Lenexa, Kansas, United States - Leaving a Lasting Legacy Through Planned Giving from the Global Church of the Nazarene Foundation for Saturday, 2 August 2014“Taste and see that the Lord is good; blessed is the man who takes refuge in him. Fear the Lord, you his saints, for those who fear him lack nothing. The lions may grow weak and hungry, but those who seek the Lord lack no good thing.”(Psalm 34:8-10)
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Blessings,
Kenneth R. Roney, J.D.
President
PERSONAL PLANNERLiving 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.
SAVVY LIVINGFood Assistance Programs Can Help Seniors in Need
I run a community counseling program for needy families and I am frustrated that so few eligible seniors take advantage of the food stamp program. Can you write a column on this to help educate seniors on this underutilized benefit?
It’s hard to imagine that a government program serving more than 46 million Americans each month is considered severely underutilized. But that’s the reality of the federal Food Stamp Program when it comes to serving seniors.
Nationwide, food stamps (now called the Supplemental Nutrition Assistance Program or SNAP) reach around 80% of those eligible, but the numbers are much slimmer among seniors, age 60 and older. Recent statistics indicate only 39% of eligible seniors receive SNAP benefits.
There are a number of reasons for the lack of participation. Some seniors are too embarrassed or too proud to apply. Others think that if they receive SNAP they will be taking food benefits away from others (which they won’t). Some think it is too difficult to apply for SNAP and others don’t even know the program exists.
With all that said, here’s a rundown of which seniors are eligible for SNAP what they get and how they can apply.
Who’s Eligible?
For seniors to qualify for SNAP, their “net income” must be under the 100% federal poverty guidelines. So, for households that have at least one person age 60 and older, or disabled, their net income must currently be less than $958 per month for an individual or $1,293 for a family of two. Households receiving TANF or SSI (except in California) are also eligible.
Net income is figured by subtracting from gross income allowable deductions like out-of-pocket medical expenses that exceed $35 per month and shelter costs (rent or mortgage payments, taxes and utility costs) that exceed half of the household’s income.
In addition to the net income requirement, a few states also require that a senior’s “assets” be below $3,250, not counting the home, retirement or pension plans, income from SSI or TANF and vehicles (this varies by state). Most states, however, have much higher asset limits or they don’t count assets at all when determining eligibility.
The SNAP pre-screening tool at www.snap-step1.usda.gov/fns can help seniors and their family members figure out if they qualify.
To apply, seniors or an authorized representative will need to fill out a state application form, which can be done at the local SNAP office. It can also be mailed, faxed or completed online.
If eligible, benefits will be provided on a plastic card that’s used like a debit card and accepted at most grocery stores.
Depending on the person’s financial situation, the amount of SNAP a beneficiary may be eligible for will range between $15 and $189 per month as an individual, or $15 to $347 for a family of two.
To learn more or apply, contact your local SNAP office. Call 800-221-5689 for contact information or visit www.fns.usda.gov/snap.
Produce Coupons
In addition to SNAP, the Senior Farmers’ Market Nutrition Program is another underused program that provides coupons that can be exchanged for fresh fruits and vegetables at farmers’ markets, roadside stands and community supported agriculture programs.
This program is currently available in select counties in 43 states, seven Indian reservations, the District of Columbia and Puerto Rico to seniors age 60 and older with gross monthly household incomes below 185% of the federal poverty line. The line is currently below $1,800 for individuals or $2,426 for a family of two. For more information visit www.fns.usda.gov/sfmnp or call 703-305-2746.
Other Programs
Seniors that are eligible for food assistance may also be eligible for a host of other programs that can help pay for medications, health care, utilities and more. To locate these programs, visit benefitscheckup.org or call the Eldercare Locator at 800-677-1116.
Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Senior" book. The 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 Senior, P.O. Box 5443, Norman, OK 73070.
YOUR PLANThe Giving Bone by Mark Lail
Hum with me please! The toe bone's connected to the foot bone, the foot bone's connected to the ankle bone, the ankle bone's connected... Well, as much as I've enjoyed the chorus, the favored tune misses an important anatomical reality; the giving bone is connected to the heart bone. And everyone has a giving bone, whether they have a balance sheet designed for an armored truck or one that might buy lunch, depending on the restaurant. Jesus taught us more than once that the generosity is in the size of the heart, rather than the size of the gift. His illustration of the widow and her little bitty offering (all that she had) teaches us that the joy of giving is not reserved for those with great wealth. Even the poor can experience the joy of blessing the Lord and his people.
That giving bone, the one connected to the heart, is susceptible to various diseases; selfishness, control or pride to name a few. For good health, one must exercise the giving bone often. Consistent tithing will keep it strong but even more effectively when combined with frequent additional gifts to the Lord and his people. Stewardship is the Lord's way of raising people, not money. Generous giving is a natural outgrowth of a life devoted to God and his son, Jesus Christ. As stewards, we recognize that God is the owner and giver of everything. We give, we exercise the giving bone, and the exercise makes us stronger. As Christians, we grow.
One of the privileges of being a Christian is the responsible care of his property. After the Lord gives a few decades of life including the privilege of working, earning, saving and giving, most Christians stand at the threshold of a great opportunity, the opportunity to make a life gift to the Kingdom of God. Of course this can happen through ordinary wills or trusts but the opportunities today are so much more diversified. Charitable Gift Annuities, for example, are like feeding vitamins to the giving bone! They offer the donor a current income stream in addition to the joy of legacy giving. Endowments provide the opportunity to exercise the giving bone even after the Christian's promotion to heavenly reward.
Peter encourages the early church to give generously. ?The end of all things is near. Therefore be alert and of sober mind so that you may pray. Above all, love each other deeply, because love covers over a multitude of sins. Offer hospitality to one another without grumbling. Each of you should use whatever gift you have received to serve others, as faithful stewards of God's grace in its various forms. If anyone speaks, they should do so as one who speaks the very words of God. If anyone serves, they should do so with the strength God provides, so that in all things God may be praised through Jesus Christ. To him be the glory and the power for ever and ever.? (1 Peter 4:7-11) That was a very different culture than ours but I doubt that Peter's message would change much if he were speaking directly to us today. We have been recipients of God's richest blessings so the expectation is that we will give richly from what we have received.
The giving bone really is connected to the heart bone. A healthy heart seeks to share rather than to hoard. A healthy heart trusts. A healthy heart gives!
WASHINGTON NEWSHighway Bill Rolls Through Congress
Just hours before the August 1 deadline, the Senate voted 81-13 to pass the Highway and Transportation Funding Act of 2014 (H.R. 5021). Without passage of a bill, many states would immediately have had to halt highway, bridge, mass transit and other projects. Because summer is the peak season for infrastructure projects, this would have seriously harmed the entire economy.
The House bill was introduced by Ways and Means Chairman Dave Camp (R-MI). It funded highway projects for 10 months until May of 2015. The House bill includes an offset called “pension smoothing.” Corporations who are making payments to gradually bring their pension plans back to appropriate funding levels will be able to slow down the pace of those payments. Because it will take a longer period of time to fund the corporate pension plans, there will be fewer deductions and higher taxes. Camp’s bill passed the House on July 15 with a strong bipartisan vote of 367-55.
The Senate bill was sponsored by Sen. Barbara Boxer (D-CA) and Sen. Thomas Carper (D-DE). It proposed funding highway projects only until December 19th. Sens. Boxer and Carper proposed that deadline with the expectation that Congress would be forced to create a longer term funding plan for 2015. The Senate bill was funded through various tax compliance measures.
House members observed that there was a $2 billion error in drafting the Senate bill. Chairman Camp opposed the Senate plan to increase IRS tax compliance provisions. He stated, “I don’t believe giving the IRS more authority to go after taxpayers in a highway bill is appropriate.” He explained that the 2015 deadline is sufficient time to “get a longer highway bill through May because of the planning that goes into a lot of highway projects over the winter.”
The House rejected the Senate bill on July 31. The Senate then voted to agree to the House version of the bill. The bill will now be sent to the President for his signature.
Editor’s Note: Congress is grappling with a basic problem. Because cars are now becoming more fuel-efficient, the revenue from gas taxes is below projections. As Americans continue to purchase more fuel-efficient cars, future gas tax revenue will continue to be below the highway trust fund need. Congress has been reluctant to raise gas tax rates because that is politically unpopular, but it will need to find a funding source for highways and other infrastructure projects.
ABLE Act Aids Disabled
On July 31, the House Ways and Means Committee approved the Achieving a Better Life Experience (ABLE) Act of 2013 (H.R. 647).
The bill creates a new Sec. 529 account for disabled persons. The traditional Sec. 529 account is often funded by parents or grandparents and used for education. Sec. 529 accounts are funded with cash but grow tax-free and the distributions for approved purposes are tax-free.
The ABLE Act would permit individuals who are blind or disabled before the age of 26 to create similar accounts. An ABLE account must be funded with cash and both the growth and appropriate use of the funds would be tax-free.
The bill was co-sponsored by Rep. Robert Casey, Jr. (D-PA). He was pleased with the passage and noted, “We are hopeful that today’s action by Ways and Means will provide the necessary momentum for the ABLE Act to become law in September. This action is eight years in the making and reflects the tireless work of individuals with disabilities, their families and advocates.”
At a House Ways and Means Committee hearing, ABLE Act advocate Sarah Wolf testified. She stated, “Just because I have Down Syndrome, that should not hold me back from achieving my full potential in life. I can work a full-time job, be a productive member of society, and pay taxes – but because of these outdated laws placed on individuals with disabilities, people like me are held back in life.”
Miss Wolf was referring to the provisions of the Medicare and SSI programs that have a “resources limit” of $2,000. This limit makes it difficult for individuals to secure employment and still retain their federal benefits.
Ranking Member Sander Levin also supported the act. He noted, “Whether it is cost associated with transportation or housing or health prevention and wellness, this legislation aims to ease the financial burden by encouraging and assisting families to save money for disability-related expenses.”
Editor’s Note: The estimated cost of the ABLE Act over the next decade is $2 billion. Chairman Camp and Ranking Member Levin have agreed that they will find offsets acceptable to the full House and Senate for this bill.
FINANCESStocks - Tesla Delivers Mixed Quarterly Results
Tesla Motors, Inc. (TSLA), a maker of electric automobiles, announced its second quarter results on Thursday, July 31. The company reported a net loss during the quarter as the company made capital additions to its Fremont assembly plant.
Tesla generated revenue of $769.3 million during the quarter. This was nearly double the $405.1 million generated during the same period last year.
“We have had an active first half of 2014, and the rest of the year is expected to be even busier,” said Tesla CEO Elon Musk and CFO Deepak Ahuja in a letter to shareholders. “We have formalized our agreement with Panasonic for cell manufacturing at the Gigafactory and remain on track with the site selection process. In addition, we are adding new production capacity at our Fremont factory that will allow us to meet the growing worldwide demand for our vehicles. The speed at which we are executing this capacity upgrade will allow us to exceed 35,000 Model S deliveries this year. Provided that we execute well and there are no serious macroeconomic shocks, Tesla’s annualized delivery rate should exceed 100,000 units by the end of next year.”
The company generated a net loss during the quarter of $61.9 million or $0.50 per share. This was a larger loss than the $30.5 million or $0.26 per share reported during the comparable period last year. Pre-release estimates called for earnings per share to be $0.04.
Tesla has seen its share price jump considerably over the past couple years as Model S deliveries have increased and revenues have grown. However, the company is currently in a phase where it is spending heavily to update and expand its current assembly plant while at the same time looking to build a $5 billion battery factory in the U.S. Still, the company delivered a record 7,579 Model S sedans during the quarter and is preparing to launch its Model X crossover in early 2015. Following the earnings announcement Tesla’s share price fell from $223.30 per share to below $216 per share.
Tesla Motors, Inc. (TSLA) shares ended the week at $233.27.
SodaStream’s Results Fuel Buyout Rumors
SodaStream International Ltd. (SODA), a manufacturer of home beverage carbonation products, announced its second quarter results on Wednesday, July 30. Although revenues grew, doubts remain about the future viability of the company.
SodaStream generated revenue of $141.2 million during the quarter. This was better than the $132.4 million reported during the same period last year as well as the pre-release estimate of $140.6 million.
“In the U.S., soda maker volumes remained under pressure as we struggled to drive consumer demand and retailers worked through excess inventory carried over from the holiday season,” said SodaStream CEO Daniel Birnbaum. “We are lowering our U.S. soda maker sales projections for the back half of the year while we reposition our brand behind health & wellness and refine our product line and marketing message to better promote this important consumer benefit. We are confident this strategy will have a positive long-term impact on our U.S. performance.”
Net income for the quarter was $9.2 million or $0.43 per share compared to $12.9 million or $0.60 per share during the same period last year. Pre-release estimates called for $0.30 per share.
SodaStream has hit hard times in the past several months. The company’s share price has fallen 43% in the past year on lackluster holiday sales and soda machine backlogs. SodaStream’s share price has begun to rise in the past week as rumors suggest the company is seeking to go private, negotiating a buyout that would be valued at around $40 per share. Following the quarterly results SodaStream’s share price rose 10% to $32.76.
SodaStream International Ltd. (SODA) shares ended the week at $34.05.
3D Systems Results Disappoint
3D Systems Corporation (DDD), manufacturer of 3D printers and products, announced its second quarter results on Thursday, July 31. The company’s share price fell on the news as second quarter results disappointed investors.
Revenue during the second quarter increased 25% to $151.5 million. Despite the increase, revenue was below pre-release estimates calling for revenue of $162.2 million.
3D Systems President and CEO Avi Reichental had this to say about the results: “We are pleased that unit sales of our design and manufacturing printers increased 126% and helped fuel a 30% increase in materials revenue. We believe that the record order book that we exited the quarter with reflects the vibrancy of our business and our organic growth trajectory.”
Net income during the quarter was $16.62 million or $0.16 per share. Analysts expected earnings per share to be slightly higher at $0.18 per share.
3D Systems disappointing second quarter results follow on the heels of an equally disappointing first quarter. During the quarter product and shipment delays hurt revenue. 3D Systems share price got no help from Amazon’s announcement earlier in the week regarding its new 3D Printed Products store. Because of the missed results 3D Systems’ share price took a hit, falling over 10% after the earnings announcement.
3D Systems Corporation (DDD) shares ended the week at $47.93.
The Dow started the week of 7/28 at 16,957 and closed at 16,493 on 8/1. The S&P 500 started the week at 1,978 and closed at 1,925. The NASDAQ started the week at 4,451 and closed at 4,353.
Bonds - Treasuries Rise on Disappointing Jobs Report
Treasury prices rose on Friday, August 1 as the July jobs report showed the U.S. added fewer jobs than expected in the month. The jobs report came after news earlier this week showed U.S. gross domestic product increased at a 4% rate during the second quarter.
The Labor Department announced that the U.S. added 209,000 jobs during the month of July, which was the lowest level since March. July’s jobs report also indicated that the unemployment rate rose slightly to 6.2% from 6.1% as labor force participation increased. Wages were unchanged during the month.
During early Friday trading the 10-year note fell six basis points to 2.50%. Yields move inversely to prices, so as yields fall prices rise. The 30-year bond yield declined two basis points to 3.29%.
July’s job numbers were especially disappointing in view of the fact that June saw an increase of 298,000 jobs. Further adding to the disappointment was the fact economists had predicted 230,000 jobs to be added during the month. Revised jobs data for May and June showed that an additional 15,000 jobs were added than previously reported.
“It’s a goldilocks report for an economy that is steadily expanding but not lifting off,” said Mohamed El-Erian, Chief Economic Advisor at Allianz in Newport Beach, California. “It will reinforce for now the Federal Reserve’s commitment to a gradualist policy approach.”
A month ago analysts believed there was a 54% chance that the Federal Reserve will raise its benchmark interest rate to 0.5%. Following the latest jobs report, the odds fell to 48%. However, it still seems likely the Federal Reserve will continue to reduce its monthly pace of bond purchases by $10 billion a month. That means the bond buying program is still on track to end in October.
The 10-year Treasury note yield finished the week of 7/28 at 2.50% while the 30-year Treasury note yield finished the week at 3.30%.
CDs and Mortgages - Interest Rates Relatively Unchanged
Freddie Mac released the results of its latest Primary Mortgage Market Survey (PMMS) on Thursday, July 31. The results show mortgage rates once again remaining relatively unchanged from the prior week.
The 30-year fixed rate mortgage averaged 4.12% this week. This was a slight decrease from last week when the 30-year fixed rate mortgage averaged 4.13%.
This week, the 15-year fixed rate mortgage averaged 3.23%. This was a decrease from last week when the 15-year fixed rate mortgage averaged 3.26%.
Frank Nothaft, Vice President and Chief Economist at Freddie Mac, had this to say about this week’s rates: “Mortgage rates were little changed this week with the 30-year fixed-rate mortgage rate at 4.12%, just a basis point lower from the previous week. Meanwhile, on Wednesday afternoon the yield on the 10-year Treasury surged as data showed gross domestic product for the second quarter at a 4.0% annualized rate, above expectations.”
The money market fund finished the week of 7/28 at 0.4%. The 1-year CD finished at 0.7%.
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