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THEY CAN’T ALL BE WINNERS What Your Bracket Can Teach You About Estate Planning
When March rolls around every year, you can bet I’m looking forward to the NCAA Tournament. Sports don’t get much more exciting than the first four days of March Madness. It seems like something incredible is happening from the moment the games start on Thursday until the end of play on Sunday. At its peak, when multiple games are happening at once and brackets are being made and broken by the second, there’s a frenetic energy that no other sporting event can match.
When we develop plans for our clients, we never assume that everything will go exactly according to plan. That’s just not how life works. But we have the tools to overcome the buzzer- beaters that you’re not expecting.
Come to think of it, picking a bracket that stands a chance of winning your pool isn’t all that different from developing a solid estate plan. In both cases, you have to plan for the unexpected. If you pick favorites in every game, you’ll never stand a chance of winning. Similarly, you can’t expect your life to proceed without a few upsets happening along the way. Comprehensive estate and elder care plans require you to prepare for contingencies. If you get sick and need long-term care, you want to make sure it won’t deplete your savings. Elder care law and estate planning gives you the peace of mind that comes from knowing that you’ll be prepared even if something bad happens. Unlike a bracket, the documents you create for your estate plan will serve you and your loved ones for a lot longer than a few days. Their utility will last for generations. When we develop plans for our clients, we never assume that everything will go exactly according to plan. That’s just not how life works. But we have the tools to overcome the buzzer-beaters that you’re
not expecting. By creating a varied, comprehensive strategy that meets your needs, you ensure that little hiccups won’t result in your entire plan going in the trash can. If you’re filling out a bracket this year, I wish you all the best. At the very least, I hope you’re not in despair after the first couple of rounds. You may not know what will happen on the court, but that’s the fun of watching the games. – Christopher J. Berry
As an MSU graduate and lifelong Spartans fan, I’ve been lucky enough to have a perennial contender to root for. But I still get excited about upsets, especially when I picked them on my bracket. Ever since I was a kid, I’ve loved the educated guesswork of filling out a bracket. I used to do the bracket that my mom submitted to her office pool. I think we may have even won once or twice. There are no guarantees when it comes to picking winners for your bracket. Now, you can be pretty sure that a 12-seed will beat a 5 — it always seems to happen — but which one is anyone’s guess. Even the experts who devote their entire careers to bracket prognostication don’t come close to being perfect. I always try to pick a good mix in terms of favorites and upsets, and then I hope for the best.
It’s tax prep season! Let The CJ Berry Group help you maximize returns and minimize headaches. Since it’s our first year offering this service, we want to extend an offer to you. Tell us what you paid for your tax prep last year, and we’ll provide our services at 50 percent of that price.
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GRAY MATTERS
Everyone faces the prospect of growing older. When it comes to aging, people’s primary concerns include aches, pains, and changes to their physical appearance.. But perhaps even more important is mental health. Fortunately, there are ways to keep your mind sharp as you age so you can enjoy your retirement. EXERCISE Working out is inextricably tied to wellness in all its forms. A simple, light workout now and then not only maintains physical health, but it also boosts your mental well-being. A 5-mile walk once per week can increase brain volume and prevent mental diseases, including Alzheimer’s. It’s no wonder exercise is the go-to solution for maintaining wellness. LEARN NEW HOBBIES Do you want to reduce memory loss by 40–50 percent? Dan Buettner, a researcher and best-selling author on studies about happiness and longevity, suggests learning a new hobby. Whether you learn to knit, paint, or discover a
new board game, you’ll enjoy improved mental health. Get your hands moving, and your mind will surely follow. (Note: Watching TV as a hobby doesn’t count! People who regularly watch TV may suffer up to 50 percent more memory loss.) SOCIALIZE If you want to maintain mental health, make socializing a priority. Having an active social life increases your resistance to mental diseases and improves your mood. Furthermore, a healthy social network of friends and family (and we’re not talking Facebook here) helps give you a support system to fall back on when times get tough. TAKE A BREAK Take a step back from your everyday life and enjoy the small things. Set aside time to sit down with a good book or another activity you enjoy. While on that 5-mile walk, why not take a few moments to slow down your pace and look at the world around you? As the famous saying goes, “Stop and smell the roses.”
PROTECT YOURSELF IN THE EVENT OF A CRASH
By Andrew Ceo, Ceo Wilson Insurance Group
When you think of a crash and the financial repercussions, what comes to mind? Most likely, you think of a dip in the stock market, real estate valuations, or income, correct? Those are things we haven’t had to worry about much during this market run, which is great news! However, too often we neglect to realize the detrimental impact of how a crash, such as a simple automobile crash, can significantly affect one’s financial future.
Quick question: Can you define “pain” or “anguish”?
Those broadly defined terms provide ample justification for bringing a case against another person. And believe me, it’s both entertaining and scary to read up on case law where people in our own state have been sued because of an automobile crash. Therefore, it is important to have proper barriers in place to protect not only current assets, but future income potential and anticipated windfalls from such a crash. Not only can someone seek damages to be paid from what’s already in your accounts, but lawsuits can also be satisfied by wage garnishment of up to 25 percent of your income for the rest of your life. Of course, when we talk about proper protection, we also must consider the scenario of someone crashing into you or your loved ones. What happens if that person is underinsured or uninsured completely and they have caused death, disfigurement, dismemberment, loss of wages, pain, anguish, etc. to you or someone in your household? It’s never recommended to leave fate in someone else’s hands, but you don’t have to if you have the right protections in place, which can also be done within your own policy.
No, I’m not talking about that $100 or $250 deductible …
In a no-fault state such as Michigan, many drivers have a false sense of security, not realizing that they could be brought into a lawsuit for many different reasons, including causing death, disfigurement, dismemberment, loss of wages, pain, anguish, and more to another party.
So, when looking at insurance, are you truly prepared for a crash?
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FINANCIAL AND RETIREMENT PLANNING
Making sure that your finances are in sync with your future retirement plans is important. Not only can this benefit you by reducing some taxes, but it can prepare both you and your family for the future. Because you cannot take advantage of some financial moves after the first of the year, our team suggests that you take the time to review your plans now. Here are a few reasons why doing this sooner rather than later can help. Areas to Consider for Tax Reductions Having an individual retirement account (IRA) can help in many ways. An important part of an IRA is to keep it funded. By doing this, you can help secure future retirement funds. Keeping an IRA funded can also assist you at tax time. If you’re employed with a business that has an employer-sponsored retirement plan, it would be a good idea to contribute additional funds into it. One way to do this is to put added income, like bonuses, into your 401(k). This can increase your retirement savings and decrease your taxable income for 2018. RETIREMENT
distribution. If you have not taken an RMD out of your IRA account yet, you have until April 1. Postponing an RMD could significantly affect your marginal tax rate for 2018.
GIFTING AND GIVING
Another good way to reduce taxes is through both gifting and charitable giving. Giving either income or property to a loved one is a good strategy for reducing estate taxes. Remember not to go over the maximum annual amount to any one person. If you are interested in giving more than the maximum annual amount to a single person, you can set up a trust to sidestep that barrier. Giving to a charitable cause can mean that you give cash or property to various charities. Appreciated stock and donations from an IRA are also common. In addition, you can also set up a donor-advised fund or a private foundation for charitable giving. Don’t hesitate to call us to get started on financial and tax planning for 2018. Together, we can create a holistic financial and tax plan that meets your current objectives and sets you on a path to meet your long-term goals.
MINIMUM DISTRIBUTIONS
When you’ve hit the age where you will have to be taking funds out for your retirement, it’s important to remember there is an RMD, or a required minimum
Chris’ Paleo Corner:
PALEO ASPARAGUS SOUP 1. In a large pot, melt the butter, ghee, or oil. 2. Add the onion and pancetta and cook, stirring occasionally until the onion is translucent, about 6–8 minutes. 3. Add the asparagus and stir for 1 minute. 4. Add chicken stock and cover. Simmer on low for 10 minutes or until the asparagus is tender. 5. Add the parsley, tarragon, coconut milk, lemon zest, salt, and pepper. 6. Using an immersion blender or working in batches and transferring to a blender, puree the soup. 7. Return the soup to the pot and warm thoroughly. Season with more salt and pepper if desired. Garnish with tarragon or parsley. Recipe inspired by thrivingonpaleo.com DIRECTIONS
Thank You!
For us to be able to help family and friends just like you, we depend on referrals.
INGREDIENTS
• 2 tablespoons butter, ghee, or coconut oil • 1 1/2 ounces pancetta, diced • 1 onion, diced • 12 ounces asparagus, cut into small pieces • 2 cups chicken stock • 1 teaspoon fresh parsley, chopped • 2 tablespoons fresh tarragon, chopped
Thank you to the following people for your support!
Robert Essick Debbie Lempicki Raymond Trepanier
• 1/2 cup coconut milk • 1 teaspoon lemon zest • 1/4 teaspoon salt • Pepper to taste
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INSIDE This Issue
Prepare for an Upset PAGE 1
Maintaining Mental Acuity PAGE 2
Protect Yourself in the Event of a Crash PAGE 2
Financial and Retirement Planning PAGE 3
Paleo Asparagus Soup PAGE 3
St. Patrick’s Day vs. the Color Green PAGE 4
GREEN DOMINATES ST. PATRICK’S DAY FOR A REASON Why Green Is the Color of St. Patrick’s Day
There’s only one day of the year you’ll be scorned for not wearing green: St. Patrick’s Day. If you’ve ever gone the
What caused the shift from green to blue is more speculation than hard fact. Some have theorized that the change happened sometime in the 17th century, when the symbol for the United Irishmen Rebellion became the clover. St. Patrick used the clover to teach the Irish people about the Holy Trinity, and it eventually became a symbol that represented both the saint and the holiday. Another theory comes from Ireland’s nickname, “The Emerald Isle,” which was coined because of the plentiful green foliage that adorns the country’s landscape. It also relates to the green in the flag. Each of the three colors in the flag have their own symbolic meaning: green for the Catholics who live in the country, orange for the Protestants, and white for the peace between the two. Of course, you can’t forget leprechauns, the little creatures that have always been affiliated with the holiday. But just like St. Patrick’s original blue garb, these impish tricksters used to wear red instead of green. While green overtook blue as the shade of choice for St. Patrick, leprechauns began putting on their signature green suits. You might wonder where the tradition of pinching comes from. We can thank the leprechauns for this one. It’s said that if the gold-loving redheads caught you not wearing their favorite color, they would pinch you. To avoid pinches from leprechauns and people alike, be sure to put on some green this St. Patrick’s Day to blend in with the festive crowd.
whole holiday wearing any other color, you’ve probably been pinched by your peers, family,
spouse, and anyone else decked out head to toe in green.
Green has become so deeply associated with the St. Patrick holiday that many people are unaware that green wasn’t always its official
color. Blue was the first color to symbolize St. Patrick’s Day, and the saint himself is almost
always depicted dressed in what’s
known as “St. Patrick’s blue.”
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