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Mountain Views News, Pasadena Edition [Sierra Madre] Saturday, August 18, 2018 | ||||||||||||||||||||
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B2 BUSINESS NEWS & TRENDS ARTS & ENTERTAINMENT Mountain Views-News Saturday, August 18, 2018 Jeff’s Book Pics By Jeff Brown FAMILY MATTERS By Marc Garlett AVOID THIS MAJOR MISTAKE WHEN ADDING AN IRA TO YOUR ESTATE PLAN Some people assume that because they’ve named a specific heir as the beneficiary of their IRA in their will or trust that there’s no need to list the same person again as beneficiary in their IRA paperwork. Because of this, they often leave the IRA beneficiary form blank or list “my estate” as the beneficiary. But this is a major mistake—and one that can lead to serious complications and expense. IRAs Aren’t Like Other Estate Assets First off, the person you name on your IRA’s beneficiary form is the one who will inherit the account’s funds, even if a different person is named in your will or in a trust. Your IRA beneficiary designation controls who gets the funds, no matter what you may indicate elsewhere. Given this, you must ensure your IRA’s beneficiary designation form is up to date and lists either the name of the person you want to inherit your IRA, or the name of the trustee, if you want it to go to a revocable living trust or special IRA trust you’ve prepared. For example, if you listed an ex-spouse as the beneficiary of your IRA and forget to change it to your current spouse, your ex will get the funds when you die, even if your current spouse is listed as the beneficiary in your will. Probate Problems Moreover, not naming a beneficiary, or naming your “estate” in the IRA’s beneficiary designation form, means your IRA account will be subject to the court process called probate. Probate costs unnecessary time and money and guarantees your family will get stuck in court. When you name your desired heir on the IRA beneficiary form, those funds will be available almost immediately to the named beneficiary following your death, and the money will be protected from creditors. But if your beneficiary must go through probate to claim the funds, he or she might have to wait months, or even years, for probate to be finalized. Plus, your heir may also be on the hook for attorney and executor fees, as well as potential liabilities from creditor claims, associated with probate, thereby reducing the IRA’s total value. Reduced Growth And Tax Savings Another big problem caused by naming your estate in the IRA beneficiary designation or forgetting to name anyone at all is that your heir will lose out on an important opportunity for tax savings and growth of the funds. This is because the IRS calculates how the IRA’s funds will be dispersed and taxed based on the owner’s life expectancy. Since your estate is not a human, it’s ineligible for a valuable tax-savings option known as the “stretch provision” that would be available had you named the appropriate beneficiary. Typically, when an individual is named as the IRA’s beneficiary, he or she can choose to take only the required minimum distributions over the course of his or her life expectancy. “Stretching” out the payments in this way allows for much more tax-deferred growth of the IRA’s invested funds and minimizes the amount of income tax due when withdrawals are made. However, if the IRA’s beneficiary designation lists “my estate” or is left blank, the option to stretch out payments is no longer available. In such cases, if you die before April 1st of the year you reach 70 . years old (the required beginning date for distributions), your estate will have to pay out all of the IRA’s funds within five years of your death. If you die after age 70 1/2, the estate will have to make distributions over your remaining life expectancy. This means the beneficiary who eventually gets your IRA funds from your estate will have to take the funds sooner—and pay the deferred taxes upon distribution. This limits their opportunity for additional tax-deferred growth of the account and requires him or her to pay a potentially hefty income tax bill. A Simple Fix Fortunately, preventing these complications is super easy—just be sure to name your chosen heir as beneficiary in your IRA paperwork (along with at least one alternate beneficiary). And remember to update the named beneficiary if your life circumstances change, such as after a death or divorce. Dedicated to empowering your family, building your wealth and defining your legacy, A local attorney and father, Marc Garlett is on a mission to help parents protect what they love most. His office is located at 55 Auburn Avenue, Sierra Madre, CA 91024. Schedule an appointment to sit down and talk about ensuring a legacy of love and financial security for your family by calling 626.355.4000 or visit www.GarlettLaw.com for more information. Energy: A Human History by Richard Rhodes Pulitzer Prize- and National Book Award-winning author Richard Rhodes reveals the fascinating history behind energy transitions over time—wood to coal to oil to electricity and beyond. People have lived and died, businesses have prospered and failed, and nations have risen to world power and declined, all over energy challenges. Ultimately, the history of these challenges tells the story of humanity itself. Through an unforgettable cast of characters, Rhodes explains how wood gave way to coal and coal made room for oil, as we now turn to natural gas, nuclear power, and renewable energy. Rhodes looks back on five centuries of progress, through such influential figures as Queen Elizabeth I, King James I, Benjamin Franklin, Herman Melville, John D. Rockefeller, and Henry Ford. In Energy, Rhodes highlights the successes and failures that led to each breakthrough in energy production; from animal and waterpower to the steam engine, from internal-combustion to the electric motor. He addresses how we learned from such challenges, mastered their transitions, and capitalized on their opportunities. Rhodes also looks at the current energy landscape, with a focus on how wind energy is competing for dominance with cast supplies of coal and natural gas. He also addresses the specter of global warming, and a population hurtling towards ten billion by 2100. Human beings have confronted the problem of how to draw life from raw material since the beginning of time. Each invention, each discovery, each adaptation brought further challenges, and through such transformations, we arrived at where we are today. In Rhodes’s singular style, Energy details how this knowledge of our history can inform our way tomorrow. Aware: The Science and Practice of Presence--The Groundbreaking Meditation Practice by Dr. Daniel Siegel M.D. This groundbreaking new book from New York Times bestselling author Daniel J. Siegel, M.D., introduces readers to his pioneering, science-based meditation practice. Aware provides practical instruction for mastering the Wheel of Awareness, a life-changing tool for cultivating more focus, presence, and peace in one’s day-to-day life. An in-depth look at the science that underlies meditation’s effectiveness, this book teaches readers how to harness the power of the principle “Where attention goes, neural firing flows, and neural connection grows.” Siegel reveals how developing a Wheel of Awareness practice to focus attention, open awareness, and cultivate kind intention can literally help you grow a healthier brain and reduce fear, anxiety, and stress in your life. Whether you have no experience with a reflective practice or are an experienced practitioner, Aware is a hands-on guide that will enable you to become more focused and present, as well as more energized and emotionally resilient in the face of stress and the everyday challenges life throws your way. A Good Man, A Great Dad and a Loving Husband by Bradley Brown Every Man’s Guide to a Brilliant Life. In this book you will find common-sense approaches to help you to be a good man, a great dad and a loving husband. I have invested 55 years into researching this book. Like any good scientist, trial and error have played a major part in my findings. Wisdom is about learning from what we have done or what others before us have experienced and evolving as a result. It is my hope that the wisdom I share with you here will make your journey towards a brilliant life a straighter road, allowing you to get there faster. All Things By Jeff Brown NASA’S HUBBLE TELESCOPE CAPTURES 15,000 GALAXIES IN ONE DAZZLING IMAGE Read us online at www.mountainviewsnews.com This image of the cosmos comes courtesy of NASA’s Hubble Space Telescope, using ultraviolet vision to capture one of the most expansive images of galaxies yet. Combining ultraviolet light with infrared and visible-light data from the Space Telescope has allowed astronomers to build this incredible map of the universe’s evolutionary history. NASA calls it, “one of the largest panoramic views of the fire and fury of star birth in the distant universe.” Because light from distant galaxies takes so long to reach us, we are able to see through time. This image lets astronomers look back and track stars being born over the last 11 billion years and features some 15,000 galaxies -- and stars are forming in about 80 percent of them. Check out the image online. HEALTHY LIFESTYLES THE MISSING PAGE Real Life Tips from LIfe's Instruction Manual YOGIC WISDOM - On Beauty Between stimulus and response, there is a space. Viktor Frankl This week I am exploring and contemplating the word should. Until recently, I wasn't aware how much trouble that word caused me. The word should is the start of a supposition, a possibly faulty premise; I am right. Another person is necessarily wrong. However, our mindfulness practice could help us notice and explore those thoughts. Practicing mindfulness helps with awareness; we decide to be more conscious. We observe our thoughts, our conclusions and how they make us feel. Have you ever noticed that when you observe another person's behavior, it's easy to have a judgment to about their actions and them? We think thoughts such as, "they shouldn't engage in that behavior, or they should do this or that." Consider this; you could be wrong. Perhaps the other person's response is all that they are capable of doing at the time given their understanding, history, and coping skills. Further, it's not their actions that are causing you stress; it's your thoughts about them and the meaning you have attached. Consider the incident as an opportunity to look at your thoughts and attitudes. Identify the emotion you are feeling and go deeper to find the source. No one else can cause you stress. Your thinking and internal regulator is the source of your upset and discomfort. If you can catch yourself when you are having these feelings at the onset you can increase your emotional stability and personal peace. I invite you to experiment with releasing your opinions about people and their actions. Bonus points if you can practice forgiving what you perceived as a transgression. Let it go and watch what happens. Lori A. Harris Creator of the Gratitude Train App, available in the App Store and Google Play GratitudeTrain.com Gratitude, get on board!!! Lori A. Harris UNFOLD THE BEAUTY OF PRACTICE A few friends tried yoga for the first time recently. Both were in wonder and awe over the practice, particularly the physical and mental effect produced by yoga. “Why does it work?” they asked. How does it work so well? My simple answer is energy. Did you know each and every practice has an effect on you? Depending on the kind of practice, the body and mind can end up invigorated or completely calm and relaxed. Yoga Teachers really are artists weaving in techniques and creating practices for a multitude of reasons: balance, calm, energy, focus, creativity, or healing. It’s interesting to practice with different teachers and different styles just to find out what the effects are of the practice. As both lab rat and observer, we can learn a lot. Every practice creates an effect or feeling at the end. As you continue in your yoga practice, more layers of the onion are peeled away and the subtleties of how you’re changing can seep into your awareness. You might gravitate toward a specific practice because it makes you more productive during your work day or because it grounds you during times of upheaval. It becomes important to observe this about yourself. Once you know, you have the ability to practice yoga that’s right for you and supports you in all areas of your life. And conversely, stay away from practices that aren’t ideal for your body, your mental or emotional state, or your spiritual health. Next time you are practicing or attending class, place your point of view in both the experience of one who is practicing and one who is observing. See what you notice. Namaste, Keely Totten E-RYT 500, Yoga & Meditation Teacher, Seer of Beauty STARTING A NEW BUSINESS ? FILE YOUR DBA HERE Doing Business As, Fictitious Business Name Filing Obtain Street Address - Business Stationary - Flyers Rubber Stamps - Business Cards - Mailing Service 80 W. Sierra Madre Blvd., Sierra Madre 626-836-6675 Mountain Views News 80 W Sierra Madre Blvd. No. 327 Sierra Madre, Ca. 91024 Office: 626.355.2737 Fax: 626.609.3285 Email: editor@mtnviewsnews.com Website: www.mtnviewsnews.com | ||||||||||||||||||||