Personal Financial Health

Have you had your checkup?

Financial Planning 1. Plan so that you have enough assets in place for an emergency, such as loss of job, illness or death of spouse. 2. Determine how much you need to save so that you can retire at the age that you want in the lifestyle that you want. 3. Invest in a manner that is consistent with maximizing your returns for the amount of risk that you can or want to take. 4. Minimize your tax exposure to create even more savings.

Three Ways to Maximize Returns • Have a diversified portfolio of stocks, bonds and alternative investments. • Minimize the taxes you pay on your investment portfolio • Keep management fees that you pay your advisor and for your investments low.

Estate Planning 1. Simple estates need planning; 2. Control your property – preserve assets if you become incapacitated or die; 3. Failing to plan means the court will appoint a guardian; 4. Make your wishes clear – avoid family disputes and costly legal proceedings

Basic Estate Planning Documents 1. Pour Over Will; 2. Living or Revocable Trust; 3. Healthcare Power of Attorney; and 4. Property Power of Attorney.

If there is no estate plan in place at the time of your death: • Your estate would be distributed ½ to your spouse and ½ to your children (even if they are minors) or 100% to children if spouse is not then living. • Your actual wishes and/or intentions are irrelevant.

Legacy Planning • Legacy is about conveying our values through – What we do – What we do with what we have

• There are ways you can provide for people and causes you care about as well as take care of yourself.

The Goodharts Edna (78)

Ann (57)

Debbie (35)

Ben (52)

Carol (30)

Carol (30) Single (no children)

• Estate Planning Considerations Will, Living Trust, Powers of Attorney for Healthcare and Property

• Financial Planning Considerations If Carol saves $6,000 every year, with a 7% return, at age 65 she will have $887,000 but if she waits to 45 to save the same $6,000, you will only have $263,000!

• Charitable Giving Considerations Retirement Plan Beneficiary Designations

Debbie (35) (Married with two minor children)

• Estate Planning Considerations Will (with guardianship provisions), Living Trust (possible special needs trust), Powers of Attorney for Healthcare and Property

• Financial Planning Considerations Establish Term life insurance. Set up 529 education plan; $3,000 contributed each year to an Illinois 529 plan, for eighteen years will save over $14,000 in taxes

• Charitable Giving Considerations Bequests

Ann (57) and Ben (62) (Married with two adult children)

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Estate Planning Considerations Will, Living Trust, Powers of Attorney for Healthcare and Property.

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Financial Planning Considerations Create household balance sheet and determine how much they can live on in retirement. Determine when best to start taking social security. Set up Cash Balance Plan and tax defer up to $220,000

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Charitable Giving Considerations Life income gifts, Appreciated Stock, Life Insurance

Take Care We encourage you to do your own financial check up: • Take your own history • Use professional advisors to conduct an exam of your situation • Develop a plan which reflect your goals and values

Speaker information •

Susan Templeton, MBA Founder & Partner Stafford Wells Advisors 630.368.1288 [email protected]

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Caroline S. Smith, JD, CPA Law Partner Robbins, Salomon & Patt, Ltd. 312.456.0380 [email protected]

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Susan M. Mongillo, JD Vice President, Gift Planning Advocate Charitable Foundation 630.929.6940

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[email protected]

Susan Templeton Susan Templeton is the founder of Stafford Wells Advisors, a wealth management firm serving individuals, families and businesses and advising workplace retirement plans. Stafford Wells, based in Oak Brook IL was founded in 2008 with the mission of delivering independent, complete, unbiased investment and planning advice, free of any conflicts of interest. Susan Templeton has more than 20 years experience in investment management. She has overseen two mutual fund companies, The Newton Funds (a subsidiary of the M&I Corporation) and the William Blair Mutual Funds. Prior to founding Stafford Wells Advisors, Susan was a partner with QIS Advisors, a quantitative money management firm serving institutional and high net worth investors. Susan received her B.S.B.A. degree in marketing from the University of Denver and her M.B.A. from the University of Chicago. Susan is a trustee for the Advocate Charitable Foundation where she chair’s the Planned Giving Committee and is a member of the Investment Committee. Susan serves on the investment committee for the Visiting Nurse Association (Chicago) and is a former trustee of the Village of Oak Brook Police Pension Plan. Susan is a regular speaker to a variety of organizations and writes a weekly personal finance column for Today’s Chicago Woman (tcwmag.com).

Caroline Smith • Caroline S. Smith represents professionals, entities, families and owners of closely held businesses in connection with asset planning techniques, corporate transactional matters, estate planning, wealth management and tax planning. She works with individuals and companies in a wide variety of transactional work, including organization of entities; the representation of the entities in the hiring of new employees and the development of employee handbooks; the acquisition, sale and merger of business entities. Caroline works with individual professionals on the negotiation of employment agreements, asset planning techniques and general estate planning. Caroline is a partner at the law firm of Robbins, Salomon & Pratt, Chicago, Illinois. She attended Claremont McKenna College where she received a BA in 1997 majoring in Government and Economics-Accounting and earned her JD at Loyola University Chicago School of Law, in 2000, the same year she became a CPA. Caroline serves on Advocate Charitable Foundation’s Gift Planning Advisory Committee.

Susan Mongillo • Susan Mongillo assists donors in fulfilling their charitable intentions as vice president of gift planning at Advocate Charitable Foundation which is the philanthropic fiduciary for the hospitals and programs of Advocate Health Care. Knowledgeable in ways to give, Susan educates people about how planned gifts can afford them opportunities at various life stages to realize their philanthropic goals as well as their personal and financial ones. She serves on the Board of Directors of the Chicago Council on Planned Giving, and is a member of the Chicago Estate Planning Council and the Partnership for Philanthropic Planning. Before entering the not-forprofit world Susan was a partner at McGuireWoods for more than twenty years. She graduated from Northwestern University School of Law and has a BA from University of Wisconsin-Madison. Her volunteer activities have included chairing the University of Chicago Children’s Hospital Family Advisory Board.