November 2012 Newsletter

The Society News
Vol. 12, No. 3 November 2012
Kansas City Chapter
Estate Planning and Tax Update
Wednesday, November 7, 2012
7:30 - 9:00 am
What can we expect after the election? Join us the morning after the
election to hear Randy Gardner’s thoughts on what will happen to
estate planning and taxes as a result of the election.
Randy Gardner is back by popular
demand. He will provide his annual
outlook on estate planning and taxes,
and will also discuss what should be
done before the end of the year, as well
as provide a review of the past year’s
judicial, regulatory and legislative
changes. As always, he will provide some
estate planning techniques for year end
planning.
One hour of Kansas and Missouri
insurance credit, as well as one hour of PACE, CPE, and CFP® credit
is available. To register, please go to the back page, or you can
register through the Calendar page on our web site at http://www.
financialpro.org/kansascity. There is no fee for members, $35 for
guests.
Reception at the Brewery
November 13, 5 - 7:30 pm
Join us at The Boulevard Brewery,
2501 Southwest Blvd, Kansas
City, Missouri for a holiday
reception.
Bring a prospective member as a
guest at no charge!
We will have food, beer and wine, followed by a tour of the Brewery
(7 - 7:30 pm).
To register, send an email to [email protected].
Sponsor:
Randy Gardner,
JD, LLM, MBA,
CPA, CFP®
Randy Gardner is a
Professor of Tax and
Financial Planning
and Director of
the Certificate in
Financial Planning
Program at the
University of Missouri - Kansas City. He
is coauthor of the books, 101 Tax Saving
Ideas and Tools and Techniques of Income Tax
Planning, and is a highly rated discussion
leader.
In 1997, he was recognized as Educator of
the Year by the Missouri Society of CPAs.
In addition to teaching, Randy is a member
of WealthCounsel, LLC and works as a tax,
financial, and estate planning consultant for
over 200 individual clients.
Randy serves on the Editorial Board of
The Journal of Financial Planning and the
Council on Examinations of the Certified
Financial Planner Board of Standards and
is a member of the AICPA and the Missouri
Society of CPAs. He has written dozens
of articles for publications such as The
Journal of Financial Planning, Taxation for
Accountants, Practical Tax Strategies, and Tax
Adviser.
Randy earned a Bachelor of Arts degree,
cum laude, from Harvard University; his
JD and MBA degrees from the University of
Kansas; and a Master of Laws in Taxation
from the University of Missouri - Kansas
City. He is also a graduate of Georgia State
University’s Master Teacher Program.
8826 Santa Fe Drive, Suite 208, Overland Park, KS 66212 • (913) 381-4458 • (913) 381-9308 fax • [email protected]
WE ARE AT THE OVERLAND PARK MARRIOTT
Upcoming Events - Mark Your Calendar
December 13
7:30 - 11:00 am Roundtable - Overland Park Marriott Hotel
HOW TO GAIN REFERRALS & ATTRACT
PROSPECTS WITHOUT TALKING
Dan Allison, Feedback Marketing Group
Sponsored by Brokerage Unlimited
Back by popular demand! There will an hour introduction, followed by a 2 hour optional workshop. How do
I earn more referrals from my top clients and professional referral partners? How do I get more face time with the kinds of
customers I want to serve? Is my value proposition really valuable? Dan Allison will show you how to accomplish
all of these objectives and more through a process called Feedback Marketing. You will learn a process that will
allow you to gain more referral clients and get face time with prospect markets in a completely different way. This
honest and ethical approach to building a business is being used successfully by high level advisors throughout
the country.
January 10
7:30 - 9:00 am Roundtable - Overland Park Marriott Hotel
Sponsorship provided by CBIZ Benefit & Insurance Services
QUALIFIED PLANS - U.S. Department of Labor
January 23
4 - 6 pm Study Group - Location TBD
INVESTMENTS
February 13 (Wednesday)
7:30 - 9:00 am Roundtable - Overland Park Marriott Hotel
ESTATE PLANNING - Rick Olewnik, AXA Advisors
March 14
7:30 - 11:00 am Roundtable - Overland Park Marriott Hotel
ETHICS
April 11
7:30 - 9:00 am Roundtable - Overland Park Marriott Hotel
Speaker and Sponsorship provided byAmerican Funds
ECONOMICS - Jason Young
2
The Society News
November
2012
Have Your Parents or Those of Your Clients
Made Their Financial Plans?
By Jeffrey T. King, MBA
Secretary, Society of FSP Kansas City Chapter
A
s an adult, you and your
clients are fortunate if you
still have your parents.
However, as they get older, you may
well have to assist them in some key
areas of their life. Specifically, they
may need you to get involved in some
of their financial issues. And if you
do, you may need to focus on two
areas: leaving a legacy and managing
finances during retirement.
the topic of the beneficiary designations that may appear on the parents’
life insurance contracts and qualified
plans, such as 401(k)s and IRAs. If the
family picture has changed in recent
years, and the parents had intended to
change these designations, they should
take action sooner rather than later. As
we have discovered with many of our
clients, these accounts and beneficiaries may need to be reviewed. While initiating these conversations may not be easy for you or
your client, it is important, and you
may find the parents more willing
to discuss these issues than you had
thought. In any case, if the parents
haven’t already done so, encourage
them to work with an estate-planning
professional to develop the necessary
legal documents, which may include
wills, trusts and financial durable
powers of attorney. These documents
and services can be invaluable in helping individuals find efficient ways to
pass assets from one generation to the
next. An estate-planning attorney can
identify which arrangements are the
most appropriate for you and your
family.
While the parents need to deal
with the legacy issue, they still may
have plenty of years of living ahead
of them — and they might need help
managing their money during these
years. For starters, you may want to
have a discussion about their savings,
investments, insurance and so on, and
where these assets are held. Are they
kept in banks or investment companies? Do the parents have safe-deposit
boxes? This knowledge could be valuable if you ever become involved in
managing or distributing the parents’
resources.
In your discussions on leaving a
legacy, you may also want to bring up
Also, you might want to talk to the
parents about the income sources they
may be drawing from during their retirement. For example, how much are
they taking out each year from their
401(k)s and IRAs? They don’t want to
While initiating these conversations may not be
easy for you or your client, it is important, and you
may find the parents more willing to discuss these
issues than you had thought.
3
withdraw so
much that
they deplete
their accounts too
soon, but
at the same
time, they
would no
doubt like
to maintain their standard of living in
retirement. You may want to suggest
to the parents that they evaluate their
investment portfolio for both growth
and income potential — because they
will need both elements during a long
retirement.
If the parents aren’t already
working with a financial advisor, you
may want to encourage them to do
so. Managing an investment portfolio
during retirement is no easier than
doing so during one’s working years
— and there’s less time to overcome
mistakes. A qualified financial advisor
can help the parents choose the right
mix of investments that can help meet
their needs.
During the course of your lifetime, your parents have done a lot for
you! You can help pay them back by
doing whatever you can to assist them
in managing their financial strategy. This holiday season is the perfect
opportunity to have the conversation. Happy Holidays, and here’s to many
more of health, wealth, and happiness
for the entire family!
The Society News
November
2012
4
The Society News
November
2012
Member Benefit: E-Discussion Groups
Your Passport to knowledge and networking!
A Dynamic Community of Professionals
Organized by your Professional Interest Section, E-mail Discussion Groups enable you to communicate with a large
group of specialists from across the country.
• Business & Compensation Planning • Leadership & Management
• Employee Benefits • Qualified Plans
• Estate Planning • Retirement Counseling
• Financial Planning • Risk Management: Life, Health, Disability,
• Investment Management Casualty & Liability Insurance
Ask questions, share opinions, and discuss cases with other professionals—all through one simple e-mail message.
It’s easy to participate in your Section E-mail Discussion Group—and it’s free as part of your membership benefits.
But you must choose to opt in first—it’s not automatic. To get started or to participate:
1. Go to our Web site at www.financialpro.org.
2. Select Member Access.
3. Under Professional Interest Sections, select Opt into and Participate in eDiscussion Groups.













































5
The Society News


November
2012


SPONSORS
We wish to thank the following corporate sponsors for the Chapter this year.
6
The Society News
November
2012
Kansas City Chapter
8826 Santa Fe Drive, Suite 208
Overland Park, KS 66212
www.financialpro.
org/kansascity
REGISTRATION FORM
Name _________________________________________________
BOARD OF DIRECTORS
Phone ________________________________________________
Officers
Company ______________________________________________
President
James W. Boldt, CLU, ChFC, LUTCF
(913) 948-7209 • [email protected]
Email _________________________________________________
____Please sign me up for November 7, 2012 Roundtable
N/C members, $35 guests
Vice President
Kevin L. Petracek, CFP®, JD, LLM, CPA
(913) 385-9400 • [email protected]
Secretary
Jeffrey T. King, MBA
(816) 468-7334 • [email protected]
____Please sign me up for November 13, 2012 Reception
N/C members, N/C prospective members, $35 guests
Name of Prospective Member _________________________________
Treasurer
Jason Hannaman, CPA, CEBS
(913) 234-1000 • [email protected]
Past President
Maris A. Haster, CLU
(816) 286-0405 • [email protected]
____PLEASE CHARGE $____________ to my Mastercard/Visa/Amex
Directors
No. ______________________________________________________
Rusty Gallagher
(913) 647-9700 • [email protected]
Tim L. Vannoy, CLU, ChFC, CFP®
(913) 403-5828 • [email protected]
_____________________
Executive Director
Sandra L. Sabanske, MBA
(913) 381-4458 • [email protected]
© 2012 FSP, Kansas City Chapter
7
Name of Guest____________________________________________
____ENCLOSED is $_____________, check made payable to SFSP
John Azodi, CPA
(816) 455-9100 • [email protected]
Matthew T. Shull, CLU, CFP®
(913) 327-7100 • [email protected]
Name of Guest ____________________________________________
Expir date______________________
Signature of cardholder _____________________________________
Send to:
Kansas City Chapter, Society of FSP
8826 Santa Fe Drive, Suite 208, Overland Park, KS 66212
or fax to: (913) 381-9308.
Alternative Ways to Register:
- Call 913.381.4458
- Go to Calendar page on web site:
http://www.financialpro.org/kansascity
The Society News
November
2012