Mountain Views News          Saturday, March 29, 2014

BUSINESS NEWS & TRENDS B3 
Mountain Views News Saturday, March 29, 2014 BUSINESS NEWS & TRENDS B3 
Mountain Views News Saturday, March 29, 2014 
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FAMILY MATTERS 

By Marc Garlett 

Funding of assets and beneficiary designations: 

WHAT’S CHANGED IN YOUR 

One of the most common mistakes people make LIFE? is not properly completing the transfer of assets 

into a trust within their estate plan. Another 
Estate planning is not a “set it and forget it” kind common error is having beneficiary designations 
of thing. Your situation changes, your assets that are inconsistent with the distribution 
change, the laws change --and if your plan language in the estate plan. We recommend a 
doesn’t change, too, your family gets left holding review of those matters at annually. 
the bag. In other words, the people you love most 
end up bearing the brunt of your failure to act.Remember, if you do not review your plan and 
It’s easy to prevent that, however. Conducting update it regularly, it’s your family who will have 
a proper review of your estate plan will help to deal with the consequences. 
identify the potential need to update your plan 
because of: If you have not had your estate plan reviewed 

within the last three years (or if you have not 
Life transitions: Have any babies been born, created a plan at all) we really should talk. Call 
loved ones died, beneficiaries gotten divorced or my office today. We normally charge $950 for an 
married? If so, you need to revisit your plan.Estate Plan Checkup but if you are one of the first 
Changes in the law: Changes in federal and two callers to mention this article, we’ll waive 
state tax laws may require updates to your that fee. Call 626.355.4000 today and mention 
healthcare and financial powers of attorney. State this article or visit www.GarlettLaw.com for 
regulations can also be revised to open up new more information. 
wealth planning strategies that should be a part 
of your estate plan. Marc, a local attorney and father, is on a mission 

to help parents build, preserve, and pass on their 
Changes in assets: Has your net worth gone up own personal family legacy. He volunteers as a Los 
or down? Have you invested in any new assets Angeles County CASA (Court Appointed Special 
such as a businesses or real estate? Have you Advocate for Children) and his law office is located 
opened new bank accounts, retirement accounts, at 49 S. Baldwin Avenue, Suite G, Sierra Madre, 
insurance policies, or anything similar? If so, your CA 91024. 
plan needs to be revisited. And the spreadsheet 
of assets you have for your family (you DO have 
one, right?) needs updating. 

5 FINANCIAL MISTAKES TO AVOID IN PICKING 
A COLLEGE 

By Gregory J. Welborn 

Getting that college can be a time for great joy, but 
it can also be a time of fear and foreboding as the 
financial realities of college sink in. Here, then, 
are 5 financial mistakes to avoid when selecting 
a college. 

#1 Do Not Wait Until Financial Aid Is Awarded 
To Decide Which Schools To Attend: The 
financial aid awards follow acceptance letters by 
several weeks, during which time people can get 
emotionally attached to a school only to learn 
that even with financial aid it is unaffordable. 
Instead, assess what you can afford to pay for 
college and what loan payments your student will 
be able to afford after graduation. As the award athlete goes through school. Don’t pick a school 
letters arrive, eliminate those schools that aren’t right at your margin of affordability. Leave some 
affordable. Don’t fall in love with a school before room for changes in circumstances.
you determine whether you can afford it.Athletically, you need to know that scholarships 
#2 Be Honest In Assessing The Likelihood Of cannot legally be promised for more than one 
Academic Or Athletic Scholarships: Too many year. Too many student/athletes promised a 
high achieving kids (academically or athletically) 4-ride find the coach can change his mind in 
assume they will receive a scholarship. High future year. Have a plan-B. 
School seniors in the top 25% nationally may be #5 Not All Loans Are The Same: Student loans 
in the middle of the pack at their “reach” school. differ based on rates and terms, so loan payments 
They may not qualify for aid at their reach will be different. There are two good rules of 
school, but may very well qualify for a generous thumb: 1) limit total student debt to the student’s 
scholarship at a school where they are in the expected first year salary, or 2) limit total student 
top of the candidate pool. This logic applies to loan payments to no more than 10% of the 
academics and athletics. expected gross income after school.
#3 Not All Prestigious Schools Are Worth It: Getting into college can be a joyous time ruined 
Schools compete for reputation, but reputation by financial realities. Start early and build 
is too often based on academic measures not reasonable financial criteria into your selection 
economic ones. Cost and benefit must be related. process. Never go to a school that you ultimately 
Make sure you’re not paying $60K per year to cannot afford. 
a school for a major which won’t garner strong About the author: Gregory J. Welborn is the 
earnings over the student’s career. High prices Managing Partner of First Financial Consulting, 
do not always mean high quality when quality is a fee-only advisory firm. He has worked with 
measured by earning potential.The Today Show, Kiplinger’s Magazine, and 
# 4 Remember Scholarships Are Not Guaranteed USA Today to provide objective financial advice 
All Four Years: A student or athlete who qualifies to their readers and listeners. He has 3 grown 
for aid one year may not qualify for as much children and is honored to be married to his wife 
aid, or any aid, the next year. Many times the of 25 years. He can be reached at gwelborn@ 
circumstances which warranted assistance at ffconsult.net 
the time of application change as the student or 


the creative entrepreneur 
by Lori Koop, Business Coach 
The water hyacinth floats across the surface of any goal and break it down into a series of very 
ponds, thriving in warm climates around the small, easy steps. So small, they take hardly any 
world. It is one of the most productive plants on time and appear not to matter – but the beauty is 
earth. Although it can produce up to 5,000 seeds, they do. In time, they will fill the pond. 
the method it prefers is doubling itself -- sending 
shorter runner stems out, which then become Just be aware, as with all tasks, they are just 
“daughter plants.” as easy not to do. That’s where self-coaching 

comes in. Refer to your “why” to empower the 
A pond will be completely clear on day 1. On day commitment. Do not look around and judge the 
15, the plant will cover a single square foot of a progress. Underneath, progress is brewing. Trust. 
pond’s surface. On day 20, two-thirds of the way In due time, success surely blooms. 
to the end of the month, there may be a cluster 
the size of a small mattress. On day 29, one-half of . . . . . 
the pond’s surface will be covered. And by day 30, LORI KOOP, helping creative entrepreneurs 
one day later, the entire pond will be covered with prosper. Schedule a complimentary session: www.
water hyacinth. LORIKOOP.com or call 626-836-1667. (Location: 

49 S. Baldwin Avenue, Suite L, Sierra Madre 
It is this collection of activities, compounded over 91024) I’m here every other week. 
time, which leads to success. In fact, you can take 

Fresh Business Ideas. 
New income opportunities. 
www.LORIKOOP.COM 
RICH Johnson 


in a two-bedroom, fully furnished apartment withWe Are In all household essentials. Each adult in the familymust have a job or be actively looking. Families

Missouri

are required to attend weekly meetings on: casemanagement, budget counseling, life skills and 
community living. There is a high accountability

Sitting with good 

component to this 90-day program. Hillcrest

friends at the Peppertree 

Hope has staff and community volunteers

Grill last Friday night, I 

“partner” with each family. Together they set

had the opportunity to 

goals and work toward gaining what it takes to

meet a real foreigner. The 

move into a home of their own at the end of the 

gentleman is from the Mideast. Where, exactly? 

90 days. By the way, the community volunteers

I’ll tell you. Liberty, Missouri. I know what 

are typically professionals in various areas of 

you’re thinking: the Mideast is over there in the 

practice who volunteer to use their areas of

other hemisphere. You think I should have said 

expertise to help these families in need.

Midwest. Well, let’s shake things up a bit andshift the paradigm. 

I just got off the phone with a gal in theprogram named Josie. She and her kids are one 

Paradigm shifted? Good. Let’s talk about 

month into the program. She told me they give

Gordon…the foreigner from Missouri. This is 

you two weeks to find a job if you need one (they 

quite a guy. First off, he was lucky enough to 

help). Twelve days into her search she found a

run into a lovely lady from California whom I 

job at the Hillcrest Hope Thrift Store. She was

know from Bethany School Board Days: Martha 

very enthusiastic about how organized the

Truman. Not only did he run into her. He 

program is. She sounded as though the program 

convinced her to marry him. I’m not sure she 

would empower her for the future. Hillcrest 

realized it involved Missouri in the winter (I did 

Hope can house close to 30 families in their two

hear relocating rumblings coming from across 

complexes. In case you wanted to know, the

the dinner table). 

average age of a homeless person in Missouriis 7 years old. For 30 years Hillcrest has helped

 Why am I regaling you with this personal social 

families get back on their feet. What’s more, 95%

experience? Gordon is involved in a community 

of all graduates become self-supporting and self-

project in Liberty, Missouri called Hillcrest 

reliant. Yay!

Hope. The more I heard about this serviceorganization the more impressed I became. And 

I’m sure there are organizations in our area

not only from a humanitarian perspective, but 

that provide a similar wonderful service to

from a mechanics perspective as well. Hillcrest 

families in need. I was thrilled to hear about

Hope is a fine oiled machine where all the t’s are 

this one. If you would like to know more about

crossed and all the I’s are dotted. Okay, Rich, so 

Hillcrest Hope their website is hillcresthope.org.

what is Hillcrest Hope?

Not surprising that the link takes you directly totheir application cause that’s what they are all

Hillcrest Hope is a 90-day transitional housing 

about. There are numbers at the bottom if you

program in Liberty and Avondale Missouri. The 

want to know more.

program provides families who are homeless, orin danger of becoming homeless, with rent-free, 

And thank you, Elaine, for inviting me to the

utility-free temporary shelter and supportive 

dinner.

services. More specifically: Each family is put up