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Charitable giving

contributor — Thu, 03 Nov 2011 19:53:51 +0000

When charitable requests come in the mail making a pitch for your support, do you read the letters? Toss them in the recycle bin? Or do you give as much as you can?
According to Giving USA 2008, Americans donated a record $306 billion to nonprofit organizations in 2007. Still, reports suggest that those donations won’t keep up with the rising cost of providing much-needed charitable services both here and abroad.
The good news is, you don’t have to be wealthy to make a difference. Having a strategy for giving can help you make the kind of contributions that are most meaningful to you, especially when it integrates your charitable, family and financial goals into one strategy.

Make an outright bequest
One of the easiest ways to make a planned gift is through an outright bequest in your will or trust. By leaving money to charity when you die, the funds go directly to the charity with no strings attached. What’s more, the full amount of your contribution is deducted from your estate.

Use your IRA for good
If you have an Individual Retirement Account, you can name a charity as a beneficiary. This allows you to continue to take withdrawals from your account during your life and then leave the remaining value to charity. The full value of your gift will be deductible from your estate upon your death.
Congress recently changed the rules for charitable gifts to include gifts made directly from IRAs. According to the new rule, if you are over 701/2, you can give up to $100,000 each year from your IRA directly to charity without claiming an increased income or paying additional tax. However, you are not permitted to take a charitable income tax deduction for the gift.

Giving through life insurance
Life insurance can be an easy and flexible way to make a significant gift to a favorite charity, and at the same time it offers practical advantages, including possible tax deductions.
Perhaps you have a policy you no longer need. You can give that policy to your favorite charity now and receive an income tax deduction for the fair market value of the policy or its basis, whichever is lower, and for any future premiums you continue to give to the charity. Alternatively, you could name a favorite charity as the beneficiary of all or part of your policy. This strategy allows you to access the cash value of your policy and retain control of the policy during your lifetime. In exchange, your estate will receive an estate tax charitable deduction for the benefit paid to the charity upon your death.
Another option is to give the cash dividends from your insurance policy to charity. This enables you to benefit a favorite cause while receiving an income tax deduction. (With life insurance policies that are not modified endowment contracts, you can receive dividends in cash up to the basis income tax-free.)
And finally, you can purchase a life insurance policy to fund a pledge or future donation to charity. Instead of making a large contribution now, this enables you to make smaller monthly premium payments over time. These premiums will result in a much larger financial gift when the policy matures and, in many cases, those premiums will be tax deductible.

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Dine In For The Holiday

contributor — Thu, 03 Nov 2011 19:49:16 +0000

With December fast approaching, we decided to take a different approach to my dining guide this issue. You may be booking a restaurant for your holiday party — or if you need a good caterer, I know one! However, you are more likely to be among the hundreds of people who will be hosting their own holiday party and could use a few tips. So here’s my “what’s hot” for holiday entertaining this year.
First, family-style dining is back. Seat your guests at large communal dining tables where food is shared among family and friends. Be careful to not use plates and platters that are too large or they become too hard to pass. About 8 servings of food is all that should be on each platter. It’s fun to pre-set these platters in the center of the table and let guests serve themselves. This style is not only great for dinner but also for appetizer parties.
I like to pre-set a couple of little bites at each place setting so they can have a tidbit to awaken the palate before passing the other dishes.
Family-style dishes can be warm and homey like my gnocchi (see recipe) or as simple as local cheeses and sausages served with lavosh, crackers and foccacia bread sticks. One of my favorite salads to serve family style is heirloom tomatoes, basil, balsamic and burrata cheese. Guests love to cut into the creamy burrata and see the soft center flow like white molten lava.
To start the evening, a few passed hors d’oeuvres are the most gracious way to greet guests, and then end with a show stopper dessert. How about individual homemade pies baked in a mason jar! Or our signature Flaming Caramel Donuts with homemade Eggnog Gelato. Yum! (But don’t try this one at home without some professional help!)
Whatever your culinary inspiration this year, remember to begin with scrumptious food and fill the occasion with joy and love.
Merry Christmas, Mary

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All Aboard!

contributor — Thu, 01 Sep 2011 16:19:06 +0000

When was the last time you visited downtown Provo? There are so many exciting things happening to restore the area to its once lively happening place. The new convention center and Nu Skin building are changing the entire atmosphere, and great restaurants for every palate are popping up everywhere.
I love Communal and Spark, but I’m happy to see there is a new casual place for easy affordable dining. Welcome, Station 22!
Richard Gregory has long owned the entire corner square of West Center Street and University Avenue. He is now setting his hand to restaurants and hoping to turn the entire area into a hub of eating activity.
The first venture is Station 22 featuring fun sandwich, soup and salad offerings. The inspiration came from his cowboy father, a real gentleman who enjoyed the finer things in life. To help launch the concept, daughter-in-law Brittany Ammon was brought in from her culinary school experience in Napa Valley. Chef “B,” as she is lovingly known, is in her element with a discriminating eye watching over the salad bar, guests and every detail of food service.
My husband, Rick, and I took a turn at the salad bar, which had fairly typical offerings other than roasted chicken breast — a welcome addition for guests who are watching carbs and need the protein. (Yes, after all the food at my recent wedding celebrations, I’m back to eating low carb!)
We were thrilled with the delicious homemade soups: tomato bisque and shredded vegetable beef … really good! We tried the “Mighty Meatloaf” sandwich (without the bread). The meatloaf would have been on the ordinary side except for the heavenly homemade “Truffle Ketchup,” which elevated it to totally awesome!
They offered me a complimentary fresh raspberry cake with real whipped cream. I had to have just a bite. It was obviously homemade with love. I’m going back when I’m not watching my carbs so close.
I always appreciate a restaurant that uses eco-friendly disposables, corn starch forks, brown napkins and paper soup bowls. No Styrofoam here!
Station 22 also offers a great kids menu, which makes it a great destination for families.
All aboard for a restaurant that offers casual dining, yummy food and local Utah products.
Good job, Station 22!
Remember to fill your life with scrumptious food and joy.

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Teaching Life’s Lessons

contributor — Thu, 01 Sep 2011 16:14:00 +0000

In homes across America, families are going back to the basics — reducing debt, re-establishing emergency funds and paying attention to savings and retirement accounts.
Back to school time serves as a good reminder that we shouldn’t overlook our kids in these rebuilding activities.
Time and again, polls have shown the influence of parents on the money habits of kids. A new poll conducted by the Northwestern Mutual Foundation’s financial literacy website, Themint.org, confirms this influence. The poll asked teens to choose who had the biggest influence on the way they save or spend money. In a landslide, seven out of 10 kids aged 17 and younger said “parents” swayed their actions the most, outpacing “friends” (16 percent), “TV, magazines, books, radio or celebrities” (14 percent), and “teachers” (1 percent).
Experts say one of the best ways parents can help their children, younger or older, to understand money is to talk about it and demonstrate good habits. But, no pun intended, this is easier said than done.
Themint.org suggests parents use everyday experiences to start these conversations (of course, without preaching or lecturing). For example:

Recognize opportunities to educate
• When watching TV with younger children, play devil’s advocate to the ads that bombard them — help them be more discriminating of what they see.
• When traveling in the car, use the time to comment on the commercial messages from billboards and stores.

Use shopping trips to teach financial lessons
• Talk about why you chose one product over another – describe details about value, quality, ingredients, etc.
• Explain the steps you take to economize, trade-off and make choices.

Make bill-paying a learning experience
• Link utility bills to actions — like running water, lights, TVs and computers.
• Demonstrate the impact and effect of large, unexpected expenses on the overall household budget.

Talk about the cost of living
• Payday is a good day to show kids the effect of deductions — for taxes, insurance, retirement, etc. — and that no one gets to bring home all the money they make.
• Talk about the role of taxes in supporting the community — its schools, roads and services.

Each stage in your child’s life presents challenges and opportunities for helping them learn to make good financial decisions. Like measuring growth in inches, start setting goals for your child and track their financial progress.
For example, the preschool years are a good time to introduce the piggy bank and simple money concepts. Ages 7 to 13 might be a good time to introduce an allowance and the principles of earning and saving. High school is when to increase financial responsibilities, explain protection against risk and talk about safe debt levels. As they go off to college, it’s important to address the advantages and disadvantages of credit cards, explain good and bad debt and encourage the idea of “pay yourself first.”
For more information on how to talk to kids about money, visit Themint.org.

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What risks do you face?

contributor — Fri, 01 Jul 2011 16:37:09 +0000

Markets rise and fall. Media stories come and go. Emotions intensify and subside. All of these ebbs and flows can affect your financial security in ways that may surprise you.
In today’s information-overload environment, it is hard to ignore the buzz around you. What you hear about the financial markets, the economy, or even what’s going on in your family or neighborhood, contributes to your perception of the world. But it’s important to distinguish between perception and reality, especially with a 24/7 news cycle focused as much on the tantalizing and emotional as the credible and factual.
In reality, the risks to your financial security haven’t changed much over the years, though your awareness of them may change with your own experience. The biggest risks are typically life events that can get in the way of your goals, such as accident, illness or disability that impact your income and assets, premature death that affects your family or others who depend on you, and other financial challenges in life.
You need to protect against those risks, but you also need to protect yourself from letting the outside environment influence your thinking without considering your individual circumstances.
Beware of these risky perceptions that misinterpret reality:
“It won’t happen to me”
In reality, the unexpected can happen to anyone. You need to protect against risks to your long-term financial security, especially when you have dependents to care for and commitments to meet. At a minimum, protect your income with disability insurance and life insurance. Also, be sure to have an emergency fund for unexpected expenses and a plan for handling long-term health-care needs if they arise.

“The market is moving, I should change my plan”
If you listen to the daily news, it can be tempting to respond emotionally to the changing stock market. In fact, doing so is one of the costly mistakes people make with their assets. While no investment strategy can guarantee a profit or protect against a loss, the investors who typically achieve the greatest benefit are those who take a long-term view of investing, with asset allocation that positions them for consistent performance through market ups and downs. The only time you should change your long-term approach is if your situation or risk tolerance have changed.

“I’ll have enough money to retire”
Realistically, you may need to save more for retirement than you realize if you consider your health and health-care needs, possible longevity, financial habits, income streams and retirement goals. The best approach is to examine all your potential needs and compare them to your anticipated assets to be sure you know exactly where you stand. Your financial representative can help you create a plan, consider different scenarios and decide steps to achieve it.

“I have a financial security plan, so now I’m done”
It’s good to go through the planning process, determine a direction and move toward it. But with the many stages in life, and changes that happen in families, careers and finances, you need to review your plan on a regular basis to be sure it accurately reflects your situation. Think of this as a continual process to help ensure a financially secure future.

“I can take care of my financial security — I don’t need help”
Even the most financially savvy individuals can benefit from outside perspectives and support to create the right plan and identify the financial security vehicles that best suit their needs. A Northwestern Mutual financial representative is a resource who can help you answer the key questions to help achieve financial security.

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Accident Victim Advocate

contributor — Fri, 01 Jul 2011 16:35:39 +0000

Jeff Metler has worked with all kinds of personal injury clients. Some were upset and aggressive. Most are just looking to be treated fairly.
The Provo-based attorney answers questions below such as when to use an attorney and how attorneys receive payment.

How do you know when to find a personal injury attorney?
With the way insurance companies are treating people these days, I would say anyone other than the actual driver who is at fault in an accident should talk to an attorney. I’ve represented actual insurance adjusters or their family members because they know the system is stacked against unrepresented individuals. This means, in many cases, people are left paying some of their own medical bills. Thus, if you’re not at fault, you should probably talk to an attorney.

What are reasons people don’t hire a personal injury attorney?
A lot of people believe their accident really wasn’t “that serious” and aren’t aware until later the extent of their problems or what their bills really added up to. People fear it costs a lot of money when in reality the attorney is only paid when they finish the case — thus, no out-of-pocket cost.
People also believe they can do it on their own and don’t realize the time or frustration involved once they begin working with the insurance adjuster on their case. I frequently have people call me after they have tried working with the insurance adjuster only once or twice and become so frustrated they just don’t want to deal with them anymore.

Does the insurance company really have your best interest in mind?
I like what one insurance adjuster said to me once: “Let your client know it’s not personal, it’s just business.” Once people realize many insurance adjusters not only profit share in these companies but receive bonuses based on their settlement rates, they realize who’s best interest they are looking after.

If I have already been offered a settlement is it too late to speak to a personal injury attorney?
It is never too late to talk to an attorney. However, some attorneys won’t take on cases after clients have tried to negotiate their own cases. This is because often times, people may unknowingly say or do things that can cause major problems for the attorney who is trying to pick up the pieces after the fact. The smartest decision is to talk to the attorney up front.

How do I know if my settlement is fair?
Usually, if you don’t deal with this every day, you won’t know. You want someone who deals with this every day and who knows what cases are worth. I have had clients come in where I have looked at their case and said they should take the money they are being offered because it is fair and they don’t need an attorney. However, it is more common to see cases where the client is being offered significantly less.

If I meet with an attorney, do I have to hire him?
No. People should first feel comfortable with the attorney, the attorney’s knowledge and his staff. I tell my clients if they are not comfortable with me or my office, they should hire someone else. If you don’t like them up front, you won’t like them when you are done, either.

What should I look for in a personal injury attorney?
The most important aspect is to know whether personal injury is all they do. I have had people come to my office and say they have a friend who is an attorney and could help them but does some other type of law. I usually ask them, “If you had a foot doctor, would you want them to do brain surgery on you?” It’s the same thing with attorneys. You want someone who does it all the time.

Will my settlement cover all of my immediate needs and future expenses?
Settlements are meant to cover both your immediate bills as well as future expenses. However, it is becoming more common for insurance companies not to even offer to cover the immediate bills after an accident let alone future expenses. Having the right attorney fighting to make sure your immediate bills as well as future expenses are considered is invaluable. If your bills and expenses are not correctly documented, the insurance companies will never consider them.

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Unlikely location for much-liked burritos

contributor — Fri, 01 Jul 2011 16:33:17 +0000

I’ve been on a culinary quest to seek out little tucked away gems that are hard to find and that no one has discovered. I love sharing these with my readers, and I have a great one for you this month — Mountain West Burrito. Located on the Provo/Orem hill tucked away in an obtuse gas station, you will find arguably the best burritos in Utah.
I hardly know where to start as there as so many things to tell you about! Joe Swain is probably the most interesting restaurateur, philosopher and philanthropist you will ever meet. Joe is a native of California, served in the Peace Corps in Madagascar, graduated from Duke University in Environmental Science, and lived in Mexico teaching English.
Even though Joe is reluctant to talk about himself, he has a clear idea of his philosophy at Mountain West Burrito.
1) “Good quality does not have to be out of the regular guy’s reach.”
2) “Always use quality Utah products such as Amano Chocolate, Niman Ranch Pork, and organic produce from local farms.”
3) “If a customer comes back twice, they are a ‘regular’ and I should know their name.”
4) “I don’t want to franchise; I just help others open profitable locations with low overhead. That’s all I want.”
Joe’s right hands, Octovio and Jesus, make sure he is keeping things authentic and real. For example, the hot sauce is not just about “hot;” it has to be full of flavor.
The food has a great price value with the regular size being more than I could eat. I’ve been several times and my favorites are the steak burrito, roasted vegetables, whole bean burrito, fresh-fried tortilla chips and fresh salsa.
Joe doesn’t even take a short cut with the water! All water is served from a Kangen filter system.
Impressive.
Mountain West Burrito opened in February and already has a large following on Facebook. Become a “fan” and receive special deals. For an absolutely delicious burrito and some enlightened conversation, get yourself to my newest find. And tell Joe, “Mary sent me!”
Until next time, remember to fill your life with scrumptious food and joy.

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Investment Inspection

contributor — Fri, 29 Apr 2011 20:53:03 +0000

The fact that 63 percent of Americans age 55 and older have saved less than $100,000 for retirement* shows that many people spend more time dreaming about their retirement than saving for it.
Here are some tips to help you determine whether you’ll have enough money available to fund your retirement dreams.

Identify Your Retirement Needs
Take time to figure out how much money you’ll need in retirement, based on your circumstances and lifestyle. Experts estimate that retirees generally need at least 70 to 80 percent of their pre-retirement income.
One option is to use Northwestern Mutual’s Lifespan Calculator to estimate how many years you may need retirement income.

Know Your Social Security Benefits
Social Security may still be a strong retirement tool for you. To find out what your Social Security benefits will be, visit www.ssa.gov.

Learn About Your Employer’s Pension
Pension laws are complicated. Learn the facts about your company’s pension plan to make sure you obtain the benefits to which you are entitled.
You’ll want to find out what your eligibility requirements are, when your benefits become vested, how your pension benefit amount is calculated, how much money you can expect to receive, if your benefits will increase once they begin, when you can elect to retire under the plan and the types of income plans that are available.

Use Tax-Deferred Savings Plans
How you save can be as important as how much you save. Contribute as much as you can to a savings plan, such as a 401k. Since you will invest with pretax money, you can also lower your current tax liability. You might also consider using other financial tools to supplement your retirement income, such as IRAs, annuities, mutual funds and/or life insurance.

Don’t Touch Your Retirement Savings
Resist the urge to fund life’s many expenses with your retirement savings.
You’ll not only find your retirement will be underfunded, but IRS early withdrawal penalties also may apply to money taken out from tax-sheltered investments before you turn 59 ½.

Consider Basic Investment Principles
Many people know how much money they have, but they may not know what they can expect in the future. Understanding investment principles can help you select investments to match your risk tolerance, time horizon and goals, as well as manage the impact of inflation.
As a general rule, your money should be allocated among different types of investments and appropriate to your risk tolerance, time frame and investment objectives. This will change over time and will need to be rebalanced periodically. For example, the closer you are to needing the cash, the fewer fluctuations you will probably want in the value of your portfolio.
The key to living the retirement lifestyle you dream of is making the right decisions today.

* Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2010 Retirement Confidence Survey. No investment strategy can guarantee a profit or protect against a loss in a declining market.

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Not Just Another Mexican Restaurant

contributor — Tue, 01 Mar 2011 16:28:31 +0000

There is no shortage of Mexican restaurants in Utah County.
Ah, but the quest for good Mexican food is ever present. A new restaurant opened a couple months ago very close to my catering offices in Orem, and every day I would see the sign: “MILAGROS — The Best Mexican Food Around.”
This is a pretty bold statement, but not for Dave Tuomisto who is the original owner of Rosa’s and Bajio. Dave creates simple food in touch with things Mother Earth has to share. Many of his Hispanic crew have followed Dave through each venture and add authentic recipes from their family roots in Mexico.
I’ve eaten there a couple of times, and here are my many likes and a couple of my dislikes.
I love the vegetables! I know. It’s crazy that my favorite thing at a Mexican restaurant is the bowl of grilled fresh vegetables, but I’m serious. They are really good and healthy!
The sweet onion ball is injected with honey, then roasted, and then grilled just before serving. Very fun! The beef is perfectly seasoned and fork tender. Yum! The homemade corn and flour tortillas are great. The tomatillo salsa and guacamole? Delish!
The Nachos Milagros is served up with three meat choices, and it is definitely the best nachos I’ve ever had — and it’s a full meal for two people.
The prices are very fair for the quality and serving size.
Now for my least favorites. I did not like the pureed salsa as it wasn’t chunky enough for me. I didn’t enjoy the fish taco. I noticed some inconsistencies in the taste of the same food items each time I visited Milagros. When I asked Dave about the differences, he said Mother Nature throws “curve balls” from time to time when you cook with fresh ingredients. Good point.
I’ve been back several times and have always been pleased with the service and the food.
You’ll often find the Culinary Crafts crew hanging out and enjoying the Happy Enchiladas made with those great grilled vegetables.
Another staff favorite is the Milagros Mata Hambre fajitas.
Congratulations, Dave! It looks like you’ve created another winning restaurant.
Until next time, remember to fill your life with scrumptious food and joy!

Mary Crafts owns Culinary Crafts, an award-winning catering company in Orem. Mary is the president-elect of the International Caterers Association.

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Ready for ‘what if’?

contributor — Tue, 01 Mar 2011 16:21:41 +0000

When an unexpected illness or accident strikes, many people rely on family and friends to help handle the emotional and physical challenges that follow. To manage financially, however, advance planning is the way to ensure you can meet your goals in the event of a crisis.
When you make the effort to prepare, loved ones will be cared for and your goals will be achieved even if something unexpected happens. Here are the essentials of advance planning to put your financial house in order.

1. Create a financial security plan.
Make sure your plan protects against risks to your income and assets — and accumulates funds. It typically includes a combination of disability insurance and life insurance for risk protection as well as investment products for wealth accumulation. Your financial representative can help you develop the right plan for you.

2. Formulate an estate plan.
A good estate plan fully protects your family by providing for loved ones and anticipating unexpected events. It considers tax implications and your specific needs while minimizing expenses and ensuring assets are distributed efficiently. Some elements of an estate plan, such as life insurance and investments, may be prepared with help from your financial representative. Others may involve an estate-planning attorney and include the following:
• Create a will. This legal document defines who will receive your money, property and family heirlooms. It specifies charitable contributions, names an executor and designates a guardian for your children. If you die without a will, these matters will be decided by state law and a court, often adding expense and slowing down asset distribution.
• Designate and update beneficiaries. Certain financial vehicles in your name are automatically disbursed to the beneficiaries you designate upon your death. Be sure to update these documents periodically.
• Establish a durable power of attorney. This designates a person to act on your behalf, in the event of incompetence, to handle personal financial affairs.
• Establish durable power of attorney for health care. This allows a specified person to act on your behalf regarding health-care decisions when you are unable to do so. Be sure to discuss your health-related issues and wishes and confirm the person will carry them out.
• Set up a living will. This document is a direction to your physicians with your wishes regarding life-sustaining treatment.

3. Consider a trust.
This legal mechanism allows you to put conditions on how and when your assets will be distributed upon your death, such as if heirs are too young or unable to manage assets themselves. Some trusts also allow you to reduce estate and gift taxes, and certain trusts distribute assets to heirs without the expense and time involved with probate court, which administers wills.

4. Plan your legacy.
In addition to providing for heirs, careful estate planning can help you leave a legacy through a charitable bequest. Your financial representative can help you identify options that could be incorporated into your plan.
What better resolution for the New Year than getting your financial house in order? Regardless of family situation or assets, having a plan to deal with the unexpected allows you to protect your family and ensure they have what they need if something should happen to you. Your financial representative can help you move forward on these important areas or introduce you to a specialist or attorney who can.

DISCLOSURE: Article prepared by Northwestern Mutual with the cooperation of Mike MacFarlane and the Edgewood Group. The Edgewood Group is an office of Northwestern Mutual. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM), and its subsidiaries. Mike MacFarlane, District Agent and Rob Dowdle, Ryan Ericksen, Kurt Peterson, Jake Rust, David Carruth, Greg Merrill, Tim Hodnett, Tyler Vongsawad, Will Beck and Jeff Barrett, Insurance Agent(s) of NM (life and disability insurance, annuities) and Registered Representatives of Northwestern Mutual Investment Services, LLC (NMIS) (securities), subsidiary of NM, registered investment adviser, broker-dealer, member FINRA and SIPC. Mike Macfarlane, Ryan Ericksen, Kurt Peterson, Scott Phillips and Tyler Vongsawad, Investment Adviser Representative(s) of NMIS. The products and services referenced are offered and sold only by appropriately appointed and licensed entities and network representatives. Network representatives might not represent all entities shown or provide all the services discussed. To contact Mike MacFarlane, please call (801) 225-8000 or e-mail mike.macfarlane@nmfn.com.

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