Money Matters 2022

FINANCIAL PLANNING FOR THE FUTURE

MONEY matters

Recession Proof Your Finances

Community Financial Bo Thibodeaux Helping You Pursue Your Financial Goals

Come see why we are so much more than a banking institution

- A Special Supplement of -

MONEY MATTERS ESTATE PLANNING CONSIDERATIONS

Community Banking with Fayette Savings Bank.............................4 Ferguson Financial...................................................................................10 Estate Planning Considerations............................................................12 Carmine State Bank.................................................................................14

FINANCIAL PLANNING FOR THE FUTURE

MONEY matters

Simplify Your Giving, Maximize Your Impact, Create a Legacy.........................................................................................16

Recession Proof Your Finances

What to Know about Life Insurance....................................................18 Financial Focus........................................................................................20 Types of Retirement Accounts.............................................................22

Community Financial Bo Thibodeaux Helping You Pursue Your Financial Goals

Come see why we are so much more than a banking institution

- A Special Supplement of -

What to Know about Refinancing a Mortgage................................24 Tax Advantaged Investing....................................................................25 Strategies to Recession-proof Your Finances..................................26 How to Find Help with Financial Planning........................................27 Real Estate Financing Options.............................................................28 Living in Retirement with a Budget....................................................30

About the Cover David Zapalac and Wade Mozisek representting Fayette Savings Bank.

Photo by Lindsey Fojtik ADVERTISER INDEX Carmine State Bank..........................15 Community Financial Partners.......32 Edward Jones.....................................21

PUBLISHER Regina B. Keilers

ADVERTISING Becky Weise

EDITOR Jeff Wick

ACCOUNTING Theresia Karstedt Nonnie Barton

DIGITAL EDITOR Andy Behlen STAFF WRITER/OFFICE LouAnn Adcox Tammy Browning

PRODUCTION John Castaneda Newspaper Lindsey Fojtik Special Sections

CIRCULATION George Kana Bobby Bedient Nicol Krenek LeighAnn Bedient Jesse Montez Amanda Gifford

Fayette Community Foundation.........................................17 The Fayette County Record............29 Fayette Savings Bank.........................2 Ferguson Financial.............................11 Magnolia Realty................................24 Meservey Financial Group...............23 Norman Reynolds..............................13

127 S. Washington St. | P.O. Box 400 La Grange, Texas 78945 Ph: 979.968.3155 | Fx: 979.968.6767 Email: editor@fayettecountyrecord.com www.FayetteCountyRecord.com

Phillip Adamcik.................................19 Round Top State Bank......................27 Sandra Kana......................................25

The Fayette County Record is published every Tuesday and Friday, except the publication immediately following Christmas by Fayette County Record, Inc. serving Fayette County since 1922. The Fayette County Record is locally owned and operated by the Barton family since 1976. (USPS 188-440)

Money Matters | 3

Photo by Lindsey Fojtik

La Grange Banking Center

Community Banking with

Fayette Savings Bank

by Isabella Wick

4 | Money Matters

Over 90% of the current FSB employees graduated from a Fayette County or neighboring county high school. “We feel this translates to a genuine caring for the people of our communities,” Mozisek added. “Customers feel more comfort and trust when dealing with a person they’ve known for years – someone they may have grown up with, went to school with.”

FSB has a service tenure record not many banks can match. There are currently nine employees with over 20 years of service with a combined total of 255 years – an average of 28 years per employee. These employees and number of years at FSB are David Zapalac (41), Denise Greive (34), Shelly Zbranek (32), Marilyn Mares (32), Sandy Northrup (29), Gail Vacek (23), Jyl Stavinoha (22), Cheryl Brossmann (21), and James Lehmann (21).

“While this is a phenomenal collection of seasoned veterans, we have also been blessed with the addition of some young, talented individuals from our local areas that have joined our banking family,” Mozisek added. “Having great products and competitive rates is only half the battle.

Hiring the right people is what has made us successful.”

“Management strives to make the work environment as fun and enjoyable as possible,” Mozisek continued.

“As I have often been reminded by my predecessor (Zapalac), we spend almost as much time with coworkers at work as we do at home with our families.”

Photo by Bobby Bedient

tik Photo by Lindsey Foj

At FSB you will find employees that understand the needs and wants of Fayette County citizens because they are Fayette County citizens. CEO David Zapalac states that “the large majority of our employees are from the areas we serve – were born here, raised here, graduated from our local schools, and more importantly, chose to make their homes here and raise their families here.”

Deposit Services – Corrie Scardino

jtik

EMPLOYEE DISTINCTION

Flatonia Banking Ce nter

Photo by Lindsey Fo

Fayette Savings Bank (FSB) is more than a banking institution, it is a local business that members of its communities can count on to have their best interests in mind, all while providing the best and most distinctive service available. Opened October 2, 1978, Fayette Savings Bank has grown its brand into one of reliable service, unique amenities, a constant focus to improve their business practices and an ability to provide an efficient and enjoyable experience for their customers; all aspects that President Wade Mozisek states “truly defines what a community bank is today.” When looking for reputable and informed bankers, look no further than Fayette Savings Bank.

FSB employees are strongly encouraged to be engaged in the communities they serve. “You will see our people serving various charitable, civic, church, school organizations – working in drive-thru lines, fairs, festivals, picnics, stock shows, etc.” says Mozisek.

Zapalac added, “we are fortunate to be in communities where our customers appreciate the service our employees give, not only in our banking centers, but in the community as well. Times are good at FSB and we have our customers and the communities we serve to be thankful for that.”

La Grange Bank ing Center – In terior

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Drive-thru Banking –

OUTSTANDING SERVICE

Megan Brothers

Possessing the title of both “Best Customer Service” in 2020 & 2021 and “Best Bank” in 2021 in the Fayette County Record Readers’ Choice contest, those at Fayette Savings Bank understand and exemplify the principle of service and the beneficial effects it can have on a community as well as their business.

Photo by Lindsey Fojtik

Center

Photo by Bobby Bedient

Schulenburg Banking

In an age where banking and lending is becoming increasingly automated and less personal, Mozisek stresses that “we want to be known as a strong community bank that offers our customers the latest banking technological services, while still striving to provide exceptional customer service.”

FSB loans have increased 208% in the last six years. Mozisek describes FSB lending principles like this: “We streamline the lending process and make it easy for the customers. Buying a home or ranch land is a big life decision that can be stressful. Our loan officers are great in taking the stress out of the process and making it an enjoyable experience. Our loans are originated, processed, and held within the bank, which means you can always call us to ask questions and get quick answers, long after the loan closes.”

“Our bank attorney that drafts our legal documents is Ben Schovajsa, a local attorney heavily involved with the community. We are fortunate to have him and his phenomenal staff taking such good care of FSB and its customers.”

FSB deposits have grown a whopping 218% in the past six years as more and more customers have found FSB to be a bank that “keeps up with the times” in offering the latest technological services on the market – like Remote Deposit Capture, Person-to-Person Payments, and other online and mobile banking tools like Bill Payer. Plus there’s unlimited check writing, unlimited debit card transactions, low minimum requirements to avoid service charges, business accounts that earn interest, and more – all designed to make it easy for the customer to do their banking, no matter where they are.

BEYOND BANKING Photo by Lindsey Fojtik

Fayette Savings Bank is dedicated to not only providing exemplary service for both business and personal banking but giving back to the community as well. When Hurricane Harvey struck Texas in 2017, FSB coordinated and administered matching fund campaign accounts for organizations like Second Chance Emporium and The Knights of Columbus which raised $112,935 and $121,150 respectively, to help them rebuild/restore their properties destroyed by the flood.

Fayette Savings Bank has also recently introduced their new “School Pride” debit cards in which a percentage of all transactions made with the cards is donated to local school districts whose mascot is on the card. These “School Pride” cards aim to directly invest in and encourage the education of our area’s youth.

La Grange Conference

6 | Money Matters

Room/Board Room

When the Covid pandemic hit, FSB played an integral part in helping businesses and individuals (including farmers & ranchers) with the process of obtaining loans through the Small Business Administration’s “Paycheck Protection Program” (PPP). 796 loans were processed by FSB in two rounds of the program totaling $31.2 million, allowing many businesses to keep staff employed during the pandemic. When processed correctly,

Photo by Lindsey Fojtik

Left to Right and # of Years Sandy Northrup (29), James Lehmann (21), David Zapalac (41), Gail Vacek (23), Shelly Zbranek (32)

Congratulations

Over 20 Years of Service

Denise Greive (34) and Jyl Stavinoha (22)

Photo by Bobb y Bedient

Photo by Bobby Bedient

) Cheryl Brossmann (21 ) and Marilyn Mares (32

Money Matters | 7

Fayette Savings has invested in both their physical growth and increased banking quality standards. FSB did a major remodel of its La Grange bank in 20192020, all with keeping the customer’s overall experience in mind. The drive-thru lanes were torn down and replaced with “wider” lanes as today’s trucks are a lot wider than they were in 1983. The teller line was revamped inside, and office space was added allowing FSB to departmentalize more and provide more workspace. The deposit department, loan and accounting departments all gained its “own area” in the bank, affording more efficient operations across the board.

A 1,600 square foot addition now is home to a board room/conference room and employee lounge area.

FSB’s three banking centers were also invested in heavily. Flatonia (opened in 1985, new bank built in 2018) – Schulenburg (opened in 1985, new bank built in 2013) – Weimar (new location, new bank built in 2020). As a promise to continue the positive growth of FSB Mozisek states “As we move into the future, we will continue to add new products and services to meet our customers’ needs, keeping customer service our #1 priority,”. Zapalac added “we want to be the bank that our customers are proud to be part of – we want our customers to be proud of our success and feel they are the reason for that success – because they are!”

Perhaps a letter from a customer summed it up best: “I want to thank your staff for making my banking experience at Fayette Savings Bank an enjoyable one.

Your team exhibited a level of professionalism and caring service that is not common in the banking industry today.

We now consider FSB our banking home. The bank and your staff make you feel good about yourself and life!”

VISIT US!

Photo by Lindsey Fo jtik

CONTINUING PROGRESS

La Grange Drive-thru

sey Fojtik Photo by Lind

the loans were fully forgiven, providing a huge boost to the local economy and businesses operations.

ceptionist

Shelly Zbranek, Re

Weimar Banking Center

SCHULENBURG 87 N. Kessler Ave. | Schulenburg, TX 979-743-6541 FLATONIA 204 N. La Grange | Flatonia, TX 361-865-2875 WEIMAR 709 S. Eagle | Weimar, TX 78962 979-725-1030 www.fayettesavings.com

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Photo by Bobby Bedient

LA GRANGE 111 E. Travis | La Grange, TX 979-968-9511

Photo by Lindsey Fo jtik

Photo by Lindsey Fojtik

Loan Officers Front row L-R: David Zapalac, Wade Mozisek, James Lehmann Back row: Dustin Drab, Sam Gunn, Mike Olle

Schulenburg Staff Front row: Cheryl Brossmann, Marilyn Mares Back row: Mark Friedrich, Brandi Rerich, Mike Olle

dient Photo by Bobby Be

Photo by Lindsey Fojtik

Photo by Bobby Bedient

Loan Processors Front row: Sandy Northrup, Kim Cook Back row: Shelly Green, Catherine Velasquez, Payton Wolfe

Photo by Bobby Bedient

Accounting Left to Right: Alex Glaiser, Rodney Kalich, Adam Kristoff

Flatonia Staff , ive Jyl Stavinoha Front row: Denise Gre ky, Erin Kaufhold nec Bra i Kat Back row:

Photo by Lindsey Fojtik

La Grange Staff Front row: Shelly Zbranek, Megan Brothers, Marissa Navarro, Darlene Brothers, Corrie Scardino, Ellie Thomas, Shelby Weyand, Gail Vacek Back row: Bryce Moerbe, Kyle Janda

Weimar Staff Front row: Jennifer Moring, Kristi Hillje Back row: Gonzalo Garcia, Jonathan Treptow, Shannon Rosenauer

FERGUSON FINANCIAL

Protecting your Assets, Income, & Legacy RETIREMENT CONCERNS • Your assets from market risk.

• Understanding IRA’s and Required Minimum Distributions.

• Don’t allow your retirement income to decrease due to stock market declines.

• Rising cost of Nursing Home Care.

• Recommendations for professional associates (attorneys, accountants, etc).

FAMILY AND ESTATE CONCERNS • Provide for current spouse without disinheriting children from prior marriage.

• Don’t sell the farm to pay Estate Tax. • Transfer farm to family members active in the operation without disinheriting others.

• Pass farm to children from prior marriage and ensure current spouse is taken care of.

• Protect legacy meant for biological children.

BUSINESS OWNERS AND KEY-EMPLOYEES • Strategies to attract and maintain key talent.

• Equalize inheritances between business and non-business heirs.

• Retirement Planning Strategies for owner(s).

• Transfer business to family members active in the business without disinheriting those who are not.

• “Restricted bonuses” for key-employees. Only available after service years requirement met.

• Buy-Sells and Equity “Buy-Backs” form partnerships and LLCs. • Ensure business has funds to recruit and train a replacement for a former “key-employee.”

CONSIDER CHARITIES WITH ESTATE PLANNING • Provide for favorite charity while also retaining an income stream and benefiting loved ones.

• Transfer wealth, or farm, to a charity without disinheriting your heirs.

• Sell your farm, benefit a charity, and avoid immediate capital gains on the sale of the farm.

• Continue to live on the farm and get an immediate charitable income tax deduction.

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See Why Our Customers Love Us “We have known and worked with Gregg Ferguson since 2004. His expert financial guidance has enabled us to grow our retirement account and gave us the financial security we were looking for.

We have recommended him to friends/family, who have all come back to tell us how pleased they are.”

-Patty P.

“Since 2007, we have relied on Gregg to guide us through our financial planning. He assisted us through the sale of our business, provided financial stability for my family, ensured a lasting retirement income, and most importantly, implemented a "protected legacy" for my kids, and grandkids. Gregg may have started as our financial consultant, but he’s now more like family.”

-Dolores S.

“We have known Gregg several years. After retirement, we needed some help and financial stability for ourselves and our children.

We now contact Gregg when we need assistance with our financial concerns. We are very pleased with the personal attention we receive from Gregg.”

-Debra E, CEO

© The Fayette County Record

gregg@fergusonfinancial.com (979) 206-2100

ESTATE PLANNING CONSIDERATIONS

by Norman T. Reynolds

Most of us are probably familiar with the Boy Scouts’ motto, Be Prepared.

That phrase is the essence of estate planning. We should all be prepared for the future and how we want our property to pass at death and who will take care of the important matters required to settle our estates.

There are several topics which should be considered in the preparation of any estate plan. Provided below is a discussion of some of the important reasons why you should have a properly drafted will. Please keep in mind that the federal estate tax exemption, currently, $12.06 million per person, is set to expire at the end of 2025, and will be reduced to $5 million (inflation indexed) after 2025, if the current exemption level is allowed to expire.

There is no guarantee that the Congress will wait until 2025, to change the current exemption level. So, be on the lookout.

Probate has gotten a bad reputation as being expensive and causing delays. As a result, many people try to avoid it at all cost. In many states, that reputation has been well earned. But in Texas, probate of a properly drafted will is typically nothing to be feared. This is because Texas has one of the most simplified probate processes in the nation.

Probate is the legal process of proving the validity of a will and the passage of the decedent’s property as desired upon his death.

Probate is also commonly understood to refer to the legal process in which the estate of a decedent is administered. During the

12 | Money Matters

probate process, the executor (if there is a will) or administrator (if there is no will) of an estate collects a decedent’s assets, liquidates his liabilities, pays necessary taxes, and distributes property to the heirs, pursuant to the terms of a will, or if there is no will, pursuant to the laws of descent and distribution.

Probate is usually equated with court supervision, which is expensive and time-consuming. However, in Texas, if a testator instructs in his will that there should be no action in the probate court in the settlement of the his estate other than the probating and recording the will and the return of an inventory, appraisement, and the list of claims of his estate, then there will be an independent administration free from court supervision and control. Independent administrations usually involve only one court hearing and the filing of an inventory.

They account for more than 80 percent of Texas probates.

Any will executed in Texas, should provide for independent administration free of court supervision. This means that after an independent executor is approved and an inventory of estate assets (or an affidavit in lieu of an inventory) has been filed, the executor can take care of the administration of the estate without further court involvement or supervision.

The independent executor can settle with creditors, set aside the homestead and other exempt property, manage the property of the estate, sell assets for payment of debts or taxes, and distribute the remaining estate to those entitled to it. Thus, independent administration avoids the costs and delays associated with a court-supervised estate administration in which the administrator must seek court approval before doing any of these acts.

The powers of an independent administrator are broad and include all the powers of a personal representative of a courtsupervised administration. These powers may be usurped by the probate court only where the Texas Estates Code specifically and explicitly provides for some action in the court.

After a person dies and leaves behind property to be administered, one of the first steps is for a personal representative to apply to the probate court for letters testamentary, if the decedent had a will, or letters of administration, if there is no will.

Letters testamentary give the personal representative the legal authority to administer the decedent’s probate estate.

The letters provide proof of appointment and qualification of the personal representative of an estate and the date of qualification. Most banks and financial institutions require a copy of the letters before giving the personal representative information or access to the decedent’s account.

In the appointment of an independent executor in a will, the appointment should specify that there shall be no requirement

for the posting of a bond by the independent executor. The failure to do so could prove to be very expensive and result in the failure of the independent administration.

In every will, where there is the likelihood that the property of an estate will pass to a testator’s child under 18 years of age (i.e., a minor) provision should be made for the appointment of a guardian of the person of each of the testator’s minor children.

Traditionally, estate planners have recommended a number of techniques to avoid, defer, or minimize the estate tax.

However, as the estate and gift tax exemption amount continues to increase and the bar for “wealth” moves north, a greater number of couples may fall into the “moderately wealthy” category. Moderately wealthy refers to those couples that are currently below the exemption amount ($24.12 million per couple) but have potential for wealth increases in the future.

A complete estate plan should also include a general power of attorney and a medical directive, commonly referred to as a living will. These documents are important to enable someone to act in a time of need, when the person granting the power is unable to do so.

If property is owned out of Texas, such as royalty interests, or other real estate, consideration should be given to use a trust or other legal entity, in order to avoid an ancillary probate in that jurisdiction.

In addition, to his estate planning practice, Norman Reynolds’ law practice also includes real estate transactions, oil and gas matters, civil litigation, business formations, mergers, and acquisitions and dispositions of businesses utilizing stock purchase or asset purchase agreements.

Log Cabin Lawyer

Norm rman rm man T.. R Reyn y olds Law practice includes wills, trusts, probate, real estate, oil & gas, litigation, business acquisitions and formations.

Norman T. Reynolds Law Firm P.C. P

713.503.9411 203 North Live Oak P.O. Box 246 P Henkel Square Market Round Top, T T Texas 78954

nreynolds@ntrlawfirm.com

www.ntrlawfirm.com Money Matters | 13

Carmine State Bank This year marks the 115th anniversary of Carmine State Bank.

The bank was founded on July 1, 1907 by twenty-six local citizens of Carmine when cotton fields and horse drawn carriages were common sights. The Carmine State Bank received its charter from the Texas Department of Banking, becoming the 269th State Chartered bank. After the 1907 cotton crop was harvested, Carmine State Bank opened its doors on September 3, 1907. On the first day of business, a horseshoe was found at the front of the bank door.

The cashier placed the horseshoe over the vault door as a symbol of protection and good luck to the newly formed bank.

And, the horseshoe has fulfilled the wishes of the bank’s founders.

The bank continued to grow and prosper over the years, survived financial downturns, while serving the banking needs of the community of Carmine and surrounding areas. The horseshoe later became the official logo of the bank and is today displayed in the bank’s lobby.

While a lot has changed 115 years ago, one thing which remains is the bank’s desire to serve its community. Carmine State Bank can be found supporting local fund raisers and events throughout the year.

Often time, bank staff volunteers at the functions.

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Carmine State Bank believes in relationship banking. Customers are greeted by their first name and are more than just an account number. Many of the customers of Carmine State Bank are second, third or more generation customers.

The bank offers traditional deposit products, such as Checking, Savings, Certificate of Deposits, Individual Retirement Accounts and Health Savings Accounts. The bank offers customers convenient banking technology such as mobile banking and mobile check deposits.

Carmine State Bank has been helping customers accomplish their dreams and goals with loans for homes, farmland and businesses.

The bank offers many loan products and is eager to help its customers dreams become reality.

Today, 115 years later, Carmine State Bank is the 12th oldest state bank operating in Texas. Assets of the bank today exceed $105 Million. The management of the bank have a combined 215 year experience in banking and are ready to serve your banking needs.

Carmine State Bank thanks its many loyal customers, which have contributed to the bank’s 115 years of success. And, the bank looks forward to serving the banking needs of generations to come.

115 YEARS OF SERVICE

RATED 5-STARS

by Bauer Financial

©The Fayette County Record

979-278-3244 | 800-720-1441

235 Centennial Street | P.O. Box 341 | Carmine, Tx 78932 | www.carminestatebank.com Money Matters | 15

Volunteers for Habitat for Humanity, one of the grantees of the Fayette Community Foundation

Simplify Your Giving, Maximize Your Impact, Create a Legacy

by Susannah Mikulin, Executive Director of the Fayette Community Foundation The Fayette Community Foundation (FCF) is based on a powerful promise: to build stronger, safer, and more vibrant communities in our rural area– not just now, but forever. For over twenty years, FCF has facilitated the local philanthropy of generous individuals and caring organizations to protect and enhance the community in which we live, work, play and pray.

Since 2001, FCF has assisted community-minded people simplify their charitable giving while ensuring donations receive full tax benefits. By working with you and your financial advisor, FCF can offer a variety of giving vehicles to help facilitate cash or non-cash gifts that maximize the charitable benefit for you and the impact to nonprofits or causes you care about.

Our experts help those who want to give intelligently by maximizing the efficiency, power, and longevity of their assets.

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Every donor is unique. No matter your needs or interests, FCF can help you define and implement your philanthropic goals. Often referred to as a “DAF”, a donor advised fund is FCF’s most popular vehicle to simplify your giving and connect with our community’s most pressing needs. Experts have shown that establishing a DAF with your local Community Foundation is the most taxadvantageous way to give to your favorite charities. As a personal account for charitable giving, a DAF enables you to make taxdeductible contributions immediately, without having to identify nonprofit beneficiaries right away. Once ready, you can recommend grants from your fund over time to your desired, eligible nonprofits.

Fayette Community Foundation’s core priority of exceptional service to local donors, public charities, and scholars drives the hard work of its staff and board members. Since its inception, the foundation has worked to learn the ever-changing needs

of our community and connect them with the remarkable people whose financial gifts make a lasting difference in our rural region. By partnering with donors and fundholders under the FCF umbrella, the foundation has administered more than $300,000 cumulative grants and scholarships to our rural area to date, more than $65,000 in 2021 alone.

FAYETTE COMMUNITY FOUNDATION IMPACT MODEL STEP 1. GIVE

Establishing a donor advised fund with FCF offers individuals and families the ease and flexibility of giving, similar to a private foundation but without all the expense and administration. Gifts of cash or appreciated securities can be donated to set up your fund.

Not only can you use your fund to make grants to charities over a period of time, but by utilizing FCF’s Impact Model, pictured above, your gift can grow tax free through several investment options and be written in your estate plans to ensure your philanthropic legacy lives on for generations to come. In addition to getting the tax benefit immediately, you don’t have to amend your will continuously as your wishes change or your investment amounts increase or decrease – just your agreement with FCF. The experts at Fayette Community Foundation handle all the administration so that you can focus on your philanthropic goals- now and in the future.

For more information about Fayette Community Foundation, contact Susannah Mikulin at susannah@faycofoundation.com or visit the organization’s website at faycofoundation.com

Philanthropic contributions are given to the Fayette Community Foundation and receive full tax benefits.

STEP 2. GROW Dollars are pooled and invested with an average 6.5% annual return* *Based on 10-year history

STEP 3. GRANT Investment earnings are distributed to eligible charities every year, forever.

Help Us Help Others Philanthropic contributions are given to the Fayette Community Foundation and receive full tax benefits.

Dollars are pooled and invested with an average 6.5% annual return. Investment earnings are distributed to eligible charities every year, forever.

"The heart of the Fayette Community Foundation is community. Your gift to the Foundation will create a lasting legacy that will support this community we love for years to come, in the ways YOU direct. What a gift to have such an opportunity to make a difference"

- Gale Lincke

SUSANNAH@FAYCOFOUNDATION.COM (512) 791-7096 WWW.FAYCOFOUNDATION.COM

Money Matters | 17

WHAT TO KNOW ABOUT

life insurance

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Millions of adults go to great lengths to protect their assets.

Those measures run the gamut from simple everyday efforts like utilizing two-factor authentication when accessing financial accounts via online or mobile banking apps to more complicated undertakings like estate planning. Life insurance is a component of estate planning that is vital to anyone looking to protect their assets in the event of their death.

EXPLAINING LIFE INSURANCE Life insurance is both similar to and different from other types of insurance. Like homeowners and auto insurance policies, life insurance provides financial protection in difficult circumstances. A life insurance policy is a contract between an insurance provider and a policy holder that guarantees a payout to beneficiaries designated by the insured individual in the wake of that individual’s death.

PERSONAL HISTORY Insurance providers differ, but individuals interested in life insurance can expect to be asked about their medical histories and lifestyle habits when discussing policies. Prospective policy holders will often be asked to sign waivers that allow providers to access their medical records. This is necessary so companies can get an idea of the health of the person applying for life insurance, which will determine the cost of a policy. That information, as well as family history, is important because it can serve as an indicator of future health risks. Some variables, including lifestyle habits like smoking, won’t necessarily appear on an individual’s medical history. In an effort to address that, insurance providers typically ask prospective policy holders to answer a variety of questions about their lifestyle, including whether or not they smoke and how much alcohol they consume. It’s vital that individuals answer these questions honestly, as companies can deny payouts to beneficiaries if they determine policy holders misled them during the application process.

TYPES OF COVERAGE Insurance providers offer various types of life insurance policies. Term life policies are among the most popular because they tend to be affordable while offering substantial coverage.

There are different types of term life policies, but policies tend to run for anywhere from 10 to 30 years and expire around the time individuals reach retirement age. That’s because many people save enough for retirement and don’t have the sizable expenses, such as a mortgage, to account for at this point in their lives. That means loved ones won’t necessarily need to be provided for in the wake of a policy holder’s death.

Permanent life insurance policies last until the policy holder’s death so long as he or she continues to pay the premiums on time. Financial advisors can help individuals understand the ins and outs of the various types of permanent life insurance policies, which differ from term life policies because they can serve as investment vehicles and sources of loans in certain instances.

Life insurance is a vital component of asset protection that can offer peace of mind to policy holders who want to ensure their loved ones are provided for in the wake of their death.

COVERAGE Coverage needs vary depending on the individual. Life insurance is intended to provide for loved ones in the aftermath of a policy holder’s death. How much money will those individuals need to pay their bills? Young adults who are just starting their families may want more coverage than aging adults who have already paid off their homes and saved a considerable amount for retirement. The National Association of Insurance Commissioners recommends that individuals ask themselves how much of the family income they provide and if anyone else, such as an aging parent, depends on them for financial support. Answering these questions can help individuals determine how much coverage they need.

Money Matters | 19

FINANCIAL FOCUS

MARKET DECLINE OFFERS BUYING OPPORTUNITIES

by Edward Jones

The financial markets have gotten off to a rocky start this year. What’s caused this volatility? And does it present opportunities for patient investors?

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First of all, several factors are behind the market volatility, including the war in Ukraine, higher inflation, rising interest rates and the lingering effects of the COVID-19 pandemic. However, while these factors may be specific to the recent market decline, volatility itself is a common feature of the investment environment. In fact, history shows that corrections of 10% or more happen about every year, and declines of 15% or more have happened every other year, on average.

Furthermore, while 2022 has thus far been challenging for investors, it was preceded by a long period of strong markets, with the S&P 500 averaging more than a 20% return over the past three years.

Knowing the typical frequency of market volatility and reviewing the results of the past few years may make the current situation seem less shocking. But you don’t have to simply “ride out” the downturn – because a down market may give you the opportunity to buy more investment shares at good prices. Specifically, you can expand your holdings in companies that have good growth prospects due to strong management and products or services that provide sustainable competitive advantages. And this type of opportunity is important, because one of the keys to building wealth is to increase the number of shares you own in your various investments and hold them for the long term. While the market will always fluctuate, the long-term trend has been positive, particularly for well-diversified portfolios built with quality investments.

Of course, while it is a good idea to boost your share ownership at favorable prices, you still want to be strategic about it, rather than

Chuck Mazac, AAMS®

IRT-1848G-A

Financial Advisor

just buying whatever seems to be the biggest bargain. In reviewing your existing portfolio, can you identify any gaps that could be filled with new investments? Are there opportunities to further diversify your holdings? By owning different types of stocks, bonds, government securities and other investments, you can help reduce the impact of volatility on your portfolio. (Keep in mind, though, that diversification can’t guarantee profits or prevent losses in declining markets.) Or, if your portfolio has become “unbalanced” in some way, you could also use this time to rebalance it back to its original long-term targets. You might also consider setting up a systematic investing program in which you invest the same amounts in the same investments on a regular basis, such as monthly. When prices go down, you’ll automatically buy more shares, and when prices rise, you’ll buy fewer shares. (However, systematic investing does not guarantee a profit or protect against loss and you’ll need to be willing to keep investing when share prices are declining.)

Before this year, average annual returns have been solid for about a decade, which makes it somewhat easy to forget about normal market volatility and may have led to overly optimistic performance expectations. So, it would not be surprising if your initial reaction to the current downturn is one of concern. But by viewing the current investment environment as a chance to add quality investments at attractive prices, you can help yourself develop a behavior that can serve you well throughout your life as an investor.

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Money Matters | 21

TYPES OF RETIREMENT ACCOUNTS The ability to retire with financial security is a goal for millions of people across the globe. Though people may stop working in retirement, many of their existing bills, and even some new ones, will still need to be paid. Retirement is often imagined as a time of unbridled financial freedom, but that’s only possible when individuals, including young professionals, prioritize planning for the day when they call it quits.

Retirement accounts and plans are a popular way to save for life after working. Individuals have various retirement plan options at their disposal, and each is unique in its own way.

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plan, employees will have a portion of each paycheck direct deposited into a long-term investment account. Contributions to a 401(k) are made pre-tax, which saves account holders a considerable sum of money so long as they continue to make contributions. One significant advantage to 401(k) plans is that many employers will match contributions up to a certain percentage. For example, some may match up to 2 percent, so employees who contribute 2 percent or more will actually be depositing no less than 4 percent of their income each week into their 401(k) accounts. Perhaps most beneficial is that employer matches do not count toward the annual 401(k) contribution limits, which the IRS notes were $19,500 in 2021.

SIMPLIFIED EMPLOYEE PENSION (SEP) PLAN

An SEP plan is typically established by a small business owner or self-employed individual. However, small business owners can set them up for their employees as well. Contributions to an SEP will reduce taxable income, and the money will grow taxdeferred. Individuals enrolled in an SEP will only pay taxes on the money upon withdrawal. One of the advantages to an SEP is it has significantly higher contribution limits, which the IRS notes were $58,000 or 25 percent of the employee’s compensation, whichever was lower, in 2021. However, SEPs are employer contribution only, so they rely a lot on employers’ available cash.

No retirement accounts are the same. Individuals are urged to conduct their own research and choose the plan that best suits their needs.

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¤ Retirement Planning INDIVIDUAL RETIREMENT ACCOUNT (IRA)

An IRA is a tax-advantaged way to save for retirement. Anyone with earned income can open an IRA. Money deposited into an IRA cannot be withdrawn prior to account holders reaching 59.5 years of age without incurring a steep tax penalty of 10 percent.

There are limits to how much individuals can deposit into an IRA. The Internal Revenue Service notes that the deposit limit for all IRA accounts in 2021 was $6,000 ($7,000 for account holders age 50 and over). In addition, there are different types of IRAs, including traditional IRAs, Roth IRAs, Payroll Deduction IRAs, and SIMPLE IRAs. Each has its rules regarding taxes, eligibility and withdrawals, and individuals are urged to discuss which type of IRA is best for them with a financial professional.

401(K)

A 401(k) is another tax-advantaged retirement account typically offered through an employer, though self-employed individuals can enroll in a Solo 401(k) plan. When enrolled in a 401(k)

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Money Matters | 23

What to know about

refinancing a mortgage Historically low interest rates have made now a good time to be a homeowner. According to the Federal Home Loan Mortgage Corporation, also known as Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage in mid-September 2021 was 2.86. Just ten years earlier, the average rate was 4.09. That’s a significant dip, and one that’s saving today’s homeowners tens of thousands of dollars over the life of their mortgages.

Interest rates dipped during the pandemic and have remained low ever since. That’s unlikely to last forever, which has given many homeowners a sense of urgency regarding refinancing.

Refinancing can be financially advantageous, but there are some things homeowners should know prior to contacting their lenders.

That includes fees, taxes and appraisal costs. These costs are sometimes paid up front, but they also might be rolled into the loan balance. In the latter instance, homeowners could be paying interest on their refinancing costs. Homeowners who are refinancing solely because of lower interest rates should know that some lenders raise interest rates to compensate for refinancing costs. That can negate the savings and end up costing homeowners more money than the original mortgage.

Refinancing is an option for homeowners who want to save money.

Homeowners can speak with a financial advisor to determine if this is the best way to save money over the long haul or if refinancing will ultimately cost them more over the life of the mortgage.

Refinancing does not always save money over the long haul It’s hard to blame homeowners who jump at the chance to refinance their mortgages. Refinancing is often associated with significantly lower monthly payments, and such savings can be used to finance home improvements, pay for tuition or build retirement nest eggs. However, homeowners won’t necessarily save money over the long haul if they’re refinancing an existing 30-year mortgage with another 30-year mortgage.

The mortage experts at Mortgage Calculator note that a Change Terms mortgage refinance is characterized by a shift to a loan charging a lower interest rate. The initial savings with such a refinance are undeniable, but changing from one 30-year to another 30-year restarts the mortgage clock, which can add years to the time homeowners will be repaying their debt. As a result, homeowners may end up paying more interest over time than they might have had they just kept their initial mortgage.

Homeowners interested in a Change Terms refinance may want to look into switching from a 30-year to a 15-year mortgage. A shorter term mortgage will increase the monthly payment, but the loan will reach maturity much faster, greatly reducing the amount of interest homeowners will pay over the life of the mortgage.

Refinancing can be costly

Lower monthly payments might be the number that catches homeowners’ eyes as they look to refinance, but it’s important that homeowners recognize that refinancing is not free.

In fact, the personal finance experts at Kiplinger note that refinancing incurs many of the same costs that homeowners had to pay when they signed their initial mortgage papers.

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Tax-Advantaged

investing

Investing has always been a means for people to grow their wealth and make their money work for them. Investors know that protecting investment earnings is important, and that often can be achieved through tax-advantaged investments.

There are some ways for investors to keep more of their assets. A qualified financial advisor can help navigate the waters of the best tax-advantaged options. When investing on an annual basis, there are some general accounts people can use to their advantages.

A 401(K) OR 403(B):

These accounts are an ideal way to get “free” money. Funds in these accounts are put away pre-tax. Because your adjusted gross income is lowered, so is your federally taxable income. In addition, some employers may match contributions up to a certain percentage.

Companies also may offer Roth 401(k) plans, which differ from traditional plans in regard to when you pay taxes. With Roth plans, you pay taxes up front. When the money is eventually withdrawn, those withdrawals are tax-free.

IRAS:

Individual retirement accounts are similar to 401(k) plans in that they’re tax-deferred. However, they generally offer greater freedom in investment choices. Roth IRAs, like the Roth 401(k) plans, must be paid with after-tax dollars. But the advantages are higher contribution amounts, withdrawals that are tax-free and no mandatory withdrawals when a person reaches a certain age.

TAX-FREE SAVINGS ACCOUNT (TFSA):

Canadian investors can explore TFSAs. These are accounts that do not tax any contributions, interest earned, dividends, or capital gains, and can be withdrawn tax-free. It is available to individuals ages 18 and older in Canada and can be used for any purpose.

COLLEGE SAVINGS ACCOUNTS:

Investing in a 529 plan can be wise for parents. While money is invested after tax, it is tax-free when withdrawn for qualified higher education purposes.

HEALTH SAVINGS ACCOUNTS:

To get a tax deduction on health expenses, an HSA is the way to go.

HSAs are linked to high-deductible health plans and allow account holders to use the funds for qualified spending.

Working with a financial planner can help investors maximize their investments to be as tax-efficient as possible. Financial experts understand funding limits and the timeline in which to invest for tax advantages. ©The Fayette County Record

Tax-advantaged investing, also called tax-efficient investing, allows investors to maximize the profits they can keep after taxes are filed.

Investment selection and asset allocation are important factors affecting returns, but minimizing taxes and other costs is also crucial, according to the Schwab Center for Financial Research.

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Money Matters | 25

Strategies to recessionproof your finances “Financial planning” is an umbrella term that can be applied to various aspects of money management. Many people associate financial planning with retirement. However, effective financial planning can help people confront today’s challenges just as much as it can help them prepare for their golden years.

The pandemic that spread across the globe throughout 2020 posed numerous challenges, including a recession sparked by widespread job loss and declines in economic activity. The U.S. Bureau of Labor Statistics noted that the unemployment rate in the United States exceeded 10 percent in July 2020, while Statistics Canada reported the Canadian unemployment rate was just under 11 percent in that same month. While each country has since witnessed declines in their respective unemployment rates, tens of millions of workers in both nations remain out of work.

The sudden rise in unemployment and decline in global economic activity underscores the need to plan for recessions, even during those times when economies are thriving. Taking steps to recession-proof your finances is an important component of financial planning that can help people overcome the stress of living during a downturn.

• Build up your savings. A recent poll from the Kaiser Family Foundation found that 45 percent of adults said their mental health had been negatively affected due to stress related to the virus. That poll was conducted in March, shortly after lockdown measures were instituted and the term “social distancing” entered the North American lexicon. As the pandemic wore on through the summer, fall and into the winter, stress remained a big concern for many people. Much of that stress stemmed from the economy, but one way to ease that stress is to have a substantial amount of money in savings. Each person’s

26 | Money Matters

financial needs are different, but many planners recommend clients have at least six months’ worth of expenses in their savings as a cushion to help them get through job loss.

PAY DOWN DEBT. Debt, particularly high-interest debt,

can compromise your ability to save. A 2019 survey from Bankrate.com found that 13 percent of Americans admitted that debt was preventing them from saving more money. Pay down debt like credit cards and only make credit card purchases if you have the money to pay the bill in full when it’s due.

AVOID OVERSPENDING. Many financial planners

recommend a 50-30-20 approach to money management.

Such an approach advises people to devote 50 percent of their earnings to needs, 30 percent to their wants and 20 percent to savings. Spending more than 30 percent on wants can make it difficult to build up a savings account to levels that can protect you in the event of a recession.

EXPECT THE UNEXPECTED. The American economy was doing historically well as recently as January, only to have the bottom fall out during the pandemic. If you want to recessionproof your finances, do not take your foot off the gas in regard to insulating yourself from the next recession. No matter how strongly the economy is performing, continue to expect the unexpected and prioritize saving so you have a soft landing awaiting you should the economy again take a sudden turn for the worse.

The timing of recessions is unpredictable, but they are inevitable. Effective financial planning can help anyone overcome the challenges posed by economic downturns.

How to find help with financial planning Financial advisors can be invaluable resources for people who need help managing their money. There’s an existing misconception that financial advisors are only for the rich, but anyone can benefit from some guidance in regard to their finances. The key is finding a planner who understands your needs and is willing to work with you, no matter how big or small your financial dreams may be.

According to U.S. News and World Report, some financial advisors are no longer interested in working with people without substantial portfolios. Certain firms have stopped paying commissions to brokers for accounts that are considered small, including customers with assets worth between $100,000 and $500,000. While that can make it difficult to find financial help, there are ways to receive assistance.

fee-only and non-fee-only. A fee-only advisor typically charges an hourly fee or flat rate for services. A non-fee-only advisor may be compensated at a percentage of assets earned or may receive incentives and commissions from their companies based on preestablished sales goals or objectives. There are no right and wrong answers to fee schedules, but find a situation that works for you.

Some people need help navigating the ropes of financial planning. Financial planners can help people from all backgrounds establish and achieve their financial goals.

A personal approach to your financial future...

ASK FRIENDS FOR RECOMMENDATIONS.

If a financial advisor has worked with a colleague, friend or family member, he or she may also be able to provide services to you. To find professionals with reputable credentials, look for someone who has a Certified Financial Planner or Personal Financial Specialist designation. Those who are relying on investment advisors should work with one who has a Chartered Financial Analyst certificate. These credentials are indicative of proficiency in financial planning.

LOOK AROUND ONLINE.

Various online resources, including U.S. News & World Report, offer searchable databases. The Garrett Planning Network at garrettplanningnetwork.com offers a map of the United States where users can find financial advisors in their areas who cater to the middle class.

Reece Cernoch LPL Financial Advisor (979) 249-3151

CONTACT A PROFESSIONAL ASSOCIATION.

The National Association of Personal Financial Advisors can provide resources for finding local financial advisors.

Visit www.napfa.org for a listing. Middle-income individuals can look at the Accredited Financial Counselor website at www.afcpe.org to find professionals. Accredited financial counselors often focus on helping low- and middle-income people at affordable prices with relevant financial assistance.

RESEARCH COMPENSATION.

Financial advisors may receive compensation in one of two ways:

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).

Insurance products are offered through LPL or its licensed affiliates. Round Top State Bank and Round Top Financial Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Round Top Financial Services, and may also be employees of Round Top State Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Round Top State Bank or Round Top Financial Services. Securities and insurance offered through LPL or its affiliates are: Not Insured by FDIC or Any Other Government Agency Not Bank Guaranteed May Lose Value Not Bank Deposits or Obligations

Money Matters | 27

Real Estate Financing Options The decision to buy a home is significant. Real estate is the biggest investment the average person will make in his or her lifetime, which underscores just how significant the home buying decision can be.

The real estate experts at Zillow recently reported that the national median price of a home in the United States is $272,446.

However, since the National Association of Realtors reported a record low housing inventory late in 2020, the average house price has been rising rapidly nationwide. The Federal Reserve Bank of St. Louis estimates the median home sales price at $374,900, and certain states have much higher prices. WOWA, a real estate and finance technology company, says the average sale price of a home in Canada was $679,051 in July 2021.

Most people do not have $300,000 to $600,000 in savings on hand to purchase a home in cash. That means they’ll need to rely on financing to pay for their dream homes.

Conventional lending

Conventional lending refers to when a bank or another financial institution loans a home buyer money to buy a home. This is one of the most common ways to fund a home purchase. Personal credit score as well as credit history help determine eligibility and interest rates for conventional loans. Availability of assets as well as income level are some additional determining factors.

Conventional loans are traditionally 10-, 15- or 30-year notes and will require a certain percentage as the down payment to secure the loan. The bank will determine the down payment requirement, which is typically somewhere between 3 and 20 percent.

FHA loan

A Federal Housing Administration loan is issued by an FHAapproved lender. These loans are designed for low-to-moderateincome borrowers, according to the financial guide Investopedia.

FHA loans require lower minimum down payments and lower credit scores than many conventional loans. FHA loans also require mortage insurance up front, plus annually for 11 years or the life of the loan depending on the length of the loan.

HELOC

A Home Equity Line of Credit, commonly called a HELOC loan, borrows against the available equity in your home to create a line of credit, much like a credit card. These funds can be used for large expenses or to consolidate higher-interest rate debt on other loans, according to Bank of America. It may be possible to use a HELOC to secure funding to make improvements to a home for those who want to flip it as an investment property.

Private money lenders

Individuals investing in real estate who do not intend to use a property as a primary residence may turn to private money lenders.

These investors can tap into capital from personal connections and lend at specified interest rates and payback periods, according to Fortune Builders, a real estate investing resource. Keep in mind the interest rate will likely be higher with a private lender than through a conventional lender. The repayment term also will be shorter.

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VA-backed loan

The U.S. Department of Veterans Affairs has a program for acquiring loans through conventional lenders that will be partially guaranteed against loss through the VA. This enables a lender to give better loan terms, such as the option to pay no down payment. Interested parties need to qualify for a Certificate of Eligibility and then work with qualified lenders.

People have several options to finance the purchase of a home.

These loans can help make the dream of home ownership a reality. Potential buyers are urged to speak with mortgage professionals or financial planners to consider their options.

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Living in Retirement If you’re living in or heading into retirement and have built up a comfortable nest egg, you’re probably no stranger to disciplined budgeting.

But budgeting in retirement might be more important than ever before. You’ll need to budget carefully to account for both needs and wants in retirement to help ensure you don’t outlive your savings. It’s wise to leverage your savings through careful planning and controlled spending.

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With A Budget

by Bo Thibodeaux Know What You Have

To make a budget for retirement, you’ll need to take stock of all your sources of income, including Social Security, savings, stocks, pensions and so on. Using this information, you should be able to estimate your monthly and yearly income, as well as the cash you could access through your assets if needed.

Prioritize Your Essential Expenses in Retirement

When planning your retirement budget, start with the essential expenses first. Consider the costs for essential expenses, such as: • Housing: Will you need to continue paying a mortgage? Or, do you plan to downsize in the future?

• Taxes: Account for property taxes, taxes on retirement income, on withdrawals from your retirement savings and on any dividends and interest you earn.

• Health insurance premiums: Plan for all health insurance premium costs, including certain Medicare and supplemental plans.

• Healthcare costs: Consider your current and future healthcare needs and related expenses, including copays, deductibles and commonly requested services that might not be covered by Medicare.

• Emergency funds: Plan to build and maintain an emergency fund to cover major household maintenance and repairs or auto repairs.

Once you have a firm grasp on your needs, you’ll have an idea of what’s left to invest in your wants, such as travel, experiences, large purchases or other living expenses. Planning for fun and entertainment is also an important aspect of your retirement plan, helping you enjoy this time in your life.

Ways to Save in Retirement

Not all your expenses will increase when you retire – you might find savings in some areas. For example, if you had a long commute to work every day, you’ll likely save on daily transportation costs.

Planning for retirement can feel overwhelming, but it doesn’t have to be. When you need help planning for your retirement budget, contact the office to learn more.

Money Matters | 31

Helping You Pursue Your Financial Goals

©The Fayette County Record

Fayetteville Bank offers wealth management services through our affiliation with Cetera Investment Services LLC. If you would like to work with a financial advisor or have him review your accounts, Bo Thibodeaux is our Financial Advisor/Program Manager who prides himself with relationships starting with a face to face meeting so he can learn about your current financial situations, goals, and dreams!

Cetera Investment Services LLC offers a variety of products and services to meet your financial needs:

INVESTMENTS

Bonds Common Stocks CD’s Structured CDs Mutual Funds ETFs Educational IRA Traditional IRA Roth IRA SEP IRA Simple IRA Brokerage Accounts Treasury Bills Government Securities Treasury Notes Variable Annuity Fixed Annuities Fixed Index Annuities

FINANCIAL PLANNING Retirement Plans Tax Plans 401(k) Planning 403(b) Planning College Plans Estate Planning Services Money Purchasing Plans Profit Sharing Plans

INSURANCE

Disability Income Insurance Life Insurance Long-Term-Care Insurance

If you would like to schedule a visit with Bo to discuss your Financial goals, give him a call at 979-206-2200 Fayetteville Bank 500 West Travis Street | La Grange, Texas 78945

Securities and advisory services are offered through Cetera Investment services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisors LLC. Neither firm is affiliated with the financial institution where investment services are offered. Individuals affiliated with this broker/dealer firm are either Registered Representatives who offer only brokerage services and receive transaction-based compensation (commissions), Investment Adviser Representatives who offer only investment advisory services and receive fees based on assets, or both Registered Representatives and Investment Advisor Representatives, who can offer both types of services. Investments are: