Newspaper Page Text
Financial
Focus
Reported by Sonny Doehring
What should you do with an inheritance?
Will you ever receive a sizable
inheritance? You can’t plan on it. But
if you do get one, you can plan on
using it to help achieve some of your
key financial goals. Once you get
word of an inheritance, what steps
should you take? Above all, don’t
rush to act. If you are in the midst
of the grieving process, it’s hard to
make good decisions about money.
Consequently, you may want to
consider “parking” your inheritance
temporarily in a liquid vehicle, such
as a cash or cash alternative invest
ment. Don’t fret if your inheritance
isn’t really growing much for a few
months — you’ll have time to put it to
work later. After you’ve parked your
money and some time has passed,
you can think about what to do with
your inheritance. Here are a few
ideas:
• Get rid of debts. Use your inheri
tance to pay off as many debts as you
can, especially those consumer loans
that are not tax-deductible and that
carry high interest rates.
• Establish an emergency fund.
This fund should contain six to 12
months’ worth of living expenses.
Without it, you may be forced to dip
into your investments to pay for unex
pected costs, such as an expensive car
repair or a hefty medical bill.
• Review and adjust your finan
cial strategies. If your inheritance
is large enough, it may be a “game
changer” in terms of how you pursue
your financial strategies. For exam
ple, you may now be able to speed up
your timetable toward retirement, if
that’s what you want. Or you may be
able to pay more of your children’s
college education, thus freeing up
more funds for your own retirement
savings.
In fact, by investing your inheri
tance in certain ways, you can influ
ence many desired outcomes that
you’ve identified in your overall
financial strategy. Your financial
advisor can help you make those
moves that are most appropriate for
your individual needs.
• Plan for taxes. Unless you are
“inheriting” your spouse’s assets, you
may be subject to some type of taxes
when you receive an inheritance.
Some types of inheritance, such as
the proceeds from a life insurance
policy, are tax-free.
On the other hand, if you inherit
a non-spousal 401(k) plan and are
forced to take the money as a lump
sum, which is likely because most
401(k) providers would prefer to
remove the account from their books,
your inheritance will be subject to
federal, state and local income taxes.
However, thanks to recent tax law
changes, as a non-spouse beneficiary
you can now transfer an inherited
401(k) to an IRA, which allows you
to avoid immediately paying taxes on
your inheritance.
You’ll still be required to take
annual withdrawals, which are tax
able, but the amount will be based
on your life expectancy, so you can
spread out your tax burden.
To make sure you’re making the
right moves with an inherited 401(k),
consult with your tax advisor.
You may get only one inheritance
in your life — so do whatever you can
to make the most of it. □
Brunswick Family Dental
Ivan Goldner D.M.D.
"TOOTH FOOD"
The first thing to teach your children about
preventive tooth care is that good eating habits
are important. Foods that keep the whole body
healthy will also keep teeth, gums and jawbones
in good condition. Milk, cheese, meat, eggs,
vegetables, fruits, whole grain breads and cereals
are excellent for healthy teeth and gums.
If your child eats between meals, remember
that snacks should be low in sugar. In-between
meal treats such as candy, cookies, ice cream,
sugared chewing gum and sweet drinks may
play havoc with a child's teeth. Bacteria which are normally present in
the mouth combine with sugar to form acids - acids which attack tooth
enamel. Eventually, it causes cavities.
When sweets are eaten between meals there is more apt to be a
chance for cavities to develop, since the child will probably not brush
right after - before acids have a chance to form.
Some toothworthy snacks for children: apples, oranges, bananas,
plums, peaches, fruit juices, milk and cheese. The greater distance
between sweet junk foods and teeth, the better.
Prepared as a public service to promote better dental health
from the office of Ivan Goldner, D.M.D.
159 Altama Connector (across from Wal-Mart) • Phone (912) 264-8408
Go to www.howarddentalgroup.com for new patient discounts
THE ISLANDER, JULY 14, 2008, PAGE 3
Business Upda
Health System Auxiliary honors volunteers
Connie Johnson was recently
named the Volunteer of the Quarter
by the Southeast Georgia Health Sys
tem Brunswick Campus Auxiliary.
The announcement was made during
the Auxiliary’s recent quarterly meet
ing and luncheon.
Brothers A1 and Frank Roberson
were also honored and presented with
lifetime memberships to the Auxiliary
for their years of service.
Johnson began volunteering at the
Health System in June 2007 after
moving to the Golden Isles from the
Chicago
area where
she worked
in a bank
for 48
years. She
currently
volunteers
twice a
week in
Human
Resources
and one day
every other
week in the
Gift Shop.
“I really
enjoy work
ing with
the pub
lic,” John
son says. “I
love it here,
especially
when I
watch the weather and see all the
snow in Chicago!”’
A1 Roberson began volunteering
in 1991 and retired recently due to
health issues. “I had retired from
Hercules and needed something to do.
I enjoyed every minute of it. I worked
in admissions and I enjoyed meeting
people and working with the staff,” he
said. Roberson also volunteers at his
church, College Place United Method
ist.
In 1993, he was joined in volunteer
ing at the Brunswick Campus by his
brother Frank who also had to retire
recently from active volunteering for
health reasons. “I was working with
Habitat for Humanity, but that work
was hard to do at my age,” he said.
Roberson aslo volunteered with Meals
on Wheels for 23 years. “I have always
had a desire to help others. So when
Ivalee (his wife of more than 50 years
who volunteers as the Gift Shop man
ager) told me about the Auxiliary, I
joined. It's very rewarding.”
Kristin Doll, manager of Volun
teer Services, says that Johnson and
the Robersons are fantastic examples
of everything a hospital volunteer
should be.
“They are all role models and won
derful ambassadors for our Health
System,” she said. “Their contribu
tions are essential to our mission
of providing the highest quality of
care and service to our patients, their
families, and guests.”
To find out how to become a volun
teer at the Health System’s Brunswick
Campus, call (912) 466-1071 or email
kdoll@sghs.org. For information about
volunteering at the System’s Camden
Campus, please call (912) 576-6405 or
email jzawislak@sghs.org.
Volunteer application forms can
also be found on the System’s Web
site at www.sghs.org. □
Auxiliary President Jonelle Thompson (left) and Manager of
Volunteer Services Kristin Doll (center) present Connie John
son with her award for Volunteer of the Quarter during the
Auxiliary's recent quarterly meeting.
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