Newspaper Archive of
Tri-County News
Kimball, Minnesota
November 21, 2013     Tri-County News
PAGE 17     (17 of 24 available)        PREVIOUS     NEXT      Full Size Image
PAGE 17     (17 of 24 available)        PREVIOUS     NEXT      Full Size Image
November 21, 2013

Newspaper Archive of Tri-County News produced by SmallTownPapers, Inc.
Website © 2019. All content copyrighted. Copyright Information.     Terms Of Use.     Request Content Removal.

.......  ...... m.JL_ t, ommunn:y Estate planning seminars at two locations Come join Catholic United Financial's most experienced educator, John Tetzloff, to learn how Estate Planning works and why it is important for everyone. Local Catholic United Represen- tative Dave Stang will join Tetzl- off at two free educational semi- nars scheduled for 6:30 p.m. Mon- day, Dec. 2, at St. Frances de Sales Parish Center in Belgrade; and at 6:30 p.m. Thursday, Dec. 5, at the St. Anthony Parish Center Dining Hall in Watkins. Refreshments will be provided along with edu- cation about passing your assets to your intended heirs. Learn a little about Estate Planning in the following column, by John Tetzl- off, and join us for free Dec. 2, or Dec. 5, to have all your questions answered. By lohn Tetzloff, CLU, FICF, LUTCF What might surprise you is that it doesn't matter if you're scraping by, paycheck-to-paycheck or run- ning a thriving family business, we all have an "estate." The ques- tion you have to ask yourself is whether you want to decide how those assets are distributed when you're gone, or whether you want to let someone who has never met you handle it. I've been helping people understand and pass down their assets for more than 20 years now, through my radio show and regu- lar column in Our Catholic Jour- ney magazine. This is the first and most common misconcep- tion I come across: that because a person isn't wealthy, they don't have an estate to plan. I believe it's even moreimportant foT peo- ple of average means to protect their estates from unnecessary taxation and family drama. The less you have, the more impor- tant it is that it ends up with the people and causes you love most. That says nothing of providing for yourself in the interval between leaving the workforce and leaving this earth. When I meet with a client, one of my goals is to help them "understand their assets." What that means is having a discus- sion to explain the different types of assets a person has, the tax rules of each asset, and how these assets will ultimately pass to their loved ones upon death. For this article, let's start with the first step in "Understanding our Assets." What assets do I have in my estate? This may seem like a simple statement, but many peo- ple dont have a good understand- ing of the makeu p of their estate assets. For that matter, many folks haven't taken the time to get a "big picture" view of their estate to fully realize what they have and the effect each asset ha.s in their planning. The first thing you probably think of is your bank account. Savings or checking, these are considered liquid assets. They're very useful in a short term, but if you tend to hold money in liq- uid form, you ought to consider a longer-term solutio n that pays an interest rate. The other thing immediately associated with estates is prop- erty. This ,includes real estate, of course, but also covers stocks and mutual funds. When you make your plan, you need to con- sider the risk vs. reward of hold- ing these types of assets. The tax implications of inheriting large acreages of arable land that can drive grieving families from gen- erational farmsteads. But there PAGE 17 Thursday, November 21, 2013 are several ways laid out by the government for people to avoid this situation. Then there are retirement accounts like IRAs, Roth IRAs, pensions and 401(k)s. Each of these help to provide income in retirement, but the way they handle taxes now and when they distribute is very different. It's extremely important to bal- ance taxed and non-taxed assets when planning your retirement. Finally, there are annuities and life insurance contracts. These are a special class of asset that can provide for both retirement and estate planning needs. They are inheritable, so they provide for the next generation, but they can also provide income in retire- ment. Not only can annuities pay out a steady income, they typ- ically have higher interest rate than bank products, and can be inherited by your heirs. Life insurance can also be a vital piece of a person's asset mix. We know that life insurance pro- vides the protection for our loved, by replacing lost income, pay- ing debts (including estate taxes), and maintaining our family's life- style when a death occurs. But there are also many living bene- fits to life insurance. Tax;advan- taged cash values, potential divi- dends and long-term-care/accel- erated benefits can make a huge difference in the way we plan and live out our retirements. The most important thing about all of this, is helping peo- ple to understand what they have,. and to create a plan that will help each in.dividual provide for them- selves and their family. One of the most valuable ser- vices a financial partner like Catholi6 United Financial can provide is a comprehensive over- view of a person's estate. In other words, helping that person under- stand "what they've got" and how it all fits togetfier for a prosperous future. Contact Dave Stang, FIC at (320) 469-4735, ordstang@catholic, to reserve a spot at one of the upcoming free seminars. P Friendly Hometown Service • Propane • Soy Diesel • Fuel • Tires • Kerosene • Motor Oil • Gasoline • Tank Truck . Transport LAND O'LAKES OIL 8I. PROPANE HAPPY  SATISFIED Phone: (320) 654-1522 23848 67th Avenue, St. Augusta THERE'S NO SU'BSTIIV FOR EXPERIENCL.. CHOOSE Nohner Electric, Inc. RAI,L YOUR El £CIRICAI, NEDS. JUST LIKE YOUR NEIGHBORS IIAVE BEENEX)ING FOR.30 'YEAEq! Call Michael & Jerrod Nohner 320-453-2725 Hedlund Plumbing & Heating, inc. • Septic & holding tank pumping • Portable toilets & sewer cleaning KoepYeur Homein 'Sll)IN6 ,ROOFING 320-224-3216. Watldns, LICENSED & INSURED • ACCREDITED BBB MEMBER A leading provider of high quality custom kitchen and bath cabinets, mantels, entertainment centers and bars. All of our products are made with the highest quality of wood, marble, and laminate, 550 Meeker Ave. E. GIVE ME A CALL TODAY! >MAINTENANCE\>REPAIRS\>UPDATING License #20637648 • Building Site Preparation • Demolition • Basements • Additons • Fill & Black Dirt • Septic Systems (new or repair) Larry: 320.980.3556 Kevin: 320.980.3558 Stal Kurt: 320.980.6499 FgE liome comrort Ask about our Service Plan HENDRICKS000 Plumbing & Heating 29901 725th Ave. • Dassel For All &'our Plumbing & Heating Needs • 24/7 Service Available & @PLUMBING @HEATING QELECTRIC • Master Licensed • Insured • Bonded • Residential & Commercial • Remodel & New Construction John Hendrickson, Owner :.,,,,,,,,,,: ........... : 24 Hour Service 320-398-6193 - Plumbing - Heating. • Sewer Gleaning • Back Hoe Digging • Portable Toilets • Sewer Pipe Thawing , . • Septic Tank Pumping  :o" 286-2368 * Kingston