2017

Estate Planning An advertising supplement produced by Peninsula Daily News and Sequim Gazette

Peninsula Daily News/Sequim Gazette

October 2017

Estate Planning

Estate planning basics for peace of mind By Nancy Slick

Worrying about what will happen to your belongings after you go, who will tend to your financial and health care decisions if you are incapacitated, whether (and which) life-sustaining treatment should be provided in your last days — these are the things that keep us awake at night. Who will take your children after you’re gone? How will your pets be cared for? What should become of your remains? Preparing your estate documents seems a daunting task. But the process is more painless and straightforward than you might expect. There are basic documents to consider and help is readily available. Your basic estate planning documents should include, at a minimum: a will, a power of attorney (one for financials and another for health care decisions), a health care directive and a document governing the disposition of your remains.

The basics of a will

Your will is the expression of your specific wishes regarding

attested by two or more competent witnesses. When the testator passes, the personal representative named in the will files the will with the court, whether or not probate proceedings will occur. Probate is not mandatory but can occur under certain circum-

the disposition of your estate. It is the fundamental “who gets what” of estate planning. In Washington, any person of sound mind who has attained the age of 18 may execute a will, which must be in writing and signed by the person making the will (the testator), as well as

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stances. If probate does occur, the court oversees administration of the estate. If a person passes away without a will, the assets of the estate will pass through intestate succession. The statutory provisions governing this means of administration outlines the order in

which surviving heirs will receive distributions from the estate. Because you will want your belongings to go to the people or organizations you want them to go to, getting your will done is essential so that your wishes will be clear. Washington also allows for the distribution of tangible personal property by means of a document that is separate from the will. When considering items to include, think grandma’s heirloom broach, the boat in the garage and that painting you did in the third grade. In other words, the property cannot be “real property” — real estate — or intangible property, such as bank accounts and stock holdings. The appeal of this document is that the testator may make handwritten changes to it without having to run out and round up a lawyer again.

Estate Planning

Peninsula Daily News/Sequim Gazette The Clallam Community Foundation is a collection of funds established to provide health and human services to residents of Clallam County. The Foundation encompasses three types of funds United Way Funds, Named Funds, and Partner Organization Funds. Distributions are made from fund earnings allowing the principal to be preserved as a permanent endowment. United Way Funds Distributions from United Way Fund in the Foundation are determined annually by the United Way Board of Directors. Earnings from this fund can be allocated among the Partner Agencies to enhance the community support provided by the campaign, or used as grants to help agencies identify new sources of potential support. Named Funds Named Funds are created by individuals or families to honor a loved one and continue a legacy of giving. In this type of fund, the donor or appointed family member works with fund advisors to make distributions in line with the donor’s wishes. Partner Organizations Local non-profit organizations establish funds within the Clallam Community Foundation to secure continued revenue to further their missions in support of Clallam County residents. United Way welcomes donations to the Community Foundation for the benefit of any of these organizations:

Estate Planning 2017

is an advertising supplement published by the Peninsula Daily News and the Sequim Gazette Advertising Department 305 W. First St., Port Angeles, WA 98362 147 W. Washington St., Sequim, WA 98382 peninsuladailynews.com | 360-452-2345 sequimgazette.com | 360-683-3311

regional publisher | Terry R. Ward general manager | Steve Perry special sections editors |Brenda Hanrahan and Laura Lofgren

October 2017

Clallam County Literacy Council Peninsula Behavioral Health North Olympic Library Foundation Peninsula Trails Coalition Olympic Peninsula YMCA Port Angeles Food Bank What will your legacy be? There are many ways to create or contribute to an endowment fund. Your estate attorney, financial planner or insurance agent can help you determine which type of legacy gift best fits your wishes and needs. United Way of Clallam County is also licensed with the Washington Secretary of State to provide Charitable Gift Annuities. For more information on setting up a fund or making a contribution to an existing fund, contact United Way at 360-457-3011 or info@unitedwayclallam.org.

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Estate Planning

Death certificate total an important detail the funeral director receives the first notification that a person “What do I need them for?” is has died. the common reply I get whenever When the family comes in to I sit down with a family to make make funeral or cremation funeral or cremation arrangearrangements, the funeral direcments for their loved one and ask tor will ask them for information the question, about their loved one and will “How many certienter that information into fied death certifiWashington’s Electronic Death cates would you Registry System (EDRS). like me to order This system is linked with for you?” Social Security, and it automatiThis is a small cally “notifies” Social Security, as detail among the well as checks the deceased’s many decisions to Ticknor name against the Social Security be made, but it’s an important number to let the funeral direcone that always leads to a larger tor know if they match. conversation. The funeral director also assigns the death certificate to the What is a death certificate? deceased’s physician for their elecThe death certificate is a pertronic signature. The physician son’s final business document. It inputs the cause of death based on is official proof that they have their knowledge of their patient passed away and is how you close and their medical history. out the business end of life. Once that is complete, the A person’s death certificate County Health Department files starts at the funeral home when the death certificate and issues a By Douglas Ticknor

Burial or Cremation Permit that the funeral director uses to move forward with the arrangements the family has requested. Funeral directors also at that time order the number of certified copies of the death certificate the family has requested. Washington charges $20 for each certified copy. “Can’t I just make photocopies?” is usually the next question. Again, there’s no easy answer. Some places will accept a photocopy. Other places want to see a certified copy but will give it back to you, while others want to retain a certified copy. Death certificates are printed on special paper and when photocopied, the word “void” can clearly be seen on the photocopies.

Common uses

Let’s discuss the most common uses for a death certificate. BANKS. You will need to take a certified death certificate to

each bank where the deceased had an account to close the account or remove them from a joint account. Most local banks will want to see the certified copy but will give it back to you. LIFE INSURANCE. You will need a certified copy for each policy to cash that policy out. They usually keep the certified copy. INVESTMENTS. You will need a certified death certificate to transfer these to a survivor. Things such as stocks, bonds and annuities require this document, and they will usually keep it. REAL ESTATE. You will need a certified death certificate for each county in which the deceased had property. The county registrar will usually keep it. PENSION/RETIREMENT. You will need a certified death certificate to cash these out.

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Each company is different, and you will need to ask if they will return the certificate to you. DEPARTMENT OF VETERANS AFFAIRS. Your funeral director can assist you in obtaining a free certified death certificate for a military veteran if you bring in a copy of their DD-214 (discharge paper). You can then use this to apply for any military benefits they might have earned. DEPARTMENT OF MOTOR VEHICLES. You will want to take a certified death certificate in to transfer the titles of all vehicles or boats that the deceased had in their name. They will usually return the certified death certificate to you. INTERNAL REVENUE SERVICE (IRS). You will need a certified death certificate to file taxes for the year in which your loved one dies.

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Peninsula Daily News/Sequim Gazette

the document that expresses your wishes should you later If the document is a “durable” come to be in a terminal or perpower of attorney, the appointmanent unconscious condition ment does not terminate if the where the application of life-susprincipal becomes incapacitated taining treatment would serve due, for example, to an impaironly to artificially prolong the ment in the ability to receive and process of dying. evaluate information or make or It allows you to choose that communicate decisions. treatment be withheld or withWhen contemplating which drawn and that you be permitted estate documents to put in place, it to die naturally. is common for a principal to name The document allows you to an agent for financial matters (so state that you either do want or when you are in Thailand for six do not want hydration, nutrition months someone can pay your elec- or ventilation. tric bill) and an agent for health The directive may be meshed care decisions (so if the surgeons with the power of attorney for want to poke around in your gizhealth care decisions so that zard while you lack capacity, some- your named agent may assist in one can hold them off because they determining what your specific know you would not want that). wishes would be under certain Powers of attorney can be circumstances. revoked and sometimes will be Disposition of remains accompanied by a blank revocaAnother document that is helption form so you can withdraw ful to have in place outlines your the power in the middle of the night without lying awake worry- wishes for disposition of your remains after you pass. ing about getting hold of a lawYour heirs might have firm yer in the morning. ideas of what they want or what Health care directive they thought you might have Your health care directive is said you wanted, but putting it in

writing ahead of time allays all doubt. The document will typically also allow you to indicate whether you have already purchased a plan for disposition of remains, something your heirs might not realize when the time arises for them to proceed to the decision-making stage.

Legacy letters

When my father passed some years ago, he left behind a onepage letter outlining his philosophies of life, his love for his family and his wishes for the future. It was a delightful discovery and a real treasure to have now that he is gone. Documents like this, commonly known as legacy letters, are your voice to the future, sage advice to your spouse and children, words to the world. Even though you might have put in place all the legal documents that help your family navigate through end of life matters, having words from your heart and mind can be deeply meaningful and precious. Consider jotting down your

October 2017

“Whichever documents you put in place, make sure your loved ones know you have created them, know where they are and have copies.”

Nancy Slick Attorney at law

personal values, life lessons and words of guidance and love for those you will leave behind.

Final thoughts

Whichever documents you put in place, make sure your loved ones know you have created them, know where they are and have copies. If they don’t know the documents exist or don’t know where to find them, difficult and stressful matters may be complicated considerably. Tragedies can happen suddenly, and if your family members have to rush to a trauma center hours away and don’t have the papers needed by your medical team, or don’t even know you created them, you can imagine the added distress. It is possible to purchase some form documents online, but keep

in mind that they might not be up to date with current law and might not contain language to address your specific needs. When a client comes to me to see why a form will doesn’t give what was verbally promised, or words it in a way that do not have the legal effect intended, it’s too late to fix. Note, also, that the concepts outlined here are very general. The law governing estate matters are much more complex than is presented here, and this brief outline is intended to serve as food for thought to help you contemplate which documents you may wish to have completed. Attorney-at-law Nancy Slick has been practicing law since 1989. She can be contacted in Sequim at 360-626-3996 or at NancySlickLaw@gmail.com.

Each of us begins life with a blank sheet of paper. As we go through the days and years, we write our story through our thoughts and doings. As you write your story through your deliberations and deeds, will there be a chapter devoted to philanthropy? And will it include a gift to the Boys & Girls Clubs of the Olympic Peninsula?

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Peninsula Daily news/sequim Gazette

OctObEr 2017

certificates/from 4 The IRS will usually keep the certificate. DEPARTMENT OF LICENSING. You will want to take a certified death certificate along with their driver license to have them removed from this system. They usually will return both to you. UTILITIES. You will need a certified death certificate to transfer utilities out of the deceased’s name or to have utilities disconnected. They usually give you the document back. CELL PHONE. A photocopy is usually sufficient for most of the major carriers to discontinue the deceased’s account. SOCIAL SECURITY. Because the system is electronic, Social Security no longer needs to be sent an additional copy. That said, if there is a surviving spouse or a dependent child, you want to contact Social Security to obtain benefits. Their phone number is 800-7721213. CREDIT REPORTING COMPANIES. Since iden-

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EstatE Planning

“Since each life is unique, so too will be the unique places you might need to use a death certificate.”

DOUGlaS TickNOR Licensed funeral director and embalmer

tity theft is a problem, we recommend sending a photocopy of the death certificate to each of the three credit reporting companies. This protects your loved one’s identity from being used. You don’t need expensive anti-identity-theft “products” that you see advertised. Here is where to contact the companies: 1. Equifax: 800-6851111, P.O. Box 740256, Atlanta, GA 30374 2. Trans-Union: 800888-4213, P.O. Box 2000, Chester, PA 19022 3. Experian: 888-3973742, P.O. Box 4500, Allen, TX 75013 Since each life is unique, so too will be the unique places you might need to use a death certificate. I hope this list helps as you make your plans. Since writing for Estate Planning in last year’s edition, my own mother

passed away. In the months leading up to her death, she prepared a simple spiral-bound notebook. Inside were all the contacts and places where she had business. She even listed her library card and a store video-rental card. While I didn’t need death certificates for these, it gave me peace of mind knowing that I was able to close out her accounts and protect her identity from being stolen and used. Douglas Ticknor is a licensed funeral director and embalmer with 26 years experience. He has for the past 14 years been with Drennan & Ford Funeral Home and Crematory in Port Angeles. Ticknor can be reached at 360-457-1210 or douglas@drennanford. com. For more information, visit www.drennanford.com or search on Facebook.

Interested in contributing to Estate Planning 2018? Email Special Sections Editor Laura Lofgren at llofgren@peninsuladailynews.com for more information on how to submit an article idea.

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Estate Planning

Peninsula Daily News/Sequim Gazette

October 2017

Support charities, save taxes all at once Be sure to call your chosen organization ahead of time for its brokerage account. A number of simple strategies allow you The second way to give is a transfer on to support Habitat for Humanity of East death (TOD) account. Jefferson County or another favorite nonBy placing a TOD designation on your profit organization, while saving you taxes brokerage or investment account, that at the same time. account will be paid over to one or more Securities and mutual funds that have people or charities after your lifetime. increased in value and been held for more It is not necessary for the TOD designathan one year are one of the most popular tion to transfer all of the account solely to assets to use when making a charitable charity; you can designate a certain pergift. centage of the account. Making a gift of securities or mutual With a TOD account, the beneficiary funds offers the chance to support a nonyou name has no rights to the funds until profit’s work while realizing important after your lifetime. Until that time, you benefits for yourself. are free to use the money in the brokerage There are two popular ways to do this. account, to change the beneficiary or to The first is an outright gift. close the account. When you donate securities to Habitat If you are 70½ years or older, you have or another nonprofit, you receive the another tax-saving strategy to benefit same income tax savings that you would Habitat for Humanity or another favorite if you wrote a check, but with the added charity: You can give up to $100,000 from benefit of eliminating capital gains taxes your IRA directly to a qualified charity on the transfer, which can be as high as without having to pay income taxes on the 20 percent. money. Making a gift of securities to support a For some people, taking the required nonprofit’s mission is as easy as instructminimum distribution from their IRA ing your broker to transfer the shares. puts them into a higher tax bracket — By Jamie Maciejewski

something you might want to avoid. By directing your IRA custodian to send your distribution directly to your favorite charity, you can avoid this tax penalty while supporting a cause you care about. This makes your gift stretch further than it would otherwise, and you get the joy of seeing your gift at work during your lifetime. You can support a nonprofit with your IRA or other retirement plan regardless of your age or financial needs during retirement. Just name Habitat for Humanity of East Jefferson County or another nonprofit organization as a beneficiary of the account. This costs you nothing today, and you retain complete control over your account during your lifetime. As a nonprofit organization, Habitat for Humanity of East Jefferson County does not have to pay income or estate taxes on

the gift and can put 100 percent of your gift toward its mission. You might also want to consider naming your chosen charity as beneficiary of your life insurance policy. Recently, Habitat was the beneficiary of the estates of three different supporters. Through their foresight and planning, Annette, Ed and Robert all made sure their wishes were followed after their lifetimes, and the result is that three families are now working toward home ownership. They will pay affordable mortgages and their children will thrive in school thanks to the care of these special people. Habitat for Humanity of East Jefferson County is happy to discuss these or other options with you. Consult your tax or legal adviser for help with your specific situation. Always be sure to get the full legal name and tax number of the organization you wish to support; they should be happy to provide that to you or your adviser. Jamie Maciejewski has served as executive director of Habitat for Humanity of East Jefferson County for 10 years.

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October 2017

Estate Planning

Countdown to retirement: Asset control By DST Systems Inc. Submitted

Casi Fors

After years of saving and investing, you can finally see the big day of retirement. But before kicking back and relaxing, you still need to address a few matters. Chief among them is assessing how much retirement income you might need. To do this, you’ll need to consider your major costs in retirement, such as housing and health care, the estimated length of your retirement, whether you will have earned income, your desired retirement lifestyle and the rate of inflation. Next, you’ll need to identify all of your potential retirement income sources and review your asset allocation.

It might sound like a lot of work, but decisions made now could make the difference between your money outlasting you or vice versa.

Calculating your retirement needs

When retirement was years away, determining how much income you would need to sustain you in your golden years might have involved a lot of estimates. Now, you can likely be more accurate in your calculations. Consider the following factors: • Your home base: Do you intend to remain in your current home? If so, when will your mortgage be paid in full? Will you sell your current home and downsize to one of lesser value, or do you intend to “trade up”?

• The length of your retirement: The average 65-year-old man can now expect to live about 22 more years; the average 65-year-old woman, about 24 more years, according to research conducted by the Society of Actuaries. Have you accounted for a retirement of 20 or more years?

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better to liquidate assets in taxable accounts first, allowing any earning on assets in traditional IRAs and other qualified retirement vehicles to potentially compound under the tax-deferred umbrella; however, keep in mind that earnings and deductible contributions in tax-deferred accounts are generally subject to income tax on withdrawal at thencurrent ordinary income tax rates, and withdrawals prior to age 59½ are generally subjects to a 10 percent • Earned income: Accord- each year to help compensate for inflation. additional federal tax — on ing to the Pew Research top of any regular income Center, more older AmeriRunning the numbers taxes owed. cans — those ages 65 and The next step is to identify Also, remember that — older — are working than at all of your potential income with some exceptions — the any time since the turn of sources, including Social IRS mandates individuals the century, and today’s older Security, pensions, employerbegin taking required miniworkers are spending more sponsored retirement mum distributions (RMDs) time on the job than did accounts, real estate and any — based on IRS life expectheir peers in previous years. equity in your home. tancy tables — after you If you continue to work, Also review your asset reach age 70½. how much might you earn? allocation — how you Failure to take required • Your retirement lifedivide your portfolio among distributions can result in style: Your lifestyle will stocks, bonds and cash. a penalty equal to 50 perhelp determine how much Are you tempted to concent of the required withpreretirement income you’ll vert all your investments drawal amount. need to support yourself. to low-risk securities? Such It’s easy to become overA typical guideline is a move could potentially whelmed by all the finanapproximately 60 percent place your assets at risk of cial decisions you must to 80 percent, but if you losing purchasing power make at retirement. want to take luxury cruises due to inflation. The most important part or start a business, you You might live in retireof the process is to consult might well need 100 perment for a long time, so try a qualified financial profescent or more. to keep your portfolio work- sional and/or tax adviser to ing for you, both now and • Health care costs and make sure you’re prepared in the future. insurance: Many retirees for the new and exciting A financial adviser can underestimate health care stage of your life. help you determine an costs. For assistance in deterappropriate asset allocation. mining your financial situaMost Americans are not eligible for Medicare until tion, call Fors Financial A new phase age 65, but Medicare Consulting, P.S., at 360-457of financial planning doesn’t cover everything. 6116 and speak to a wealth Once you’ve assessed You can purchase management specialist. your needs and income Medigap supplemental sources, it’s time to look at health insurance to cover Securities offered through some of the extras, but even cracking that nest egg LPL Financial/Member Medigap insurance does not you’ve built up. FINRA/SIPC. Financial Your first step is to pay for long-term care, eyeplanning and investment glasses, hearing aids, dental determine a prudent with- advice offered through care or private-duty nursing. drawal rate. Financial Advocates InvestNext, you’ll need to • Inflation: Although the ment Management, DBA decide when to tap into inflation rate can be relaFors Financial Consulting, tively tame, it can also surge. tax-deferred and taxable P.S., a registered investment It’s a good idea to tack on investments. adviser and separate entity Some say that it might be from LPL Financial. an additional 3 percent

Estate Planning

Peninsula Daily News/Sequim Gazette

October 2017

Downsizing doesn’t have to be daunting

to avoid confusion. • Ask family and friends to help, or call a professional move manager. There is no reason you have to do this on your own.

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specialist will remove the unsold items, arrange for Do you see dozens of donation and “broom memories in all your rooms sweep” the area. and realize that no new If requested in advance, ones are being created? receipts will be reconciled Downsizing can be a so you receive a full daunting task, and it’s chalaccounting of what was Options for downsizing lenging to “let go” of items. sold and at what price. One of the challenges The “I might need that Some companies perform consumers face when movsomeday” comes up reguother services, such as coning to a smaller space is larly during this process, signment or home-staging along with the “Aunt Eliza- trying to figure out what to to put an empty home on do with their downsized beth gave this to me” or the market. possessions. “Mom always had this in Each company is slightly Today there are more her bedroom” or “This is different, but true estate options than ever, including too valuable to let go of” sale professionals work to charitable donation, live sentiments. serve you and determine auction, online auction, tag There will be treasures what is necessary to help sales, traditional garage that must come with us, you move forward. sale and estate sales. and that’s OK. Whatever you decide, be For people with a large Choosing the items that sure it is the best fit for amount of valuable invenwill assist in creating new you. Waiting until the last tory, an estate sale can be a memories is one way to minute creates undue very positive experience. support your resolve to alternate solutions, such as sale and bid on items. to merchandise every item stress and anxiety. Estate sales are mandownsize. online auction or donation, An estate sale expert will in the sale to optimize the Start with a plan. aged by professionals who, in place of sale. advertise the sale to their return. Know that you can’t eat Tips for starting the for a fee and/or a percentBe sure to work with own established audience They have display tables, a dinosaur all in one sitage of total sales, manage downsizing process: companies who will look of regular shoppers in addi- blankets, quilts, jewelry ting. Small bites are better everything for you, includ• Decide how long you out for your best interest tion to the broader market trees, cases, dish displays for the digestion. ing a home inventory, want to work on downsizand help you meet your of buyers across the United and more to help create heavy lifting, pricing, ing on any given day and personal objectives. appeal for the buyer. States. Teresa Murphy is a the advertising and marketing, then set an alarm so you Estate sale pros clean up owner/operator of Caring In addition, an experiEstate sales don’t spend more time than setup, cleanup and donaafter the sale is complete. enced professional will Transitions of Kitsap Estate sales draw collec- place ads in the right tions. planned. Once the sale is over, a Clallam. tors and serious shoppers, When you are hiring a That way you’ll accommedia outlets and use prowhile garage sales tend to professional, keep in mind plish your goal each and fessional signage to draw draw more bargain huntthat the lowest fee rarely every day — and avoid attendees who are ready to means the best sale experi- ers. burnout. buy. We’ve all heard the sayence. • Pick a small space in Estate sale professionals ing, “One man’s trash is When interviewing an your home to start with, do all the labor so you don’t another man’s treasure,” like a closet, a cabinet or a estate sale company, be have to! and it is true; therefore, sure to ask about the foldesk. A specialist will have don’t throw things away as employees to price, sort lowing: Don’t become overyou get ready for the estate and organize your items • Advertising methods. whelmed by trying to do • Home Care Aides sale specialist to visit your into categories. • What is their insurtoo much at once. home. ance coverage? • Designate out-of-the They will handle all the • Hourly Rates The specialist will sort • Employee hiring, way areas to gather items heavy moving, lifting and • On Call 24 Hours/7 Days through all the proposed training and screening that are to be donated loading and also will make sale items and will help practices. (clothes, books and housesure all items are cleaned • Housekeeping. Errands. Transportation Estate sales tend to have you decide what should be hold items) or recycled and polished to look their • Personal Care: Bathing, Meals, etc. included in the sale. a higher rate of return/ (out-of-date prescriptions, best. The specialist will profit margin than most chemicals, paint, cleaning Your merchandise is • Insurance Inquires Welcome research and establish garage sales. supplies and electronics). inventoried and protected • Screened, Bonded & Insured pricing and create a stratNo matter what you • If you want to give from theft by trusted egy that optimizes the have to sell, it is always things to friends or family employees during the sale. www.caregiversonline.com value of goods while helpmembers, invite them over worth calling a specialist. Display tables, cloths, Even when the volume of ing you sell through as early. racks, equipment and signs much inventory as possible. are provided. Be sure you have decided inventory in your home Port Angeles Sequim Port Townsend Estate sale professionals does not warrant a two- or which items you plan to A skilled specialist can increase the number of understands the local buythree-day sale, a wellbring or have already 360 360 360 promised to someone so as rounded specialist can offer people who will attend the er’s market and knows how By Teresa Murphy

457-1644

683-7377

379-6659

Peninsula Daily News/Sequim Gazette

October 2017

Estate Planning

YOU Can Make the

OLYMPIC DISCOVERY TRAIL An Enduring Part of Your Legacy!

Get the facts on life insurance policies By MetroCreative

Announcing the Inauguration of

THE OLYMPIC DISCOVERY TRAIL ENDOWMENT FUND Since 1988, the Peninsula Trails Coalition (PTC) has spearheaded the creation of the Olympic Discovery Trail (ODT) and has led the work to maintain it as it grows to become a signature feature of the Olympic Peninsula, from Port Townsend to the Pacific. We are proud to announce this Endowment Fund as a new way for you to have an enduring impact in achieving the full ODT vision and of ensuring its maintenance and protection in perpetuity. This new endowment fund opportunity offers a completely flexible mechanism for you to support specific projects or activities, or to help us build our overall organizational capabilities. As you contemplate your legacy giving, we hope you will seriously consider The Olympic Discovery Trail Endowment Fund as one of your choices.

For more information, please visit our website at olympicdiscoverytrail.org, or contact us at PTCTreasurer@olympicdiscoverytrail.org.

Few people want to face their own mortality when they are in the prime of their lives; however, thinking ahead and making advanced plans can save family members considerable heartache. Life insurance policies can help men and women make things easier for their spouses, children and siblings. Life insurance provides financial security in the event of a person’s death. Such insurance is a key element of estate planning and something all adults must consider. It’s smart to purchase life insurance at a relatively young age because the cost can be lower. Some people put off the process because it can be overwhelming. But Forbes magazine advises that once a person does a little research and learns the terminology associated with life insurance, choosing a policy is not so difficult. • Determine the amount of insurance you will need. Make a list of expected expenses after you pass away. These might include any residual mortgage payments, school tuitions, automotive payments or funeral expenses. In addition, approximate how much your family will need to live comfortably in your absence. Online calculators can help determine life insurance coverage needs.

The New York Life Insurance Company says a quick way to figure out how much coverage you might need is to take your annual salary and multiply it by eight. • Decide on the type of policy. Life insurance policies come in two broad categories: term and whole life. Term life insurance might be less expensive up front, as it only provides coverage for a set number of years. It will only pay out if the policy holder dies during this “term.” Whole life insurance, also called “cash value,” usually costs more, but accumulates a cash value that can be borrowed against, and it pays out whenever a person passes away. • Choose among reputable companies. You want to ensure the life insurance company you pick will be around for years and has a strong reputation, so give ample consideration to each company you explore before making a final decision. • Know the waiting period. Many policies establish a period of time on policies wherein there is very little cash-out value and the company will not pay out the full death benefit. This might be a year or two after opening the policy. Discuss this information with the insurance agent. Life insurance can be a smart financial choice, helping men and women rest easy knowing their families will want for nothing in the wake of their deaths.

Estate Planning

Peninsula Daily News/Sequim Gazette

The love of a pet enriches our lives.

7A1981728

Creating a legacy plan for companion pets

October 2017

Olympic Peninsula

Humane Society

Make a Difference with Planned Giving

By Danette Grady

Our Legacy: The Olympic Peninsula Humane Society has been an integral part of our com-

As a pet guardian, have you considered what will happen to your pets when you are no longer here? They have depended on you to provide for all of their needs, so you’ll need to have a plan in place that will give you peace of mind knowing your loved companions will always be cared for. Identify caregivers — people who are willing to responsibly care for your pets after an emergency — as well as those willing to adopt your pet should you die or become incapacitated. Carefully choose people you trust who will do what is in the pet’s best interest, including appropriate veterinary treatment. Keeping in mind that people’s life situations change, also identify an alternate caregiver. Make sure they understand and are willing to accept this critical responsibility. Write down step-by-step instructions explaining how your pets should be taken care of. Does the pet have a medical condition, special diet, exercise routine or behavioral habits? Include their medical history and your veterinarian’s name and number. Be sure to tell your family and friends where these instructions are kept. It’s of vital importance to set up a fund for your pets that will cover food, supplies, medical and dental care, grooming, etc. Consider your current expenses for all their care and their life expectancy. It’s best to guarantee your wishes are followed by making formal arrangements

munity since 1947. Over the years we have transitioned into a progressive animal welfare organization with a save rate of 94% in recent years and a policy that every adopted animal is spayed or neutered before it goes to its new home. Because of our commitment to the animals in our care and to our community as a whole, we believe OPHS is making Clallam County a better place for animals to live now and in the future.

Your Gift: Making a charitable gift to OPHS is mutually beneficial. Our advisors can help you

make the most of potential tax benefits and income opportunities. Most important, you will have the satisfaction of knowing you have helped animals in need. Giving options include:

Making a one-time or multi-year gift • Naming OPHS as a beneficiary of your estate through a bequest Designating OPHS as your IRA or life insurance beneficiary • Making a planned gift such as a charitable trust Donating investment assets such as stocks, bonds or real estate with an attorney and drawing up a will, trust or other documents that specify the details of care. Carry an I.D. card in your wallet listing the number, names and types of animals in your home, your vet and designated caregiver’s name and phone number. Also, post emergency pet contact information in an easily seen spot in your home. List your name and phone numbers, the number and type of animals in your home with a brief description of the pet, location of pet food and medications, and veterinarian and caregiver names and numbers. Following these guidelines will help to ensure your companion animals will receive the loving care you want for them for the remainder of their lives.

Our Vision: Every adoptable companion animal in Clallam County finds a forever home. Our Mission: To provide the highest level of compassionate care for the animals entrusted to us, to reduce companion animal overpopulation and to be a leader in promoting humane values and education to benefit all animals.

(360) 457-8206

1743 Old Olympic Hwy. - P.O. Box 3124, Port Angeles, WA 98362 • www.ophumanesociety.org

Danette Grady has been the executive director of Peninsula Friends Of Animals for four years. A portion of this material has been reprinted with permission of 2nd Chance For Pets.

Judith H. Peace Attorney JUDITHPEACELAW@GMAIL.COM 720 E. WASHINGTON ST., #109 SEQUIM, WA 98382

7A17

7A1704232

360-683-6984 www.judithpeacelaw.com

Harper-Ridgeview Funeral Chapel

Sequim Valley Funeral Chapel & Cremation Center

$250 OFF PRE-ARRANGED PLANS Locally Owned and Operated Advanced Funeral & Cemetery Planning A Variety of Options for Burials & Cremation Memorialization Local Crematory • International Shipping Services Honor All Pre-arranged Funeral Plans & Valid Insurances Endorsed by VFW and American Legion as Preferred Providers Veterans Discounts Available

Serving Clallam County with Compassion and Care

(360) 452-9701

(360) 683-5242

108 W. Alder Street • Sequim, WA 98382 www.sequimvalleychapel.com

Mt. Angeles Memorial Park (360) 452-6255

Sequim View Cemetery

45 S. Monroe Rd, Port Angeles

1505 Sequim-Dungeness Way, Sequim

7A1966280

105 W. 4th Street • Port Angeles, WA 98362 www.harper-ridgeviewfuneralchapel.com