Hendersonville, TN April 2024

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ARTS + CULTURE

HENDERSONVILLE RISES

FINANCE + LEGAL SERVICES

INSURING FOR THE FUTURE

LIFE + CULTURE

SHOW ME THE MONEY

Investing In Hendersonville

APRIL 2024

mor e. With incoming or der, at time of pur c hase only. Expir es 4/30/24. Of fer not v alid in all r e gions.

April in the Ville

“April gave us springtime, and the promise of flowers.”

Dave Loggins/Three Dog Night, Pieces of April

And just like that, after a wild winter that saw a mixture of snow, ice, wind and temperatures ranging from below zero to nearly 80°, April flowers have finally arrived. While we hope for lots of blue skies, sunshine and warm temperatures, we cannot take anything for granted. After all, this is Tennessee, where the weather has more tricks up its sleeve than the best Las Vegas magician.

Along with the return of spring events and outdoor activities, April is also known for something not so pleasant – filing income taxes. This year, however, Hendersonville area taxpayers will get a reprieve from the traditional mid-April chore. Due to the destruction brought by last December’s tornado, the 2024 filing date has been extended until mid-June. Despite the delay, April is still the perfect time to take stock of our finances.

To help our readers get their economic houses in order, we are proud to bring you the April edition of Hendersonville Lifestyle – our investments issue. Within its pages, you will find a lot of great ideas to help you make the most of your money.

First, we take a look at a recent event that brought out the best in Hendersonville – a benefit concert in which local music stars gathered together for an evening to raise funds to help local businesses recover from last year’s tornado.

Continuing, we visit with a local insurance professional to learn about the best ways to protect our personal and business assets and investments.

Next up, just in time for tax season, we visit with a Hendersonville CPA to learn the best practices for accounting for residential and commercial casualty losses.

As always, along with our features, we bring you the best in local happenings in our City Scene and Business monthly sections.

So come along with us this month as we invest in ourselves, our families and our community – you will be glad that you did.

See you around the 37075,

LIFESTYLE LETTER
CITYLIFESTYLE.COM/HENDERSONVILLE LIFESTYLE LETTER Hendersonville Lifestyle™ is published monthly by Lifestyle Publications LLC. It is distributed via the US Postal Service to some of the Hendersonville area’s most affluent neighborhoods. Articles and advertisements do not necessarily reflect Lifestyle Publications’ opinions. No portion of this magazine may be reproduced in any form without written consent. Lifestyle Publications does not assume responsibility for statements made by advertisers or editorial contributors. Information in Hendersonville Lifestyle™ is gathered from sources considered to be reliable, but the accuracy of all information cannot be guaranteed. Proverbs 3:5-6 PUBLISHER Lynn Bowles | lynn.bowles@citylifestyle.com MANAGING EDITOR Rick Murray | rick.murray@citylifestyle.com COPY EDITOR Debbie Murray | debbiemurray1989@gmail.com CONTRIBUTING WRITERS Rick Murray, Taylor Hooks, Lora Clark CONTRIBUTING PHOTOGRAPHERS Rick Murray, Lynn Bowles April 2024 Visit our Instagram Corporate Team CHIEF EXECUTIVE OFFICER Steven Schowengerdt CHIEF OPERATING OFFICER Matthew Perry EXECUTIVE DIRECTOR OF HR Janeane Thompson DIRECTOR OF FIRST IMPRESSIONS Jennifer Robinson TECHNICAL DIRECTOR Josh Klein AD DESIGNER Whitney Lockhart LAYOUT DESIGNER Kelsey Ragain Learn how to start your own publication at citylifestyle.com/franchise. 4
inside the issue APRIL 2024 | INVESTMENT Departments Morgan Myles performs at the Hendersonville Rising tornado relief concert. Photography: Rick Murray On the Cover 4 Lifestyle Letter 8 City Scene 12 Business Monthly 14 Giving Back ARTS + CULTURE 20 Financial Buzz FINANCE + LEGAL SERVICES 26 Money Matters LIFE + CULTURE 30 Expert Help FINANCE + LEGAL SERVICES 34 Home Update HOME + DESIGN Hendersonville Rises Local Music Stars Give Back At Tornado Relief Concert Insuring For The Future Local Agent Offers Advice For Protecting Valuable Assets From Loss Show Me The Money Local CPA Offers Advice For Obtaining Optimal Tax Treatment For Personal And Business Casualty Losses Featured 14 20 26 20 14 26 6

city scene

1: Mayor Jamie Clary presents Jennifer McCay with the Education Impact award on Feb. 14. 2: A packed house attended the annual Women Impacting the Community event on Feb. 14. 3: Lisa Hochstetler presents Dr. Jennifer Everett-Damewood with the Healthcare Impact award on Feb. 14. 4: Ron Filer presents Erin Birch with the Nonprofit Impact award on Feb. 14. 5: Anthony Gonzalez presents Adrienne Dionne with the Young Professional Impact award on Feb. 14. 6: Tara Tenorio presents Lee Rucks with the Professional Impact award on Feb. 14. 7: Channel 4 Morning Anchor Holly Thompson emceed the 2024 Women Impacting the Community awards. Photography by Rick Murray
WHERE NEIGHBORS CAN SEE AND BE SEEN APRIL 2024 CITY SCENE 1 2 3 4 5 6 7 8

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8: The Hendersonville Chamber held a ribbon cutting ceremony for Crossroads Medical on Jan. 31. 9: The Hendersonville Chamber held a ribbon cutting ceremony for the Movement Shop on Feb. 16. 10: The Hendersonville Chamber held a ribbon cutting ceremony for the Cupcake Connection on Feb. 20. 11: The Sumner County and Tennessee Tourism Teams pose with 2024 Songwriters Showcase winner Jack Settle. 12: Jack Settle won the TN Songwriters Showcase held at Portland’s Temple Theatre on Feb. 23. 13: Hendersonville celebrated the grand opening of the new Sanders Ferry Greenway on Feb. 24. 14: TriStar Hendersonville Medical Center hosted its 5th Cardiac Rehab Reunion on Feb. 27.

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Vol State announced its firstever Federally registered United States Department of Labor Apprenticeship. The apprenticeship pathway focuses on advanced manufacturing and is connected to the college’s mechatronics program. The apprenticeship launch was made possible thanks to the MIDAS grant in partnership with the Tennessee Board of Regents.

The apprenticeship pathway allows manufacturing employers to upskill their existing workforce and new employees.

APRIL 2024 BUSINESS MONTHLY
RAVE REVIEWS! 555 East Main Street, Hendersonville, TN 37075 615-824-6600 www.bluegrassbeverages.com
Photography by Rick Murray
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Announces First Federally Registered Department of Labor Apprenticeship
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business monthly A ROUNDUP OF NEWS FROM LOCAL BUSINESSES Want to be featured? GET IN TOUCH AT CITYLIFESTYLE.COM/ HENDERSONVILLE 12

Sumner Family Wellness Holds Grand Opening Ceremony

Sumner Family Wellness held a ribbon cutting and grand opening ceremony on Feb. 20 to celebrate its new clinic at Hunt Club in Gallatin. During the event, a meet and greet was also held to introduce family medicine provider Dr. Jordan Shirley.

Along with caring for ailing patients, Sumner Family Wellness at Hunt Club is also focused on wellness and preventing illness and the worsening of chronic conditions.

Inaugural Hendersonville Arts Festival Planned For Sanders Ferry Park

The Hendersonville Arts Council and The City of Hendersonville will host the inaugural Hendersonville Arts Festival in Sanders Ferry Park on Saturday, May 11 and Sunday, May 12 featuring over 75 artisans from across the country. Along with art displays, the free festival will feature local food vendors, live music, family activities and beautiful views by the lake.

Artists interested in exhibiting can find out more at HendersonvilleArtsFestival.com.

Photography by Rick Murray Photography by Highpoint Health - Sumner
13 | CITYLIFESTYLE.COM/HENDERSONVILLE APRIL 2024

HENDERSONVILLE RISES

ARTICLE AND PHOTOGRAPHY

Country music legacies Twitty and Lynn perform during Hendersonville Rising.

LOCAL MUSIC STARS GIVE BACK AT TORNADO RELIEF CONCERT

GIVING BACK | ARTS + CULTURE
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Hendersonville is a caring community that takes care of its own.

During times of crisis, citizens come together to help their neighbors in need. From volunteer time to cash and material donations, generosity abounds across the City by the Lake.

This caring nature has been demonstrated time and time again, most recently in the aftermath of a destructive tornado that wrought havoc last December. In the days following the event, the scope of the devastation became frighteningly clear. Hundreds of homes and businesses were impacted by the tornado, with damage ranging from missing roofs and shattered windows to total destruction.

While feelings of despair and anxiety soon set in, they were countered by the rallying cries of neighbors coming to each other's aid. Within hours after the storm had passed, the sound of chainsaws was heard all across the city as locals sprang into action to help those in need.

Since then, Hendersonville’s resiliency has been evidenced in many other ways. From opening a temporary tornado relief center at the Streets

Hendersonville Rising raised over $140,000, including a $10,000 donation from Slim Chickens. Tim and T.J. Watson and Mark Dreyer are having a great time during Hendersonville Rising.
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Portland hometown singer Ronnie McDowell gets up close and personal with the audience.

of Indian Lake to hosting citywide cleanup events, people from all across the community have risen to the occasion through an outpouring of financial and volunteer support.

The tornado relief efforts reached new heights on the evening of Jan. 30, with a Hendersonville Rising benefit concert held at Premier Event Centre. During this event, a star-studded lineup of local entertainers came together to help raise funds for those impacted by the storm.

Under the direction of emcee and News Channel 5 Meteorologist Bree Smith, over twenty artists took the stage for nearly six hours before a capacity crowd. The show featured performances by such notable entertainers as Dillon Carmichael, The Isaacs, T.G. Sheppard and Kelly Lang, Jimmy Fortune, Chris Golden, Tim and T.J. Watson, Morgan Myles, Ronnie McDowell, Josh Mirenda, Rockland Road and Ron Artis II. In addition to the entertainment, a special silent auction was held to raise additional funds.

“During our Hendersonville Rising concert, our city’s rich musical heritage was on display for a great cause,” said Hendersonville Parks & Recreation Director Andy Gilley. “The stars turned out in droves to help their friends and neighbors rebuild their dreams.”

While most major concert events require months of planning, Hendersonville Rising came together in less than three weeks. The genesis for the event came about in an early January meeting between Gilley, Hendersonville Chamber of Commerce President/CEO Kathleen Hawkins and Parks Special Events Coordinator Wade Evans. During their get-together, the trio tossed about a variety of ideas to help raise additional funds for tornado relief. After considering several different options, they agreed that the concert offered the most promise.

At first, there was concern as to whether or not a truly epic event could be realized in just a couple of weeks. However, based upon his past experience, Andy was confident that it could be done.

“I have put together several concerts over the years, and have made a lot of music industry contacts,” said Andy. “I know all of the local Hendersonville stars, and I know that they can be counted upon to help our community.”

Along with lining up a cast of performers, the team also needed to secure a venue. After considering their options, they contacted

GIVING BACK | ARTS + CULTURE
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Morgan Myles rocked the audience with style.

Due to time constraints, the concert was originally patterned after other Hendersonville Hometown Jam shows, which typically featured a small slate of performers. However, word about the show spread like wildfire among local entertainers, creating a steady outpouring of requests to participate.

“We had so many singers and musicians wanting to be a part of the show that we couldn’t finalize the line up until right before the event,” said Kathleen. “We didn’t even have to ask them to perform – they eagerly volunteered to help Hendersonville get back on its feet.”

When the concert date arrived and the venue doors were opened, over 800 music lovers settled in for an evening that they will long remember. Despite the hurried preparation, Hendersonville Rising proved to be one of the most successful events ever held in the city. It will forever be known as the concert in which funds were raised, memories were made, and hope was restored.

Barry Lee, the manager of the Premier Event Centre. After hearing the details of the concert, Barry immediately offered up his facility to host the concert. Grand Old Opry stars The Isaacs perform at Hendersonville Rising. Local legends T.G. Sheppard and Kelly Lang are having a great time at Hendersonville Rising.
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A crowd of over 800 music fans attended Hendersonville Rising.

Just two weeks before Christmas 2023, disaster befell the Hendersonville community. At 5 p.m. that day, a devastating EF-2 tornado left a trail of destruction across much of the city as it followed a path that stretched from Madison to Gallatin.

During the storm, over 130 Hendersonville businesses were damaged, with 74 of them suffering catastrophic losses. Many of the businesses had to close, resulting in major financial harm for the owners and leaving more than 300 people without jobs.

In the aftermath, Hendersonville citizens banded together to help jumpstart the long recovery process. Events and fundraisers were held across the city, including the Jan. 30 Hendersonville Rising concert, which raised over $140,000 to help businesses impacted by the storm.

Hometown fan-favorite Chris Golden sings one of his hits. Ron Artis II performs a bluesy composition during Hendersonville Rising.
GIVING BACK | ARTS + CULTURE 18
Rockland Road brought their special blend of harmonies during Hendersonville Rising.
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Insuring For The Future

In recent years, Hendersonville has experienced a considerable upsurge in severe weather events. In their wake, these storms have left behind millions of dollars in casualty losses for both home and business owners.

Most losses were covered by insurance, saving property owners from the prospect of financial ruin. However, many policyholders were shocked to find out that they did not have the right amounts or types of coverage to cover their claims. From unexpected deductibles to “fine print” depreciation clauses, many owners found themselves having to dig deep into their savings to bridge their coverage gaps.

LOCAL AGENT OFFERS ADVICE FOR PROTECTING VALUABLE ASSETS FROM LOSS

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“INSUREDS SHOULD REVIEW THEIR COVERAGE ON AN ANNUAL BASIS TO ENSURE THEY HAVE ADEQUATE COVERAGE ON THEIR PROPERTY AND ASSETS.”
— LAUREN TULLOS

Since Middle Tennessee seems to have become the country’s new tornado alley, these types of storm systems and related property damage will likely be a fixture going forward. To gain a better understanding about how to optimize insurance protection for homes and businesses, Hendersonville Lifestyle reached out to veteran insurance agent Lauren Tullos, owner of a local State Farm Agency.

WHAT ARE SOME OF THE KEY CONSIDERATIONS THAT HOMEOWNERS SHOULD LOOK FOR IN ADEQUATELY INSURING THEIR HOMES?

“First, homeowners should investigate the insurance carrier’s reputation and ratings with regard to handling claims and service. Next, they should seek out insurers who offer bundling discounts (e.g. insuring both home and vehicles) to help reduce their insurance premiums.

Homeowners should also make sure that their insurer is easy to reach through their preferred contact methods, such as face-to-face, phone, apps, email and online self-service. There is also great value in having a local agent with whom homeowners can meet with to review policies and coverage.

Finally, remember the old adage ‘you get what you pay for.’ If a company offers an insurance quote that seems too good to be true, it probably is. The worst time to find about inadequate coverage or an unexpected deductible is after a loss has occurred.”

WHAT ARE SOME OF THE KEY CONSIDERATIONS THAT BUSINESS OWNERS SHOULD LOOK FOR IN ADEQUATELY INSURING THEIR PROPERTIES?

“Most of the recommendations for homeowners also apply to business owners. However, commercial insurance policies are much more extensive and complex than personal policies, and business owners should be very selective when choosing a carrier to insure their business from both property and liability standpoints.

Proprietors should consider a insurer’s reputation and market share in their particular industries. It is important that the carrier understands the nuances and specific needs of any business line that they cover to make sure that all properties, business assets and employees are adequately protected.”

The Dec. 9 tornado destroyed several businesses and severely damaged many others.
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Many roofs were damaged across Hendersonville during 2023.
CONTINUED >

Lauren Tullos

LAUREN TULLOS STATE FARM

After the March 2023 windstorm and the December 2023 tornado, many homeowners experienced serious roof damage. More than a few of them were shocked to find out that their insurers were unwilling to cover the entire amount of the loss, leaving them with large, unexpected deductibles and outof-pocket expenses. How can property owners avoid this situation in the future?

“First, homeowners should request copies of their full policies so that they can review the specific verbiage related to included/excluded coverages for roof claims. They should also proactively discuss various claims scenarios with their agents and/or carriers to make sure that the proposed coverage is adequate before binding the policy.

Homeowners should also make sure that they understand how their policies are set up. Many carriers will sneak in special limits on roof coverage and clauses related to depreciation and separate deductibles for wind/roof claims without explicitly informing their customers. These stipulations often provide a more competitive lower annual premium, but at the expense of inadequate coverage when filing claims.”

WHAT ARE THE MAJOR TYPES OF POLICIES THAT HOME AND BUSINESS OWNERS SHOULD CONSIDER IN ORDER TO ENSURE THAT THEY HAVE ADEQUATE COVERAGE FOR THEIR MOST VALUABLE ASSETS?

“Along with traditional home, vehicle and life insurance policies, homeowners should purchase personal article policies designed to protect high value personal items in the home, such as jewelry. They should also have personal liability umbrella policies to supplement the existing liability coverage of their home and auto policies to protect their assets in the event that they are found liable in a personal lawsuit.

In addition to personal and general commercial policies, proprietors should also consider purchasing supplemental policies that cover specialized business equipment, capital machinery, recreational vehicles and rental/investment properties. Business owners should also purchase keyperson life insurance in order to protect business partners and/ or to ensure the survival of the business in the event of the insured’s death.”

WHAT ARE THE BIGGEST MISTAKES THAT YOU HAVE SEEN HOMEOWNERS MAKE WHEN CHOOSING THEIR INSURANCE COVERAGE?

“Many customers tend to choose higher deductibles in order to reduce their policy premiums. Over time, they tend to forget about the deductible they selected, resulting in surprise out-of-pocket expenses when filing claims.

Also, many homeowners fail to take note of the special limits coverage on specific personal items in their policies. Most standard homeowners policies have limits on the amounts that will be paid to cover items like jewelry, furs, firearms, area rugs, etc.”

WHAT IS THE BIGGEST MISTAKE THAT YOU HAVE SEEN BUSINESS OWNERS MAKE WHEN CHOOSING THEIR INSURANCE COVERAGE?

“The biggest mistake we see when helping business owners set up coverage is failure to fully disclose the services they offer and/or their entire scope of operations. If the carrier does not have an accurate and full picture of the business, it can result in the policy being issued under the wrong classification, without necessary coverages specific to their business or industry and company cancellation due to eligibility or inaccurately rated risk.”

HOW OFTEN SHOULD POLICY OWNERS REVIEW THEIR INSURANCE COVERAGE WITH THEIR AGENT?

“Insureds should review their coverage on an annual basis to ensure they have adequate coverage on their property and assets.”

Lauren Tullos – State Farm Agent

206 Indian Lake Blvd., Suite 11, Hendersonville, TN 37075

615.348.4196

LaurenTullos.com

FINANCIAL BUZZ | FINANCE + LEGAL SERVICES 22
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Show Me The Money

December 9, 2023, is a date to remember.

At approximately 5:00 p.m. that evening, a massive tornado ripped through Hendersonville, leaving a swath of destruction of residential and business damage from one end of the city to the other. The amount of losses incurred by residents and business owners is staggering, totaling tens of millions of dollars in property damage and destruction.

While insurance covered many of the losses, it did not cover them all. Due to unanticipated depreciation, deductibles and living expenses, many taxpayers had to pay thousands of dollars in out-ofpocket expenses in order to facilitate their recovery. While these unplanned outlays were burdensome, many individuals and companies will be able to recoup part of their loss gap expenses when they file their 2023 federal tax returns.

To find out more about how to casualty loss-related maximize deductions and tax credits this year, Hendersonville Lifestyle reached out to local CPA Taylor Hooks and Small Business Services Manager Lora Clark, MAcc. from Sean Roach & Associates to help our readers prepare for the looming tax season.

EARLIER THIS YEAR, THE FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA) ISSUED A DISASTER DECLARATION FOR RESIDENTS AND BUSINESS OWNERS IN SUMNER AND SEVERAL SURROUNDING COUNTIES IMPACTED BY THE DECEMBER TORNADO. WHAT IMPACT DOES THAT HAVE ON TAXPAYERS?

“In the United States, any time that a natural disaster is declared, be it weather or otherwise, certain federal

ADVICE
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TREATMENT
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BUSINESS CASUALTY
LOCAL CPA OFFERS
FOR
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MONEY MATTERS | LIFE + CULTURE 26

tax provisions will be triggered which are designed to help provide relief to individuals and businesses impacted by the calamity,” says Taylor. “Following FEMA’s declaration, the Internal Revenue Service (IRS) issued bulletin TN-2023-06 which details the specific tax filing  implications related to the tornado. The most significant of these provisions is the formal extension of the official tax filing date for 2023 individual tax returns until June 17, 2024. Commercial filers also receive relief, with corporate, partnership, S Corp, fiduciary, quarterly payroll, excise tax and tax-exempt returns also delayed until June 17. In addition, the IRS has also extended the due date for taxpayers to make contributions to individual retirement (IRA) and health savings (HAS) accounts.”

HOW ARE TAXPAYERS ABLE TO RECEIVE DISASTER-RELATED RELIEF FROM THE IRS?

“Taxpayers may be eligible to deduct losses not covered by insurance or other reimbursements,” says Lora. “Filers must generally deduct a casualty loss in in their returns for the year in which the event occurred. For example, for losses that happened during 2023, taxpayers should use the deduction when they file this year. Filers who are uncertain whether part of their casualty or losses will be reimbursed should defer the deduction until the tax year in which they become reasonably certain that they will not receive reimbursement. IRS Publication 547 ‘Casualties, Disasters and Thefts’ provides additional details about how and when to deduct these types of losses.”

HOW DO TAXPAYERS CLAIM THE CASUALTY LOSS DEDUCTION?

“To claim the loss deduction, impacted taxpayers will need to file IRS Form 4684 which addresses casualties and thefts,” says Taylor. “Filers using this form to claim tornado-related losses must include the official FEMA disaster declaration number 4751-DR.”

WHAT ADVICE DO YOU HAVE FOR TAXPAYERS WHO ARE CLAIMING TORNADO-RELATED CASUALTY LOSSES THIS YEAR?

“If possible, we recommend that taxpayers take ordinary and necessary measures to maintain the same deadlines to reduce the chance of processing issues and receiving notices from the IRS,” says Lora. “The IRS urges anyone who needs a tax-filing extension beyond June 17 to request it electronically by April 15. Disaster-related requests for extension which are filed after April 15 and before June 17 can only be submitted on paper.”

“While the IRS guidance related to casualty losses is detailed and specific, it is also complicated. We strongly recommend that both personal and business taxpayers consult with their accountants and tax advisors before filing to make sure that they take advantage of every applicable tax savings opportunity,” says Taylor. “

TAYLOR HOOKS, CPA

Srcpas.com

Over the past several years, Hendersonville and Sumner County have borne the brunt of several severe storm systems that have resulted in significant casualty losses for both personal and business taxpayers. To ensure proper tax treatment following significant weather events, filers should seek the advice of professional tax preparers before submitting their 2023 returns.

Sean Roach & Associates, PC 128 Harlan Drive, Hendersonville, TN 37075 615.265.8180

Srcpas.com

27 | CITYLIFESTYLE.COM/HENDERSONVILLE APRIL 2024

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RETIREMENT INCOME PLANNING: MAXIMIZING WEALTH AND LEGACY R

YOU ONLY GET ONE RETIREMENT

Retirement marks the culmination of years of dedication, perseverance and sound financial choices. It's often envisioned as a period of relaxation, exploration and deep connection with family and friends. However, this dream doesn't just manifest. It necessitates forward-thinking and detailed planning, regardless of one's financial status. Amid global economic changes, evolving life expectancies and intricate tax systems, an all-encompassing and strategic retirement plan is more crucial than ever.

A key element of effective retirement planning is diversifying your income sources. While staples like 401(k)s or IRAs are foundational, it's equally important to branch out. Dividend-bearing stocks can provide regular dividends, bonds offer both periodic interest and principal return and real estate, whether directly or indirectly owned, has potential for both rental income and value growth. Private investments can also yield passive income and impressive returns.

ARTICLE COURTESY OF IMPACT WEALTH
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Tax considerations significantly influence retirement strategies. Each financial action, from asset sales to account withdrawals, can carry tax consequences. Knowing these details can greatly influence one's overall retirement income. Tactics such as Roth IRA conversions can help distribute tax liabilities over time, allowing for taxfree withdrawals later on. Using strategies like tax-loss harvesting can balance out capital gains, ensuring proactive steps to reduce tax impact.

SOURCES OF INCOME DURING RETIREMENT

Annuities have long been recognized as a popular retirement income source. An annuity is essentially a financial contract that can offer a steady and predictable income, with options that might even extend to lifetime payouts. Available in varieties like fixed, variable and indexed, they often come with tax advantages. However, retirees should also be aware of certain drawbacks. These might include fees and expenses, issues around liquidity, and potential concerns related to inflation.

Delving into the world of Alternative Investments, retirees can consider assets such as hedge funds, private equity and real assets, among others. These investments may promise higher returns and provide diversification away from traditional stocks and bonds. However, the complexities of these investments mean they often come with challenges like illiquidity, higher fees and the need for a thorough understanding of the investment itself.

Delaware Statutory Trusts (DSTs), while not familiar to everyone, can be a potential retirement income source. Historically rooted, DSTs offer a form of passive real estate investment, which can lead to regular distributions. They also open doors to 1031 exchange possibilities, offering tax deferral benefits. But, just like any other investment, DSTs have their limitations, notably the lack of liquidity and the heavy reliance on trust management.

Introduced by the Tax Cuts and Jobs Act of 2017, Qualified Opportunity Zones (QOZs) were designed to spur economic development. Investing in these zones can lead to deferral, reduction and even the potential elimination of certain capital gains taxes. However, they often require a long-term investment horizon, and retirees must be well-versed with the specifics of the chosen opportunity zone.

Rental income remains a favorite for many looking for consistent returns. Whether through direct property ownership or Real Estate Investment Trusts (REITs), real estate can offer passive income, tax benefits and appreciation. Yet, the

responsibilities tied to property management, the uncertainties of market fluctuations and other associated costs must not be ignored.

The backbone of many retirement plans, Social Security Income, provides a safety net for millions. Established with the intent of financial assistance, the amount one receives depends on various factors. There are also strategies retirees can employ to maximize these benefits, such as deciding on the optimal time to claim or considering the implications of working while receiving benefits.

ESTATE PLANNING AND PHILANTHROPY

Beyond the immediate realm of retirement, estate planning emerges. This encompasses not just post-retirement arrangements but also asset distribution for future generations or charitable endeavors. Regularly reviewing wills, trusts and beneficiary designations ensures alignment with changing circumstances.

Philanthropy seamlessly integrates with retirement plans. Beyond fulfilling a personal mission to give back, it also carries financial benefits. Using instruments like donor-advised funds or charitable trusts lets individuals make impactful societal contributions while enjoying tax advantages.

You only get one retirement. In the ever-evolving world of finance, staying updated and flexible is essential to ensure the continued relevance and efficiency of one's retirement strategy.

Disclosures

Securities offered only by duly registered individuals of Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. Advisory services offered only by duly registered individuals of Csenge Advisory Group, LLC. MAS, Csenge Advisory Group, LLC and Impact Wealth, LLC are not affiliated entities.   Investing involves risk, including the potential loss of principal. This is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Our firm is not permitted to offer and no statement made during this presentation shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency.

Every retirement journey is distinct, and each vision merits expert guidance. Impact Wealth is based in Boulder Colorado. You can contact them at Impact@ImpactWealth.com.

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Sumner Regional Medical Center and Ascension Saint Thomas have announced a new partnership to advance healthcare for all Middle Tennesseans. The new healthcare entity, Highpoint Health, brings together the organizations’ clinical expertise, best practices, and talented caregivers to collaborate in new ways that improve access to clinical programs and specialty care for patients.

We share a vision of transforming healthcare by improving health outcomes, enhancing the patient experience, and improving access and convenience. Highpoint Health System patients have access to the same care providers and locations they know and trust, while gaining new opportunities to receive care from Ascension Saint Thomas’ network of nationally recognized service lines, clinical programs, physicians and caregivers.

Partnering to advance healthcare for Middle Tennesseans. with Highpoint Health Sumner Partnering
advance
HighpointHealthSystem.com 33 | CITYLIFESTYLE.COM/HENDERSONVILLE APRIL 2024
to
healthcare for Middle Tennesseans

INDOOR PLANT GUIDE

Investing in indoor plants can not only spruce up your living space, but also bring numerous health and well-being benefits

SNAKE PLANT:

The Snake Plant is for anyone from a green thumb to a black thumb because anyone can grow it. These hardy plants can adapt to any environment and can live in both high light and low light.

HOPE PEPEROMIA:

The Hope Peperomia likes medium to bright direct sunlight. It does well as a tabletop plant or a hanging plant. Watering is only needed one time a month regardless of plant size.

Bringing the outdoors in with the use of house plants is a great way to add color and dimension to your space. We sat down with Jesse Nelson at Family Tree Nursery, based in Kansas, and discussed the benefits of incorporating plant life into your home. “There are plenty of studies on the health benefits of plants, and the evidence suggests that being around plants and caring for plant life increases overall wellness,” explains Nelson. “Anytime you bring a plant into a home or work environment, it’s going to make you feel better. It is going to beautify the space in a way that art cannot, and they also have the added benefit of  purifying the air.” There are a wide variety of indoor plants that work for any space and light situation that you may have. Regardless if you have a green thumb or a black thumb, there are plant varieties that fit your lifestyle. Here are a few of our favorite indoor plants to incorporate into your home.

ZZ PLANT:

The ZZ plant, which its formal name is Zamioculas Zamiifolia, is a very easy plant to care for. They like anything from low light to bright light. These plants are hard to kill and can go a long time without being watered.

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