The Rotary Club of
Centerville, OH
Chartered 1972
eBulletin - September 30, 2021
Centerville Rotary Meeting Highlights
(NOTE: BIG thanks to this week's guest editor, Crissy Allums. She did a GREAT job!)
President Brian Hayes welcomed everyone to the Centerville Rotary Club and led the group in reciting the Pledge of Allegiance. Dr. Richard Hoback provided a prayer.
The thought for the moment came from Eleanor Roosevelt - “Since you get more joy out of giving joy to others, you should put a good deal of thought into the happiness that you are able to give.”
Brian shared the following announcements:
  • Rotary Leadership Institute has gone virtual and having their Part 1 – Session beginning October 14, 21, and 28. They will begin at 7pm and run to 9pm. The cost for the Session 1 is $20 and the club will reimburse you for that expense if you choose to attend. Go to our website – and click on District 6670 in the orange banner at the top and go to DACdb and sign up.
  • There are about 17 Rotarians who need to retrieve my email from spam and give me a reply about the disposition of the monies you have paid toward Pancake Day tickets. Deadline for response is today (09/30/2021) and I would really like to hear from you.
  • Today our Guest Speaker is Attorney Kim Estees who will talk to us about Estate Planning and will receive a proper introduction in a few moments.
Happy Bucks this quarter are for Operation Warm - to provide new winter coats to children in need.
We are currently sitting at $10,138.50 collected for this quarter. We are $461.50 short of our goal of $10,600.00 for this year, with today being the last day we are collecting for Operation Warm. We met our goal today!
Our past President Frank Perez is soliciting help as he is gearing to perform his duty as past President. He is to build the Board for next year which will be during Arnie Biondo’s term. He is soliciting for Rotarians to step up. He is currently looking for a Treasurer. If you are interested in filling one of the positions, please get in touch with Frank.
Our Sergeant of Arms this week was Boyd Preston.
Happy Bucks included:
  • Boyd Preston is happy to see everyone.
  • Arnie Biondo gave in honor of Bowling Green Center.
  • Dan Johnson is happy because his friend is here today.
  • Brad Thorp is happy for his wife.
  • Judy Budi gave a sleeve for beautiful Fall Day.
  • Ray Merz is happy for his grandson and fiancée.
  • Ron Hollenbeck had an opportunity to attend a District Service Day this past Saturday to build beds for Heavenly Sleep.
  • Crissy Allums gave for a coat. Elda has baked her cakes for her grandson’s birthday tomorrow. Elda did not want to take payment for the cakes and asked to give it to Operation Warm.
  • Robert Ford has given for a coat and is happy to be here.
  • Uriah Anderson is amazed of the Fajita Bar today and will not be here next week because he is attending a family wedding in Minnesota and excited to see his sisters who he has not seen for over a year.
  • Jeff Senney gave for a coat. He is traveling to Washington D.C. this weekend to see his son who is getting married in November.
  • Bob Fry is happy that there’s two Bowling Green Alumni sitting here today.
  • Sofie Ameloot is happy that she will be riding in the Tour de Gem with Bill Menker this Saturday. She is $25 short of her $750 goal which Jeff Senney has satisfied today.
  • Matt Kuhn is happy because he is here.
  • Elda Gotos-Gay is happy that she is feeling much better.
  • Frank Perez is happy, that’s it.
  • Larry Marchand is happy that in the last nine months they survived the house building process and he is happy that he is still married after surviving it.
  • Ger Eastabrooks is happy that Kim Estees is here today. She does a good job with Estate Planning and Ger can attest to this.
  • Harvey Smith gave for a coat and is happy.
  • Carol Sue Galloway is happy that they have moved in their first resident. They are officially open for business.
  • Dick Hoback is not happy, but is happy to be above ground today.
  • Don Overly is happy.
  • Dale Berry is happy.
Arnie introduced his guest, Dan Wilson.
Brian said just for clarification that if you signed up for Tour de Gem this weekend, you are not needed as we got booted by high school students. They have sent a text to Adam to let us know that they appreciate us volunteering, but you are not needed.
Our guest speaker today was Kim Estees, talking about Estate Planning.
Dan Johnson introduced our Guest Speaker today who is his friend. Kim Estees is an specialist in Estate Planning. She graduated from Indiana, did her law degree at University of Dayton, but most importantly she is a Centerville High School graduate. Her family, her husband Adam and her two girls are residents of Centerville. Her daughter and Dan Johnson’s daughter Casey are in the same Girl Scout troop in the Centerville area.
This presentation usually takes 45 minutes to an hour, but because of time she will go through this quickly to get it down to 20 minutes. She has given her legal notice on this matter before she proceeded with her presentation.
The most successful Estate Planning is the proactive process. It’s not to say that you cannot do it reactively after a crisis, after someone has been given a terminal diagnosis, after someone has already passed away, or after someone is already in a nursing home. Options are always more limited in that situation.
We have to force ourselves to deal with these uncomfortable issues in advance. It is going to make things easier for you, for your loved ones and probably less expensive too. Also, it is just going to be less frustrating and more comfortable to do this thing when there is not an imminent crisis present.
She had plenty of conversation with clients on Estate Planning as they realize the need to do the planning. Also, had her fair share of very sad, uncomfortable meetings with clients when they come in because they have been diagnosed with terminal cancer or some kind of situation similar to it and those conversations were so much harder.
They talked about what may happen when they die someday down the road.
What exactly is Estate Planning?
There are four stages of Estate Planning:
  1. Create Your Estate Plan (talking to an attorney that specializes in Estate Planning)
  2. Asset Titling (this is the most overlooked part of Estate Planning; coordinating what you have with the Estate Planning)
  3. Updating Your Estate Plan (making adjustments, as life happens); general rule of thumb is that you update and see an attorney every five years to update your plan.)
  4. Selling Your Estate (you will not be here to see this part so really your family will get to see how well did you do your planning.) Did you do it well or they curse you a little bit after?
Choosing the Right Path for You 
  • Neither one of these things is better or worse than the other. Neither one of these things had the bottom dollar net worth that says of I have $500k I need in Trust. It does not work like that. It all depends on individual financial situation, your individual family situation, and what your goals are. This is different for every single client. So, for me when I do preliminary client planning with my clients I send out profile form that I asked them to fill out prior to first meeting and at the end of that profile, I have all these questions about their personal goals and then we are able to evaluate what’s going to make the most sense depending on what’s important to them.
The Will itself is useless until after you die. The only time it will be use is after you pass away. Also, it’s only going to be read in Probate Court. This is probably the #1 misconception I ran into in my job. People talk to me all the time about when they are filling out that goal sheet and they’ll tell me, “Kim my biggest goal here is to set up my Will and to avoid Probate.” Those are both fantastic goals, but they are actually directly in conflict with each other because if you are going to Probate, you have a Will. So why will we write a really nice Will and plan to avoid it? We have to dig a little bit more. Not one person has been able to tell me why they want to avoid Probate.
Most of the time there is no such thing as bad Probate, it’s just bad planning. There are Wills that do not say what they’re supposed to say. There are Wills that were done 30 years ago and they did not nominate the appropriate person to serve as executor. Things like that. An astonishing number of clients will say, “I will just list my oldest child to be my executor just because they are the oldest.” Most of the time, it works, but a lot of the times they do not make sense. So, I always encourage people to talk to their family about their kids. Is your oldest child actually the best person for this job?
Will is only going be read in Probate Court and it’s only going to control assets that are Probate assets. Assets are Probate assets if you own it in your individual name alone. It doesn’t have a joint owner. It’s not titled under the name of a Trust, and it doesn’t have a beneficiary on it.
The Back Roads: Probate
  1. This only works after you have passed.
  2. Can only decide on or control what goes through Probate
  3. Your wish is granted as it gives what you want to whom you want – no strings attached. Gives what you have to the people that you want, no strings attached. We can’t really put any stipulation on how people will inherit your Will. One caveat is that the Ohio Inheritance Law will allow us to put that children receiving something in your Will can have their inheritance managed by custodian up until the age of 25.
Check the rules concerning Probate.
There are three main circumstances that direct us to Probate Court. Those are Guardianship proceedings, there’s two different types of Guardianship. Guardianship of the estate is charged with the ward’s property and financial affairs and guardianship of the person is authorized to make decisions involving the life and person of the ward, including health care decisions and place of residence.
Probate shortcut is those who say I don’t need a Trust or I don’t even need a Will. I have beneficiary. Everything has payable-on-death (POD) bank account, an account for which the owner names a beneficiary, who inherits the funds in the account when the owner dies. Probate shortcuts is just setting up your assets so they go directly to your particular beneficiary without going through Probate Court.
There are three main categories of Probate Shortcut.
  1. Joint and Survivorship Ownership – the last living owner of the property owns all the assets. Commonly applies to husband and wife.
  2. Beneficiary Designations – controls what happens to that account after you pass away; it’s not going to go according to what the Will say, it’s going to go according to that beneficiary on file. So, it’s really important that you want to make that beneficiary designation match the terms of your Will so it will be consistent across the board.
  3. Payable or Transfer on Death Designation – lets beneficiaries receive assets at the time of the person's death without going through Probate.
Dangers of Shortcuts:
There are clients who deal with joint ownership frequently. Elderly adults who like to put their adult child on the bank account so they will have check writing authority to be able to help them. I always frown upon on that and people are always surprised to hear that. I prefer that to see my client own in their individual name and list their child as Power of attorney on that account, that way the child can write checks and manage the money and help take care of things, but the parent isn’t expose to child’s liability (Ex. If the child gets in a car accident, their monies is not exposed to those issues.) This is something often people overlooked, but is very important.
There are consequences on this kind arrangement - You got three kids all listed as beneficiaries on let’s say an IRA or bank account or something like that. Have you read the fine print of the contract? Do you know what happens if one of your kids pre-decease with you. Does their share goes to grandchildren or to the two other surviving children? It depends on what the company’s contract says.
A question was asked, “Does the Power of Attorney die when the parents die?’ It does. The point of having your child in a joint checking account is so they could write checks before you die. So, the Power of Attorney goes away after you die. You’re right, it doesn’t help after your death. But that’s when the Probate process comes in where you can have POD, transfer over to somebody, or you can have a Trust. Lots of different arrangements to deal with to make sure someone has access to your money after your death and minimizing the risk.
Another arrangement is you have one of your three children listed in your bank account as a joint owner because of the reasons we’ve given and people think it’s a good idea until you passed away. Now, you have that child is the owner of your account and they are not obligated to share with the other two siblings and even if they share, they’re getting into gifts. How much money is in that account? Will they need to file it in their tax return? Lots of issues.
Will is the back road to Probate. Trust is the super highway of planning.
What is TRUST? 
Trust is effective as soon as it is set up. After a husband or wife pass away, the Trust can provide so much to your spouse in variety of ways. You can put limitations on it or you can give everything out right depending on circumstances. Is it a blended family, 2nd marriage, 3rd marriage, 1st marriage, what’s the situation? Even in cases when a husband and wife has been married for 60 years, often times they still include remarriage protection in Trust. Basically, its just saying that when I pass away and my spouse remarried, they are waving any claim to the Trust and that’s trying to make sure we’re protecting what was put in place if me and my husband to benefit our children and some new family cannot take advantage of that.
Trust planning between husband and wife can also be very dimensional for minimizing State taxes. This may be an issue in the coming months as what it is going on in Congress right now.
Emergency Directives are very important and are often times overlooked. Make sure you have Durable Power of Attorney for Healthcare and for Finances just to make sure you have a person out there who has the ability to make decisions for you if you can’t do it for yourself. For Financial Power of Attorney, you want it to be typically a General Durable Power of Attorney to make sure that they will do pretty much anything that you can do for yourself as it relates to financial matters.
Banks normally don’t always like Power of Attorney. They will come up with reasons to say I’m not going to honor this document (ex. “It’s too old, it doesn’t have the right language in it, whatever the case may be.”) The document is not bullet proof, so if you have one that’s 5-10 years old, it’s time to get it reviewed as it can potentially get a little dicey. Healthcare Power of Attorney and Living Will, those are very standard State documents. Make sure they are up to date and you have the right person as your medical decision maker. Make sure your kids have copy of the document.
A good attorney will do the legal technical stuff for you. They will make sure you got the document in place and it does what you needed it to do.
You have to do the personal stuff, the touchy feeling stuff. Have a family meeting, sit your kids down together, explain to them what the plan is, Tell them where you keep your important documents, share your contact information for your professional advisors, your attorney, your financial advisor, accountant. Introduce them to those people. You also want to give them supplemental advise for healthcare directives. Those documents only say, “Hit you, you’re it. You’re making my decisions, but it’s not really giving them any guidance about do you want surgery or not, do you want chemotherapy or not.
Always consider long term care insurance.
Matt Kuhn stated that family meeting is very, very vital. He’s seen families fighting over everything, “She got this ring, I want that lamp.” When you don’t have the meeting, it really gets ugly.
Next week our guest speaker will be Superintendent Tom Henderson with an update on Centerville City Schools.
President Brian led the group in the 4-Way Test and wished everyone a good week.
Anyone still need one of our stylish 50th Anniversary polo shirts? We ordered a few extra so contact Carol Kennard if interested! ONLY ONE LEFT! Is it your size???
Club Information
Welcome to our Club!
Service Above Self
Thursdays at 12:00 PM
Golf Club at Yankee Trace
10000 Yankee Street
Centerville, OH 45458
United States of America
All meetings in person again!
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Carol Kennard
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