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LAW ADVOCACY FAMILY FINANCE A monthly newsletter providing your family with insight about the law and finance (with an occasional dose of humor) from your friends and advocates at DuPont Wealth Solutions and the Law Offices of DuPont and Blumenstiel.
18 OCT
WHEN I GROW UP
May as well not beat around the bush — I turned 53 last month. It seems like just yesterday that I was a 15-year-old boy with dreams of becoming an astronaut, an architech, engineer, and just about everything in between. Now I’m a father to a teenager who’s in the midst of planning out her own future. Unlike my younger self, however, my daughter Sophie has a laser focus on what she wants — at least as much as a 16 year old can. Sophie has her heart set on becoming a physical therapist, and I fully support her. What concerns me is not her certainty about a profession but rather the uncertainty of the world. At Sophie’s age, I struggled to answer the question, “What do you want to do when you grow up?” I now find myself asking, “What jobs will be availble for her when she grows up?” The advances in automation and digitization these past few decades have already pushed so many professions that were once considered “stable” and “high-paying” to the margins. Coming from a family of pharmacists, I’ve seen how online orders have relegated a once-proud medical profession to the back aisles of overstuffed, big-box stores. As my daughter looks to potentially make an eight-year commitment to learning physical “PEOPLE AROUND MY
opposite of what I faced at her age. While I was uncertain of my future during the relatively stable 1980s, my daughter has to temper her convictions against the uncertainty of the information age. One thing is certain: We are both products of our time. People around my age straddle the line between Baby Boomer optimism and Generation X cynicism. We were old enough to be awestruck by Neil Armstrong stepping onto the moon and young enough to be shaken to our core as Space Shuttle Challenger disintegrated over Cape Canaveral. We held on to the conviction that an education and hard work could get us where we wanted to go in life, but the stars felt very, very far away. As a boy who’d dreamed of space travel only to find out I was too tall for a cockpit, I was especially listless. Drifting from inspiration to inspiration, I made a future for myself. If something failed to challenge me creatively, I moved on. Now that I have spent the last 25 plus years trying to answer the question of what I want to do when I grow up, I find myself fortunate enough to be able to say, exactly what I am doing. Sure, the technical changes and seemingly endless learning opportunities are parts of the job that keep me interested and challenged. But I have found that the single biggest reason that I am now able to unequivocally say that I am doing what I’ve always wanted to do is the human-connection side of things, not the technical. For a guy who was technical and science oriented, this has been quite an eye-opener. Fortunately for me, technology has no replacement for this kind of connection. But as for Sophie and what she will be doing when she turns 53, maybe she will be a physical therapist on a cruise spaceship heading to Mars.
AGE STRADDLE THE LINE BETWEEN BABY BOOMER OPTIMISM AND GENERATION X CYNICISM.”
therapy, one can’t help but wonder if that industry will suffer a similar fate.
Now my daughter is grappling with the commitment before her, a challenge that is the polar
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AREYOU USING EXTRA-VIRGIN OLIVE OILWRONG?
Understanding Cooking Oils and Their Uses
Not all cooking oils are created equal. Some cooking oils have distinct flavors, while others are suited for high temperatures. Every oil is unique. Here are six common oils and their best uses. EXTRA-VIRGIN OLIVE OIL An often misused oil, extra-virgin olive oil (EVOO) should not be used for cooking or frying. It’s simply too delicate and cannot withstand high temperatures, which can damage the flavor, ruining dishes. Instead, use it as a finishing oil — drizzle it over pasta, salad, or bread. OLIVE OIL Unlike EVOO, standard olive oil can be used for cooking and frying. It can withstand temps up to about 460 degrees. In many cases, you can use it in place of other cooking oils — just be sure you’re using plain olive oil and not EVOO. COCONUT OIL Better for baking than cooking, coconut oil is generally solid at room temperature. It can be used for some cooking, but like EVOO it doesn’t play well with high temperatures. Keep it at 350 degrees or below and use it as a butter substitute. CANOLA OIL/VEGETABLE OIL A good option for high-heat cooking, baking, and frying, these utilitarian oils are completely neutral in flavor, but they’re not heart-healthy. Vegetable oil
is a generic mix of oils, including soybean, canola (rapeseed), and palm oils, making it the most inexpensive cooking oil. PEANUT OIL Great for high-heat cooking, frying, and deep-frying, peanut oil has a neutral flavor, so you can easily use it in just about any dish that needs a cooking oil. It’s also a more heart-healthy option than canola and vegetable oils. AVOCADO OIL When you need an oil to withstand high temps, this is your oil. It has a smoke point of 510 degrees, making it perfect for grilling and stir-frying. What makes avocado oil particularly unique is it can also be used as a finishing oil, like EVOO. It’s light yet resilient.
Essential Questions to Ask Before Retirement PENNY FOR YOUR THOUGHTS
WHEN? Deciding when you retire largely depends on your financial goals and how much you enjoy working. It’s not uncommon for those passionate about their vocation to delay their retirement, and that’s okay. But setting a clear date for your exit from the working world can keep you from continuously putting off retirement and ensure you have time to enjoy your golden years. WHERE? Nowhere is it written that you have to spend your retirement in the same place as your working life. Maybe you want to downsize or move to be closer to family. Perhaps you always wanted to call the rugged mountains of the Northwest or the beaches of South Florida home. Maybe your ideal retirement is defined by where you travel and not where you stay. Careful planning can help you find that ideal place for retirement, even if it’s in your own home.
“Retirement” is one of those words that gets used so often that it can start to lose its meaning. Let’s take a moment to remind ourselves what this important but much discussed milestone really signifies: the rest of your life. Life after work can be an incredible experience, but it takes proper planning, and proper planning takes a concrete vision. Here are some prompts to jump-start you into serious retirement planning. DOYOU HAVE THE MONEY? It’s best to tackle the hard questions first. The No. 1 concern of retirees is whether they have enough money for the long haul. Take time to look at your finances and ask yourself about the kind of funding you’ll need for retirement. You should figure out the cost of living where you wish to spend your retirement, and ask yourself how much income you’ll need at each stage of your life.
WHAT? You’d be surprised how many people go blank when they’re asked what they want to do in retirement. There’s a lot of time to fill when you don’t have to worry about work any longer. What kinds of hobbies do you want to pursue? What’s a skill you’ve always wanted to master but never had the time? Knowing the answers to these questions can help you and your financial advisor chart the best course toward your ideal retirement. The earlier you start planning, the easier it will be to meet these goals. Give us a call today at 614-408-0529 to get started!
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3 IMPORTANT FACTS ABOUT MEDICARE
Medicare, much like retirement, is one of those concepts that can seem too far away to start looking into the details. But if you’re approaching 65, it’s time to learn about this important program, the options available within it, and how they might impact your retirement. Here are three key points you should be aware of. MEDICARE IS MANDATORY When most people turn 65 and begin to receive Social Security benefits, they are automatically enrolled in Medicare. This includes those who receive Social Security before retirement. One of the few exceptions is if you are still covered by an employer’s insurance plan. KNOWYOUR OPTIONS Depending on your needs and finances, there are different forms your Medicare coverage can take. Medicare Part A is essentially hospital insurance. It’s usually free and covers inpatient care, short stays at skilled nursing facilities, hospice stays, lab tests, surgery, doctor visits, and home health care related to a hospital stay. Part B adds medical insurance coverage to the mix. It covers doctor’s office visits, lab work, preventive services, ambulance services, and medical equipment. The standard premium for 2018 is $134 per person per month, but premiums are higher for people in higher income brackets.
to Parts A and B. Depending on where you live and what benefits you are looking for, seeking this third party option can be a great alternative.
Part D provides prescription drug coverage. You can have Part
D coverage regardless if you are using Parts A and B or Part C replacement coverage. MINDTHE GAP It’s important to note that Medicare Parts A and B do not cover everything.
Important procedures like eye and hearing exams, dental care, and limited physical therapy are left
out of the equation. To help close this gap in coverage, there are “Medigap” or supplemental insurance plans available. You are required to have Parts A and B to sign up for this additional coverage, and additional copays and deductions may apply. Finding the best Medicare strategy for you depends on a whole range of personal factors, such as your health, tax bracket, and zip code. An experienced Ohio financial advisor can show you the most advantageous path to an insured future.
Part C exists for those who would rather seek coverage through the private sector. This is not an addition to your Medicare, but rather a replacement
SUDOKU
‘HEADLESS’ APPLES ON HORSEBACK
A take on the classic “devils on horseback” hors d’oeuvres, this recipe requires only three ingredients. These little bundles of flavor are the perfect finger food for your next get-together.
INGREDIENTS
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16 very thin slices of pancetta (or cured, unsmoked bacon)
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3 ounces manchego cheese, 1/4 inch thick
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Toothpicks for skewering
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2 pink lady apples
DIRECTIONS
1. Core apples and cut each into 8 wedges. Remove rind of manchego cheese and cut into 2-inch sticks. 2. Heat a grill pan or skillet to medium-high. 3. On a cutting board, lay pancetta or bacon slices flat and place an apple wedge and piece of cheese in the center of each. 4. Roll pancetta tightly and skewer with toothpick. 5. Grill until cheese is melted and pancetta or bacon is golden and crispy, about 5 minutes. 6. Drain excess grease on a paper towel and serve hot.
Inspired by Food &Wine magazine
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INSIDE
Here’s Looking at 53 PAGE 1
Understanding Cooking Oils and Their Uses
Essential Questions to Ask Before Retirement PAGE 2
3 Medicare Facts You Need to Consider
‘Headless’ Apples on Horseback PAGE 3
The Birthplace of Halloween PAGE 4
THE REAL HALLOWEEN TOWN COUNTY MEATH, IRELAND, WHERE HALLOWEEN BEGAN
Fans of Halloween don’t need to look far to find somewhere to celebrate their favorite holiday. There are festive parties all over the world, from New Orleans to London, but if you really want to embrace the spirit of Halloween, there’s no better destination than the birthplace of the holiday: County Meath, Ireland. Every year in Boyne Valley, the residents of County Meath throw a month- long Halloween celebration. The Spirits of Meath Halloween Festival attracts thousands of guests from all over the world, and while this festival has only been celebrated since 2009, many of the traditions observed here date back to ancient times. The ancient Irish weren’t trick-or-treating or visiting haunted houses on Oct. 31, but they were celebrating the pagan holiday Samhain. Over 3,000 years ago, this Celtic festival was born in Meath and marked the end of the harvest. Samhain was celebrated with bonfires, offerings to fairies, and other rituals meant to keep evil spirits away. Many of these customs carried through the centuries and inspired Halloween traditions that are still practiced today. Today, Meath celebrates Oct. 31 with a blend of spooky thrills and traditional Samhain practices. The Spirits of Meath Halloween Festival starts with the lighting of the first torch fire of Samhain in Athboy, which
kicks off a month of fun activities. If you like your Halloween extra spooky, the scream park, Farmaphobia, is waiting for you. And if you’re not a fan of screaming your head off, you can check out the Halloween-themed Spookling Afternoon Tea for fresh-baked treats and spirited conversation. The motto of this all-ages festival is “Fun by Day; Frights by Night,” meaning all the really scary ghosts wait until after sunset to come out. There are plenty of ways to celebrate Halloween, from carving jack-o’- lanterns and eating chocolate to running for your life through a haunted corn maze. And in County Meath, you can celebrate Halloween in every possible way. For more info, visit www.Discoverboynevalley.ie/whats-on/ spirits-meath-halloween-festival-2018.
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Back to Basics #3: Important Estate Planning Documents
A few months ago, I started a new series of monthly articles called “BACK TO BASICS.” In each article, we examine one of the basics of financial planning and investing.
Many people, young and old, don’t have a will, let alone a broader estate plan. Yet an estate plan is important, even for families who are not wealthy.
You may be thinking, “I have a will so I’m all set.” While having a will is a very important part of your estate plan, it’s not the only part. A will doesn’t specify how you want to be treated should your health fail. It doesn’t dictate who will carry out your wishes or handle your financial affairs should you ever become incapacitated. It doesn’t help your heirs limit their tax burden. In other words, it doesn’t cover all of the purposes of an estate plan as listed above. To ensure that both you and your loved ones will be cared for, I’ve created a list of four key documents that should be in every estate plan: I mentioned that creating your will is an important aspect of estate planning, so let’s cover that first. A will states how you want your belongings divvied up amongst your loved ones after you pass away. Otherwise, the laws will determine how to distribute your property, which may even end up belonging to the state if you don’t have an appropriate will stating otherwise. Will
An estate plan serves four major purposes:
1. It directs who will receive your property when you die.
2. It minimizes probate costs and any estate or income taxes that might be owed on that property. It’s the estate tax that people tend to think about when they think of an estate plan, and because many people believe they don’t have an estate large enough to be taxed, they don’t bother drawing one up. This can be a big mistake because the income tax on inherited assets can be substantial.
3. It provides for care of minors and management of financial resources for their care.
It provides for your care if you are unable to provide for yourself. A proper plan ensures that you get to pick the caregivers, not the state. This is critical for young people, singles, and older persons.
Back to Basics #3: Important Estate Planning Documents
Power of Attorney
Letter of Instructions
Another crucial document is your power of attorney, which allows you to appoint someone to act on your behalf to make legal decisions about your property and finances. That person, usually referred to as an “agent”, could be a trusted friend, a family member, or an experienced, reputable professional. Power of attorney is crucial should you ever become ill or disabled to the point where you can no longer make important decisions yourself. Keep in mind, however, that granting someone power of attorney is a huge decision in and of itself. Give careful thought before making your choice. Whomever you select should be trustworthy, reliable, and mature enough to handle the responsibility. A third document is your Advance Medical Directive. This catch-all term refers to health care directives, living wills, health care (medical) powers of attorney, and other personalized directives. All of these documents allow you to legally express your preference for continued health care should you become terminally ill. A word of advice. As you finalize your Advance Medical Directive, make sure you have completed your HIPPA Release Forms as well. By having this special form completed, you enable the individuals named in your Advanced Health Care Directive to have access to your healthcare information. This way, they can deal with insurance matters on your behalf at a time when you cannot. Advance Medical Directive
Last, but not least, is a Letter of Instructions. This is document gives your survivors information about important financial and personal matters to attend to after your passing. You don’t need an attorney to prepare it. Although it doesn’t carry the legal weight of a will, and is in no way a substitute, your Letter of Instructions will clarify any special requests you want carried out after death. It may include your funeral preferences, people to notify, account passwords, directions regarding certain possessions, or anything else you’d like your survivors to know. The four documents listed above are all very important, and every adult should have them in their estate plan. Having each of these important documents prepared ahead of time can relieve your family of needless worry, speculation, and expense. Keep in mind, however, that while this letter is a good overview of some important estate planning documents, it certainly doesn’t cover everything. When it comes to planning for your financial future and those of your loved ones, remember that there are many factors to consider. If you haven’t yet completed the documents described above, or if your circumstances have changed and you haven’t updated your estate plan accordingly, it’s high time to do so. Because when it comes to planning, there’s no such thing as starting too early.
But there is such a thing as too late.
In my final “Back to Basics” article, we’ll look at another financial topic centered on planning for the future. In the meantime, have a great month!
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