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TAYLORVILLE — Talor Ray, left, stands with AFSCME President David Spinner, right.
TAYLORVILLE — On Monday, November 13, the American Federation of State, County and Municipal Employees (AFSCME) Sub-Chapter #87 Retirees members and retired seniors met at the Taylorville United Methodist Church. There were 16 members present.
President, David Spinner welcomed everyone and called the meeting to order. Spinner then asked everyone to stand and repeat the Pledge of Allegiance.
Spinner asked member, Marian Pierson to introduce guest speaker, Talor Ray, Certified Estate Planner (CEP) with Safe Retirement Systems, Inc.
Ray who resides in Saint Joseph, Il started out by saying since 2009 she had acquired over 300 clients for the foundation of Estate Planning.
First, she explained a Will. A Will speaks for you one time, when you pass away. You will need to name an executor to make sure the estate is handled and distributed properly. In Illinois if your estate is over four million the estate will pay the tax. Over twelve million the estate is federal exempt.
This will come back down in 2025.
Next, she described a Trust and this speaks for you as a type of directive while alive and when you pass away. While alive it is revocable and you can change it. A revocable trust can be changed or terminated during that person’s lifetime. An irrevocable trust cannot be changed once it’s established.
Ray stated that you need a Power of Attorney for Property and Health Care. Both of these speak for you while you are alive and pass away and are the most important legal documents stating who is in charge of making decisions for you. She said the Power of Attorney for Property should be someone reliable and trust worthy to be in charge of your decisions. She stated you will need a Transfer on Death Instrument (TODI) on the deeded property or dwelling not in a trust. This will keep your home out of probate. For less than 40 acres you should list the beneficiaries and that will keep it from going to probate.
Ray mentioned that Retirement Pensions are almost a thing of the past therefore, you need to manage your own pension or 401K. She said that Social Security is a type of pension or annuity. The question is are you going to have enough money to live on while you are alive? Ray mentioned that no one wants to pay more taxes but there is a big gap until 2035 and taxes will increase by 30%.
She brought up Individual Retirement Account (IRA). To avoid a penalty wait until you are 59.5 years of age before withdrawal. The number one risk is running out of money.
Ray talked about having Medical insurance. The cost of nursing homes in Illinois is nearly 50% greater than that of assisted living facilities. She said average nursing home stay is 2 years and 8 months at $200 a day which brings the total to $6,000 a month.
Long Term Care and how it is changing is a hot topic! It is the least planning we do. On the policy you pay for a certain amount of coverage and are covered up to 5 years. Short Term Care same coverages; home care, assisted living about two years. Dementia (assisted living) is not skilled care unless it is coded properly.
Ray concluded her presentation and suggested everyone should work with a CEP for all their estate planning needs!
President Spinner thanked Talor Ray for speaking with the group.
Spinner asked for a moment of silence for people who recently passed. Carolyn Herman, mother of member Carol Freeman of Chicago and Harold Long, (IMRF) 32 years for county highway and dedicated Sub-Chapter member of Hillsboro. Spinner attended the funeral of Harold Long. Also, two other members who passed away were Robert Hull of Macomb (SURS) and Calvin Scoles (IMRF) of Pana. Spinner reported that there was one new member, Gwen Diehl Reed and that made 741 members at present time.
The next Taylorville Meeting is scheduled for Monday, December 11 at 1:00 at the Taylorville Methodist Church, 200 S. Walnut Street and E. Market Street. A staff person from the Taylorville YMCA will be guest speaker. Don’t forget December means WHITE ELEPHANT GIFT EXCHANGE!
The next Hillsboro in-person and ZOOM Meeting will be Tuesday, December 12, at 1:00 p.m. with Scott Lightbulb Allen informing of upcoming electric and natural gas costs. The meeting will be held at the Hillsboro Farm Bureau located at 102 North Main Street. Don’t forget December means WHITE ELEPHANT GIFT EXCHANGE!
To register and participate in the next AFSCME Retiree Sub-Chapter #87 meeting you may contact David Spinner, President at 217-324-2018 or email him at Bspinner@consolidated.net.