A16 ■ TOLEDO FREE PRESS
BUSINESS LINK
MARCH 11, 2012
THE RETIREMENT GUYS TOLEDO FREE PRESS PHOTO BY CAITLIN MCGLADE
UTILITIES
O
■
SEAN LYNOTT IS ONE OF ABOUT 35 PEOPLE WHO READ METERS FOR FIRSTENERGY’S TOLEDO EDISON.
Will your meter reader go the way of the milkman? By Caitlin McGlade TOLEDO FREE PRESS STAFF WRITER cmcglade@toledofreepress.com
You probably don’t see them. You probably don’t hear them, either. Perhaps the only evidence of their presence is the sudden cacophony of dog barks shaking the neighborhood. But once a month — whether the air chills or stifles — meter readers stop by your house. Sean Lynott, who reads meters for FirstEnergy’s Toledo Edison, has been at it for nine years. He is one of about 35 employeeswho check 308,000 meters in the Toledo area. A typical day starts at 7:30 a.m. It’s the time to don a bright yellow jacket with silver reflectors. He and three other readers gather for their safety briefing meeting. Some days they talk about preventing slips, trips or falls. Today the talk covers the ultimate four-legged enemy: dogs. Meter reader Brent Throne recalls a dog busting through a screen door and chasing him down Nebraska Avenue. Bryan Wilber, another reader, tripped
over a rock and broke his wrist in an attempt to escape from one once. The meeting closes and the four are off to a full day of driving and parking. Walking and stopping. Entering numbers into their hand-held computers. Today the crew canvasses the suburban neighborhoods sprawling away from I-280 in Northwood. Dog attacks are few and far between here, so the biggest hurdle is the frosty air. Or, for Lynott, the occasional grill that blocks the view of the meter. Or the shrub that shrouds the meter’s numbers. Or a wooden gate with corroded hinges, resisting any kind of movement. And don’t get him started on bungee cords that hold gates together. By 8:40 a.m., Lynott is just miles from headquarters. On a 21 day cycle, he has basically memorized the neighborhoods he canvasses. It’s not that he has to; the computer device he carries tells him where the meter is located on each house and announces whether there is a dog on the premises. ■ METERS CONTINUES ON A18
More businesses are banking with Key. Shouldn’t you?
Wills vs. trusts
ne of the most common questions regarding setting up an estate plan is, “Do I need a will or a trust?” Many have heard about their friends setting up living trusts and wonder if that is what they need. A will is instructions by a person who names one or more people to handle and distribute property and assets at death. With a will you get the opportunity to say where you want all your stuff to go. If you do not, each state has a formula to decide for you. Wouldn’t you rather decide? Also, if you have minor children, you can decide who you want to care for them. Obviously, this is a very important decision Mark that may affect your Nolan child’s life forever. You should consider things like their appointed guardian’s proximity, child rearing philosophy, religious views and their financial ability to provide. Let’s clear up a few common misconceptions about wills. 1. An executor of a will is not a power of attorney. An executor has no power until after you die. They cannot handle financial affairs for you now. That is why you may need a durable power of attorney. 2. A will does not avoid probate. It is generally a one-way ticket to probate. Probate is not necessarily bad. It is a court supervised process to get your assets where you want them to go as stated in your will. 3. A will does not control where everything goes. Accounts like IRAs 401(k)s, life insurance, annuities or any other type of retirement accounts are generally controlled by beneficiary designations. If you are making your will, this would be a good time to make sure all beneficiary designations are up to date. If they are not, your money could end up somewhere you did not intend (Google the horror story “the pension pickle”). How about a trust? A trust is generally a “will replacement.” It has a plan of distribution just like a will. One of the biggest reasons a trust may be used in place of a traditional will is probate
Call us for your business needs – Ken Connell 419-259-5945 Rich Heck 419-259-8530 Member FDIC
avoidance. There are many other reasons for trusts, but this seems to be the most common. The public has objected to the cost of probate and how long it takes to complete. Attorneys are usually paid a higher level of compensation for probate assets as opposed to nonprobate assets. As a result, many have turned to setting up a trust to bypass the process. This happens by re-titling certain assets now, so that later there is no probate required. A trust is usually much more expensive than a will, but has the potential to save a substantial amount of money when the estate is settled. Let us address some common misconceptions. 1. They are all CLAIR the same. No they BAKER are not. There are many different kinds of trusts for many different purposes. You could almost compare it to buying a car. Some have the basic equipment, while others have more features and benefits. 2. If you set up a trust you automatically avoid probate. No, no, no. You have to “fund” the trust to avoid probate. This is the biggest mistake people make when it comes to a living trust. Not getting assets titled in the trust. 3. If I have a trust I don’t need a will. There is a special will that goes with the trust called the “pour-over” will. This “pours” any property you still own when you die into your trust (you still may have a probate, though). A will or a trust? The best way to answer this question is to visit a qualified estate planner. As I heard a local respected estate-planning attorney say early in my career, “always a will, sometimes a trust.” ✯ For more information about The Retirement Guys, visit www.retirementguysradio.com. Securities and Investment Advisory Services are offered through NEXT Financial Group Inc., Member FINRA / SIPC. NEXT Financial Group, Inc. nor its representatives provide tax advice. The Retirement Guys are not an affiliate of NEXT Financial Group. The office is at 1700 Woodlands Drive, Suite 100, Maumee, OH 43537. (419) 842-0550.
KeyBank