Keystone Law Firm - August 2018

Keystone Law Firm - August 2018

AUGUST 2018

Trust Matters

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An Ice Start My Summer Job

Turns out there was an artful way to pack the ice cream, using a flat blade to scrape off the top of the mound so the lid would create a uniform surface. I’d been packing quarts wrong the whole time, and it was brought to light very publicly. It was a good but embarrassing way to learn as a young man that I did not, in fact, know everything. I left that day with a greater sense of humility — and the free quart of ice cream.

Well, we’re

“There were a lot of valuable lessons I learned during those summers, not all of them sweet.”

getting to the tail end of summer, though you couldn’t tell with all this heat! I’m very lucky to have a job that keeps me indoors most days, or I’d be going through quite a lot of sunscreen. As much as I love being a

lawyer and serving my clients’ needs, I have to admit that I sometimes miss the summer job I had when I was a kid.

More than anything, that job taught me the dignity and honor in hard work. To this day, I empathize with the people I meet in the food service industry and strive to treat them with respect. Everybody starts somewhere, and a lot of valuable lessons can be learned from behind a cash register. Looking back, I am extremely grateful for those experiences that helped make my work ethic what it is today. Some people ask me if working at Baskin Robbins made me sick of ice cream. No! If anything, I’m even more of an ice cream lover today than I was back then! If I get a bowl of Moose Tracks on a summer’s day, I am in heaven. The irony is that only one person in my family shares my passion for the stuff. My wife has never had a sweet tooth, and out of all four kids, only Zach, our youngest, gets excited for ice cream. The rest of the kids can take it or leave it, which would be great news for most parents. Maybe there’s a bright side to being one of the only ice cream lovers in the house — it leaves more for me!

You see, I worked at Baskin Robbins to make a little money in high school. At a time when I didn’t even have air conditioning in my car, the job kept me inside on hot Arizona days. To sweeten the deal, the whole room smelled like two of my favorite things in the world: ice cream and waffle cones. Best of all, I got scoops for free. That ice cream parlor was an absolute dream job. Not only did I get to indulge my passion for the dessert, I also got my first real introduction to the workforce. There were a lot of valuable lessons I learned during those summers, not all of them sweet. While serving up scoops, I learned how to interact with customers, be a team player, and leave my ego at the door. This last one was a bit difficult to swallow at first. I remember it like it was yesterday. The owner was showing some new recruits some basic skills and wanted a volunteer to show them how to pack a quart. I eagerly stepped forward (after all, the volunteer got to take the quart home with them). Confidently, I piled scoop after scoop into the container, eager to show my experience. When I looked up from my assembled bucket of ice cream, the owner was frowning. “No,” he said. “You did it wrong.”

Here’s to a sweet end of the summer,

–Francisco

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H aving money saved is crucial for adults aged 50 or older who plan to retire in the near future. Some people are prepared for retirement, having saved a sufficient amount throughout their lives. However, there are people who, despite having tried to save, come up short in their retirement funds. This can send them into a panic. Women account for the largest percentage of people who don’t have enough money in their retirement savings by the time they reach the age of 50. A survey produced by the nonprofit Transamerica Center for Retirement Studies shows that many women who reach retirement age will not have adequate funds to support themselves. Despite having a higher savings rate, the average amount women have saved at the age of 50 is about $35,000, compared to $120,000 for men. What’s the reason behind this? According to the survey, women often have a large gap in their financial savings at some point in their lives. They are more likely to work part time or stop going to work to take care of family members in need. By working less, women tend to earn less money, which prevents them from putting away sufficient funds for their retirement. This also affects whether or not they are WHEN YOUR FUNDS ARE LOWER THAN THEY SHOULD BE How to Boost Your Retirement Funds

covered by their employer’s retirement benefits, since most employees are required to be full- time in order to receive any benefits.

If you’re nearing retirement age, don’t fret — you still have options available to you. If you’re working, look into your company’s retirement plan, especially if they offer a 401(k). According to the IRS, those who qualify (i.e., someone who joins the plan and is 50 years or older) can contribute up to $24,500 a year.

To learn more about what options are available, it’s crucial you speak to a planning specialist. By working with someone who understands retirement, you’ll create a solid plan and ensure that you successfully enter and enjoy your retirement. Beat the Heat and Stay in Shape

TRY MALL WALKING

Here at Keystone Law, we know that securing your future extends beyond just estate planning. While it’s important to have your affairs in order and your legacy

open early to accommodate those who want to get their exercise in the morning! You can visit local.aarp.org/phoenix-az/mall-walking to get details on mall walking groups near you, and find out if your local shopping center opens early. To some, the idea of walking through a mall for exercise as if it were a park may seem a bit ridiculous. But once you consider the benefits this time of year, you many come to understand why malls have become the second-most popular walking destination in the country, after neighborhoods. First and foremost, malls are air conditioned, keeping you out of the sun and heat while you exercise. Second, there are plenty of benches, water fountains, and places to catch your breath throughout these shopping centers. Third, you will always know there are restrooms nearby. As a bonus, if you are walking during normal business hours, you could always grab a bite to eat or get some shopping done, though it is certainly not required! While our estate planning experts can certainly help you gain peace of mind about the future, only you can take steps to keep your body healthy! We thought we’d share this fun, convenient way of getting exercise this summer to help inspire you. No matter what you like to do in the summertime, have fun and try to stay out of the heat!

secured, you also need to take care of yourself right now! Good diet and exercise are important to

keeping your body happy and healthy.

Unfortunately, the dry, sweltering heat this time of year makes getting out and about unbearable. The last thing you want is to expose yourself to sunburn — or worse, heatstroke. Thankfully, our shopping centers here in the greater Phoenix area offer an ideal venue for those looking to get in a little exercise this August: mall walking. In case you have not heard of this trend, mall walking (yes, walking through shopping malls) has become an extremely popular activity for seniors looking to socialize and stay in shape. Some malls even

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THREE THINGS EVERY GRANDPARENT SHOULD CONSIDER

(Answer)

Many of our readers likely have grandchildren who are about to embark on their college education this month. This can often be an exciting time for families and is certainly a major step in your grandchild’s journey to adulthood. That being said, if you plan on passing on some of your assets to your family’s latest scholar, there are a few legal factors you need to keep in mind.

Recipe:

If you need an easy, healthy side dish with plenty of flavor, this green bean salad will be the perfect addition to your summer menu. Green Bean and Sesame Salad

State Lines

If your grandchild lives in a different part of the country or is planning on attending school out of state, you need to ensure your estate plan factors in the rules, regulations, and taxes of this new location. Not only do different states have wildly different tax rates on inheritance, they can even have different laws regarding what kinds of assets are transferable. An expert estate planning professional can help you navigate these confusing waters.

College Savings Plans

Ingredients

Many grandparents set up college savings accounts, like 529 plans, to help their loved ones pay for college. Most of these sorts of plans let you maintain control of the account until the money is withdrawn, typically on a semesterly basis. Therefore, it’s important to make sure a clear successor has been designated to manage this account in the event of your passing. This way, you ensure an uninterrupted flow of financial support to your grandchild throughout their higher education.

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3 cups green beans, ends trimmed 1 teaspoon white wine vinegar

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1 small red onion, finely chopped

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Small bunch of fresh mint

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Small bunch of flat-leaf parsley

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1 tablespoon olive oil

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2 tablespoons sesame seeds, toasted

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Salt and pepper, to taste

Trusts

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Kosher salt and freshly

Trusts, whether revocable or irrevocable, are flexible tools for leaving your grandchild with a legacy. They offer you plenty of control over which assets get passed to your beneficiaries and how that bequeathment takes place. This level of certainty is especially important when gifting to young adults and college students who may not be well-versed in the finer points of financing. Seeing a grandchild off to college is certainly something to celebrate! With a little forethought and planning, you can ensure you leave a great legacy to contribute to this student’s future. Our experts at Keystone Law would be happy to answer any questions you may have about looking after your grandchildren’s future.

Instructions

1. Bring a large saucepan of water to boil; cook green beans for 4–5 minutes; drain well. 2. In a blender, mix finely chopped mint and parsley with olive oil, vinegar, salt, and pepper. Blend until combined. 3. Add dressing, onion, and sesame seeds to beans. Toss together. Cool dish, then refrigerate until ready to serve.

Inspired by Delicious magazine

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Inside

FRANCISCO’S FIRST JOB WOMEN AND RETIREMENT SENIOR EXERCISE TREND: TRY MALL WALKING! DOES A GRANDCHILD IN COLLEGE CHANGE YOUR ESTATE PLAN? GREEN BEAN AND SESAME SALAD THE STRANGEST HOLIDAYS IN AUGUST

August’s Silliest Holidays

ARE THESE ON YOUR CALENDAR?

February has Valentine’s Day; September has Labor Day; December, of course, has Christmas; and August has, um, National Raspberry Cream Pie Day. August may not host any major holidays, but it doesn’t lack for some of the goofiest on the calendar. August 6: National Wiggle Your Toes Day While the origin of this holiday is uncertain, it’s held every year on August 6. To celebrate, people are encouraged to wear sandals, flip flops, or other toe-exposing footwear. You can also frolic barefoot in the grass or simply stretch those digits throughout the day. Just don’t expect to see any Hallmark cards devoted to National Wiggle Your Toes Day anytime soon. August 13: Left-Handers Day About 10 percent of the population is left-handed. Lefties may be stuck in a right-hand-dominant world, but on August 13, they rule the roost. Originally founded in England, Left-Handers Day has taken off in the U.S.

Righties are encouraged to try out a left-handed approach for the day. Lefties, for their part, are free to be themselves. August 17: National Thrift Shop Day Thrift shops are a staple of American commerce, so it makes sense that there is a day devoted to them. Take the day to hunt for lost treasures and screaming deals. Many thrift shops also benefit nonprofit organizations, giving you even more reason to frequent them. August 27: National ‘Just Because’ Day This celebration is really scratching the bottom of the holiday barrel. Joseph J. Goodwin created National “Just Because” Day in the 1950s. It’s a day to do something “just because.” Be spontaneous and have a little fun. There’s no one way to celebrate, which is fitting, given that the existence of the holiday seems to defy logic altogether.

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