Table of Contents - Connecticut Funeral Directors Association

ssociate
A
the
CFDA
Publication of the Connecticut Funeral Directors Association, Inc.
Est. 1889
July/August 2016
Volume 49 • No.4
Table of Contents
Volume 49 • No. 3
Page 3
See You in September . . .
by CFDA Executive Director
John F. Cascio
Page 4
Lifting and Moving the Dead
Helpful Tips for Preventing Injury
Page 6
Change is Here:
Prepare for the Future
by Howard K. Hill, cfsp, cpc, cco
2016 CFDA President
Page 8
CFDA Update
The Power of Mentors
NFDA 2016 Elections
In Memoriam
Page 10
NFDA Update
Labor Department’s New Overtime
Regulations Take Effect December 1
New House Legislation Would
Extend Funeral Fule to Cemeteries, Crematories and Third-Party
Retailers
Page 12
Reminder: Priority Mail Express for Shipping Cremated Remains
Don’t Miss One of These this Summer!
Sunset at Saybrook.
Page 14
How Long to Retain Funeral
Home Documents
Page 16
CFD-PAC • Our Voice in Hartford
and Washington
Page 22
Tips of the Day
TJB Financial Services Benefits
to CFDA Members, Part 3
by Timothy Bourdon, President
TJB Financial Services, Inc.
2016 CFDA Calendar
CFDA
Scholarship
Tournament
Monday, September 26, 2016
Wethersfield Country Club
October 23-26NFDA Annual Convention,
Philadelphia, PA
December 1 CFDA Annual Meeting,
Radisson Hotel, Cromwell
Our website: www.ctfda.org
Our email address: [email protected]
the Associate
CFDA Mission Statement
To advance the profession of funeral service
in Connecticut through Public Awareness,
Education, Advocacy and High Ethical
Standards.
Publication of the Connecticut
Funeral Directors Association, Inc.
364 Silas Deane Highway, Wethersfield, CT 06109
phone (860) 721-0234
John F. Cascio, editor, executive director
fax (860) 257-3617
Noelle Frechette, administrative assistant
website: www.ctfda.org
Beverly Matthews, graphic design, production, photography
email: [email protected]
member services, [email protected]
2016 CFDA Officers
President Howard K. Hill, cfsp, cpc, cco
Howard K. Hill Funeral Services
Hartford, CT (860) 247-8793
New Haven, CT (203) 624-4477
[email protected]
Vice President Robert L. Muccino, cpc
Funk Funeral Home
Bristol, CT
(860) 583-4107
[email protected]
Treasurer Matthew R. Adzima
Adzima Funeral Home, Inc.
Stratford, CT
(203) 375-2200
[email protected]
Secretary Edward J. Sheehy, Jr., cfsp, cpc
Riverview Funeral Home
Shelton, CT
(203) 924-6800
[email protected]
Past President Stephen M. King, cfsp
Mystic Funeral Home
Mystic, CT
(860) 536-2888
[email protected]
Policy Board Representative
Pasquale S. Folino, cfsp
Thomas L. Neilan & Sons,
New London, CT (860) 443-1871
East Lyme Funeral Home,
Niantic, CT (860) 739-6112
[email protected]
Executive Committee
Rebecca C. Lautenslager
Shaughnessey-Banks Funeral Home
Fairfield, CT
(203) 225-1031
[email protected]
John “Jay” C. Carmon, Jr. cpc
Carmon Funeral Homes
Windsor, CT
(860) 688-2200
[email protected]
David W. MacDonald
Wallingford Funeral Home
Wallingford, CT
(203) 269-7777
[email protected]
Jacqueline L. Teske
Pietras Family Funeral Homes
Rockville, CT
(860) 875-0703
[email protected]
Legal Counsel
John P. McHugh, Esq.
Cranmore, Fitzgerald & Meaney
2
Media and Public Relations
Laura Soll Public Relations, LLC
by John F. Cascio, CFDA Executive Director
Those of you who are “of a certain age”
are probably humming that song from
1966 by The Happenings. The rest of you
can “Google” it and enjoy.
However, summer is a good time to review the first half of our year. CFDA has
been very active in recent months and now
that we have awarded our annual scholarships, celebrated the longevity of our membership, appreciated the work and results of
our Lobbyist Mike Dugan, CFDA Legislative Co-Chairs Randy Molloy and Nicole
Paquette, the CFDA Legislative Committee and Attorney John McHugh for their
efforts with the increase in the Irrevocable
Cap and testimony before hearings on the
Indigent Burial Expenses, I think we deserve a little down time.
For more information on the CFDA
Legislative Update go to our website and read the article in the Legislative Section of the Resource Guide
or see it on page 12 of the May/June
issue of The Associate.
Albert M. DeLucia (Alternate)
Porto Funeral Home
West Haven, CT
(203) 934-5000
East Haven, CT
(203) 467-3000
[email protected]
CFDA Support Team Call CFDA Office for contact information
Lobbyist
Michael Dugan
Capitol Consulting, LLC
“See You in September” . . .
Trust Advisors
Victor Chigas, Chris Chigas or V.J. Chigas
Access Financial Group/ITS
State Board of Examiners for Embalmers &
Funeral Directors:
Darrell L. McClam, Embalmer, Chairperson
Gerald Bosak, Jr., Embalmer
Frank W. Carmon, IV, Embalmer
Agnes M. Pier (Public Member)
Ed Sheehy, Pasquale Folino and I have
just returned from a busy and informative NFDA Leadership Conference in Las
Vegas. And now we must look forward to
the last days of summer when the priorities
are walking on the beach, grilling burgers
July/August 2016
and hot dogs, spending time
with our families and dreading
the fact that before we know it
. . . well, you know what comes
next . . . September!
I do hope you will take advantage of your opportunity
to vote for the NFDA officers
during August. It is a first and
an opportunity to have your
say in the NFDA election.
We will continue our work
with the Departments of Public Health, Consumer Protection and Social Services. In the fall we will
most likely have fundraisers for both the
Democratic and Republican caucuses and
you will certainly be asked for a PAC contribution. Representatives from both parties have supported our legislative efforts
and this is the best way to continue this
important connection.
So, please peruse this issue of The Associate. Then if it’s sunny out find some sunscreen, a beach umbrella or a shade tree.
If it rains – go see that blockbuster movie
you and your kids (or just you)have been
wanting to see. In spite of that back-toschool commercial, Summer is The Most
Wonderful Time of the Year! Beachcombing, Tennis, Camping, Grilling, Sitting by
the Pool, Reading, Writing. It’s your time
and your choice.
And, of course, you can spend some
time getting ready for the Annual Scholarship Golf Tournament on Monday, September 26th at the Wethersfield Country Club. It makes the end of summer a
bit more palitable.
Get your foursome together!!
— John
Respecting Our Past With A Vision For The Future
3
Lifting and Moving the Dead
Helpful
Tips for
Preventing
Injury
Caring for the dead necessitates lifting or
helping move them. Compared to objects
lifted or moved in traditional or industrial settings, the body is generally heavier,
more delicate and awkward to handle. Also,
the center of gravity can change during the
handling activity. This can suddenly put a
funeral director in an awkward posture or
position and require them to make more
forceful exertions.
Back injuries can have a long-lasting effect on your funeral home. A back injury to
a key employee could require a change in
your operation.
WHAT CONTRIBUTES TO BACK INJURIES?
Lifting or moving the dead requires the interaction of the funeral director, the individual being moved, the equipment used, and the
work environment. There are a great variety of
activities involved, including:
• Manual lifting
• Laterally transferring between two horizontal surfaces
• Repositioning furniture in a home to remove the body
• Manipulating extremities
• Dressing and casketing
• And who can forget those dreaded stairs!
4
Repeated bending, twisting, reaching or
holding prolonged fixed positions can contribute to injuries of the neck, shoulder and back.
Bending the back forward when lifting places
great loads on the muscles, discs, and ligaments
of the lower back.
One of the most damaging activities is
to bend, reach out and lift, and then twist while
raising the trunk. The ligaments of the back do
not support twisting movements very well, especially when the back is bent forward.
As pressures on the discs in the lower
back increase, the center or nucleus of the disc
is forced backwards. If the disc bulges or ruptures, this can damage the surrounding nerves.
the correct height (i.e., between the waist
and shoulders)
•Make sure brakes hold properly and
apply them firmly on gurneys
• Use upright, neutral working postures and
proper body mechanics
• Bend your legs, not your back. Use your
legs to do the work
• Do not twist when turning. Pick up your
feed and pivot your whole body in the direction of the move
FOOTWARE
The appropriate footwear can also provide
good traction to help prevent slips or falls and
cushioning when standing or walking for long
periods on hard surfaces.
GURNEYS
Make sure your transport gurneys are easy to
steer as well as easy to adjust (e.g., can easily
raise or lower). Also, controls that allow upright, neutral working posture (e.g., easy to
reach without bending or reaching).
PREP ROOM TIPS
1.Try to have storage shelves located between waist and shoulder height in your
office or prep room
2.Have sufficient and accessible storage for
hoists and other assist equipment and devices
TRAINING
Effective training is an important part of
trying to reduce or prevent injuries at your
funeral home as the tips mentioned above.
Keep in mind that training is not effective at
reducing injuries unless it:
•
Includes education and hands-on
practice
• Allows feedback
•Requires that employees demonstrate
the skills learned in a competency
evaluation
• Is systematically reinforced by retraining
Finally, remember that for training to be
successful at reducing employee injuries, your
funeral home should strive to provide support
and workers must practice the skills on a daily
basis during work activities.
GENERAL TIPS TO PREVENT INJURY
• Know your own limits and do not exceed
them
• Assess before lifting or moving a body
• Eliminate or reduce manual lifting whenever possible
•Use assist devices or equipment when
available or appropriate
• Get co-workers to help as much as possible by giving them clear, simple instructions with adequate time for response
• Mentally plan and prepare (e.g., consider
obstructions; clear out paths)
• Use (or modify) surfaces to keep work
tasks, equipment and supplies close and at
The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
5
A Message from the President
Howard K. Hill, cfsp, cpc, cco
Change is Here:
Prepare for the Future
Now more than ever we must take the time to educate ourselves as Funeral Home Directors and stay
ahead of market trends to ensure that we remain
competitive. The reality of conducting business differently is here and in order to stay relevant in this
business, we must relate to our families.
Using standard marketing plans and approaches
of even four years ago are no longer a viable option
due to the rise in cremations, changes in irrevocable
trusts and other major changes in how we do business. Thus, we need to invest individually in our businesses and the communities we
serve. A friend and advocate is someone you know and trust.
Our families are at a time in their lives where they need to trust and believe that
we will do everything in our power to provide quality care and services. In order to
trust our organization, families, individuals and our community need to have a relationship with us.
Ask yourself if your organization is connected to the community? In what ways
are we differentiating ourselves? What is our value to the community beyond funeral
services? and finally, how are we educating families about the need to pre-plan?
We need to motivate families to plan ahead and do all we can to create a messaging campaign that speaks directly to their need. It is also vital to educate individuals
and families about their options and to adapt our methodology to the needs of the
marketplace.
Here are just a few suggestions to optimize your marketing dollars:
1) Share your success stories
2) Know legislation regulating your industry
3) Use online marketing tools to capture a wider market
4) Provide services to the community that are needed
5) Conduct ongoing assessment of the needs of your target market and facilitate
direct marketing to that area.
The time to adjust is now as we look to not only sustain are place in the market but
innovate how we respond to change. Keep in mind that our family’s needs are what
matters most as we look for ways to make a tangible difference. As a subject matter
expert, we must be savvy and set the standard for excellence.
— Howard K. Hill
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The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
7
Update...
CFDA
The Power of Mentors
Everybody needs a mentor — students, doctors, farmers, lawyers, mothers, fathers, presidents, actors, musicians . . . even funeral directors. But when you ask most people if they’re
willing to be a mentor or find a mentor, most
often the response is that they have no idea how
to do it or what is involved.
So here’s a brief “Mentor 101” for those interested in being mentored or who want to mentor
a just-starting-out professional.
Mentoring is a professional activity, a trusted relationship and a meaningful commitment.
The origins of mentoring can be traced back
to ancient Greece as a technique to impart to
young men important social, spiritual and personal values. In the Deep South, young ladies
were sent to “finishing schools,” but in fact, they
were sent to be mentored in the social graces.
Mentoring as we know it today is loosely
modeled on the historical veteran craftsman/
apprentice relationship, where young people
learned a trade by shadowing the master artisan.
In the mid-’70s, corporate America redefined
mentoring as a career development strategy.
Mentoring relationships range from loose,
informal kinship where a mentee learns by observation and example, to structured, formal
agreements between expert and novices where
NFDA 2016 Elections
For the first time in the history of NFDA,
members will elect their national officers this
year!
Get ready to cast your vote online for NFDA
Officers August 1-31, 2016!
• Check out the candidates at www.nfda.org/
elections.
• Verify unique email addresses for yourself and
each licensed funeral director at your firm by
visiting “My Profile” on nfda.org.
• Need to make an update to your email address?
Call member services at 800 228-6332.
Watch for emails for more details about the
election in the next few weeks!
8
each develops professionally through the twoway transfer of experience and prospective.
Whether the relationship is formal or informal, the goal of mentoring is to provide career
advice as well as professional and personal enrichment. For this reason, we define a mentoring relationship as helping and supporting
people to “manage their own learning so they
can maximize their professional development,
improve their performance and become the
professional and the person they want to be.”
Few organizations—mortuary colleges to
corporate funeral home owners and independent firms—dedicate the time and resources
required to offer formal mentoring programs
to their students/employees. While popular
books on leadership typically include a chapter
on mentoring, you cannot learn to be a mentor or mentee by reading a book or following
cookie-cutter leadership advice. One size does
not fit all.
Why? Because every mentee has different
strengths, and every mentor has different skills
and experiences.
Set Clear Goals
An essential first step in a successful mentoring relationship is for both the mentor and
mentee to identify, define and honestly articulate their common and individual goals and
motives.
In Memoriam
Walter J. Binkowski
July 2, 2016
Father of Robert Binkowski
State Inspector
Joseph “Poppy” Corona
July 4, 2016
Father of Joe Corona
Prospect Memorial Funeral Home
The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
9
NFDAUpdate...
Labor Department’s New Overtime
Regulations Take Effect December 1
Last year, the US Department of Labor solicited comments regarding its proposed changes
in overtime rules that would substantially increase the number of workers who would be
eligible to receive overtime pay. These are the
basic provisions of the final regulations that go
into effect on December 1, 2016.
1. Salary threshold changed to $913/week
($47,476 per year).
This threshold doubles the current salary
threshold level of $23,660. While this level is
slightly lower than the threshold in the proposed rule of $50,440, it still covers many employees who are currently classified as exempt.
2. Automatic salary threshold increases
every three years (not annually) to maintain
level at 40th percentile in lowest-wage census region.
The DOL reduced the frequency of the automatic increases in response to concerns raised
by many commenters, including the ICCFA.
Instead of annual increases as originally proposed, the threshold will be adjusted every
three years to maintain the level at the 40th
percentile of full-time salaried workers in the
lowest-wage census region.
3. Duties test is unchanged.
The decision by DOL not to change the
“duties test” is an important concession to the
concerns of small businesses. No changes have
been made in the “duties test” as the result of
comments by many organizations.
4. Effective date is December 1, 2016.
In another concession, the DOL extended
the usual 60-day deadline for compliance to
December 1, 2016. However, CFDA members
should review their current workforce immediately to determine which employees are affected, whether to reclassify those employees from
exempt to non-exempt.
For more information
on this topic go to our website
at www.ctfda.org.
The article by NFDA Legal
Counsel, T. Scott Gilligan.
is on the Home Page under
“What’s New.”
New House Legislation Would Extend Funeral Rule
to Cemeteries, Crematories and Third-Party Retailers
In May, Rep. Bobby Rush (D-IL) introduced
the Bereaved Consumer’s Bill of Rights Act of
2016 into the House. This bill, H.R. 5212, is
similar to legislation that Rush proposed in
2009-10 and that was reported favorably out
of the Energy and Commerce Committee but
was not called up for a floor vote. The current
bill is virtually identical to the previous legislation.
Specifically, H.R. 5212 requires the Federal Trade Commission (FTC) to establish rules
requiring written price disclosures by all sell-
10
ers of funeral goods or funeral services. Additional requirements for cemeteries include
record-keeping of burials, sales of interment
rights and related matters.
The bill also extends the jurisdiction of the
FTC to include nonprofit cemeteries, except
those owned by religious organizations.
However, this exemption does not apply if
the religious cemetery is managed by or affiliated with a for-profit provider of funeral goods
or services.
The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
11
Reminder: Priority Mail Express
for Shipping Cremated Remains
Whether you’re shipping cremated remains domestically or internationally, the
United States Postal Service (USPS) reminds you that you may only use Priority
Mail Express. The specific policy from the USPS is outlined below.
451.22 cremated remains
The following applies when mailing cremated
remains (ashes):
a. Domestic: permitted for cremated human or
animal remains only when sent via priority
mail express service. The identity of the contents should be marked “cremated remains”
(label 139 preferred) on the address side of the
mailpiece. The item must be packaged as required in 451.3b and packaging instruction
10b.
b.International: when permitted by country, cremated remains may only be sent via priority mail
express international service. Cremated remains and the class of service must be available to the destination country. The contents must be indicated on the applicable customs declaration form. Label
139, cremated remains, may optionally be applied to the address side of the mailpiece. The item must
be packaged as required in 451.3b and packaging instruction 10b.
451.3 packaging and marking
The following conditions apply:
a.Powders and cremated remains. Dry materials that could cause damage, discomfort, destruction, or
soiling upon escape (leakage) must be packed in siftproof containers or other containers that are sealed
in durable siftproof outer containers.
CFDA Scholarship Golf Tournament
Monday, September 26th
Wethersfield Country Club
Download the Registration
Form at www.ctfda.org
12
The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
13
How Long to Retain Funeral
Home Documents
Treat Yourself as You Treat Your Families
You offer your families your in-depth knowledge and
support in finding out what best suits their individual needs.
by T. Scott Gilligan, NFDA General Council
I.
14
At TJB Financial Services, Inc.,
we also believe that our
clients’ needs come first.
Our Goal: To help you feel comfortable
seeking help with your financial goals,
and to assist you in a knowledgeable,
courteous, and professional manner.
Funeral Service Documents
a. Copies of Death Certificates— 6 years
b. Price Lists— 6 years after date of last
distribution to customer
c. Statement of Funeral Goods and
Service Selected—6 years from date of
arrangements conference
d. Pre-need Contracts — 6 years
II.
OSHA Documents
a. Formaldehyde Monitoring Records
—30 years
b. Employee OSHA Training Records
—3 years
c. Employee Medical Records —30 years
(after last date of employment)
III.
Personnel Records
a. Wage and Hour Logs— 3 years
b. Personnel Decision (Hire/Fire)
—2 years
c. Payroll Records— 6 years
IV.
Accounting Documents
a. Bank Statements and Deposit Slips
— 6 years
b. Checks—6 years
c. Expense Reports —4 years
(after date tax return is filed)
d. Monthly Trial Balances—3 years
e. Vouchers for Payment to Vendors,
Employees, etc.—3 years
f. Subsidiary Ledger Including Payables
and Receivables—6 years
g. Audit Reports and Financial
Statements—Permanent
h. General Ledgers and Journals —
Permanent
i. Tax Returns—Permanent
V.
Insurance Documents
a. Accident Report—6 years
b. Fire Inspection Report—6 years
c.Group Disability Records—6 years
d. Safety Report—6 years
e. Claims (after settlement)—3 years
f. Expired Policies—3 years
TJB Financial Services, Inc. and the CFDA
VI.
Corporate Records
a. Bylaws, Charter and Minute Books
—Permanent
b. Capital Stock and Bond Records
—Permanent
c. Checks Regarding Taxes, Property and
Fulfillment of Major Contracts—
Permanent
d.Contracts and Agreements—
Permanent
e. Copyright and Trademark
Registrations—Permanent
f. Deeds and Easements—Permanent
g. Labor Contracts—Permanent
h. Patents—Permanent
i. Retirement and Pension Records—
Permanent
j. Tax Returns, supporting documents
—Permanent
k. Expired Mortgages, Notes, Leases—
6 years
VII.Correspondence
a. License, Traffic and Purchase—1 year
b. General—3 years
c. Legal and Tax—6 years
VII.Other Records
a. Shipping and Receiving—1 year
b. Purchasing and Sales—7 years
The Associate
We are proud to be the Preferred Provider of Financial Services
to the Connecticut Funeral Directors Association and its Members.
“Specializing in working with funeral homes
and the families they serve.”
Tim Bourdon and Bob Havens were awarded the Five Star Professional Wealth
ManagersSM Award for 2015. They are both multi-year recipients.
Based on 10 objective eligibility and evaluation criteria including:
as an active credentialed financial professional, favorable regulatory
and complaint history, fulfillment of firm’s internal review, accepts new
clients, meets client retention rates, client assets administered, number
of client households, education and professional designations.The award
is not indicative of the wealth managers’ future performance. For more information please visit
www.fivestarprofessional.com. Approximately 20% of the award candidates in Connecticut
were named 2015 Five Star Wealth Managers.
Main Office: 9 School Street, Suite 6, P.O. Box 1020, East Granby, CT 06026
www.TJBFinc.com • (860) 844-0300 • Toll Free: 1-877-573-2226
Branch Offices: 18 Main Street, Ellington, CT 06029
110 Washington Avenue, North Haven, CT 06473 • (203) 936-7125
Securities and advisory services offered through Commonwealth
Financial Network, member FINRA/SiPC, a Registered Investment Adviser.
Fixed insurance products and services offered through TJB Financial Services, Inc.
are separate and unrelated to Commonwealth.
July/August 2016
Respecting Our Past With A Vision For The Future
15
UUUUUUU 2016
CFD-PAC
O V
H
ur oice in artford
and Washington
It Only Works If Everyone Participates
John C. Carmon
Richard P. Holmes
Morton L. Weinstein
Gold Club, Contributions of $500 to $750
Tim M. Cook
Robert R. Fournier, Jr.
Jeffrey S. Klarman
David T. Warren
Matthew R. Adzima
John C. Carmon, Jr.
Howard M. Holmes
Carl J. Miller, III
Cyril F. Mullins, II
Christopher E. Ryan, Sr.
Silver Club, Contributions of $250 to $499
Gerald S. Baxter, Sr.
JoAnn Brennan
Ronald & Leena Charron
Christopher J. Duhaime
John P. Klarman
David W. MacDonald
Richard J. Miller
William R. Molloy
Holly Mullins-Hart
Michele M. Parente
George F. Sullivan, III
Thomas F. Tierney
Glenn Blumenstein
John F. Cascio
Robert C. Havens (S)
Lissa Lovetere-Stone
Robert
L. Muccino
Bronze Club, Contributions of $50 to $249
Timothy J. Bourdon (S)
B. Patrick Callahan
Albert M. DeLucia
Clement L. DeLucia
Joseph R. Introvigne, Sr.
Kevin M. Lesko
Teresa C. McCall
James A. Mengacci
Edward J. Sheehy, Jr.
Total as of August 2016 - $9,550.00
The CFD-PAC helps us keep members of the General Assembly who support our state interests in office. Virtually every other professional group in the country is trying to do the same thing, and their interests may be very
different than ours.
Associations and corporations are prohibited by law from making state campaign contributions.
All CFDA contributions to political campaigns are derived exclusively from personal CFD PAC contributions.
Contributions to the CFD PAC are used to support candidates running for the State Senate and House of Representatives.
Together, we send these important messages to the State of Connecticut:
• CFDA is sustained by a politically aware and active membership base.
• We hold our elected officials accountable for their actions.
• We are active participants in the election process.
• We appreciate the great volunteers who serve on the Legislative and PAC Committees.
• We thank our lobbyist, attorney and staff for all their hard work and efforts.
All contributions are voluntary and are not a condition for CFDA membership. The amounts listed are merely
guidelines. You may contribute more or less without concern of reprisal.
Note: State Election Committee regulations prohibit CFD-PAC from accepting contributions from your funeral
firm. Personal Checks only, made payable to CFD-PAC are acceptable.
(S) indicates suppliers
16
The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
17
Enjoy the Rest
of the
Summer!
18
The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
19
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The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
21
Tips of the Day
Presented by Timothy Bourdon,
President, TJB Financial Services, Inc.
TJB Financial Services Benefits to CFDA Members
The topic of our third in a series of helping families navigate through the twelve months
following the loss of a loved one deals with the often times incorrect assumption that an
attorney “can take care of everything.” You probably have heard this many times yourself
when asking someone who has recently lost a loved one, if they need help of any kind.
Right off the top, we as a financial services firm, strongly recommend the families we work
with consult with an attorney, and get their input on legal matters that only an attorney can
provide. For the most part this often includes the probate process, and estate tax planning
issues. We encourage families to allow us to work with their attorney, as a part of their professional team, which by the way also usually includes an accountant.
Timothy J. Bourdon
Specifically, one of the issues we have seen when only an attorney is consulted is the completion and submission of claims forms. The most important step of filing claims is not the
process itself, but more importantly how to maximize the benefit to the beneficiary. The
attorney may have no problem with the claim filing process, but may not be well versed in
the financial impact a claim could have, regarding the financial outcome of the claim itself.
For instance, if annuities are involved in the claim process, attorneys are not always familiar with the nuances of various annuities, as there are many, and a necessary part of what we
deal with as financial advisors. Some annuities, for instance, may have extensive guaranteed
income riders connected to them, and submitting a claim for the value of the annuity when
someone passes, may wipe out a guarantee that has been built up inside the annuity that
would payout much more than the value of the annuity. This could deprive the beneficiaries
of thousands of extra dollars due to them.
Robert C. Havens
TBJ Financial
Services, Inc.
“The Preferred
Provider of
Financial Services
for The CFDA
and its Members”
22
Another important factor a family should consider is, if they seek the advice of an attorney, what type of an attorney can best help them. We have worked with families who have
consulted their attorney, and the advice they were given just was not in their best interest.
When we asked what the attorney’s specialty of practice was, we usually discover that it was
the attorney they turned to, often the attorney who did the closing on their home. Now, this
is not to say a this attorney would not be perfectly fine, but families are usually best served at
this time by an estate planning attorney. Unfortunately, we do not always get involved before
a family has acted on the advice of a family attorney, and it is too late to reverse much of what
has occurred, based on that advice. This is exactly why we prefer meeting with a family first,
before this kind of misfortune can occur.
Probably the best answer to all the topics we are covering in this series is to have a professional team, with one team member taking the lead and keeping everyone, including the
family, on the same page. This is especially important when there are multiple and complex
issues to deal with, like real estate, numerous financial accounts, and perhaps some immediate and long term time lines that need to be met.
Watch for our fourth article in our series of helping families through the twelve months
following the loss of a loved one, when we will deal with the issue of “Passing Assets Down
To Future Generations in a Tax Advantaged Method.”
TJB Financial Services, Inc.
9 School Street, Suite 6, P.O. Box 1020, East Granby, CT 06026
Securities and advisory services offered through Commonwealth Financial Network,
Member FINRA/SIPC, a Registered Investment Advisor.
The Associate
July/August 2016
Respecting Our Past With A Vision For The Future
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