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K * l'A(iK 5 • l'l,AINDE\tER • FRIDAY,OtTOBtK t, IMM Estate and financial planning urged by Donna Bertulii Old age and death are two 8ul>Ject8 that many individuals decline to think •bout. Most people incorrectly assume that when they turn retirement age, social security checks wilf get them by Similarly they think that when they die, ineir business investments, personal property #®vings will be (airly divided by the state between surviving family members. TVo speakers at a recent McHenry Chamber of Commerce financial seminar stressed one message to the audience: Don't assume that somehow these things will all be worked out. Recent changes in state and federal law which address themselves to social security, titles, trusts and wills are certainly confusing. But it is not an av/»ii«A - With the proper planning, individuals can ' assure •themselves a comfortable income upon retirement, and maximize the benefits which can legally go to surviving family members upon your death. ' "It is my/ opinion that Congress apparently feels that we are grossly undertaxed, and they intend to do something about it." said Neumann. an excuse for ignoring your estate, and assuring that you will be provided for in the future. The seminar, termed an Estate and Financial Planning Seminar, featured William Neumann, a chartered financial consultant, and Thomas Rupp, attorney, as speakers. The men stressed the importance of 1 while Living." laws the amount or social'security benefits available to the retired worker. Neumann explained the Social Security Act of 1983: "Today's under 40 generation will pay more into the Social Security system over a longer working life, to receive fewer benefits over a possibly shorter retirement." While the Social Security system will continue to exist, ft cannot be relied on as the primary source of retirement income, said Neumann. He made a strong recommendation that persons plan now for their old age, and start utilizing other forms of wealth accumulation. Taking advantage of retirement plans and pensions within your company will help, but a visit to the bank to find out how to make the most of your current savings was also recommended. Financial savings plans such as IRA's and Keogn Plans carry certain restrictions and penalties but also have their advantages. Contracts are considered as Complicated, impersonal and unnecessary by many Americans. Just as newly- married couples do not consider the possibility of divorce, an individual may not realize that his estate is not being protected to its fullest. When you die, who will hold and manage your finances and business affairs? Recent laws have changed details of federal estate taxes, inheritance taxes, etc, How do you wish your estate be divided among family members upon your death? What do you wish your spouse to receive ft you divorce, or your spouse remarries? Who inherits the estate your spouse's death? Certain legal documents can be drawn up to assure your estate is handled exactly as you wish it to be, and the possibilities are nearly endless. Rupp said that every individual should have an estate plan designed especially for upon himself. "All too often, financial planning may have occurred without (the individual) Having input," said Rupp. "There are many aspects. . .Don't use somebody else's." A will is necessary, but not the only avenue of planning for the future. "If you don't have a will, the state has designated (division of your estate) for you," said Neumann. There have also been some recent changes in the law that could change the effect of your will, if it was done before Sept. 12,1981. The financial planners recommended all wills drawn before that date be changed. "But estate planning is not just the creation of a will," said Rupp. "It is a discussion of your financial and business assets with an estate planner." Depending on the size of your estate, work out the plans for securing your finances with several professionals, suggested Neumann: an insurance underwriter, an accountant, an attorney and an estate planner. All are experts in different areas. When you're planning for something as important as financial security, it must be a "team effort". "Make sure the shoe fits," said Neumann. here & a there in Realtors campaign to ease deficit • Rising interest rates are clear testimony of the disastrous effect that massive federal budget deficits are having on the nation's economic recovery. Members of Congress and the Administration, however, are reluctant to tackle the problem until after the 1964 elections. The McHenry County Board of Realtors is participating with the National Association of Realtors in a grassroots campaign to urge Congress and the President to take immediate action to solve the deficit crisis and ensure that the recovery continues. The realtors' campaign, called Three-For-All, will advocate measures that ask for a small sacrifice from most Americans. Specifically, the National Association of Realiora program wxikh > ...Limit the growth In entitlement programs to the consumer price index (CPI) minus 3 percent. (Entitlement programs make automatic payments to people meeting broad eligibility requirements under permanent legislation.) ...Similarly set indexing of rsonal income tax brackets inflation at 3 percentage points less than increases in the CPI. Currently, entitlement programs, a large portion of other government spending and the indexing of tax brackets (set to start in January, 1985) are based on full increases in the CPI. Past automatic increases have been excessive, however, because they exaggerated the loss of consumer purchasing power actually caused by price inflation. by the implemented government. Only about three-fifths of any increase in the CPI is used to increase pay among workers who are under collective bargaining agreements in the private sector, for example, . Additionally, the Three-For- All campaign calls for a freeze on the growth of discretionary spending for domestic programs resistance to any ealtors ECORD /snow lo Although a redesigned CPI likely will mean less exaggeration in the future, the index remains an overstatement of purchasing power lost to inflation, according to economists. Since the deficiencies of the CPI are recognized and adjustment is made elsewhere in society, it is fully justified that such changes should be recognized and legislation appropriating program funds that exceed Administration budget requests - and will urge the continued control of defense sj growth called for in the 1984 budget resolution adopted by Congress in June. If adopted, the CPI-minus-;3- percent ceiling - combined with a discretionary spending freeze and the slowed defense spending - would produce a iced budget' within five years, according to National Association economists. More important, it would lower real mortgage interest rates by 3 percentage points. In Illinois, Three-For-All when fully implemented would increase the number of permanent jobs by _89,500, increase average household income by $1,900 a year, loin increase existing home sales by 52,900 units a year, and result in 9,000 new home starts. The call for effective deficit reductions has also been made by many public officials, including the nation's governors and mayors, and by a variety of business groups. The National Association will seek support from these and other groups for the Three-For-All campaign. In addition, realtors are encouraging other business )le in their communities to them in contacting it Reagan and their U.S. Senators and Representatives with fee Three-For-All message. WBile the business community has become more aware of the importance of lower deficits to continued economic progress, many business interests are reluctant to campaign for fiscal policy ch«uge« bacaljM the conventional political wisdom is that Congress will not take any such action before November, 1984. Realtors are trying to convince their colleagues that, with enough private sector pressure, Congress and the Administration soon will see the wisdom of facing the deficit issue. AAcHenry Hospital's employee of the month for September, Judith Bender, RN, BSN, center, is shown receiving her award from Grace Bentz, R.N., emergency department manager, left, and Pat Halper, R.N., night supervisor, right. Hospital names employee of month for September she said. 'I wouldn't trade it for anything". Residents of the McHenry area for many years, she and her husband, Bruce, take advantage of the nearby nature trails and enjoy hiking, cross-country skiing, and bicycling. The Benders have three children, Brett, 21; Kim, 19; and Melissa, 5. As employee of the month, Judy Bepder received an engraved pen and pencil set, dinner for two at a restaurant of her choice, and a paid day off. Einployees are nominated for the award by fellow staff members or administrative personnel from other than their own department. The employees McHenry Hospital (Northern Illinois Medical Center) employee of the month for* September is Judith Bender, RN, BSN, a member of the emergency department staff. Mrs. Bender has been employed at McHenry Hospital for 13% years, beginning as a staff nurse and relief supervisor on nights. For the past seven years she has been part of the emergency department where, "it takes a health care team to give our patients the best possible care. We work together like a family, and are much more than just co-workers," she said when informed she had been honored as employee of the month. A graduate of the University of Michigan, Mra. Bender enjoy* bedside nursing, and the opportunity to work in a local trauma center with its wide diversity of patient needs. "I truly .enjoy the direct patient contact we have here in the emergency department," so honored have given to the taos improve professionally f upheld standards of the hospital; dedicated themselves fulfilling hospital .goals and objectives consi McHenry man heads campaign 111. Bell files to restructure rates reqi Feae Sept. 30 with the Federal Communications Commission (FCC) to restructure charges for local and long distance service, effective Jan. 1, 1984.' The filing is part of a six-year transition plan designed by the FCC to revise local and long distance rates to reflect the new competititve environment in the telecommunications industry. The plan gradually reduces the subsidy built into interstate long distance rates to support a portion of the costs of providing customers with access to the local and long distance telephone network. Under the plan, local rates will increase and long distance rates will decrease until charges for both reflect the cost of providing each service. "Under today's system, frequent users of loop distance service pay several times more than their share of the costs of providing local service," said Thomas L. Cox, Illinois Bell assistant vice president - calls, or no calls at all." More than 80 percent of the long distance subsidy for this access line is paid today by only 25 percent of residence customers and 20 percent of business customers who are frequent long distance callers. M i c h a e l A l d r i c h , management development specialist, Zenith Radio Corporation, has been named a co-chairman of Zenith's 1983 Employee United Way-Crusade of Mercy campaign. The drive runs from Oct. 3 through Oct. 14. . Zenith's 1983 Employee Crusade of Mercy Campaign goal has been set at $420,000. The Metropolitan United Way- Crusade of Mercy has set an overall goal of $77 million. The funds are used to support more than 350 voluntary health and human care agencies serving the needs of people throughout Chicago and 200 suburbs. Aldrich joined Zenith in 1979. He has two children and lives "in McHenry. Regulatory "Specific ifically, this subsidy pays for a portion of the cost of the access line that connects each customer to the local switching center. All local and long distance calls placed or received by a customer must travel over this access line before they are sent over the local or long distance network to their destination. "The line is dedicated for each customer's use and is available 24-hours-a-day, seven-days-a- week. Our costs to provide and maintain this line are the same whether a customer places or receives a lot of calls, lust a few Ground broken at old Jewel Intermatic credit manager is named Ground was literally broken Wednesday morning in the parking lot of the old Jewel food store, in the 3800 block of W. Elm Street, McHenry, as excavation started for a new White Hen Pantry. According to a spokesman at city hall, the White Hen Pantry is scheduled to open Dec. 1. The White Hen will be located on the western part of the parking lot. In early June, attorney Daniel Quran appeared before the city council to seek a memorandum of agreement for $1 million in Industrial Revenue Bonds, which, provide low-interest money for economic development projects. The project investors, Ronald Bvkowski, James Schaid and Theodore Schweder are rejuvenating the 24,000 square foot Jewel building to house retail and restaurant-type uses. It is anticipated that at least one other retail business will open in December as well. The appointment of Ray Huffman as credit manager was announced by Intermatic Inc., manufacturer of automatic timers, outdoor lighting systems and portable room heaters. For the past 2Q years Huffman has held credit positions with rFT-Harper, Morton Grove, the Frigidaire Division of General Motors Corp., and Pure Oil Co., Palatine. A native of Chicago, Huffman was graduated from the University of Illinois with a B.S. degree in Personnel Management. POOL TABLE SALE ONE NIGHT ONLY! r Sunday, October 23,1983 7:30 p.m. Paul New and The Steel City Band in a "Tribute to the Past") with a bit of Elvis, Nell, Barry,' and John and Paulas originals. $5.00 PER PERSON COVER BLUE MOON RESTAURANT 1900 Larkin Ave., Bus. Rte. 20, Elgin 697*0464 MKIIH ' " WITH PURCHASE OF •ANY POOL TABLE! 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Closed Sunday. VILLA PARK 629 W. North Avenue 279-1338 POX RIVER QROVI Ston£ Hill Center Route 14 & 22 639-5660 ARLINGTON HEIGHTS Golf ft Algonquin Rda. 398-20 Daily 10 00 9 00 Sat 10 00-600 Sun 12 00-5 00 -2055 DEERPIELD Deerbrook Mall 564-3180