If you have a heart for using your financial resources to impact children around the world who are growing up in abject poverty, you might be interested in partnering with the Church of the Nazarene Foundation’s Flexible Endowment for Child Sponsorship program.
In giving to the program, you will be helping feed and provide educational support for children in desperate need, equipping them with hope for a brighter future. A one-time gift of $8,000 to the endowment will sponsor a child, and potentially one after another, for years to come. To learn about child sponsorship, visit Nazarene Compassionate Ministries at cs.ncm.org.
If you are interested in giving to the Nazarene Foundation’s Child Sponsorship Endowment, contact us at 913.577.2983 or at info@nazarenefoundation.org.
Blessings,
Kenneth R. Roney, J.D.
President
PERSONAL PLANNER
Living Wills and Advance Directives
As you approach end-of-life decisions, there are several steps that should be taken to make sure you receive the right type and level of care. To assist you in these decisions, most states now permit either an advance directive or a living will. These documents are designed to assist your family and doctors in making the decisions that you prefer at that time.
Senior Medical Planning
There are three important background areas that you should learn about before entering into senior medical care. These are the medical oath and principles of your care providers, the rules created by Congress to ensure your medical information is protected and the decisions by your state on the specific document that you use to convey your wishes.
Doctors will frequently follow a set of principles that were originally called the Hippocratic Oath. The first oath was written by Hippocrates, a Greek doctor who is considered the father of modern medicine.
A modern version of the Hippocratic Oath typically states, "To practice and prescribe to the best of my ability for the good of my patients." Following this principle, your doctor will attempt to restore you to good health.
Because of modern improvements in medicine, it is possible to prolong your life through the use of ventilators, intravenous feeding and other devices. While you certainly want your doctors and nurses to provide very good care, you also will need to offer some guidance on how extensively your family and doctors should use modern technology to prolong your life.
A second major area to understand is called HIPAA. The Health Insurance Portability and Accountability Act (HIPAA) was passed by Congress in 1996. It is designed to provide protection for you and to keep your health information private.
Under the HIPAA rules, you have the right to see your health records, but you must give your permission before the records are released to other individuals. The information provided by doctors or nurses about your care, medications or other personal information is protected. However, you will want to be certain that your designated healthcare proxy or person who will assist in making decisions has the right to review these records. There is a HIPAA release form that you will need to sign in order to enable your advisors to give proper recommendations to your doctors and nurses.
Finally, you must understand the specific documents of your state. Some states use an advance directive in which you would choose a combination of a durable power of attorney for healthcare and a living will. Other states have separate documents. It is very important that you use the appropriate document that is best for your state.
The Advance Directive
Your first key advisor is the person who will make your medical decisions if you are incapacitated. This individual is frequently called the healthcare proxy. He or she is your agent and holds your power of attorney for healthcare.
You will want to list the person, their address and phone number so he or she can be easily contacted. It is also quite common to select a second or third person to serve if the first person is unable or unwilling to serve.
Part of this section will also explain the level of authority that you have given. Your healthcare proxy usually does not have the authority to make decisions unless, in the view of your doctor, you are no longer able to make decisions yourself. However, many forms allow you to sign and empower that person immediately. The authority of your healthcare proxy may also extend after you pass away so that he or she can make appropriate decisions at that time.
Your healthcare proxy may be called upon to make significant decisions for your care. For example, it may be necessary to decide whether or not to use morphine or other types of pain medication. If the decision is to make use of morphine, then a second decision will be made on the use of a low dose or a high dose. With a lower dose of morphine or other types of pain medication, you may have greater clarity of mind but may be less comfortable. If you receive higher doses of medication, you may not be as clear-headed, even though you are at a higher comfort level. These decisions can only be made based on your condition at a given time, but they do directly impact the quality of your life in that circumstance.
A healthcare proxy may also be called upon to make very significant decisions about the hospital, nursing home or other care facility and the level of treatment. For example, some seniors have suffered broken hips or limbs at a time when their demise was near. A healthcare proxy will need to make decisions about the appropriate level of care or treatment under those circumstances.
A second section of an advance directive allows you to give counsel on the level of measures and technology that will be used to prolong your life. If you have an incurable or irreversible condition that will result in your death within a relatively short time, there are medical devices that can significantly prolong your life.
These are sometimes referred to as "heroic measures." If you desire all reasonable measures to be taken, you can generally request that care. If you do so, your life may be extended to the greatest extent possible under "generally accepted healthcare standards."
Your healthcare guidelines expressed in your advance directive will discuss the level of nutrition and hydration. If you prefer to receive nutrition and hydration through intravenous methods, you may specifically request those.
It is helpful for medical providers to have some level of direction for your pain management. If you prefer a higher level of pain management even though that gives you less clarity of thought, you may so indicate.
A third, fairly typical section of the advance directive covers donation of organs and designation of your primary doctor. If you would like to provide specific organs or designate specific purposes for the use of your body, you may identify the particular organs or discuss purposes. Common purposes include transplantation, therapy, research and education.
Advance directives and living wills may, under state law, be witnessed in a manner similar to the witnessing of your will. Some states require two witnesses and a notary to witness your advance directive. Check with your state law to make certain that you have complied with those requirements. A helpful website with state law requirements is www.caringinfo.org. It is maintained by the National Hospice and Palliative Care Organization and seeks to improve care at the end of life.
Action Steps
After completing your living will or advance directive, you will sign and typically have witnesses for your original document. Prepare several copies of your advance directive. You will want to give a copy to your healthcare agent, your family, clergy, your doctors and other advisors who may be involved in assisting with your medical decisions.
At any time you may revoke the living will or advance directive. It generally is best to revoke the entire document and complete a new document. If you attempt to amend different parts of the advance directive, there is a risk that you may sign provisions that conflict or are inconsistent. If you are in need of urgent care or treatment, you do not want any conflicting provisions in your living will or advance directive.
Your living will or advance directive is a very important part of your personal planning. It is designed to help you receive the best possible care at the end of your life and still comply to the greatest extent with your personal healthcare preferences.
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SAVVY LIVING
SAVVY LIVING
Financial Aid for Older Adults Going Back to School
Do you recommend any financial aid resources to baby boomers who are interested in going back to school? I’ve been thinking about taking some classes at a nearby college and I would like to investigate opportunities for financial aid.
If you know where to look, there’s quite a bit of financial assistance out there that can help working baby boomers and retirees go back to school. Here are some steps to take that can help you find it.
Fill Out the FAFSA Form: A good place to start is by filling out the Free Application for Federal Financial Aid (FAFSA) form. This will help you learn about grants, federal student loans (which are a better option than private student loans) and work-study jobs. However, be aware that for most types of federal financial aid you will need to be enrolled at least half-time in a degree or academic program to be eligible. To learn more or to fill out an application online, visit fafsa.gov or call 800-433-3243 and request a paper FAFSA.
Search for Scholarships: While most scholarships are aimed at traditional undergraduates, there are a number of national and local scholarships offered specifically to older, non-traditional students. To find them try fastweb.com and scholarships.com. Both sites will prompt you to enter your birth date to find ones that are age appropriate.
Contact Financial Aid Office: Call the financial aid office at the college or university that you plan to attend to see if they offer any other financial aid options you may be eligible for. Also, find out if they offer any special tuition waivers or discounts for students over age 50. Many community colleges and some four-year colleges offer discounted tuition rates, and many allow older students to audit courses for free.
Seek a Tax Break: Uncle Sam may also be able to help you with a tax credit, like the annual $2,500 American Opportunity Tax Credit, or the Lifetime Learning Tax Credit, which is worth up to $2,000 per year. If you’re not eligible for the tax credits, the government also provides tuition and fees deductions for students that can cover up to $4,000 in expenses.
To learn more, visit the IRS’s Tax Benefits for Education Information Center at irs.gov and type “tax benefits for education” in the search bar to find it. Alternatively, you can call 800-829-3676 and request a copy of IRS Publication 970: Tax Benefits for Education (irs.gov/pub/irs-pdf/p970.pdf).
Open a 529 Account: If you don’t plan to go back to school right away, you should consider opening up a 529 college-savings plan for yourself (see savingforcollege.com). Available in every state, 529’s allow you to save money for college tax-free. In many states you can even deduct part or all of your contribution on your state tax return.
Sign Up for a Free or Low Cost MOOC: That’s the acronym for the popular “Massively Open Online Courses,” which offers thousands of certificate and no-certificate courses by the best universities around the world. MOOCs offer a free or cheap way to learn from their instructors anytime, anywhere. See mooc-list.com to search for courses.
Consider Lifelong Learning: If you’re interested in taking classes just for fun, consider Lifelong Learning Institutes (LLIs). These are noncredit educational programs designed for retirees that involve no tests or grades, just learning for the pure joy of it.
Usually affiliated with colleges and universities, LLIs offer a wide array of courses in such areas as literature, history, religion, philosophy, science, art and architecture, finance, computers and more.
To find an LLI, call your closest college or search the websites of the two organizations that support and facilitate them – Osher (osher.net) and Road Scholar (roadscholar.org/ein/intro.asp). Together they support around 500 LLI programs nationwide.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.
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YOUR PLANJohn and Orlene Pierson's Legacy
Heroes of generosity don't always have big bank accounts. For years, John Pierson drove a milk route and worked long hours. But he and his wife, Orlene, found time and energy to maintain their church facilities, call on those who were sick and homebound, and make a bold lead pledge in the capital campaign to build a new church facility.
It is as if the spirit of generosity was ingrained in the Piersons. One holiday morning their pastor, after bringing his wife home from the hospital to recuperate after major surgery, found John and Orlene waiting at his home with dinner. What a moving and appropriate gift of love for that clergy family.
John and Orlene were Nazarene Legacy Partners, modern day heroes who made a difference in advancing God's Kingdom. In the later stages of their lives, a member of the Nazarene Foundation staff visited the Piersons in their assisted living facility and was moved to tears as John tenderly cared for his wife who was in the late stages of Alzheimer's disease. Just a few weeks later, Orlene died.
Not long after this at 95 years old, John was playing his violin, sharing beautiful music with other senior adults. As he concluded the last chorus of "To God Be the Glory" where the lyrics state: "O come to the Father, thro" Jesus, the Son," this dear saint slumped over with a heart attack and died. One of his caregivers, who often tried to keep up with John on his afternoon strolls, said, "This was John's good-bye party."
Through the Piersons' Charitable Trust and Charitable Gift Annuities, the Church of the Nazarene Foundation was privileged to make significant distributions to the local church John and Orlene attended as well as to other Nazarene ministries that were near to the hearts of the Piersons.
Faithful people, such as the Piersons, who have modeled generous living and Christlike service, give us cause to offer thanks as Paul did when he wrote his letter to the Romans.
Learn more about the many planned giving services the Foundation offers and how to leave a legacy gift to the ministries you love, contact the Church of the Nazarene Foundation and we will be happy to assist you.
Note: This is one in a series of articles for "Modeling Generosity" a series where Holiness Today partners with the Church of the Nazarene Foundation and other entities. Learn how God's people model generosity in their lives. Help inspire others to leave a lasting legacy by sending your stories, or the story of someone you know who lives generously, to info@nazarenefoundation.org.
YOUR PLANJohn and Orlene Pierson's Legacy
Heroes of generosity don't always have big bank accounts. For years, John Pierson drove a milk route and worked long hours. But he and his wife, Orlene, found time and energy to maintain their church facilities, call on those who were sick and homebound, and make a bold lead pledge in the capital campaign to build a new church facility.
It is as if the spirit of generosity was ingrained in the Piersons. One holiday morning their pastor, after bringing his wife home from the hospital to recuperate after major surgery, found John and Orlene waiting at his home with dinner. What a moving and appropriate gift of love for that clergy family.
John and Orlene were Nazarene Legacy Partners, modern day heroes who made a difference in advancing God's Kingdom. In the later stages of their lives, a member of the Nazarene Foundation staff visited the Piersons in their assisted living facility and was moved to tears as John tenderly cared for his wife who was in the late stages of Alzheimer's disease. Just a few weeks later, Orlene died.
Not long after this at 95 years old, John was playing his violin, sharing beautiful music with other senior adults. As he concluded the last chorus of "To God Be the Glory" where the lyrics state: "O come to the Father, thro" Jesus, the Son," this dear saint slumped over with a heart attack and died. One of his caregivers, who often tried to keep up with John on his afternoon strolls, said, "This was John's good-bye party."
Through the Piersons' Charitable Trust and Charitable Gift Annuities, the Church of the Nazarene Foundation was privileged to make significant distributions to the local church John and Orlene attended as well as to other Nazarene ministries that were near to the hearts of the Piersons.
Faithful people, such as the Piersons, who have modeled generous living and Christlike service, give us cause to offer thanks as Paul did when he wrote his letter to the Romans.
Learn more about the many planned giving services the Foundation offers and how to leave a legacy gift to the ministries you love, contact the Church of the Nazarene Foundation and we will be happy to assist you.
Note: This is one in a series of articles for "Modeling Generosity" a series where Holiness Today partners with the Church of the Nazarene Foundation and other entities. Learn how God's people model generosity in their lives. Help inspire others to leave a lasting legacy by sending your stories, or the story of someone you know who lives generously, to info@nazarenefoundation.org.
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WASHINGTON NEWS
WASHINGTON NEWS
34th Highway Fund Extension
On July 30, by a vote of 91-4, the Senate passed a three-month extension for the Highway Trust Fund. The House had previously approved The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H. R. 3236). The bill extends highway funding for 3 months and is the 34th short-term extension of the Highway Trust Fund.
The Senate also passed a 6-year act to fund highways, bridges and other infrastructure. The DRIVE Act would be the first multi-year highway bill since 2005.
Sen. Jim Inhofe (R-OK) was the lead sponsor for the bill. He stated, “The DRIVE Act is a solution, it’s the solution – a bipartisan solution. It provides the needed long-term funding certainty so that the major construction projects can get off the ground – projects that are not possible with short-term extensions. And it will signal to job creators that America’s economy is not only going to grow, but it’s going to be sustained because the infrastructure will exist to support it.”
The DRIVE Act includes fairly complicated revenue-raising provisions. It was necessary to assemble seven different revenue provisions in order to pay for construction over six years.
1. Estates – More comprehensive reporting rules on the basis of assets. With an accurate basis, when heirs sell appreciated property there will be a larger capital gains tax.
2. Passport – Any person owing over $50,000 in tax will be subject to passport revocation or denial of his or her renewal request.
3. Overstated Basis – If a taxpayer claims too high of basis on sale of an asset, the IRS will have six years to discover the error and collect more tax.
4. Mortgages – Comprehensive reporting requirements will lead to more accurate home interest deductions.
5. Corporations and Partnerships – There will be changes in some of the filing deadlines.
6. Tax Debt – Private collectors will be hired to obtain payments from taxpayers who owe back taxes.
7. Pension Plans – Certain funding requirements may be satisfied with surplus assets until year 2025.
The House will review the Senate bill in September and is likely to pass its own version of the long-term bill. The three-month extension is designed to permit the House and the Senate to agree on a six-year bill by the end of October.
Editor’s Note: The complexity of the tax revenue provisions shows how challenging it was for the Senate to find six years of funding. However, if the Senate and House can develop a six-year plan by October, that is clearly very helpful for states and cities who are attempting new highway, bridge and other infrastructure projects.
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FINANCES
FINANCES
Stocks - Ford Reports Strong Earnings
Ford Reports Strong Earnings
Ford Motor Company (F) reported its latest quarterly earnings on Tuesday, July 28. The company reported solid earnings despite slow sales.
Ford reported revenue of $37.3 billion for the quarter. This represents a slight decrease compared to the same quarter last year when the company reported revenue of $37.4 billion.
"We delivered an outstanding second quarter, a great first half of 2015 and we are confident the second half of the year will be even stronger," said Mark Fields, President and CEO of Ford Motor Company. "The entire Ford team is focused on accelerating our One Ford plan, delivering product excellence and driving innovation in every part of our business."
The company reported quarterly net income of $1.9 billion. This represents a significant increase over the comparable period last year when Ford reported net income of $1.31 billion.
Total sales of F-Series models fell over 6% during the quarter. In addition, this week the Insurance Institute for Highway Safety released test scores for the new F-150 extended cab that gave the vehicle a "marginal" safety rating. Despite these setbacks, Ford reported solid net income for the quarter mostly because dealers were able to charge more for Ford's most popular models. The average transaction price on the nearly 180,000 F-Series models sold this past quarter was $3,000 higher than the same quarter last year. As a result, Ford's share price increased during this past week.
Ford Motor Company (F) shares ended the week at $14.83, up 3.3% for the week.
Time-Warner Misses Expectations
Time Warner Cable, Inc. (TWC) reported its latest quarterly earnings on Thursday, July 30. The report showed lower net income than analysts' expected, but also that the company added customers during the quarter.
The company reported revenue of $5.93 billion for the quarter. This represents an increase from the same period last year when Time-Warner reported revenue of $5.73 billion.
"We delivered very strong operational results in the second quarter, providing yet another clear indication that our plan is working," said Time-Warner Cable Chairman and CEO, Rob Marcus. "We achieved record Q2 subscriber results across nearly every category, setting us up for accelerating financial performance as we look forward to the next phase of our plan. We intend to use the time between the signing and closing of the Charter deal to further strengthen our operations."
Time-Warner reported quarterly net income of $463 million. This represents a decrease from the comparable period last year when the company reported net income of $499 million. Earnings per share came in at $1.62 for the quarter, compared to $1.77 last year. Analysts had expected earnings of $1.88 per share.
Despite its earnings miss, Time-Warner added subscribers during the quarter. The company added 66,000 customers, the first second quarter gain since 2008. Additionally, the company has agreed to be acquired by Charter Communications along with Bright House Networks for $67.1 billion. The deal is currently being scrutinized by antitrust regulators. Time-Warner hopes the deal will close by the end of this year.
Time Warner Cable, Inc. (TWC) shares ended the week at $190.01, up 0.24% for the week.
LinkedIn Reports Quarterly Earnings
LinkedIn Corporation (LNKD) reported its latest quarterly and annual earnings on Thursday, July 30. The company reported an impressive increase in revenue, but also a large loss for the quarter.
LinkedIn reported total revenue of $711.74 million for the quarter. This represents a significant increase over the same period last year when the company reported revenue of $533.88 million.
"LinkedIn continued to deliver increased member and customer value in the second quarter while delivering solid financial results," said Jeff Weiner, CEO of LinkedIn. "We continued to invest in our long-term strategic roadmap and began integrating the acquisition of lynda.com that closed during the quarter."
The company reported a quarterly net loss of $67.74 million. This represents a much larger loss than was reported during the comparable quarter last year when the company reported a loss of $1.03 million.
LinkedIn made several expensive moves this year. The company acquired lynda.com for $1.5 billion, reorganized its sales force and changed advertising methods. These moves added to this year's costs and contributed to the latest quarter's loss. The company acknowledges these moves will impact earnings through 2015, but believes it will be well positioned for 2016 and beyond.
LinkedIn Corporation (LNKD) shares ended the week at $203.26, down 8.6% for the week.
The Dow started the week of 7/27 at 17,562 and closed on 7/31 at 17,690. The S&P 500 started the week at 2,078 and ended at 2,104. The NASDAQ started the week at 5,056 and finished at 5,128.
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Bonds - Treasury Yields Rise and Fall
Bonds - Treasury Yields Rise and Fall
Treasury Yields Rise and Fall
After an initial decline, Treasury bond yields rose steadily until the Federal Open Market Committee (FOMC) released the minutes from its latest meeting on Wednesday, July 29. Then, yields fell and prices rose. In addition, falling commodities prices as well as financial turmoil in Europe and China continue to put downward pressure on yields.
On Wednesday, investors and analysts studied the minutes of the FOMC's latest meeting and made predictions relating to when the Committee would decide to raise the federal funds rate from its current level between 0 and 0.25%. The rate has been at the current level since 2006.
Regarding the timing of a rate increase the minutes stated, "it will be appropriate to raise the target range for the federal funds rate when [the Committee] has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2% objective over the medium term."
This is the same language released after the Committee's meeting in June, except for the word "some" placed before "further improvement in the labor market." Many analysts saw the language as a sign the FOMC will wait until the end of the year to raise rates. However, some saw the change as a signal that the FOMC is close to raising rates and may do so even at its September meeting.
In addition to uncertainty over interest rates in the U.S., the Shanghai Composite Index fell 15% this month. This is its biggest monthly decline in six years. In Europe, Greece is still in talks with its creditors on a bailout package that will help the country meet its financial obligations. These events have boosted demand for safer assets causing Treasury prices to rise and yields to fall.
This week, the 10-year Treasury bond yield rose from 2.21% early in the week to a high of 2.32% on Wednesday. In the second half of the week, the 10-year Treasury yield fell to 2.20% in early Friday trading.
The 10-year Treasury note yield finished the week of 7/27 at 2.20% while the 30-year Treasury note yield finished the week at 2.93%.
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CDs and Mortgages - Interest Rates Decline
CDs and Mortgages - Interest Rates Decline
Interest Rates Decline
Freddie Mac released the results of its latest Primary Mortgage Market Survey (PMMS) on Thursday, July 30. The results showed average fixed mortgage rates falling as various economic reports were released this week.
This week, the 30-year fixed rate mortgage averaged 3.98%. This represents a decrease from last week when it averaged 4.04%. One year ago, the 30-year fixed rate mortgage averaged 4.12%.
The 15-year fixed rate mortgage averaged 3.17% this week. This represents a decrease from last week when it averaged 3.21%. Last year at this time, the 15-year fixed rate mortgage averaged 3.23%.
"Monday's 8% decline in Chinese stock prices triggered similar – though smaller – sell-offs in global equity markets," said Sean Becketti, Chief Economist at Freddie Mac. "The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. Accordingly, 30-year fixed rate mortgages fell 6 basis points to 3.98%. The mortgage rate has bounced between 3.98% and 4.09% since the first full week of June, falling a bit when events overseas take a turn for the worse and rising when the clouds appear ready to part. With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks."
The money market fund finished the week of 7/27 at 0.3%. The 1-year CD finished at 0.6%.
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Are you a Nazarene Legacy Partner (NLP)? The answer is “YES” if you have designated any gift to a Nazarene ministry in your will, bequest, or estate plan. This could be a tithe on your estate, an insurance beneficiary designation to your local church, college, global mission, or any other Nazarene ministry you support.
Send us your name and contact information by reply email and indicate “I am a Nazarene Legacy Partner” and we will add your name to our NLP honor roll. To model generosity inspires others to do the same. Thank you for your interest in gift planning. To access any of this updated financial and gift planning information, please select our website.
The Global Church of the Nazarene Foundation
___________________________
Are you a Nazarene Legacy Partner (NLP)? The answer is “YES” if you have designated any gift to a Nazarene ministry in your will, bequest, or estate plan. This could be a tithe on your estate, an insurance beneficiary designation to your local church, college, global mission, or any other Nazarene ministry you support.
Send us your name and contact information by reply email and indicate “I am a Nazarene Legacy Partner” and we will add your name to our NLP honor roll. To model generosity inspires others to do the same. Thank you for your interest in gift planning. To access any of this updated financial and gift planning information, please select our website.
The Global Church of the Nazarene Foundation
17001 Prairie Star Parkway, Suite 200
Lenexa, Kansas 66220 United States
___________________________
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