Nov 29 2016- Rotary Forum
Posted by Dick Dannells on Nov 30, 2016
PROGRAM: November 29 2016: Bruce Beaudoin, Kathy Glenn and Pres. Greg Baker -“Fiduciary Responsibilities and Financial Planning”
Pres. Greg Baker opened the meeting at 12:37 PM, with his on ‘this date in history’: Jeopardy! Contestant Ken Jennings’record winning streak ended on November 30, 2004; the Grand Old Opry’s first broadcast took place on November 28, 1925; and Michael Jackson’s album Thriller was released on November 30, 1982.
ANNOUNCEMENTS:
Anya Stanley reminded everybody that the last day for submitting their paper Community Giving paper ballots is today and their on-line ballots on Friday, December 2. Michael Frederick and Bruce Beaudoin volunteered to help Linda Osty during the Saturday, December 17 performance of “Going My Way.” Sharon Ellis reminded everyone that the Christmas party is on Tuesday, December 6 from 6 to 9 PM. Pres. Greg encouraged us to invite potential members to the party as our guests. Karen Zambia reported that a CASA representative will be the speaker for our next week’s meeting on December 6.
FINES:
Pres. Greg. fined Bruce Beaudoin $30 for mispronouncing a guest’s name. Mike Frederick was given a $15 spin-the-wheel fine for his 16th club anniversary on November 28.
PROGRAM: Bruce Beaudoin, Kathy Glenn and Pres. Greg Baker -“Fiduciary Responsibilities and Financial Planning”
Bruce Beaudoin served as MC and began by stating that Roger Frederickson was ill so Bruce went through the slide presentation that Roger provided on the subject of estate planning. Kathy Glenn, one of 600 licensed and bonded fiduciaries in California, explained that her clients may suffer from brain injury, substance abuse or other incapacities that prevent them from being able to handle their financial affairs. She is their advocate as well as for their estate. She administers the estate and assures that the terms of the trust are followed. She reviews the trust periodically while her client is alive and ensures that the trust is funded. She notifies her client’s attorney if an amendment is to be made to the trust or a codicil is to be added to the will. She recommends that a percentage of the trust fund is designated to be distributed rather than a specific amount in case the trust funds upon death are not sufficient. Her duty is to constantly beware of predators to the trust such as those that would use elder abuse or psychological pressure to make unwanted changes to the trust or will. Her responsibility is to oversee the entire asset management of her clients. She ensures that her client’s burial wishes are fulfilled, that the assets are distributed in accordance with the trust and that a final accounting is made. Pres. Greg began the financial portion of the program by displaying a typical investment portfolio triangle in which the apex represents after tax income going into a tax-free fund so that funds can be removed tax-free; the bottom left portion of the triangle represents an after tax income fund that can be removed without paying additional taxes; and the bottom right represents a tax-deferred income fund such as an IRA that is taxed when you withdraw it from your portfolio. You can donate money from your tax-deferred income fund directly to a charity without any tax liability. You can also donate greatly appreciated stock to a charity and deduct the inflated value on your income tax return without having to pay capital gains.
THOUGHT FOR THE DAY BY KAREN ZAPPIA:
“It's not what you are that holds you back; it's what you think you are
not.”― Denis Waitley”
PROGRAM: November 29 2016: Bruce Beaudoin, Kathy Glenn and Pres. Greg Baker -“Fiduciary Responsibilities and Financial Planning”
Pres. Greg Baker opened the meeting at 12:37 PM, with his on ‘this date in history’: Jeopardy! Contestant Ken Jennings’record winning streak ended on November 30, 2004; the Grand Old Opry’s first broadcast took place on November 28, 1925; and Michael Jackson’s album Thriller was released on November 30, 1982.
ANNOUNCEMENTS:
Anya Stanley reminded everybody that the last day for submitting their paper Community Giving paper ballots is today and their on-line ballots on Friday, December 2. Michael Frederick and Bruce Beaudoin volunteered to help Linda Osty during the Saturday, December 17 performance of “Going My Way.” Sharon Ellis reminded everyone that the Christmas party is on Tuesday, December 6 from 6 to 9 PM. Pres. Greg encouraged us to invite potential members to the party as our guests. Karen Zambia reported that a CASA representative will be the speaker for our next week’s meeting on December 6.
FINES:
Pres. Greg. fined Bruce Beaudoin $30 for mispronouncing a guest’s name. Mike Frederick was given a $15 spin-the-wheel fine for his 16th club anniversary on November 28.
PROGRAM: Bruce Beaudoin, Kathy Glenn and Pres. Greg Baker -“Fiduciary Responsibilities and Financial Planning”
Bruce Beaudoin served as MC and began by stating that Roger Frederickson was ill so Bruce went through the slide presentation that Roger provided on the subject of estate planning. Kathy Glenn, one of 600 licensed and bonded fiduciaries in California, explained that her clients may suffer from brain injury, substance abuse or other incapacities that prevent them from being able to handle their financial affairs. She is their advocate as well as for their estate. She administers the estate and assures that the terms of the trust are followed. She reviews the trust periodically while her client is alive and ensures that the trust is funded. She notifies her client’s attorney if an amendment is to be made to the trust or a codicil is to be added to the will. She recommends that a percentage of the trust fund is designated to be distributed rather than a specific amount in case the trust funds upon death are not sufficient. Her duty is to constantly beware of predators to the trust such as those that would use elder abuse or psychological pressure to make unwanted changes to the trust or will. Her responsibility is to oversee the entire asset management of her clients. She ensures that her client’s burial wishes are fulfilled, that the assets are distributed in accordance with the trust and that a final accounting is made. Pres. Greg began the financial portion of the program by displaying a typical investment portfolio triangle in which the apex represents after tax income going into a tax-free fund so that funds can be removed tax-free; the bottom left portion of the triangle represents an after tax income fund that can be removed without paying additional taxes; and the bottom right represents a tax-deferred income fund such as an IRA that is taxed when you withdraw it from your portfolio. You can donate money from your tax-deferred income fund directly to a charity without any tax liability. You can also donate greatly appreciated stock to a charity and deduct the inflated value on your income tax return without having to pay capital gains.
THOUGHT FOR THE DAY BY KAREN ZAPPIA:
“It's not what you are that holds you back; it's what you think you are
not.”― Denis Waitley”