We welcomed Donna & Russell from Carroll Community Bank. To reposition the bank and offer more benefits to customers, or potential customers, Carroll Community Bank is offering a great stock option program, as well as an increase in lending options. Holding stock in local businesses is a great way to stimulate local economy. Everyone’s situation is different and you should also review any stock options with a professional.

It is very important to understand the importance of a community bank. Donna believes that the best part of a community bank, is having customers or investors who live in Carroll County. Their projects and businesses are all local and it is easier to assess and help the situation. Different from a nationwide bank, Carroll Community Bank knows the details of the area and how to grow THIS community. They can also decide what fees they want to inflict on their local consumers. Large companies contemplate fees such as debit card fees and other new fees, branches of nationwide bank have no control over what they must charge. Community banks have more control over decisions that impact customers.

Next week, we welcome our 100^th guest to the Buzz! We are excited to hit this milestone and we will be talking about all of our wonderful past guests.  And we will welcome Commissioner Rothschild as our 100^th guest on the show.

October 16-October 22 is National Saving for Retirement Week! You have got to prepare yourself for the future and there are so many changing uncertain ways, making it more important to be able to retire independently. Its amazing the amount of money that you can accumulate if you plan ahead. Even saving $10 a week, over 40 years, can give you the means to cushion your retirement. There are different stages in retirement to keep in mind and plan for. Having a game plan is always key, know when you are planning on retiring, what do you want to do, where do you want to live, etc. Circumstances always change, but having a plan will put you ahead. Factors like social security, health care coverage and medical needs are something you have to always keep in mind.

Above all else, you want to strive towards financial independence.

 We welcomed Tom Canon to the show to discuss all the details about the upcoming Westminster Fall Fest.  The annual Fall Fest runs from Thursday – Sunday over the last weekend in September each year. It’s a great way to stimulate downtown Westminster’s economy for local businesses, each year, over 40,000 people visit Westminster to attend or be a part of the Fall Fest.

Thursday always features the parade which kicks off the fest. Main Street is lined with spectators and volunteers for the event. Friday is always Midnight Madness for downtown shops, they have huge sales and stay open until 12am for excited shoppers to visit. It’s a great way to draw traffic to locally owned businesses and shops. Saturday and Sunday are the biggest days for the vendors, carnival rides, games and food suppliers/restaurants. Fall Fest is the largest event of the year in Westminster.

This month is life insurance awareness month. It is so important to have sufficient life insurance for you and your family. It is something that many people put off and wait until it is too late. If you do have life insurance, it is also important to annually review your current policy.

Examples of Why It is Important to Get a Policy Review:

1. Make sure you have enough – you can never leave your loved ones with “too much” but you can leave behind a shortage to cover expenses.
2. 1035 exchanges
3. Kill two birds with one stone
4. Update/review health insurance coverage in the process
5. Avoid waiting too long
6. Estate taxes are important to have and understand now

The Economic Development Administrator, Stan Ruchlewicz joined that show to update us how the recession has effected downtown Westminster businesses, how it has NOT affected business and the ways that seem to have saved many small businesses and shops. Stan has been the Administrator of Economic Development for the City of Westminster for the past 10 years, beginning in June of 2001. Mr. Ruchlewicz explained that A LOT has happened in the past 10 years; there have been building added, new businesses that have flourished and also the disappearing of several old businesses.

The purpose of the Office of Economic Development is to promote and enhance the economic growth and development of the City of Westminster. As well as attracting and stimulating new businesses to the area while supporting the retention and expansion of existing employers. We were very curious to inquire about how the current state of the economy has effected local businesses. According to Mr. Ruchlewicz, there has been a mixture of positive and negative changes since the “recession”. For starters, we did lose some long-time, well-known businesses; such as, Locust Books and Houck Florist on Main Street, the large Hallmark store on Englar Road, and various restaurants including, Cactus Willies, Timeout Sports Grille and more. On the other hand, some businesses have gown and even flourished despite the economy’s uncertainties. These businesses have taken advantage of low-cost advertising and media touches through the internet and social networks. They have learned to listen to the needs of the customers and provide good service. That is what helps the many successful businesses in the area “stay afloat”.

Stan also explained how going “above and beyond” in services by offering new and unique services can help tremendously. He gave the example of the fun and inexpensive cooking classes offered by the Italian Deli, Giulianova’s on Main Street has helped bring traffic to the business, but also sets them apart. Being proactive during a recession is the key.

There are a lot of great places to be discovered in Westminster. There are great local restaurants and shopping and it seems like those attractions are doing very well. Stan also explains how city events such as the Annual Flower & Jazz Festival, outdoor concerts and the Fall Fest also bring traffic and interest into the great businesses of Downtown Westminster, which is key in creating a successful community.

Five Things to Remember as You Begin to Grow Older

1. At some point, you will not be able to do the same things as well as you once did. Example: Driving. There are many factors that can affect your ability to drive when you reach a certain age or condition.
2. Your hearing ability may change. Do something about it. Many people are reluctant to acknowledge this and they may put themselves in danger or miss something important.
3. There may come a time when you cannot take care of your own needs. Be prepared for the need and cost of custodial care.
4. Some people want to help you, some people want to hurt you. There are many people out there who seek to take advantage of the elderly. Find people that you trust to take care of you, your finances and your possessions.
5. Be prepared financially. Don’t want until its too long to have a retirement plan to have income once you are no longer working.  

April 6^th, 2011

Segment I Guest: Jay Merwin, Estate Planning Attorney Bowie & Jensen

Segment II Topics: Top 10 Strangest Last Will & Testaments/Top Industries That Will Be Affected by NFL Lockout

Jay Merwin, an estate attorney at Bowie & Jensen explained the importance having of an updated will, designating power of attorney and creating a living will.  A will is something everyone should have to document you wishes in case of your death. Having a power of attorney gives authorization to someone you trust to act on your behalf in a legal or business matter, in case you are unable to do so. A living will includes instructions given by individuals specifying what healthcare actions should take place in the event that they are no longer able to make decisions due to illness or incapacity, a person is appointed to make such decisions on their behalf. These are all important precautions to take. Many people are reluctant to go through the process of estate planning. It is very important to do so and have your wills and other documents up to date. Don’t wait until you make your next big trip or make sure you will is updated, death or serious injuries are more likely to occur in every day travels than just on an airplane. Prepare yourself and your family before it’s too late. Even though it may be difficult to think about or discuss with your family, it is crucial to have these legal documents established. Young families need to remember that having a will also determines where your children will go if something were to happen to you and the other parent without the need of the court system. It is also important to title your assets correctly so that you funds are given to the places you want them to. This is an important reason why it is best to go to a lawyer to create your will and assist you with other important legal decisions. They can guide you through the process correctly and ensure that you are in good standing.

Beneficiary designations are important to be updated from time to time, especially after major life events such as, marriage, divorce, birth of children, etc.  Non-probate assets such as 401k policies, life insurance policies are instruments that need correct beneficiaries, but are not included in a will. Having an estate plan created for you allows them all of these instruments to flow and work together.

Powers of Attorney come into play immediately upon signing or upon any type of disability. Spouses usually name each other in order to sign for the other. But typically, powers of attorney are given when an individual is unable to voice their opinion or make decisions for their assets.

Recent change in the law was required because of a recent case where a person’s trustee stole assets, so a ramification was made to limit the duties and hold accountability. This will help prevent mishandling of assets by the person appointed as power of attorney.

Living Trusts are often stated in an individuals will name in case of death. Or it can be instated if a person is ill and does not want to handle their personal finances. This is transfer some or all of his property to a trustee, who holds that trust property for the benefit of the beneficiaries. The trustee has legal title to the trust property, but the beneficiaries have equitable title to the trust property. Appointing a trust for a vacation home or property that is a distance away from your residence is also an option, so they represent you if a decision needs to be made and you are unable to physically be there.

A Pet Trust ensures that your pet will be cared for in case of your death, you can name the person that you would like to look after your loved pet. 

Estate planning is an important part of financial planning to ensure that all your assets are set up properly, which is something that we work with regularly at Aquino & Wolpoff Financial Group, LLC. Knowing and understanding changes in laws and regulations is important. We can answer questions about these issues.

10 Strange Will and Testaments

1. Harry Houdini: Known master escapee and daredevil passed away in 1926 on Halloween. He promised his wife, Bess that he would contact her in the afterlife, using a pre planned ten digit secret message that only she would know. His last will and testament stated that a séance should be held each anniversary of his death.
2. Gene Roddenberry: The creator of Star Trek included instructions to have his ashes scattered via space satellite orbiting Earth in his last will & testament. The act was carried out in 1997.
3. Charles Vance Miller: Bequeathed a large sum up for grabs to any Toronto woman who could produce the most offspring in the decade following his death. Four winners emerged in a tie for nine children; each receiving about $125, 000. This wish became known as the “Great Stork Derby”.
4. Leona Helmsley: A real estate investor and hotel owner that was dubbed “The Queen of Mean” established a $12 million trust to her Maltese dog in her last will and testament. This was later overruled and reduced to $2 million dollars by a judge and the remaining balance was split between her two grandsons, on the condition that they visited their grandfather’s grave each year. 
5.  Eleanor Ritchey: The heiress to the Quaker State Refining Corporation left $14 million to her 150 stray dogs. When the last dog dies, the remainder was to go to Auburn University Research Foundation to research canine disease. 
6. Nina Wang: The richest woman in Asia left her entire estate valued at $12.8 billion to a charity that she and her late husband founded in 1988. After her death, her lover, Tony Chan, a fortune teller, married man and “opportunist” forged a fake will in the attempt to claim her fortune.
7. Dusty Springfield: The British singer, known for hits such as, “I Will Follow Him” made her cat priority in her last will and testament. Instructions stated that the cat was to be fed imported baby food and serenaded with Springfield’s songs. Additionally, the singer also arranged for the car to marry his new guardian’s pet cat.

Six Industries That Will by Hurt by the NFL Lockout:

1.       Beer & Beverage Industry (NFL official sponsor)

2.       Television Networks (Primarily, Direct TV because of the loss of their NFL Package)

3.       Vendors, Souvenirs & Tourism

4.       Video Games

5.       Food Industry

6.       Sporting Goods