October 02, 2012
At a recent Meet the Experts seminar sponsored by the Office of
Gift Planning, alumni and friends of St. John’s University received
valuable advice from experienced practitioners in the fields of tax
preparation, law, estate planning and wealth management. The
continued economic instability and the ever-changing tax laws make
it important than ever to seek the advice of knowledgeable
professionals before making any decisions.
Photo gallery
All panelists were St. John’s alumni, adding a personal touch to
their presentations.
“Just as in life in general, everyone needs to have a plan for
their finances,” noted CPA Daniel Carbonella ’04TCB, ’05MBA. “You
don’t want to lose all of your savings through taxes, so you need
to be ready and plan ahead. The best thing to do is sit down with
an expert, or even with multiple experts, to get different
opinions. It’s really a team approach, and it’s good to hear many
different perspectives. That’s what will get you and keep you on
the right track.”
Although finding and consulting the right experts can seem like a
daunting task at first, the panelists were quick to point out that
the initial investment of time to assemble the right team is the
most important first step towards protecting current and future
assets. They stressed that the effort should be thought of as a
current commitment designed to pay dividends in the future.
“The
human factor is one of the most critical aspects of selecting a
financial planning professional,” said John Ceparano ’85CBA, a
Private Wealth Manager. “You need to remember to take the time to
be certain that these people are looking out for your best
interests. You should look for people who are really working for
what we call ‘Fee Only’. That means that they have to take a
fiduciary oath in order to look out for your best interests all the
time. Everything needs to be taken into consideration – their
expertise, their credentials and their ability to
communicate.”
While estate and financial planning are important for everyone, it
becomes particularly necessary as people grow older and begin
confronting the realities of advancing age. Changes in the tax laws
may leave the elderly vulnerable if they do not actively remain
aware of the most up-to-date information available.
For Mary Giordano ’81L, an Attorney specializing in elder law,
encouraging a client to take appropriate action while still in good
health is a primary concern in her interactions with the
elderly.
“People today have a lot of access to the information
necessary to create a beneficial estate plan,” she acknowledged,
“but many times, people hear the information and then don’t want to
take action. Everyone needs a power of attorney and healthcare
proxy, and many people still don’t have them. They’ll come and say
that they heard me speak at a seminar 10 years ago and now they’re
ready to do what was recommended. Every area of elder law and
estate planning rules seem to change annually, so if people don’t
have the most accurate information, they won’t be able to make the
decisions that are in their best interests while they’re still able
to do so.”
One of the most important pieces of advice stressed by each of the
panelists was their concern that too many people underestimate the
value of their estate, believing that the terms “estate planning”
and “wealth management” only apply to the very rich. They reminded
everyone that even within the current economic downturn, many
assets continue to increase to the point where estate taxes could
significantly reduce what could otherwise be handed down to a
person’s heirs.
“With real estate being worth what it is, even in the current
market, and everything being added together – things like life
insurance, pensions, savings accounts, stocks and bonds – it all
adds to the pot that the Internal Revenue Service and the state
will look at to determine whether or not an estate tax is due,”
said Gerard Wrynn ’85CBA, ’87L. “It doesn’t take much before you
get to a point where you have to be concerned about estate taxes.
After leaving a seminar like this, the first thing that a person
needs to do is take stock. Make sure that you have a complete
inventory of everything that you own, regardless of the source. It
all has an impact on your estate plan, and you need to pay
attention to it.”
Those in attendance were grateful to St. John’s for
providing an opportunity to learn what they should be doing to
ensure financial security for themselves and their loved ones. They
acknowledged that, for a variety of reasons, estate planning had
recently assumed a greater importance in their lives, and indicated
that they would be following-up and taking action based upon the
information provided by the panelists.
“For the first three-quarters of my life, I’ve pushed thoughts of
estate planning to the back of my mind, but the older I get it
seems to be coming more and more to the front and assuming a
priority that wasn’t there before,” remarked Harry Beeth
’67CBA,’70MBA. “This is an opportunity to get free advice,
something that doesn’t happen very often. I was very blessed in my
business career and I give St. John’s a lot of credit for giving me
the start. St. John’s has been a part of my life for so many years,
and it’s good to be back here today. “
The seminar came at the perfect time for Kathleen LaVache ’74Ed.
Since retiring a year ago, she is re-evaluating her assets and
looking at her financial future from a perspective somewhat
different from the one she was familiar with as a working
professional.
“I probably needed a seminar like this awhile ago,” she said. “I
have some investments and hopefully it’s not too late for me to
decide what I need to do in the future. This is the first time that
I’ve really thought about estate planning in a formal way. Coming
here today is a great opportunity for me to learn some things that
I didn’t know and make some plans for the future so that my money
will not run out before I do. And of course, coming to events at
St. John’s is like coming back home.”