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Estate Planning 2012  1

sAdvertising supplement to the Peninsula Daily News

INVESTMENTS TRAVEL CHARITABLE GIVING

2012

estate

PLANNING Managing your nest egg to provide a lifetime of income • Creating a lasting legacy through charitable giving • Advice on putting together a personal pension plan and more •

Produced by the Peninsula Daily News Advertising Department


2  Estate Planning 2012

Advertising supplement to the Peninsula Daily News

Clallam Community Foundation lets you create a lasting legacy Submitted by United Way of Clallam County “How will I be remembered?” There are many answers to that question. But you have the ability to create your own answer by establishing a lasting legacy through planned giving. Available options include traditional estate donations such as securities, real estate and cash, or other vehicles such as charitable gift annuities that return a regular income and may also provide tax benefits to the donor. The Clallam Community Foundation can help you explore ways to create your own lasting investment in the future of Clallam County and its citizens. The foundation is composed of named funds, the United Way Fund and partner organization funds. Last year the foundation provided nearly $100,000 in grants and scholarships within Clallam County. The United Way Fund of the Clallam Community Foundation includes all legacy gifts that are not restricted by the donor. Memorial gifts to the Clallam Community Foundation are added to the United Way Fund. Earnings from the United Way Fund are distributed to our 25 partner agencies in Clallam County and to our community solutions initiatives including the Great Beginnings Early Learning programs. 2A688101

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Some examples of Named Funds include: • The Hull Family Fund, which provides scholarships to graduating seniors from Forks, Neah Bay and Clallam Bay high schools. More than $40,000 has been awarded since 2005, helping students attend colleges and universities ranging from Peninsula College and the University of Washington to Stanford and Johns Hopkins. • The Carol Munro Memorial Fund, which benefits organizations that support young families and single mothers.

continued on Page 4 >>

Estate Sales

ESTATE PLANNING

published by Peninsula Daily News 305 W. First St. Port Angeles, WA 98362 360-452-2345

Full or Partial Estates

Appraisals • Online Sales Douglas T icknor

Jim Drennan, ret.

www.peninsuladailynews.com

Publisher & Editor John C. Brewer

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Advertising Director Steve Perry Special Sections Editor Jennifer Veneklasen

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Office 360-681-8909 Cell 360-775-5803 gwensswallowsnest@yahoo.com


Estate Planning 2012  3

sAdvertising supplement to the Peninsula Daily News

Managing your

nest egg to provide a lifetime

of income

Submitted by Stephen Moser As you consider your retirement, would you rather think about leisure, volunteering, travel and time with family — OR inflation, market volatility, unexpected life events and how in the world you’ll make your retirement savings last? With the right strategy, you can focus more on your goals for retirement and spend less time and energy worrying about your fears. Let’s examine five key risks to retirement income and how a solid retirement income strategy can help address these concerns.

very real. High inflation can be particularly detrimental if you’re on a fixed income because it can greatly affect your purchasing power. That’s why it’s important to have a strategy to help ensure the value of your income does not decrease due to inflation — even in retirement.

Resolution: Use downside protection to stay in the market Investing in the market for potential growth is necessary to keep up with inflation, Risk No. 1: Outliving your assets but if you need to access your funds while the market is down, you could suffer a loss. Life expectancies continue to increase, That’s why downside protection for shorterwhich can mean a longer retirement to finance. term investments is important. Did you know that a 65-year-old healthy A variable annuity with a guarantee rider couple has a 50 percent chance of one spouse can protect your investment from loss due to living beyond age 92? market risk. You need a strategy that will grow your retirement assets for the long term while Risk No. 3: Market volatility still providing enough income for your current needs. Market downturns can hurt your retirement assets in two ways. Resolution: Begin with a foundation of dependable income continued on Page 4 >> You already have some income you can count on, such as pension benefits and Social Security. Fill the gap between that income and your minimum income requirements with guaranteed investments that are not exposed to LIVE LIFE WELL PLANNED market fluctuations. Lifetime annuities, for example, can help create guaranteed income you Professional, Independent Financial Services • Holistic won’t outlive.

Risk No. 2: Inflation The risk of inflation is

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4  Estate Planning 2012

Advertising supplement to the Peninsula Daily News

>> lasting legacy continued from Page 2 Last year, the fund specifically targeted First Step Family Support Center’s Sequim walk-in center, which offers immediate support, referrals and peer counseling for parents and families. The Munro Fund also provided critical financial support to allow the center to remain open through the coming winter. • AmeriCorps workers who help students throughout Clallam County have been sponsored in part by the Whatton Family Fund. This year, the Clallam Community Foundation is partnering with the Port Angeles Education Foundation to support two AmeriCorps workers at Port Angeles High School. The Whatton Family Fund also has provided significant grants to fund early learning initiatives in Clallam County, including a $10,000 grant to open the Johnny Whatton reading room at First Step’s Family Center. The Clallam Community Foundation, with more than $3 million in managed assets, is proud to help fund

>> nest egg continued from Page 3 agencies and initiatives that provide educational opportunities and support health and human services solutions, such as those mentioned here, throughout Clallam County. The Foundation website, www. unitedwayclallam.org/clallam-community-foundation, has a calculator you can use to examine different options for giving. Click on the “PG Calc” box on the left side of the screen. For more information on setting up a fund, making a donation or arranging for a charitable gift annuity, contact T. Scott Brandon, resource development manager, or Jody Moss, executive director, at 360-457-3011. It is never too soon to begin planning your legacy. Planned gifts can be defined, updated and expanded at any time. Your estate attorney, financial planner or insurance agent can help you to determine which type of legacy gift best fits your wishes and needs. A planned gift ensures that your legacy will promote the cause or causes you support for years to come.

Resolution: Allocate, diversify and wait Make sure your portfolio is well diversified and allocated according to your risk tolerance. But for those investments you won’t need to access for 15 years or more, time is on your side. Since your immediate income needs will be met by income and investments with guarantees, the remaining assets in your portfolio can ride out market fluctuations to take full advantage of market growth potential.

Resolution: Utilize tax diversification strategies. It may be possible to reduce your taxes in retirement by repositioning tax-deferred investments into tax-free vehicles. Roth IRA conversions, municipal bond investments and cash value life insurance are potential tools for income tax reduction strategies. Determining how to protect your nest egg from these risks during retirement may seem daunting, but a financial professional can help you design and maintain a strategy to meet your needs.

Risk No. 4: Unpredictable expenses Medical costs continue to rise faster than inflation, and fewer employers are offering health-care for retirees. Even the best retirement strategy can be rendered meaningless if unexpected healthcare costs, the death of a spouse or other life-changing events occur.

Timber Industry Municipalities & Utilities

Risk No. 5: Taxes

Business & Real Estate Estate Planning Probate

Gary R. Colley

Patrick M. Irwin

Stephen C. Moriarty

Simon Barnhart

Stephen E. Oliver (of counsel)

investments — is subject to taxes. But the good news is that you can implement strategies both before and during retirement to minimize their impact.

Resolution: Protect your income with insurance. It’s important to have a retirement strategy that can be adjusted to meet life’s changing needs as well as unpredictable expenses down the road. Protect your retirement by ensuring you have the proper levels of life insurance and long-term care insurance in place.

Personal Injury

David H. Neupert

Your portfolio can lose value because of negative investment returns, and you may also need to withdraw a larger portion of your assets to get the same amount of income.

Most of the income you receive during retirement — whether from a parttime job, a pension plan, an annuity or

Christopher J. Riffle Joshua W. Fox

360-457-3327

Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.5 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit Thrivent.com.

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Stephen Moser, FIC, is a financial associate with Thrivent Financial for Lutherans in Sequim. He can be reached at 360-681-8882 or by email at stephen.moser@thrivent.com.

STEPHEN MOSER


Estate Planning 2012  5

sAdvertising supplement to the Peninsula Daily News

Creating a personal pension plan Submitted by Phil Castell

In these turbulent times of stock market volatility, time Income Riders. These riders give the consumers the best of both combined with an ultra-low interest rate environworlds by combining the guarantee of lifetime inment, it is difficult for folks to know what to do with come with the refund of the annuity residual value their savings and investments. for a premature death. In the good old days of the 1980s and 90s, things Many financial experts are recommending holding seemed far simpler. You put money into mutual funds or CDs, and you 25 percent to 33 percent of your retirement assets in these plans. received steady growth or income to live on. The chairman of the Federal Reserve, Ben BerThen came the dot-com boom and bust, Y2K and nanke, has the vast bulk of his retirement funds then the financial meltdown and multi-year recesinvested in two annuities. sion of 2008 and beyond. Nowadays whenever I sit down with people, they Here is a rough outline of how these plans work: are far more concerned about the amount of risk they are willing to take and the safety or guarantees A 64-year-old deposits $100,000 of retirement associated with any investments. funds — IRA/401(k)/403(b) — into an annuity. Generally, it seems, people are less comfortable The annuity value is calculated in two differmaking all their own decisions and are seeking the ent ways. First will be the interest rate value, like advice of professionals in ever increasing numbers. traditional plans and the second method will be the A generation ago, I saw people who could afford to income rider method. just live off the interest of their CDs. Under the income rider method, in just six years Today that is not the case. time when the 64-year-old is now age 70, and he has Today the question I most frequently hear is “Will to start taking funds out of the account, he would be I have enough income for the rest of my life?” able to take out more than $10,000 every year (or The insurance industry listened and began to $850 per month) for the rest of his life, regardless of develop some new benefits to add to some of their how long he lived. annuity products. If a couple died before all the funds in their acAnnuities in one form or another have been around for centuries. In the U.S., they can be issued only by insurance companies after they have been approved United by the individual state’s Pacific Office of the Insurance Estate Preservation, LLC Commissioner. They are the only  Where the safest place is to protect your money from bank financial vehicle that can failure and a turbulent stock market? guarantee an income for your lifetime that you  Why your IRA, 401K, VIP or Deferred Comp is a time bomb can never outlive. for your beneficiary when you die and how to defuse it? In older, more traditional annuities, once  Why a Living Trust may be more effective than a regular Will? you had annuitized the  How you can make your current Life Insurance and Annuities contract or started to collect your lifetime income, pay for Long Term Care expenses tax free. when you died, the payments stopped, regardless of how long you had collected benefits. , CEP, CSA While this was great if you were lucky enough For ANSWERS, call for a FREE consultation to enjoy a long life, it or plan to attend a FREE seminar luncheon… was not so good for those who died after only a few Look for seminar luncheon flyers in years as payments died Peninsula Daily News with them, with no residual payments to their beneficiaries or estates. The new riders are 20 Years Experience called Guaranteed Life-

count had been disbursed, the balance would be paid out to their beneficiary. However, if they enjoyed a long life then that income would continue even after they had depleted the value of their annuity. I do suggest you sit down with your local insurance agent, financial adviser or stock broker to explore if a rider may be appropriate for your individual situation. These riders are available on both fixed annuities and variable annuities. As with any investment please make sure you understand all the fees and costs associated with any choices you make. Phil Castell of Castell Insurance has been an independent insurance agent for more than 20 years. His office is located at 426 E. Washington St., Sequim. Contact him at 360-683-9284 or visit his website at www. PHIL CASTELL castellinsurance.com.

WHERE IS YOUR MONEY SAFE?

Do you know…

Don L. Skanchy

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1-888-344-6299


6  Estate Planning 2012

Advertising supplement to the Peninsula Daily News

Making the most of your money when it comes to estate planning Setting up an estate plan is a good investment for the future. But you can also be a careful steward of your financial assets now, with careful and organized planning as you go through the estate planning process. Last week, Oct. 15-21, was National Estate Planning Awareness Week — so now is the perfect time to put your estate planning house in order. Estate planning is an important component of your overall financial plan, regardless of your age, income or size of your estate. If you own property and have heirs, you need to think about estate planning. To do the job well, you’ll need the help of a team of professional accredited estate planners such as a certified public accountant, a lawyer, insurance professionals and financial planners and trust officers. Professional fees can add up if you don’t manage time well, so it’s important to prepare for every meeting with your estate planning team members. It’s a great time to think about how you can maximize the value of the time you spend with your estate planning team. The National Association of Estate Planners & Councils — NAEPC — offers this advice on how to have productive working relationships with your planners: • Before meeting with a professional, gather all your personal and financial information: make lists of your current financial advisers, assets and liabilities and collect financial documents such as retirement plans, life insurance policies, property deeds, partnership and business agreements and your income tax returns for the past two years. • Write out your own personal goals, concerns and ideas. Identify people whom you would like to have inherit your property when you die, and specify what you would like to leave each. Make note of any special needs or situations, such as a dependent child or a spouse whose disability will prevent him or her from working. Identify people you would like to name as guardian for minor children, as well as an executor for your will. • After seeking out the right professionals, bring your notes and all the information you’ve gathered with you to your meeting. Being prepared can save you hours of billable time. Discuss your overall goals and find out how each professional can help you meet them.

Common mistakes to avoid in estate planning: Estate planning is an important component of your overall financial plan, regardless of your age, income or size of your estate. Ask for a list of the specific documents he or she will prepare for you. • Realize that estate planning is an ongoing process. You should update your estate plan every few years or anytime you experience a major life change, such as the birth of a child, marriage, divorce or death of a spouse or parent. • Finally, once you’ve prepared for your loved ones’ financial future, don’t forget to take care of their emotional well-being. Estate plan documents are dry and technical, and they won’t communicate your emotions to those you leave behind. Consider writing a letter to your spouse and family expressing your final thoughts and feelings. Keep the letter with key financial paperwork and make sure your loved ones know where to locate these items. To learn more about estate planning, visit the NAEPC Education Foundation’s public awareness website www.EstatePlanningAnswers.org. — Article and photo from ARA content.

1. Lack of planning. 2. Unorganized finances. 3. Not having a will, trusts and durable powers of attorney or advanced health care directive. 4. Having out-of-date estate plan documents. 5. Not coordinating life insurance and retirement plan beneficiaries and ownerships with estate plans. 6. Not coordinating property title holdings with estate plans. 7. Not having enough life insurance. 8. Procrastination. 9. Not telling people where your planning paperwork can be found.


sAdvertising supplement to the Peninsula Daily News

Estate Planning 2012  7

Give your home, but live there for life Submitted by Habitat for Humanity of East Jefferson County

Many of our supporters can’t imagine living anywhere else but their current homes. But many of them would also love to make a major gift to Habitat for Humanity or another charitable organization but don’t have the means to make such a gift today. If this sounds like you, you may want to consider a charitable giving arrangement called a retained life estate.

How It Works With a retained life estate, you deed a personal residence or farm to the charitable organization now. You retain the right to occupy the home for life and continue to pay real estate taxes, maintenance fees and insurance on the property. In addition, you can later decide to rent your home or make improvements to it. After your lifetime — and the lifetime of your spouse or another person you choose to retain rights to live in the home — the organization takes possession of the property.

How You Benefit • You get the satisfaction of using your home to make a significant gift to a charity that is important to you while retaining the right to live there for life. • You qualify for a sizable income tax deduction in the year the gift is made. The amount of your tax deduction is based, in part, on your age and the value of the property. • You can immediately deduct the amount of your gift up to 30 percent of your adjusted gross income and carry over any unused deduction for up to five additional years. • The gift isn’t subject to capital gains tax. • The property gift eliminates federal estate tax as long as the life estate was created for you and/or your spouse. •If at any point you no longer wish to occupy the property, you can rent it to provide yourself with an additional source of income. Or, you can give the charity the right to use the property for the rest of your life. This will provide you with yet another tax deduction.

Example Ellen, 78, a widow, deeds her home to a qualified charitable organization, though she plans to live there for the rest of her life. The fair market value of the property is $200,000 (the house: $160,000, and the land: $40,000). Based on Ellen’s age and the value of her house, her accountant determines her income tax deduction to be more than $154,000 (based on a 1.4 percent charitable midterm federal rate). After Ellen’s lifetime, the organization takes possession of the property. >> To see if a retained life estate is right for you, contact your CPA, financial planner or attorney.

An example of a new Habitat for Humanity home in Port Townsend.

About Habitat for Humanity in Jefferson and Clallam counties • Habitat for Humanity of East Jefferson County builds and repairs simple, decent houses in partnership with people in need. Participants put in 250-400 “sweat equity” hours as a down payment on their home, and pay for the cost of materials through a 20- to 30-year mortgage. Since its founding in 1998, the organization has built 25 houses and recycled two, providing simple, decent, affordable homes for 27 families with 61 children. Habitat is funded by donations and by the volunteer-operated Habitat Stores at 2001 West Sims Way in Port Townsend and across from the Quilcene Community Center at 294963 U.S. Highway 101 in Quilcene. For more information or to donate or volunteer, visit www.habitatejc.org or call 360-379-2827. • Habitat For Humanity of Clallam County is a locally run affiliate of Habitat for Humanity International, a nonprofit ecumenical Christian housing organization. Habitat for Humanity works in partnership with people in need to build and renovate decent, affordable housing. The houses are then sold to those in need at no profit and with no interest charged. Habitat for Humanity’s Store was established to help raise funds to build homes for families in need in Clallam County. The store is located at 728 E. Front Street in Port Angeles. For more information or to donate or volunteer, visit www.habitatclallam. org or call 360-681-6780.


8  Estate Planning 2012

Advertising supplement to the Peninsula Daily News

An overlooked financial planning tool that’s free to everyone What did you do with that envelope that used to arrive once a year with estimates of your future Social Security benefits? You might have reviewed the information. You may have even filed the statement away as a reference. Or, maybe you threw it out. Now this powerful financial planning tool is as close as the nearest computer. “Often, people don’t think of their Social Security statement when thinking of their financial well-being,” says Rod Griffin, director of public education for Experian. “But your statement can be a valuable financial planning tool.” Your SSA statement is now available online at www.socialsecurity.gov/mystatement. It provides an estimate of the amount of Social Security benefits you could receive upon retiring, but it can also help you with retirement savings strategies, estate planning and making decisions about disability insurance. To access your statement, go to www.socialsecurity.gov/ mystatement, create an account and provide the information as prompted. You’ll be able to access your benefit information and even see a history of your annual earnings for every year. — Information from ARA Content.

Named Funds

A Named Fund allows you to recommend charitable organizations to receive grants from the fund. Other family members can also be appointed as advisors, thereby encouraging children and grandchildren to carry on family philanthropy. The Clallam Community Foundation helps you by identifying organizations you may want to support and verifying their charitable status. CCF Named Funds have distributed $155,510 since 1999.

Scholarship Funds

Giving that lasts forever... The Clallam Community Foundation is a collection of separate funds established by individuals, families and charitable organizations - a community of donors. When you make a gift to the Clallam Community Foundation, you have the option of establishing one or more types of funds from which grants will be made for charitable purposes, including:

Donors interested in promoting education often establish Scholarship Funds - a type of Named Fund. Scholarships may support any level of education and can be directed towards students attending a particular school, studying in a particular field, or coming from a specific geographic area. The Clallam Community Foundation helps you administer the funds within the tax laws regarding scholarship grants. We can also help establish selection criteria, publicize the scholarship, and choose recipients. CCF Scholarship Funds have awarded $153,093 since 1999.

For more information on the Clallam Community Foundation, contact United Way of Clallam County. info@unitedwayclallam.org www.unitedwayclallam.org/clallam-community-foundation

2A688104

PO Box 937, Port Angeles WA 98362 360-457-3011


Estate Planning 2012  9

sAdvertising supplement to the Peninsula Daily News

Calculating your retirement needs Submitted by Casi Fors When retirement was years away, calculating how much income you would need may have involved a lot of estimates. Now you can be more accurate. Consider the following factors:

Security, pensions and personal investments. Also review your asset allocation — namely, how you divide your portfolio among stocks, bonds and cash. Are you tempted to convert all of your assets to low-risk securities? • The length of your retirement Such a move may place your assets at risk of losThe average 65-year-old man can expect to live ing purchasing power due to inflation. about 17 more years; the average 65-year-old woman, You may live in retirement for a long time, so try 20 more years, according to the National Center for to keep your portfolio working for you both now and Health Statistics. Have you accounted for a retirein the future. ment of 20 years or more? • Earned income Working during retirement, even on a part-time basis, can reduce your need to tap retirement assets for ongoing living expenses.

A new phase of planning

Once you’ve assessed your needs and income sources, it’s time to look at tapping your nest egg. First, determine a prudent withdrawal rate. A common approach is to liquidate a maximum of 5 percent of your principal each year in retirement; • Your retirement lifestyle however, your income needs may differ. Your lifestyle will help determine how much inNext, you’ll need to decide when and how much to come you’ll need to support yourself. A typical guideline is 60 to 80 percent of your final withdraw from your tax-deferred and taxable investworking year’s salary, but if you want to take luxury ments. Investors are required to take annual withcruises or start a business, you may need 100 percent drawals from employer-sponsored retirement plans or more. and traditional IRAs after age 70½.

continued on Page 10 >> • Health care costs and insurance Most Americans are not eligible for Medicare until age 65, and even then, Medicare doesn’t cover everything. You can purchase We Do What’s Right For You Medigap supplemental insurance to cover some of the extras, but even Expert guidance on your many options Medigap does not pay Cremation, burial, or transport available for long-term custodial care, eyeglasses, hearing Answers for all your concerns aids and other ongoing essentials. From simple cremation to full burial For more on Medicare High quality, attention to details and health insurance, visit www.medicare.gov. Legal compliance, minimal carbon footprint

Personalized Final Arrangements For Your Loved One

• Inflation Because the rate of inflation can vary over time, it’s a good idea to tack on an additional 4 percent each year to help compensate for increases in the cost of living.

Running the numbers

Don’t forget about your retirement plan. Do you need help with: • IRA rollover options? • Retirement plan distribution? • Reducing or eliminating tax penalties? • Reaching your retirement goals? • Your Thrivent Financial representative can help. Call today. Stephen C. Moser, CFP®, FIC

Financial Associate 803 Carlsborg Rd, Suite A Sequim, WA 98382

360-681-8882

(360)385-2642

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNERTM and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements. Insurance products issued or offered by Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, 800-847-4836, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents of Thrivent Financial. For additional important disclosure information, please visit Thrivent.com/disclosures. 21109C R11-11 © 2011 Thrivent Financial for Lutherans 201103680

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1615 Parkside Dr. • Port Townsend, WA 98368 kosecfh@olypen.com

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The next step is to identify potential income sources, including Social

Fair pricing for high value throughout

Retiring?


10  Estate Planning 2012

Advertising supplement to the Peninsula Daily News

>> retirement needs continued from Page 9

Working during retirement, even on a part-time basis, can reduce your need to tap retirement assets for ongoing living expenses.

your legacy their future

Be aware that these withdrawals are subject to federal income tax. The advantage of maintaining tax-deferred investments for as long as possible is their ability to compound on a pre-tax basis and thus offer greater earning potential than their taxable counterparts. In contrast, long-term capital gains from the sale of taxable investments are currently taxed at a maximum of 15 percent. As your retirement date approaches we are faced with the challenge of filling the gap of income you will need to cover your fixed expenses in retirement. Sure, Social Security may help, but it was never intended to be your only source of income when you retire. You will need to establish another stream of guaranteed income to replace your current paycheck. This is important to the overall success of your retirement plan. It would be a good time to take a look at some repositioning options for your portfolio. There are many competitively priced products available that offer you the market exposure you may need and strategies to help meet your longterm retirement income needs.

Your legacy is an expression of your personal values, intentions and priorities towards that which you care most about To ensure that the money you’ve worked a lifetime to acquire is protected for the next generation, there a re several options you can discuss with your investment professional:

CASI FORS

• Life insurance options • Long-term care insurance • Travis Bergland by calling (800)800-1577 to discuss your legacy.

Not FDIC Insured

Not a Deposit

May Lose Value including Loss of Principal

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Not Insured by Any Federal Government Agency

Your estate plans can give a child a lifetime of happy memories at home.

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Not Guaranteed by the Bank

Casi Fors is an independent financial adviser with LPL Financial. To schedule an appointment to begin the process of your personalized financial plan, contact Casi at her local office at 330 E. First St., Suite 9 in Port Angeles, or at 360-457-6116.

Learn How: (360) 379-2827, give@habitatejc.org


Estate Planning 2012  11

sAdvertising supplement to the Peninsula Daily News

The reasons you should prearrange for a cremation Submitted by Scott Hunter If there is no spouse or domestic partner, then the right of disposition falls to the children. The new revision states that a funeral director only needs the majority of the surviving adult children. This basically means that if you have 20 children I only need eleven to approve before I can proceed with a cremation. If there are no children, then next in line would be the parents of the deceased and if they have passed away then the majority of surviving siblings come next. Scott Hunter is a licensed funeral director and Once again, if there are 20 siblings then I must embalmer at Drennan & Ford Funeral Home and have at least eleven of them approve. If there is no one surviving, then a court appointed Crematory in Port Angeles, the only locally owned guardian can make the decision, or if there is no funeral home and crematory in Clallam County. guardian then I can seek permission from the county Scott can be reached at 360-457-1210 or scott@ coroner after a holding period of 90 days. (This is drennanford.com. For more information, go to www. down from a previous one year waiting period) drennanford.com or find them on Facebook. There is an exception to the law that states that if the person that has the right of disposiEstate Planning and Family Wealth Preservation tion has been arrested Port Angeles, WA (360) 457-0451 or charged with first- or second- degree murder or manslaughter in connection with the You are invited to attend a workshop about: decedent’s death, then Creating Your Legacy the right of control relinBring your spouse, love ones and friends quishes and passes on to the next person with the right of disposition. Also the liability for the costs of the cremation does fall to the person, or equally to the persons, with the right of disposition. Although it is possible to make a prearranged funeral or cremation plan without Two Two Locations: Locations: prefunding it, or prefund a plan without making Thursday, Thursday, Thursday, November November 1, 1, 2012 2012 Thursday, November November 1, 1, 2012 2012 specific selections, it’s 10:30 a.m.– 11:30 a.m. 7:00 10:30 p.m.– 11:30 a.m. 7:00 p.m.– p.m.– 8:00 8:00 p.m. p.m. important to remember that only a fully planned The Port The Lodge Lodge at at Sherwood Sherwood Village Village Port Angeles Angeles Senior Senior Center Center and funded arrangeth th Street, Port Angeles, WA 660 Evergreen Farm Way, 328 E. 7 660 Evergreen Farm Way, 328 E. 7 Street, Port Angeles, WA ment takes advantage of Sequim, Sequim, WA WA today’s price guarantees.

Ted Ripley, Attorney and Counselor at Law

How Do You Want To Be Remembered?

2A688068

In my 20 plus years as a funeral director I cannot tell you how many times I have heard “they always said they want to be cremated.” As a funeral director, I cannot legally cremate someone just because they said they wanted cremation. I must have the permission of the person with the right of disposition, and in some cases that person might be someone that you do not wish to have that right — after all, not all families get along. If it is your wish to be cremated and you have not made any prior arrangements, then your next of kin gets to decide what happens to your remains. If they don’t want you to be cremated, then you will not be. Recent changes in the funeral codes have made it easier for those who wish to be cremated to be cremated without having to have permission from someone else. According to the revised state code (RCW 68.50.160), the right to control disposition of remains is now in the following order: A person can authorize their own cremation but it must be in writing and must be witnessed. This can also be included in a will but if it is not signed and witnessed, it is not valid. If there is no next of kin, if the next of kin and the decedent were feuding or no one knows the whereabouts of the next of kin ,I can precede with cremation without the next of kin’s permission. If you prepay for your cremation and sign the cremation authorization, the next of kin cannot cancel or make any substantial revisions without your approval. If neither of the prior two scenarios exist, the permission for cremation must come from those who have the right of disposition. The decedent may appoint someone to act on their behalf but this must be in writing and must include the wording that states that they have the right to decide what happens to your remains. If this scenario doesn’t exist, SCOTT HUNTER and it rarely does, then the right falls to the family in a specific order. If there is a surviving spouse or a registered domestic partner, he or she has the first right to decide the choice of disposition.


12  Estate Planning 2012

Advertising supplement to the Peninsula Daily News

“We make a living by what we get, we make a life by what we give.” — Sir Winston Churchill

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phil@castellfinancial.com

2A688528

426 E. Washington St., Sequim • (360) 683-9284

Investment Advisory Services offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. Insurance and Annuity product guarantees are subject to the claims-paying ability of the issuing company, and are not offered through Global Financial Private Capital.

Estate Planning 2012  

Estate Planning 2012

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