an investment account where funds are designated for qualified college ex-
penses. Be sure to consult a tax advisor to assist with your specific circumstances as this is only intended to provide general information. 2. Invest in a home Purchasing a home can be one of the most secure and highest-return investments you can make for your children, especially in todayʼs housing market.Ahome can be passed down through generations or sold when the value has increased. If youʼre looking to invest Continues on Pg. 10
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in a home for your children, consider manufactured housing. Manufacturedhomesattached to a permanent foundation appreciate at an average rate of 3.4%, while traditional homes appreciateatanaverage rate of 3.8%. So, while manufactured homes may not appreciate at the exact same rate, theyʼre pretty close! Vanderbilt Mortgage and Finance can help you finance manufactured housing with their newly improved loan process, which allows you to apply online and track your progress digitally. Vanderbiltʼs Home Loan Guide offers more ideas on how to budget and prepare for buying a home. 3. Use Roth IRA contributions If you have a Roth IRA account, you can use some of the funds to pay for qualifying education expenses. If your account is at least five years old, you can withdraw up to your original contribution amount. Be sure to consult a tax advisor to assist with your specific circumstances. 4.Allow kids to use debit cards Consider teaching your kids money management skills early on by allowing them to use a debit card co-owned by
you. If you have teenagers who earn an income, this is a great tool for learning how to depositchecks,setaside money for savings and more. 5.Openahigh-yieldsavings account A high-yield savings account can be a great place to stash birthday and holiday gift money over the years and watchitcontinuetogrow. This type of account can typically be co-owned and managed by parents until your child is responsible enough to manage it on their own. 6. Set aside money in a trust fund Putting money for your kids in a trust doesnʼt have the same tax benefits as a 529 plan, but it does pose some important benefits. Trust accounts allow you as parents to create exact rules around how you want the funds dispersed to your children. For example, you can give the money in a series of installments or request that it be used only toward tuition. Whether youʼre thinking about your childʼs education or simply want to set aside funds for when they reach a certain age, plan ahead and consider these tips and options for reaching your goals.
How to create structure after retirement The Sentinel
Professionals typically look forward to retirement and the freedom that comes with it. The notion that commuting and deadlines will one day be a distant memory is enough to make anyone excited for retirement. But when the day to leave the daily grind behind arrives, many retirees admit to feeling a little anxiety about how theyʼre going to each day, people find structure. can begin to feel Retirement is a big transition, and Robert Delamontagne, PhD, author of the 2011 book “The Retiring Mind: How to Make the Psychological Transition to Retirement,” notes that some retirees experience anxiety, depression and even a sense of loss upon calling it a career. Some of those feelings can undoubtedly be traced to the perceived lack of purpose some individuals feel after retiring. Without a job to do
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useless. Overcom- can be difficult, but ing such feelings Continues on Pg. 11
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finding ways to build daily structure can make the transition to retirement go smoothly. • Find something to truly engage in. Professionals who truly enjoy their work tend to be fully engaged, so itʼs no surprise if such individuals have a hard time adjusting to retirement. Some may suggest volunteering can help fill the void created by retirement, but researchers with the Sloan Center on Aging and Work at
Boston College have found that only those individuals who are truly engaged in their post-retirement volunteering enjoy the psychological benefits of such pursuits. So before retirees dive right in to volunteering as a means to creating structure, they should first exercise due diligence and find an opportunity theyʼll find genuinely engaging. • Embrace the idea of “bridge employment.” “Bridge em-
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ployment” is the name given to the trend that has seen retired individuals take on part-time or temporary employment after they have retired from full-time working. COVID19 has no doubt skewed post-retirement working statistics since the World Health Organization first declared a pandemic in March 2020, but a 2019 survey from the LIMRA Secure Retirement Institute found that 27 percent of pre-re-
tirees with at least $100,000 in assets planned to work part-time in retirement. Even parttime work can provide enough daily structure to help retirees feel as though each day is not just a free-for-all. • Make a concerted effort to be more social. Volunteering and working are not the only ways to create structure in retirement. A concerted effort to be more social can help retirees fill
their days with interactions with like-minded individuals who may be experiencing the same feelings. Join a book club, a local nature group that goes on daily or semi-daily morning hikes or another local community organization. These are great ways to build structure and meet new people. Retirees can create social media accounts to find local community groups that cater to their interests. Even if it
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seems hard to believe, plenty of retirees are seeking to create structure in retirement life, and social media can make it easier to find such individuals in your community. Structure and retirement may seem like strange bedfellows. But many retirees seek structure after calling it a career, and there are many fun ways for seniors to create more organization in their lives.
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Wednesday, March 9, 2022
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