Meet the Experts
September 20, 2017
More than 70 members of The McCallen and Loughlin Societies and other alumni gathered at the Manhasset Bay Yacht Club to learn how to most efficiently plan their estates on September 13, 2017.
The panel was comprised of professional alumni and other authorities in the fields of trusts and estates, funeral services, elder law, and financial planning. Panelists included James J. McTiernan ’80CBA, Vice President, BNY Mellon Wealth Management; Joann T. Palumbo, J.D., Counsel, Tarter Krinsky & Drogin LLP; Gregory J. Pond ’80C, ’83L, Partner, Certilman Balin Adler & Hyman LLP; and Joseph M. Velotti, Funeral Director, Roslyn Heights Funeral Home.
John P. Clarke ’55CBA, ’57L, Attorney and longtime St. John’s Professor, The Peter J. Tobin College of Business, moderated the discussion. This is an annual event organized by the Office of Gift Planning.
Many people overlook the importance of funeral preplanning. Mr. Velotti spoke about the prepayment plan service his funeral home provides, which can protect his clients’ families from future price inflation.
Another topic that is much debated is that of living trusts. Mr. Pond and Ms. Palumbo spoke about the popularity of living trust and compared them to wills. They both agreed that while they are beneficial for those with particular needs, they are not for everyone.
“The typical testator without unusual family circumstances is better served with a will, which does not require the lifetime transfer of property into the trust,” Professor Clarke said. “It was noted that many people who set up such trusts often failed to transfer all of their property, resulting in the necessity of having a will requiring probate anyway.”
Professor Clarke also talked about individual retirement accounts (IRA). He noted that they contain income that had never previously been taxed and can be a beneficial way of giving to a charity.
“The now permanent ability to transfer up to $100,000 to a charity from an IRA each year can pose a significant income tax saving for many taxpayers,” Professor Clarke said.
Lisa Velotti ’86CBA, wife of Joseph Velotti, was clear on why she attended. “I feel that the camaraderie that St. John’s builds through the Alumni Association is second to none.”
Rudolph Funke ’66CBA, ’69L, a member of the McCallen and Loughlin Societies, attends every year. “I find the presentations interesting and they give me food for thought,” Mr. Funke said. “I think my estate plan is pretty well in order, but you never know what tips you can pick up.”
Ms. Palumbo has kept close ties to the University for many years, as her late husband, John J. Maggio, M.D. '64C was an alumnus and member of The McCallen Society. She also belongs to The McCallen Society.
“I think if you can support the school in a visible way, it is helpful to encourage other alumni to give, either during their lifetimes or in their wills,” Ms. Palumbo said.