o-Journal NEC Pr

July 1, 2011

W h at Yo u D o n t S ay C a n H u rt S o m e o n e Yo u L ov e
In my view so much can be said with out saying a word. There are certainly times in life when silence is indicative of brilliance, if not golden! But planning for the distribution of an estate is not one of prompt additional confusion or expense. And it is only natural that the subject of a final communication is not something we wish to spend much time considering. Good health, though an obvious blessing, may even add to the difficulty for some to focus on a plan. But even in the event of accidental death, the absence of a will leaves all of your wishes for family, friends and philanthropy If you would like to take definitive steps to prevent accidental disinheritance, or if you have questions on creating a plan that reflects and ensures your hopes and dreams for family, for friends, and for your church then we invite you to contact Northeasterns Office of Planned Giving. Our staff offers detailed educational information without cost or obligation. Call 1718-291-8006 ext 2303, ask for Silas McKinney

those times.

It is a surprising reality that every year the vast majority of adults who die in America die without having given proper attention to the final articulation of their wishes, hopes and dreams. And in this case, what is left unsaid often results in confusion, pain and unnecessary expense. Without careful attention to how your wishes are articulated in the Last Will and Testament it can be as if all of your hopes and dreams never existed.

unspoken.
Where there is no will, all decisions with respect to estate distribution and even custody of minors will be made by the court. A judge will appoint legal representation and an executor. Issues paramount to the judicial process will govern every decision about the estate. And what should be family business can end up taking far too much time and significantly depleting available resources. In fact, an inarticulate or absent will can result in the accidental disinheritance of someone you love.

The Pitfall of Perfect Health

No one plans for his or her death to

I s g o l d o r s i lv e r t h e n e w c u r r e n c y ?
As we watch the declign of the US dollar and the rise of gold and silver sooner or later the question had to be asked is gold the new dollar? Well it looks as though Utah has the right idea, they are making gold and silver coins legal tender. Thats right I said it they are making it legal tender and they even exempted it from state capital gains tax. But they are not alone, New Hampshire, Montana, Virginia, Georgia, Indiana, South Carolina, Washington, Missouri, Colorado and Idaho also are headed towards using the constitutional gold and silver currency. No longer will the fiat dollar reign. I dont believe it, it gets worse. The governments of China and Russia have used US dol-

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NEC PRO-JOURNAL

Is it as easy as they say to walk away?

After reading much of what is being said about the mortgage market I have found that there is a trend in home defaults happening in this country. There are people who pay their bills on time, never miss payments and are is always responsible fiscally. The problem here is that too many see their homes/ mortgage as not worth the paper they are written on. They would rather take a loss and move out than to stick it out. Most just decide that if the bank does decide to come after them they will just file for bankruptcy. Additionally people with more than one home with mortgages are allowing one to go into foreclosure and are trying to save the one they are in. Many sites are now talking about strategic- defaults and why they make sense. Unfortunately most home owners do not have the knowledge to understand the full ramifications of that action. New York is a recourse state. Simply that means they can sue you for any part of your mortgage that is unpaid even if the house is not sold for what is owed. The University of Chicago's Booth School of Business found that 35% of mortgage defaults in the U.S. were strategic in September 2010, compared with 26% in March 2009. If you are thinking of pulling off a strategic-default know the risks. Talk with a professional and never assume that you know it all. Bankruptcy is only going to take care of a portion the rest may be on you. Here is a list of States that are recourse/non-recourse states. Non-Recourse States: Alaska (AK), Arizona (AZ), California (CA), Connecticut (CT), Idaho (ID), Minnesota (MN), North Carolina (NC), North Dakota (ND), Oregon (OR), Texas (TX), Utah (UT), Washington State (WA). Recourse States: Alabama (AL), Arkansas (AR), Colorado (CO), Delaware (DE), District of Columbia (DC), Florida (FL), Georgia (GA), Hawaii (HI), Illinois (IL), Iowa (IA), Indiana (IN), Kansas (KS), Kentucky (KY), Louisiana (LA), Maine (ME), Maryland (MD), Massachusetts (MA), Michigan (MI), Montana (MT), Mississippi (MS), Missouri (MO), Ohio(OH), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Jersey (NJ), New Mexico (NM), New York (NY), Oklahoma (OK), Pennsylvania (PA), Puerto Rico (PR), Rhode Island (RI), South Carolina (SC), Tennessee (TN), Vermont (VT), Virginia (VA), West Virginia (WV), Wisconsin (WI), Wyoming (WY)

Could uncle sam rob you of your savings? Sounds crazy?

ernment wont. In fact, the framework is already in place for taking your hard-saved dollars and repurposing them. Uncle Sam has a number of perfectly legal methods for separating you from your retirement savings This lifetime income option is presented as a safer alternative to the ups and downs of the market. Yet in the fine print of the recommendations, citizens would get a monthly stipend of $600 no more. Hardly the same as what is possible for smart savers not hanging on the governments every word! In the same safety-first set of discussions, the possibility of rolling private pension arrangements into Social Security was reviewed. After all, why have two retirement systems when one would be just fine and one really needs the private savings of the other to stay afloat? In case you think it could never happen, Argentina took $29 billion of private savings from its pension accounts in 2008 to fund federal programs, and in 2011 Ireland raided private pensions to bail out

I read an art article and found some of it to be quite alarming. We all believe it is good to save and the government encourages us to save, save, save. Just this morning I heard a person on the radio say less than 35% of Americans are saving enough for retirement, But will it be there when those 35% decide to take it? The idea here is to defer taxes until a later date. Its also perfectly legal, believe it or not. While you might think of it as stealing, rest assured that the gov-

Pensions

Consider this:

Seizing Private

The Federal government, if it wanted, could simply seize your personal pension. The proposal has already been made by senators, who would like to see your personal savings and pensions (which obviously you cant manage yourself) under the safe hand of government. In 2008, the senate held hearing on requiring workers to give up their 401(k)s and pensions in exchange for a new lifetime income option from the government.

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Charitable Gift Annuities

A charitable gift annuity is a simple contract through which a donor and/ or his or her designated beneficiary is provided with a stream of fixed payments for life in exchange for a gift. ment..

Benefits
Receive dependable, fixed income for life in return for your gift. In many cases, increase the yield you are currently receiving from stocks or CDs. Receive an immediate income tax

deduction for a portion of your gift. A portion of your annuity payment will be tax-free. Next:Tell me more...718-291-8006 Please contact us so that we can assist you through every step of the process.

How It Works
You transfer cash or securities to Northeastern Conference. Northeastern Conference pays you or one other beneficiary you name fixed income for life. The remaining balance passes to Northeastern Conference when the contract ends at the death of the last beneficiary.

Note
Beneficiaries must be at least 55 at the time of the gift. There is no minimum gift require-

Seniors beat The Heat

The summer is just upon us, are you ready? Dont take anything for granted. use them. 1) Minimize Activities. When it is hot, seniors should try to avoid direct sun light by staying indoors in air-conditioned comfort. Avoid strenuous, physical activities because the more they do, the higher the body temperature will rise. 2) Drink Water. Seniors, increase your water intake during summer months. Encourage them to have 48 glasses a day. Cut out the sweet sodas etc. Eating fresh fruits and vegetables can help hydrate the Look at these tips and where possible body as well as keeping the body healthy. 3) Stay Out Of The Sun. Seniors should try to avoid the sun, especially during the hottest part of the day. If it is necessary to go outdoors, cover up and use plenty of sun cream. 4) Light Colors. To avoid heatrelated injuries, seniors should wear cool light colored clothing. This will help reflect sunlight, no dark colors. 5) Choose shady locations. If planning an outdoor activity with seniors try to choose covered or shady locations with a cool breeze. 6) Medication dangers. Hot weather can accelerate dehydration, especially in people who are taking . You should always check with a pharmacist or doctor to ensure that medications will not cause seniors increased heat-related problems. 7) Be vigilant. Watch out for heat exhaustion warning signs such as weakness, nausea, heavy sweating, rapid pulse, and/or fainting. Move the affected senior to the nearest cool shady place and provide them with water. Wet a towel or something similar and apply to the forehead and call for medical assistance.

C o u l d u n c l e s a m ro b yo u o f yo u r s av i n g s ? Sounds crazy?
its banking institutions. Congressional leaders would simply be moving in line with international standards to take the money, and now have international court precedence allowing the seizures. With the wave of a pen, many of the advantages of Roth IRAs or 401(k) plans could be erased. Think the government wouldnt dare? With a few speeches about how we all need to make sacrifices and reminders of our debts, lawmakers would certainly end retirement tax breaks. Unfortunately, as tax breaks designed to incentivize retirement savings were created by Congress, they could also be repealed by Congress Most of the current retirement plans in America are based around government tax deferment programs. You pay taxes on money going in but no taxes on distributions, for example, or perhaps the contributions to the accounts are tax deductible, saving you money on your income taxes. I do not know about you but these plans do not leave me with much of a good feeling about what will actually happen if any of these measures are adopted.

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Is gold and silver the new currency?

lars for unilateral trade but they have decided to abandon that and use their own currency. Our biggest creditor has decided to use another currency? The China Daily in November 2010 stated this same scenario. We are in trouble. Still not a believer? In addition, Russia has also been reaching out to Europe. The most critical part of Putins his speech came when he said, that the Euro is slightly fluctuating, but as a whole its a good , stable world currency that should take its rightful position as the world reserve currency. I think over the last 10 years there has been one wrong aspect that we should definitely eliminate. Its the excessive monopoly of the dollar as the sole world reserve currency. This is certainly something negative.

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