Estate Planning 2018

A Special Publication of the Messenger-Inquirer

E STATE P LANNING

Your complete guidebook on managing assets and long-term care for yourself and your loved ones

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Messenger-Inquirer Friday, May 11, 2018

Medicaid plans for nursing home care Are you paying privately? If so, you need a plan

BY DARRON L. BRAWNER

planning. However, ever y person in a nursing home who is privately paying for nursing home care needs a Medicaid plan before all of their assets are exhausted.

For married persons, there are many oo many nursing home residents ultimately important protections that can be used to make end up spending all of their assets privately sure that the spouse who is not in the nursing paying for nursing home care. Medicaid home (“community spouse”) does not become planning is an area of law in which elder law impoverished. There are many exemptions attorneys advise clients about how to legally use the state allows for a community spouse. It is Medicaid laws to their own advantage to qualify important to have an elder law attorney guide clients for Medicaid benefits. A good Medicaid you through this process because the nursing plan allows clients to preser ve their assets for their homes and Department for Medicaid Ser vices do spouse or children while qualifying themselves for not always tell families about the exemptions or Medicaid to pay for nursing home care. how to obtain the exemptions. For most married Many people falsely believe that once a person persons, an elder law attorney can use the is in a nursing home, it is too late to do Medicaid Medicaid laws to preser ve most all of the assets

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ATTORNEY AT LAW WESTERN KENTUCKY ELDER LAW, PLC 1302 FREDERICA ST. OWENSBORO, KY 42301 (270) 684-4811

for the community spouse.

For single individuals, Medicaid laws do not allow as many exemptions. However, an elder law attorney can use a divestment plan that I call the “half-a-loaf” plan. Under the “half-a-loaf” plan, an elder law attorney uses gifting laws to the client’s advantage and is able to legally protect typically half of an institutionalized person’s assets for the client’s children.

There is no need to spend all of your assets privately paying for nursing home care. If you or someone you know is privately paying for nursing home care, then they need to contact an elder law attorney for a Medicaid plan. Without a Medicaid plan, all assets could be ultimately exhausted paying for nursing home care.

Darron L. Brawner is the founder of Western Kentucky Elder Law, PLC, an accredited attorney with the Department of Veterans Affairs, and a member of the National Academy of Elder Law Attorneys.

The ins and outs of elder law attorneys Why they are the best choice for Medicaid planning

BY KURTIS FRIZZELL

creation of tax liabilities, and issues of improper planning that cause costly litigation.

Some states have banned such Medicaid planning practices by any seniors and their families non-lawyer organizations due to the have initial fears of hiring an resulting harms poor advice can attorney for Medicaid planning have on seniors and their families. due to the potential cost or the Florida, Ohio, New Jersey, and negative stigma of litigation. With Tennessee have already issued these fears in mind, some seniors regulations stating that many areas might tr y to plan alone, or rely on of Medicaid planning by non-lawyers the advice of the nursing home, is the unlicensed practice of law. which often leads to an unfor tunate Florida has gone even fur ther ruling situation of dwindling down that it can also be the unlicensed assets until there is nothing left to practice of law for a lawyer to preser ve. Some seniors may tr y to draft living trusts and other legal utilize an industr y of non-lawyers documents for such non-lawyer called “elder counselors” or organization’s clients. The Kentucky “cer tified senior advisors” to assist Bar Association is currently with the Medicaid application reviewing similar complaints. process. While the appeal to use Hiring an elder law attorney is such organizations might be a the best option when considering slightly cheaper cost, the truth is cost ef fectiveness and the ability to these non-lawyer organizations often legally preser ve assets. Generally, cost more in the long run due to at a cost of less than two months of the cost of unnecessar y products, private paying a nursing home, an

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ATTORNEY AT LAW WESTERN KENTUCKY ELDER LAW, PLC 1302 FREDERICA ST. OWENSBORO, KY 42301 (270) 684-4811

elder law attorney will help prepare the legal documents to preser ve most, if not all, of a person’s hard earned assets. Elder law attorneys are able to directly draft the necessar y legal documents such as qualified income trusts, personal ser vice contracts, wills and power of attorney documents. Many of these documents are time sensitive and should not be outsourced due to the unique needs of each client.

Additional perks of hiring an attorney over a non-lawyer include client confidentiality, no conflict of interest and malpractice insurance.

During the process of Medicaid planning, seniors must reveal a list of their monetar y assets, real estate and identifying information.

The cour ts have long protected lawyer-client confidentiality, but that same amount of confidentiality is not present when dealing with information revealed to a non-lawyer. Fur thermore, an attorney only has a duty of loyalty

to the client. Non-lawyers may also have to consider the best interest of the nursing home. Many times the interest of the nursing home in keeping a resident on private pay is not in line with the client’s best interest. Finally, in a worst-case scenario, a lawyer, unlike non-lawyers, carries malpractice insurance that will help remedy a mistake.

Many elder law attorneys give a free consultation. Seniors should take advantage of this consultation to fully understand the necessity of hiring an attorney over tr ying to take on Medicaid planning alone or with the help of a non-lawyer. After becoming fully informed, seniors will be happy with their choice to use an actual attorney for this process. The marketing gimmicks of non-lawyers in the Medicaid planning process is simply not wor th the risk.

Kurtis Frizzell, a graduate of Emory University School of Law, is an Associate Attorney at Western Kentucky Elder Law, PLC. He formerly served on the Board of Trustees for the University of Louisville.

Friday, May 11, 2018 Messenger-Inquirer

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ESTATE PLANNING

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Messenger-Inquirer Friday, May 11, 2018

Why we avoid estate planning

Here’s what to do about it

planning; thinking ahead and making don’t plan for the way they want to be decisions about the distribution of remembered by those they love the one’s belongings; the passing down most. of heirlooms; end-of-life intentions; establishing living wills; declaring FOUR REASONS TO PLAN AHEAD choices about advanced medical First, it ensures that your voice directives; making funeral & burial pre- is heard, your desires are known, arrangements; financing the purchase and your intentions for your ending DR. JONATHAN ERIC CARROLL, KLPC CLINICAL DIRECTOR & LEAD THERAPIST of a burial plot or columbarium are carried out to the fullest extent THE CLINIC @ THE MONTGOMERY AND niche; printing and safely storing vital possible. It is a way to honor yourself EXECUTIVE DIRECTOR OF GRIEF COUNSELING, documents, bank and other financial and your living.

HALEY-MCGINNIS FUNERAL HOME & CREMATORY records, insurance paperwork, etc.; Secondly, having made plans is one ne of the holiest aspects of my arranging for the care of your pets in of the kindest and most generous gifts life is that I get to talk with your absence, and so on. you can give to your children and your people everyday about such It is involved, but a helpful, family. Suffering your death will be the sacred things as the preciousness of compassionate financial advisor and/ most difficult thing they are forced to life, the tragedy of death, and the pain or attorney specializing in elder law, endure. It is made so much worse by of grief. estate planning, and end-of-life issues is having to comb through endless piles This is not work left only to us a must. in order to find what is required in professionals. It is crucial that you There are many reasons why you order to try to do what you wish, which have these kinds of conversations are being strongly encouraged to plan is made harder when they don’t know DR. JONATHAN ERIC CARROLL with the people you love the most. I for your own death, and there are many what you wish, because you never had understand that many people don’t reasons people give for not doing so. that conversation. something with mine, living every day like talking about these things. It can Here are four reasons why you mindful of the privilege it is to be alive. should and four reasons why most be uncomfortable. Sad. Terrifying.

SEE PLANNING/PAGE 5 Since then, my life’s work has been Just because it’s hard, though, about helping people wrestle, contend, doesn’t mean it’s bad. Actually, quite and come to terms the contrary. Often with the reality of the most difficult It is crucial that you have death, the beauty things are what we these kinds of conversations of living, and the most need to do with the people you love the importance of a life and can be most rewarding. most. I understand that many well-lived.

It doesn’t have to Of course, we people don’t like talking be morbid or scary. tend to try to deny it We simply must talk instead. But avoiding about these things. It can be uncomfortable. Sad. Terrifying. about death. the topic doesn’t And no equal avoiding the Just because it’s hard, though, conversation about reality. doesn’t mean it’s bad. Actually, death and dying is At the end of the complete without quite the contrary. Often day, death, in all its talking about the grim finality, will the most difficult things are privilege, the visit us all. what we most need to do responsibility, and The truth is, and can be most rewarding. the imperative that the reality of death we all make plans. puts our lives into We refer to them as “estate perspective. We will not live forever. planning.”

I don’t know anyone who isn’t a child who wishes they could.

WHAT IS ‘ESTATE PLANNING?’ Death puts boundaries around our According to elder law experts, living, helping our lives to make sense, estate planning is the process of to possess purpose, to have meaning. anticipating and arranging the This was a lesson I — like many of Faith Holley-Lutz, Director of Development and Marketing you — learned early in life, because of management and proper distribution of that person’s estate during the person’s the untimely, tragic, and sudden death 101 Daviess St., Owensboro, KY 42303 life, but most specifically, at and after of my father, who was 46. death.

In one fell swoop, I began to (270) 687-2770 Estate planning involves the writing understand how precious life is, www.riverparkcenter.org of wills; establishing trusts; tax and how important it is that I do

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PLANNING

to make time for it.

Which leads to a second reason people avoid estate planning, and FROM PAGE 4 probably the most common: They don’t want to think about dying. Who Thirdly, discussing and planning does, really? Many people find it very for your death ensures that everything difficult to acknowledge their own you hold dear about life — your family, mortality, and talking about estate your most beloved belongings, your planning is nothing but. personal history, your Considering accomplishments, your Talking candidly about and questions like “Who favorite organizations planning for your death is will have custody of — receives its proper minor children a wonderful reminder that your honor in your name. in the event of early you are not dead, but are death?” “Who will Finally, it is a lovely way to revisit what has fully alive, and that while receive your assets?” been most important none of us is guaranteed “Where do you want to you in the living of to be buried?” are our next breath, if we your life, which can complicated questions. get one, we should do serve as a reminder Yes, estate planning to you that now is not something beautiful with it. is uncomfortable. It too late to think anew forces us to confront or to do something different when it sad truths, and it challenges the way comes to the most important parts of we think. It forces us to wrestle with your life. Talking candidly about and our limits after a lifetime of trying planning for your death is a wonderful to outpace death. But we never will, reminder that you are not dead, but are meaning this kind of conversation is fully alive, and that while none of us is necessary. guaranteed our next breath, if we get Thirdly, many don’t feel comfortable one, we should do something beautiful talking about estate planning because with it. they don’t fully understand it, and, being disquieted by what they don’t understand, they tend to avoid it. This FOUR REASONS MANY is why it is essential to find a financial AVOID ESTATE PLANNING planner and/or estate planning First, people often cite “not having attorney who can listen to your enough time” as their main reason concerns, fears, and anxieties; who (read: excuse) for avoiding estate can ask you good and planning. True, we are all busy. But, part Considering questions like thoughtful questions; can analyze our of being an adult, our “Who will have custody of who estate and educate parents taught us, is your minor children in the you on your available the responsibility to choices; who can do things sometimes event of early death?” help you anticipate that we really wish “Who will receive your possibilities that your we didn’t have to assets?” “Where do you mind may not allow do. Many of us have you to fully consider. worked for 30 years, want to be buried?” are What do we tell our reared multiple complicated questions. children when they children, paid come to us saying thousands of bills, and Yes, estate planning is uncomfortable. It forces us they don’t understand taken care of vehicle maintenance every to confront sad truths, and something? We listen.

We try to explain. We three months since it challenges the way we point them toward we were old enough to drive. Those things think. It forces us to wrestle helpful resources. We with our limits after a encourage them to haven’t always been fun. Life is not always lifetime of trying to outpace stay with it until they get their questions a joyride. But we did death. But we never will, answered and their those things. Why? meaning this kind of needs satisfied.

Because we had to; Why would we do because someone conversation is necessary. anything less? depended on us; Finally, many people ignore the call because if we didn’t, we’d be worse off to estate planning because they don’t then before. believe they have an estate to worry Beyond that, people tend to do about. This is a popular mindset and a what they want to do, and they tend

common misunderstanding. Some of you may think you don’t have enough wealth to worry about, so why would you go through all of this. Remember: you have an estate if you own anything at all. A car. A home. A tract of land.

Anything you own comprises your estate, and it can present a problem in the event of your death if you haven’t declared your intentions and made your plans about what should happen to it in your absence.

Without a will or a named beneficiary, your survivors will undoubtedly be dragged through tremendous difficulty during the probate process, which can last for many, many months.

For them, before things get complicated, talk with someone about your wishes for your funeral, your burial, your possessions, your funds, your property, and your memory.

Talk with those closest to you. Write things down. Meet with an advisor or attorney. Call your funeral home of choice and meet with their Funeral Planning Specialist on pre-arranging your funeral. Plan the service with your pastor. Choose what biblical passages you want read. Select the hymns. Pick a poem.

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This is your life. And it will be your death. While you are alive, in good health, and of sound mind, make the decisions that only you can make. Take pride in yourself, honor your own legacy, and leave behind a clear path that leads to a death and a celebration of life that you planned, freeing ever yone you love to grieve, to remember, to give thanks for you and for what you will always mean to ever yone who loves you.

Don’t be afraid. Make the call.

You will find strength in doing this for yourself so that no one else has to, and it will give new meaning, purpose, and perspective to your life, which you are far from finished living.

Do this for you and for ever yone you love.

What a wonderful last gift to give?!

Dr. Jonathan Eric Carroll, KLPC, NCPC, NCCE, Fellow (AAPC), is a mental health professional, and is the Clinical Director and Lead Therapist at The Clinic @ The Montgomery in downtown Owensboro. He also serves as the Executive Director of Grief Counseling at Haley-McGinnis Funeral Home.

Visit www.themontgomeryclinic.com and www.haleymcginnis.com.

“Life gets complicated; how can complicated; money I keepLife upgets with the estate taxis tight. I need to get smarter about law changes everyone is talking about?ourI finances need a–plan to protect and taxes.

Not just my family and someone to help for April 15th, but for our future. me make the right decisions.”

Alexander spends years preparing for moments just like these.

For tax & financial advice based on exceptional knowledge, experience & education, ask Alexander.

•Need help planning your estate? Ask Alexander •Does your estate plan need amending? Ask Alexander •Looking for gifting strategies? Ask Alexander •Do loved ones need assistance with daily finances and business duties? Ask Alexander •Need Estate and Trust tax preparation? Ask Alexander

2707 Breckenridge St., Suite 1 270-684-3237

Serving Owensboro for over 90 years

Sign up for our newsletter www.acocpa.net

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Messenger-Inquirer Friday, May 11, 2018

Estate plans can include an auction

BY BILL KURTZ, CAI

• Well-advertised, professionally conducted auctions achieve their fair market value for both real and he more instructions and personal property. Gone are the days directives an executor has, the when auctions were used only in dire better they can carry out the situations. Today, not only fine art, wishes of the deceased. More people, collector cars and thoroughbreds in their desire to have a smooth bring record prices but real estate of estate settlement, are all kinds, sold at auction, specifically instructing hit the mark with good For generations, their executor in their the auction has been prices as well. will to auction their real • If time is important, the preferred sale and personal property. an auction can serve method for hundreds an executor well. They For generations, the auction has been the can avoid a property of thousands of preferred sale method for estates, their homes, languishing on the hundreds of thousands market for months — farms, businesses and even years. This extra of estates, their homes, personal property. farms, businesses and holding time means that personal property. There the beneficiaries pay are several reasons why people more taxes, insurance and upkeep and include the directive to auction their they lose of the use of the proceeds. property in their wills: The marketing period for auctions is • Many things are difficult to divide about five weeks.

— houses, farms, even mementos. It is • Auctions foster better relations much easier to divide the money than among the heirs and family members. the real or personal property.

Everybody has an equal opportunity

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KURTZ AUCTION & REALTY COMPANY AUCTION EXCELLENCE SINCE 1945

BILL KURTZ

to buy from the estate. Without an auction, family members can have conflict over the smallest thing that someone else received. Decisions and sales of property done “behind closed doors” can bring about

mistrust and misunderstanding.

Auctions are fair, not only to the heirs and family members but also, in the case of farmland, fair to neighboring landowners and tenant farmers.

Everybody has an equal opportunity to own the property.

• Auction firms provide a complete service. It includes the sale of real and personal property of all kinds. Many executors contract with the auction firm to sell it all in most cases. The executor simply drops off the keys.

The auction firm prepares the real estate and personal property to be sold, advertises the auction by print and internet media, signage and other methods, holds open house inspections, assets prospects with loans, conducts the auction, closes the transaction and delivers the proceeds to the executor with full accounting.

When one considers these facts, it just makes good business sense to choose an auction firm with an experienced staff and a long track record of selling estate property.

“Estate Auction Specialists Since 1945”

www.kurtzauction.com

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Friday, May 11, 2018 Messenger-Inquirer

ESTATE PLANNING

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Messenger-Inquirer Friday, May 11, 2018

The ‘Elder Advantage Tips for Standard’ of Medicaid planning caring for your aging H

BY NICOLE HAWKINS

The “Elder Advantage Standard” means doing more than just “earning a fee” — it means earning your RESPECT. ave you wondered what the We have been handling cases just like difference is between Elder yours for over fifteen years and have Advantage and other firms that may claim to “provide the same service” countless testimonials of happy clients to prove it. We take this task seriously — it either at a lower cost or perhaps with a is a mission for us. I tell my team often shiny title attached to their name (such that our mission in our business is not as “elder law” or “done right”)? The simply to “do a job” or “earn a fee,” but difference is the standard to which our to change lives. The work that we do will employees are held — not just by our make the difference, at times, between a company — but also by themselves. family losing everything (including their The “Elder Advantage Standard” means working with qualified attorneys minds, maybe) or saving everything.

Often, the result is somewhere in for legal services when necessary for between. Yet, we will persevere. We our clients — seeking out the best know what is necessary to help you, services available in the field. It means and we know that you are tired. We treating your family with compassion understand. and understanding — knowing that The “Elder Advantage Standard” you are experiencing one of the most difficult times in your life caring for your means giving away thousands of dollars in services to needy clients and their aging loved ones. families each year because, sometimes, To say that handling your loved one’s assets (and health care decisions) that is the right thing to do. It is the right thing to do to contribute to our in the face of a need for long-term community, by volunteering and being care is “difficult” is a tremendous a sponsor year after year for the Walk understatement. The daughters, sons, to End Alzheimer’s and to contribute wives, husbands and, many times, books to the local Alzheimer’s support grandchildren and in-laws that have group. Contributing to our community, either undertaken this task or tried to our state and our country in tangible assist someone else to do the same ways that affect the lives of many, even if can affirm that this is one of the most they are only seen by a few — THAT is difficult and emotionally exhausting “Elder Advantage Standard.” journeys that a person is likely to As the founder of Elder Advantage, encounter in life.

LLC and a firm believer in the “Elder So to all of those caregivers and Advantage Standard,” I can tell you that stand-in financial quarterbacks — we attorneys across the state (and in several want you to know — we hear you, and states other than Kentucky) frequently we are committed to bringing you not come to us for advice on handling only knowledge, but also compassion and hands on assistance. We understand Medicaid and asset protection situations — because, not only is this field of how time consuming this project administrative law not typically taught can be, to manage the income, bills in law school, but it is also very sparsely and resources of an entirely separate studied in continuing legal education household in addition to your own. courses. Just like many fields in which We understand how exhausting it is both laws and administrative regulations to work a full-time job and still have to are heavily relied upon (think “income make sure that home caregiver shifts tax law”), putting the term “attorney at are covered, medicines are correctly distributed and doctor appointments are law” after your name does not make you an expert in that field, and neither does scheduled and attended as needed. naming your firm after it.

With all of this on your plate, the For example, would you be more added stress of the extreme cost of long term care for your loved one — whether likely to see a practitioner who named his firm “Whosit Property Law” when they are in a nursing facility or at home you need advice about your property — can be overwhelming.

PRESIDENT AND CEO, ELDER ADVANTAGE, LLC

line dispute? Of course, you would!

You might assume that with a firm named “Whosit Property Law” that the founding attorney (or other employees that work there) have some expertise in “property law.” Well, you might be surprised to know that working at a firm that is named “Whosit Property Law” does NOT necessarily mean that Mr. Whosit (or his employees) have any particular skills in the property law field. It is just the name of his firm.

Why would someone give a firm such a misleading name? I will leave you to your own conclusions. Do your homework and see if you can find many years’ worth of satisfied clients and facilities that are happy with that practitioner — whether said entity is an attorney or not — and ask plenty of questions. Knowing your options — that is an “Elder Advantage Standard.”

It is important to seek out support from groups and advisors who can identify with your unique struggles and also offer advice and counsel that will lift your spirits and lighten your burden.

Helen Keller once said, “Walking with a friend in the dark is better than walking alone in the light.” This is also true of the struggle of this extremely difficult time in life, caring and planning for a loved one.

There is a difference between having some experience in a field of study (including Medicaid Planning) and being the sought-after expert. Elder Advantage, LLC is well known for our innovative and aggressive advocacy on behalf of our clients — and we would not have it any other way. THAT is The “Elder Advantage Standard.”

Nicole Hawkins is the founder, president and CEO of Elder Advantage, LLC and an Accredited Agent with the Department of Veterans Affairs. She is also a Certified Senior Advisor (CSA) in good standing with the Society of Certified Senior Advisors and former Owensboro Walk to End Alzheimer’s Chairman. She has been a featured speaker at the Estate Planning Council of Owensboro multiple times as well as the Kentucky Gerontology Association and continues to be involved with Alzheimer’s support groups and other charity organizations.

parents

BY SHANNON RAINES

C

MBA, FA, CRPS (CHARTERED RETIREMENT PLAN SPECIALIST), HILLIARD LYONS

aring for your aging parents is something you hope you can handle when the time comes, but it’s the last thing you want to think about. Whether the time is now or somewhere down the road, there are steps that you can take to make your life (and theirs) a little easier.

Some people live their entire lives with little or no assistance

BY SHANNON RAINES from family and friends, but today, Americans are living longer than ever before. It’s always better to be prepared.

MOM? DAD? WE NEED TO TALK

The first step you need to take is talking to your parents. Find out what their needs and wishes are. Here are some things that you may need to talk about: • Long-term care insurance: Do they have it? If not, should they buy it?

• Living arrangements: Can they still live alone, or is it time to explore other options?

• Medical care decisions: What are their wishes, and who will carry them out?

• Financial planning: How can you protect their assets?

• Estate planning: Do they have all of the necessary documents (e.g., wills, trusts)?

• Expectations: What do you expect from your parents, and what do they expect from you?

SEE PARENTS/PAGE 18

Friday, May 11, 2018 Messenger-Inquirer

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OWENSBORO ESTATE PLANNING COUNCIL King Solomon said that in an abundance of counselors one finds both victory and safety. His advice reflects the goal that the Owensboro Estate Planning Council strives to achieve by encouraging and mentoring one another.

For more than 50 years, this group of professional advisors has met regularly to study and educate themselves on a variety of estate planning subjects.

Gordon Wilkerson President

Jennifer Rone Vice President

Call us today with your questions, needs and estate planning concerns.

Nick Volk Treasurer

INVESTMENT ADVISORS & FINANCIAL PLANNERS

ATTORNEYS Jesse Mountjoy

Nick Volk

Cindi Ashley Bosley

John D. Meyer

Russel Jones

Marcus W. Bosley

SULLIVAN, MOUNTJOY, STAINBACK & MILLER 100 St. Ann St. 270-926-4000 • jmountjoy@smsmlaw.com MEYER & MEYER, LLP 100 East Veterans Boulevard 270-926-2621 • jdmeyerlaw@bellsouth.net

K. Timothy Kline

SULLIVAN, MOUNTJOY, STAINBACK & MILLER 100 St. Ann St. 270-926-4000 • tkline@smsmlaw.com

Mark W. Starnes

SULLIVAN, MOUNTJOY, STAINBACK & MILLER 100 St. Ann St. 270-926-4000 • mstarnes@smsmlaw.com

Matt Tierney

STEVENSON & TIERNEY 100 West Third St., Suite 302 270-688-8500 mctierneyatty@bellsouth.net

Michele Cecil

CASLIN & CECIL 3201 Alvey Park Dr. 270-684-8400 Michelececil@caslin.org

Hollie Lindsey

Foreman • Watson • Holtrey, LLC 530 Frederica St. 270-298-7435 hlindsey@fwhlegal.com

THACKER, HODSKINS & KNIGHT, LLP 209 W. 4th St. 270-926-4500 nvolk@thkllp.com Lifetime Member Retired

Scott Plain, Jr.

401 Frederica St., Suite 204D 270-926-2525 • wwp1@bellsouth.net

Sean Land

Wilson Hutchinson & Littlepage 611 Frederica Street (270) 926-5011 sean.land@whplawfirm.com

Tom Neal

THOMAS E. NEAL, PLLC 530 Frederica St. 270-926-9911 tomneal1554@gmail.com

Thomas J. Meyer

MEYER & MEYER, LLP 100 East Veterans Boulevard 270-926-2621 tommeyerlaw@bellsouth.net

Worth Mountjoy

SULLIVAN, MOUNTJOY, STAINBACK & MILLER 100 St. Ann St. 270-926-4000 wmountjoy@smsmlaw.com

ASHLEY WORTH, LLC 1601 Frederica St. 270-686-7671 cbosley@financialguide.com

MARCUS W. BOSLEY & ASSOCIATES, INC. 1601 Frederica St. 270-686-7671 mbosley@financialguide.com

Phil Clark

FINANCIAL FREEDOM PARTNERS, LLC 101 East 2nd Street, Suite 200 270-686-8114 • phil@ffponline.net

Tara Estes

HILLIARD LYONS 1035 Frederica St., Suite 100 270-926-4747 • tbestes@hilliard.com

Rick Hobgood

HILLIARD LYONS 1035 Frederica Street Suite 100 270-926-4747 • RHobgood@hilliard.com

Larry O’Bryan

HILLIARD LYONS 1035 Frederica Street, Suite 140 270-926-4747 • LOBryan@hilliard.com

Heath Greenwell

Align Wealth Management Ameriprise Financial Services, Inc. 2708 New Hartford Rd. 270-684-8424 Health.b.greenwell@ampf.com

Greg Longtine

WELLS FARGO ADVISORS 1925 Frederica St., Suite 100 270-684-6823 gregory.longtine@wfadvisors.com

Greg Moore

RIVERCITY ASSET MANAGEMENT, LLC RINEY, HANCOCK CPAs, PSC 2900 Veach Rd. 270-926-4540 GMoore@RineyHancock.com

Shannon Yeand Raines

HILLIARD LYONS 1035 Frederica Street, Suite 100 270-926-4747 • sraines@hilliard.com

Joshua E. Miller

NORTHWESTERN MUTUAL 100 W. 3rd Street, Suite 301 270-663-0607 • joshua.e.miller@nm.com

Gordon Wilkerson

WELLS FARGO ADVISORS 1925 Frederica St., Suite 100 270-684-6823 gordon.wilkerson@wfadvisors.com

Randal King

INDEPENDENCE BANK 2425 Frederica St., P.O. Box 948 270-688-0591 • randal.king@invpro.com

Christina Vittitow O’Bryan Mitch Settle BEACON ASSET MANAGEMENT 4075 Pine Lake Court 270-688-0840 Christina@Beaconassetmanagement.com

Bo Ivey

HILLIARD LYONS 1035 Frederica St., Suite 100 270-926-4747 bivey@hilliard.com

HILLIARD LYONS 1035 Frederica Street, Suite 100 270-926-4747 • msettle@hilliard.com

Lisa Schmidt

HILLIARD LYONS 1035 Frederica Street, Suite 100 270-926-4747 • lschmidt@hilliard.com

CERTIFIED PUBLIC ACCOUNTANTS

TRUST OFFICERS

1826 Lexington Ave. 270-683-3272 • fittsclark@aol.com

BB&T INDEPENDENCE BANK INDEPENDENCE BANK 100 West Third St. 2425 Frederica St., P.O. Box 948 2425 Frederica St., P.O. Box 948 270-689-2551 • dbarany@bbandt.com 270-689-9861 • jrone@1776bank.com 270-689-9861 rhayden@1776bank.com

Martha Clark Jeff Ebelhar

EBELHAR WHITEHEAD, PLLC 100 West 3rd St., Suite 200 270-926-2922 • jebelhar@ew-cpa.com

Pamela M. Hagan

RINEY, HANCOCK CPAs PSC 2900 Veach Rd., Suite 2 270-926-4540 • phagan@rineyhancock.com

Joe Hayden

HAYDEN & CO., P.S.C. 404 West 7th St. 270-684-8826 • joehaydencpa@bellsouth.net

Jerry Keller

ALEXANDER & COMPANY 2707 Breckenridge St., Suite 1 270-684-3237 • jekeller@acocpa.net

Joshua D. Meyer

EBELHAR WHITEHEAD, PLLC 100 West 3rd St., Suite 200 270-926-2922 • jmeyer@ew-cpa.com

Rebecca R. Whitehead

EBELHAR WHITEHEAD, PLLC 100 West 3rd St., Suite 200 270-926-2922 • rwhitehead@ew-cpa.com

Michael R. Wurth

CLEMENS, GUTHRIE & WURTH, LLP 123 West 4th St., Suite 201 270-684-6271 • mike@cgwcpa.com

Debra Barany

Jennifer Rone

Alan Hamilton

Josh Searcy

INDEPENDENCE BANK 2425 Frederica St., P.O. Box 948 270-689-9861 ahamilton@1776bank.com

Dylan Cecil

INDEPENDENCE BANK 2425 Frederica St., P.O. Box 948 270-689-9861 dcecil@1776bank.com

Gerald Saunders

INDEPENDENCE BANK Retired

INDEPENDENCE BANK 2425 Frederica St., P.O. Box 948 270-689-9861 jsearcy@1776bank.com

Steve Divine

INDEPENDENCE BANK 2425 Frederica St., P.O. Box 948 270-688-0591 sdivine@1776bank.com

Patty Drury Ray

INDEPENDENCE BANK 2425 Frederica St., P.O. Box 948 270-689-9861 • pray@1776bank.com

Ruben Hayden Tom Lilly

Old National BANK 123 West 4th St. 270-686-3068 tom.lilly@oldnational.com

10 ESTATE PLANNING

Messenger-Inquirer Friday, May 11, 2018

How to plan your funeral in advance

BY WILLIAM T. BOYLE III

E

PRESIDENT, JAMES H. DAVIS FUNERAL HOME & CREMATORY

very year millions of Americans arrange their funerals in advance and make estate plans to provide instructions for their heirs. After a death occurs, the funeral takes place before the will is read, before an executor is appointed and before any part of the estate plan takes shape. Funeral instructions should not be left in the will because the will, sometimes, is not even located until after the funeral is over. Therefore, it is important for the funeral to be planned ahead of time so that one’s wishes are expressed and the financial obligations are already provided for.

Advanced funeral planning allows people to choose a funeral home, understand choices between burial and cremation, explore their options of a ceremony, decide on a final resting place, discuss costs and set up a plan to ensure they will have the funeral the way they choose.

Choosing a funeral home might involve

inspection of the funeral casket, a memorial home facilities and staff service with an urn to see if they meet your or no service at all. approval. Here are some Services followed by questions you might ask burial could also be yourself: traditional, or limited in • Does the funeral time, or no service at all. home do good work?

The type of disposition • Is the funeral home you choose does not locally owned? dictate the type of • Are the facilities service. clean and presentable?

When planning a • Is the food service funeral, you will work area adequate? with your funeral • Will the funeral director to explore the home allow you to options of the ceremony.

WILLIAM T. BOYLE III bring in old photos or The service might be a personal items? traditional ceremony, or • If you choose cremation, where is the a creative expression that is personalized to crematory they use? honor the deceased. Personalization could Deciding between burial and cremation be as simple as displaying old photos or may be something you have already having military honors, or as elaborate as a thought about. No matter which you New Orleans-style funeral. choose, there are many options for the Another part of planning is choosing type of service that can precede the final a final resting place. Some choose burial disposition. Cremation services could be in a cemetery plot or mausoleum, while a traditional public viewing with a rental others might prefer cremation and may or

may not choose to have the urn placed in a final resting place. Exploring your options in advance is better than making a rushed decision at the time of need.

Once you have explored the options, the next step is to discuss the costs.

Most folks have little experience with funeral expenses, so now is a good time to understand it. Inflation increases these costs over time, and average funeral prices have tripled in the last 15 years. Paying for your funeral in advance can offset the cost of inflation so you pay at today’s lower price.

Your funeral service professional can help you with a payment plan to fit your budget.

You can also use existing life insurance to pay for funeral expense, but be advised that in most cases it won’t “lock in” any prices.

Make sure you understand the funding method you have chosen, and if you don’t, ask your funeral service professional to explain it again to you or a family member.

Arranging and funding your funeral ahead of time will take away uncertainty about your wishes, eliminate potential disagreements and ease concerns of financial obligation.

Serving You Yesterday, Today and Tomorrow

Independence Bank – Trust and Investment Services Personal and professional services tailored to meet your financial needs.

Our team of experts can assist you with planning, asset management and estate & trust administration for now and generations to come.

CHARITABLE TRUSTS FINANCIAL CONSULTING INSURANCE & ANNUITIES ESTATE ADMINISTRATION TRUST SERVICES RETIREMENT PLANNING WEALTH MANAGEMENT LEGACY PLANNING Front Row, L-R: Ruben Hayden, Patty Drury-Ray, Jennifer Rone, Josh Searcy, Kathryn Wilson.

Back Row, L-R: Randal King, Alan Hamilton, Dylon Cecil, Steve Divine.

Securities & Advisory Services offered through Investment Professionals, Inc.

2425 Frederica Street • 270-689-9861 • 1776bank.com

Member FINRA & SIPC

NO BANK GUARANTEE | NOT A DEPOSIT | NOT FDIC INSURED | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | MAY LOSE VALUE All Securities and Investment Advisory Services offered through Investment Professionals, Inc. (IPI), a Broker/Dealer, member FINRA/ SIPC and a Registered Investment Advisor. The investment services offered by IPI under the name Independence Financial Services are not offered by Independence Bank of Kentucky, nor is Independence Bank of Kentucky a registered broker/dealer. Independence Bank of Kentucky is not affiliated with IPI.

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If you are privately paying for a nursing home for your loved ones, you need the proven and trusted experience of Elder Advantage on your side. We can help to save your assets even if you are already in a nursing home situation.

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12 ESTATE PLANNING

Messenger-Inquirer Friday, May 11, 2018

Leave a legacy of health and well-being

BY J. PATRICK “PAT” SEREY

I

EXECUTIVE DIRECTOR, OWENSBORO HEALTH FOUNDATION P.O. BOX 22505 OWENSBORO, KY 42304 OFFICE: 270-688-2136

f you could provide a gift to improve the health and overall quality of life for our local communities, what would it be? Who would you engage to carr y out your wishes? And when would you make that gift?

These are impor tant questions and ones many of us ask as we are talking over legacy goals with spouses or children and putting together estate planning documents.

One impactful way to make your gift includes creating a charitable bequest in your will for Owensboro Health Foundation — the philanthropic arm of Owensboro Health that is making a meaningful dif ference in the lives of your family members, friends and neighbors.

In calendar year 2017, the Owensboro Health Foundation funded 30 programs that helped 5,823 persons in our region — some of the most vulnerable among us — through dif ficult times in their lives.

These individuals include those without insurance or even who are underinsured, bereaved parents, children with asthma and families experiencing medical crises.

So you ask, what would a bequest Then there are the new mothers look like in my estate plan? A bequest and fathers, children admitted to is simply a designation in your will in the Owensboro Health Regional any number of ways Hospital for — a specific sum of emergency ser vices, So you ask, what would a money, a percentage surger y or pediatric bequest look like in my your estate, a gift care. estate plan? A bequest is of of particular assets Low-income simply a designation in your (such as shares of cancer patients with stock) or perhaps chronic lung ailments will in any number of ways or cancer patients — a specific sum of money, the remainder of your estate after who cannot afford a percentage of your distributions are their medicines also made to loved ones. receive help from the estate, a gift of particular You may foundation, as well assets (such as shares of also choose to as cancer sur vivors stock) or perhaps the make charitable enrolled in aftercare remainder of your estate designations programs. after distributions are when you name And the list of beneficiaries for your those we help goes made to loved ones. insurance policies or on and on. We would retirement accounts. enjoy the opportunity to visit with By including Owensboro Health you and share specific examples and Foundation in your estate plan you stories.

have the flexibility to alter your gift should your circumstances change.

And, in conversations with your advisers, you may learn of possible tax benefits in your particular situation for yourself or your heirs.

The opportunity to leave a legacy of health and wellbeing for our region comes once in a lifetime.

Please consider including Owensboro Health Foundation in your will and, as such, becoming a member of our Heritage Circle through which your generosity and kindness will be recognized.

If you are interested in learning more about giving opportunities with Owensboro Health Foundation, or if you have already included us in your estate plan, I welcome the opportunity to visit with you.

Please contact me at pat.serey@ owensborohealth.org or (270) 688-2136.

Owensboro Health Foundation recommends carefully reviewing the terms of your will and other estate planning documents with a professional trained in handling trusts and estates.

Summer Day Camp Registration

Friday, May 11, 2018 Messenger-Inquirer

ESTATE PLANNING

The winter of 2015 brought Mary a cancer diagnosis.

The next summer, she found encouragement, hope & healing in her LifeSpring cancer support group.

Owensboro Health Foundation funds health-related projects that are making a difference in people’s lives. Those like Care Bears for Kids, Hospitality Suites and the LifeSpring cancer support program, where cancer survivors like Mary and Janet are found encouraging each other forward – and through – what was once their greatest fear.

Join those who are realizing that ‘To Give…is to Receive.’

A simple donation is all it takes to make someone’s day: Yours.

Please remember Owensboro Health Foundation in your will. For consultation, please call 270-688-2113.

13

14 ESTATE PLANNING

Messenger-Inquirer Friday, May 11, 2018

How to ‘stretch’ your IRA over several generations

BY R. MITCH SETTLE

a large sum of money. In addition to a solid retirement, they planned a nice estate for their son Alex (age 45) and his family consisting of his wife Megan (age 42) and their he Stretch IRA is a wealth transfer strategy that gives you the opportunity to “stretch” your IRA over several daughter Emma (age 16).

Knowing that Alex and his family would be fine with future generations. As an IRA owner, you are typically the estate prepared for them, John and Betty required to begin taking distributions from want to do something specifically for their your IRA at age 70.5. If you have inherited only grandchild, Emma. John decides to someone else’s IRA and you are not the leave one of his IRAs worth approximately surviving spouse, you are generally required $150,000 directly to Emma, naming her the to take distributions each year regardless of primary beneficiary. He takes his required your age. minimum distributions from other IRAs in Most IRA owners name their spouse order to leave the full balance of the IRA for as the primary IRA beneficiary, with Emma untouched. their children being named as contingent At age 79, John passes away and Emma beneficiaries. While there is nothing wrong (now 20) inherits the IRA worth $200,734. with this strategy, it might require the spouse Emma is required to take minimum to take more taxable income from the IRA distributions from the IRA since she is a than what is really needed. If income needs non-spouse beneficiary. Emma receives are not an issue for the spouse and children, R. MITCH SETTLE approximately $3,200 in the first year and then naming younger beneficiaries (such as grandchildren or great-grandchildren) allows you to stretch continues to take distributions each year. By taking only the RMD amount, she is able to enjoy supplemental income the value of the IRA out over generations. This is possible while potentially increasing the IRA balance to $815,513 because grandchildren are younger and their required minimum distribution (RMD) figure will be much less (see when she reaches her retirement age of 65. (This example following example and related graph — source: Sungard). assumes a 6% annual return, which may or may not be achieved due to market fluctuations.)

John (age 75) and his wife Betty (age 72) worked John’s decision to leave his IRA to Emma allows for together as successful business owners of a phone answering service company. They saved well and amassed many years of tax-deferred growth, boosting Emma’s

T

WEALTH ASSOCIATE, HILLIARD LYONS

retirement savings while providing additional income to Emma in her working years as well.

We recognize that each client’s investment needs and goals are different. This illustration does not take into account the particular investment objectives, financial situation or needs of individual investors. No guarantee is made as to the reasonableness of the assumptions. Past performance may not be indicative of future performance and we make no representation that historical prices or returns will be achieved in the future.

Mitch Settle is a Registered Wealth Associate with Hilliard Lyons. To contact him, call (270) 926-4747 or email at MSettle@ hilliard.com.

Your Trusted Family Wealth Advisors.

■ Estate Estate Planning Planning

■■ Charitable CharitablePlanning Planning

■ Wealth WealthTransfer Transfer

■■ 'ORNQ[GG $GPGƒVU Employee Benefits

WealthAccumulation Accumulation ■■ Business BusinessSuccession Succession ■ Wealth

Tara Estes RegisteredSales Sales Registered Assistant Associate

Shannon Raines, CRPS®

R. Mitch Settle, CWA®

Financial Associate

Senior Vice President Wealth Advisor

Jennifer Wathen

Sydney Settle

Registered Sales Sales Registered Associate Associate

ClientService Service Client Associate Associate

1035 Frederica St. | Suite 100 Owensboro Kentucky 42301 270.926.4747 | 800.588.1598

J.J.B. Hilliard, W.L. Lyons, LLC | Member NYSE, FINRA, & SIPC

settlewealth.hilliard.com

Settle Wealth Advisors

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ESTATE PLANNING

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ALEXANDER THOMPSON ARNOLD PLLC 1735 Frederica Street • Owensboro, KY 42301 (866) 827-1577 • www.atacpa.net

Front Row - Richard Campbell, Partner/Member, CPA, CVA, CEPA, CGMA Back (L to R) - Kris Kemp, Partner/Member, CPA; Mac Neel, Partner/Member, CPA, CFE; Brian Crafton, Partner/Member, CPA, CGMA

OUTSOURCED ACCOUNTING SERVICES | ASSURANCE SERVICES BUSINESS VALUATION SERVICES | EMPLOYEE BENEFITS PLAN SERVICES HUMAN RESOURCES & IT CONSULTING | TAX PREPARATION PLANNING & CONSULTING SERVICES | SSAE18

YOUR LONG TERM ACCOUNTING PARTNER

16 ESTATE PLANNING

Messenger-Inquirer Friday, May 11, 2018

Understanding long-term care insurance

BY TARA B. ESTES

I

t’s a fact: People today are living longer. Although that’s good news, the odds of requiring some sort of long-term care increase as you get older.

And as the costs of home care, nursing homes, and assisted living escalate, you probably wonder how you’re ever going to be able to afford long-term care. One solution that is gaining in popularity is long-term care insurance (LTCI).

WHAT IS LONG-TERM CARE?

Most people associate long-term care with the elderly. But it applies to the ongoing care of individuals of all ages who can no longer independently perform basic activities of daily living (ADLs) — such as bathing, dressing, or eating — due to an illness, injury, or cognitive disorder. This care can be provided in a number of settings, including private homes, assisted-living facilities, adult day-care centers, hospices and nursing homes.

WHY YOU NEED LONG-TERM CARE INSURANCE (LTCI)

Even though you may never need long-term care, you’ll want to be prepared in case you ever do, because long-term care is often very expensive.

Although Medicaid does cover some of the costs of long-term care, it has strict financial eligibility requirements — you would have to exhaust a large portion of your life savings to become eligible for it. And since HMOs, Medicare and Medigap don’t pay for most long-term care expenses, you’re going to need to find alternative ways to pay for long-term care.

One option you have is to purchase an LTCI policy.

However, LTCI is not for everyone.

Whether or not you should buy it depends on a number of factors, such as your age and financial circumstances.

Consider purchasing an LTCI policy if some or all of the following apply: • You are between the ages of 40 and 84 • You have significant assets that you would like to protect • You can afford to pay the premiums now and in the future • You are in good health and are insurable

• Pre-existing conditions: The waiting period (e.g., six months) imposed before coverage will go into effect regarding treatment for pre-existing conditions.

• Other exclusions: Whether or COMPARING LTCI POLICIES Before you buy LTCI, it’s important not certain conditions are covered (e.g., Alzheimer’s or Parkinson’s disease). to shop around and compare several • Premium increases: Whether or policies. Read the Outline of Coverage not your premiums will increase during portion of each policy carefully, and the policy period. make sure you understand all of the • Guaranteed renewability: The benefits, exclusions, and provisions. opportunity for you to renew the policy Once you find a policy you like, be and maintain your coverage despite any sure to check insurance company changes in your health. ratings from services such as A. M. • Grace period for late payment: Best, Moody’s, and Standard & Poor’s The period during which the policy will to make sure that the company is remain in effect if you are late paying financially stable. the premium.

When comparing policies, you’ll • Return of premium: Return want to pay close attention to these of premium or nonforfeiture benefits common features and provisions: if you cancel your policy after paying • Elimination period: The period of time before the insurance policy will premiums for a number of years.

• Prior hospitalization: Whether begin paying benefits (typical options range from 20 to 100 days). Also known or not a hospital stay is required before you can qualify for LTCI benefits. as the waiting period.

When comparing LTCI policies, you • Duration of benefits: The may wish to seek assistance. Consult limitations placed on the benefits you can receive (e.g., a dollar amount such a financial professional, attorney, or accountant for more information. as $150,000 or a time limit such as two years).

• Daily benefit: The amount of WHAT’S IT GOING TO COST? coverage you select as your daily There’s no doubt about it: LTCI is benefit (typical options range from $50 often expensive. Still, the cost of LTCI to $350). depends on many factors, including the • Optional inflation rider: type of policy that you purchase (e.g., Protection against inflation. size of benefit, length of benefit period, • Range of care: Coverage care options, optional riders). Premium for different levels of care (skilled, cost is also based in large part on intermediate, and/or custodial) in your age at the time you purchase care settings specified in policy (e.g., the policy. The younger you are when nursing home, assisted living facility, at you purchase a policy, the lower your home). premiums will be. necessary. Others will also offer benefits for cognitive or mental incapacity, demonstrated by your inability to pass certain tests.

CLIENT SERVICE ASSOCIATE HILLIARD LYONS

TARA B. ESTES

HOW DOES LTCI WORK?

Typically, an LTCI policy works like this: You pay a premium, and when benefits are triggered, the policy pays a selected dollar amount per day (for a set period of time) for the type of long-term care outlined in the policy.

Most policies provide that certain physical and/or mental impairments trigger benefits. The most common method for determining when benefits are payable is based on your inability to perform certain activities of daily living (ADLs), such as eating, bathing, dressing, continence, toileting (moving on and off the toilet), and transferring (moving in and out of bed). Typically, benefits are payable when you’re unable to perform a certain number of ADLs (e.g., two or three).

Some policies, however, will begin paying benefits only if your doctor certifies that the care is medically

JONES INSURANCE AGENCY 724 Time Dr. • Owensboro, KY

270-691-9100 www.joneswoolfolkins.com

AUTO-HOME-FARM-BUSINESS LIFE-HEALTH

Furniture with a Future Tom Blue Furniture & Sleep Shop 2737 Veach Rd. • Mon.-Sat. 9 am-5 pm • 270-683-4921 • www.tomblue.com

Friday, May 11, 2018 Messenger-Inquirer

ESTATE PLANNING

17

Preplan with full confidence, without pressure

BY GLENN FUNERAL HOME AND CREMATORY

I

t’s remarkable how something so simple can become so complicated. It doesn’t have to be that way, and at Glenn Family Services, it’s not.

That’s because preplanning with Glenn Family Services is a straight-forward process that requires nothing more than a bit of your time. Planning today provides the luxury of time; time to think it over, time to discuss it with your family, a friend, your trusted advisors.

Glenn Family Services encompasses both Glenn Funeral Home & Crematory and Owensboro Memorial Gardens Cemetery & Mausoleum. Together, our two companies provide your family with a full range of service options.

You deserve the care and attention of those who listen carefully, suggest thoughtfully and guide with concern and openness. Those who truly want to know what you find important and meaningful.

You’ll find our planning specialists to be knowledgeable professionals who are fully committed to our policies of straight talk, honest information, direct answers and never ever any pressure.

Never.

Ever.

You should expect from us the widest range of traditional, contemporary and creative farewells,

each thoughtfully planned around that which is most important to you and your family.

We are your exclusive providers of Meaningful Farewells™, uniquely personal tributes honoring the stories of a lifetime.

Payment options are flexible for Glenn Funeral

Home and Owensboro Memorial Gardens. Payment may be made all at once or over time.

Like everything here, it’s up to you.

Our attitude is clear.

If you’re pleased, we’re pleased.

Simple as that.

18 ESTATE PLANNING

Messenger-Inquirer Friday, May 11, 2018

PARENTS

FROM PAGE 8

PREPARING A PERSONAL DATA RECORD

Once you’ve opened the lines of communication, your next step is to prepare a personal data record. This document lists information that you might need in case your parents become incapacitated or die. Here’s some information that should be included: • Financial information: Bank accounts, investment accounts, real estate holdings • Legal information: Wills, durable power of attorneys, health care directives • Funeral and burial plans: Prepayment information, final wishes • Medical information: Health care providers, medication, medical history • Insurance information: Policy numbers, company names • Adviser information: Names and phone numbers of any professional service providers • Location of other important records: Keys to safe-deposit boxes, real estate deeds Be sure to write down the location of documents and any relevant account numbers. It’s a good idea to make copies of all of the documents you’ve gathered and keep them in a safe place.

WHERE WILL YOUR PARENTS LIVE?

If your parents are like many older folks, where they live will depend on how healthy they are. As your parents grow older, their health may deteriorate so much that they can no longer live on their own.

At this point, you may need to find them in-home health care or health care within a retirement community or nursing home.

Or, you may insist that they come to live with you.

RICK HOBGOOD SR Vice President Financial Consultant JEREMY EDGE Vice President Financial Consultant SUSAN CLARK Registered CSA II TAYLOR HOBGOOD Registered CSA

GET SUPPORT AND ADVICE

Don’t try to care for your parents alone.

Many local and national caregiver support groups and community services are available to help you cope with caring for your aging parents. Some of the services available in your community may include: • Caregiver support groups and training • Adult day care • Respite care • Guidelines on how to choose a nursing home • Free or low-cost legal advice Once you’ve gathered all of the necessary information, you may find some gaps. You may wish to consult an attorney or other financial professional whose advice both you and your parents can trust.

Life has been good so far.

But what happens after “so far?”

You’ve had a great career. The kids are through college. The mortgage is paid off. Things are going well. But what happens when it’s time to retire? Hilliard Lyons can help with a solid plan designed to fit your current needs and meet your future objectives. Talk to us today.

Shannon Raines is a Registered Financial Associate with Hilliard Lyons. To contact her, call (270) 926-4747 or email SRaines@hillaird.com.

The Hobgood Financial Group of Hilliard Lyons 1035 Frederica Street Owensboro, KY 40507 270-926-4747

Securities are offered through J.J.B. Hilliard, W.L. Lyons, LLC | Member NYSE, FINRA, & SIPC

Timing Counts When It Comes to Your Social Security Benefit Social Security can be one of your most valuable retirement assets. The decision of when you start taking your benefit impacts how much you’ll receive.

Call or visit today, and learn how your decision impacts your overall retirement income strategy.

IRT-7557C-A

Final decisions about Social Security filing strategies always rest with you and should always be based on your specific needs and health considerations. For more information, visit the Social Security Administration website at www.socialsecurity.gov.

Tycen R Brock Rusty Burton, AAMS® 2200 East Parrish Ave 2900 Veach Road Ste 1 Bldg C LL109 270-926-9700 Rusty Burton, AAMS® 270-926-7454 Mary G Embry, CFP®, Dathan RFinancial Deisher Advisor AAMS® 2806 New. Hartford Rd 3811 Highway 54 Suite 104 270-684-9738 2900 Veach Road Ste 1 270-684-2316 David W Owensboro, Renshaw, AAMS® KY Tracy 42303 B Thacker, AAMS® 1115 Tamarack Suite 900270-926-9700 201 West 2nd Street 270-684-5722 270-684-4150

Robynn J Clark 4921 Goetz Dr Suite 6 270-240-2968 Katie Kolonich 3811 Highway 54 Suite 104 270-684-2316 Kevin J Young 1605 Scherm Rd Suite 2 270-926-9516

Grant Collins, CRPC® 1401 C Spring Bank Dr Ste 201 270-926-3626 Brooke Obermann 2601 W Parrish Ave Suite H 270-852-6627

www.edwardjones.com

Member SIPC

Friday, May 11, 2018 Messenger-Inquirer

ESTATE PLANNING

19

Can you afford to retire early?

BY EDWARD JONES

S

ome people dream of retiring early. Are you one of them? If so, you’ll need to plan ahead — because a successful early retirement can’t be achieved through last- minute moves.

So, if you’re determined to retire early, consider taking the following steps: • Pick a date. Early retirement means different things to different people. But it’s important to pick an exact age, whether it is 60, 62, 64, or whatever, so you can build an appropriate retirement income strategy.

• Think about your retirement lifestyle. You may know that you want to retire early — but have you thought about what you want to do with your newfound time? Will you simply stay close to home and pursue your hobbies? Do you dream of spending two months each winter on a tropical

island? Or are you thinking of opening your own small business or doing some consulting? Different retirement lifestyles can have vastly different price tags. Once you’ve envisioned your future, you can develop a saving and investment plan to help you get there.

• Boost contributions to your retirement plans. If you want to retire early, you may well need to accelerate your contributions to your retirement accounts, such as your IRA and your 401(k) or other employer-sponsored plan. You may need to cut back in other areas of your life to maximize the amounts you put into your retirement plans, but this sacrifice may be worth it to you.

• Invest for growth. Your investment strategy essentially should be based on three key factors: your goals, risk tolerance and time horizon.

When you change any one of these variables, it will affect the others.

So, if you shorten your time horizon

by retiring early, you may well need sponsored plan. to reconsider your risk tolerance.

Plus, if you’re still working, you may Specifically, you may need to accept a be able to afford delaying your Social somewhat higher level of investment Security payments until you’re closer to risk so you can invest for greater your “normal” retirement age, which, growth potential. as defined by the Social • Keep a lid on your Security Administration, Once you’ve debt load. It’s easier said will be 66 or 67. The envisioned your likely than done, but try to manage longer you put off taking future, you can these benefits, the bigger your debt load as tightly as possible. The lower your develop a saving your monthly checks, monthly debt payments, the and investment although they will max out more you can contribute to once you reach 70. plan to help your retirement plans.

And even if you are not you get there.

Life is unpredictable. able to retire early, some of Even if you take all the steps the moves you took to reach described above, you may still fall short that goal — such as contributing as of your goal of retiring early. While much as you could afford to your IRA this may be somewhat disappointing, and 401(k), controlling your debts, and you might find that adding just a few so on — may pay off for you during more years of work can be beneficial your retirement — whenever it begins. to building resources for your chosen retirement lifestyle. For one thing, you This article was written by Edward can continue contributing to your IRA Jones for use by your local Edward Jones and your 401(k) or similar employerFinancial Advisor.

Your gift can profoundly impact the lives of people with disabilities for future generations.

Let us show you how.

815 Triplett Street • Owensboro, Kentucky (270) 683-4517 • wendellfoster.org

20 ESTATE PLANNING

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