Alhambra Press

Smart Women – Smart Money – Taxes

admin — Mon, 20 May 2013 23:36:35 +0000

Emmy, everything seems to be taxable. Most of the time I simply accept this, however I cannot abide by these death taxes. Is there a way not to pay them?
“Death Taxes”. What a loaded term! To set the record straight, there is no such thing as a death tax although I do sometimes hear people throwing that phrase around. I’d like to address this misnomer. What does exist are transfer taxes – now doesn’t that sound much less lurid? A transfer tax is imposed when assets are transferred from one person to another after death or even while the gift giver is still enjoying herself in the land of the living. Some states also get in on the act and tax these transfer transactions. Luckily, California is not one of them.
There are three types of federal transfer taxes to be considered: gift tax, estate tax, and generation-skipping transfer tax. Generation-skipping taxes apply when assets are transferred to someone, including a non-family member, who is more than 37.5 years younger than you. This generation-skipping tax is generally in addition to estate taxation.
Gift taxes are levied on transfers valued at more than $14,000. You can gift fourteen grand per year per recipient tax free. In other words, you could give $14,000 to an unlimited number of people per year and pay no taxes on that financial transfer. This could be very effective way to make new friends and avoid unabidable taxes.
Now, when assets are transferred after death, it may be subject to an estate tax. Currently, the estate and generation-skipping transfer tax kicks in for assets that are worth over 5.25 million dollars. Any transfers under that total amount are, drumroll please, tax free. In general, if you have a modest estate the federal tax system will not eat large chunks of your legacy. If your estate is over the 5.25 million dollar threshold, the story is a little different. In this case you may want to speak with an estate attorney to learn about trust options that may reduce transfer taxes.
Of course, this article is greatly over simplified. Five hundred words doesn’t allow for much detail. I’d like to end this month’s column with an invitation to an advanced estate planning workshop I’m hosting on Saturday, June 15th at the Crowell Library in San Marino. I’d like for you to join. This event will be a wonderful way for me to interact with my readers face to face. Please, call my office at 626-943-8833 to reserve a seat. This educational workshop is free of charge, so bring a friend.
Securities and advisory services offered through NATIONAL PLANNING CORP (NPC) member FINRA, SIPC, a Registered Investment Adviser. EH Financial Group, Inc. 91776 and NPC are separate entities and unrelated companies.

By Emmy Hernandez – Certified Financial Planner® Practitioner Attorney at Law

Trumpetist David Longoria to lend musical talents to DHS fundraising spring concert

admin — Mon, 20 May 2013 23:30:30 +0000

Internationally known trumpetist David Longoria will lend his musical talents for Duarte High School Jazz Band and Concert Band’s fundraising Spring Concert Friday, May 31, at the Duarte Performing Arts Center.
Longoria, who earned numerous prestigious awards, performed on tracks that created a wall full of gold records, and headlined at auditoriums, amphitheatres, and concert stages, is perhaps best known for his previous No. 14 Billboard Chart hit “Deeper Love” featuring Longoria and singer CeCe Peniston, and his recent instrumental hit “Zoon Baloomba,” which rose to No. 21 on the Billboard Dance Chart a few months ago.
“Zoon Baloomba” received high acclaim and is touted as the first time a trumpeter has charted on Billboard’s Dance/Pop music charts since Herb Albert’s 1979 instrumental hit “Rise.”
Longoria also earned accolades for his recent 90-minute PBS special “Baila!” a timeless and colorful performance that covers a vast territory of vocal and instrumental music including Jazz, Club, Classical, Pop, Salsa & Flamenco.
However, receiving awards, hitting the high notes and thrilling the masses with his golden trumpet and inimitable agile-lipped cadenzas and musical stylings isn’t all there is to David Longoria.
Longoria enjoys using his talents to spark interest and compel young people to enjoy similar passions for music.
“Inspiring kids is very important to me as an artist, I cherish every memory of my childhood, when I was encouraged, mentored and taught by those who cared enough to do it,” Longoria says.
Longoria grew up playing a second-hand trumpet (the same golden trumpet he has cherished and refurbished through the years) through The Salvation Army (TSA) music programs in the state of Washington. He attended TSA music camps and learned from its weekly community band practices with volunteer tutelage.
Longoria says he sees a similar passion for inspiring young people to a love of music in Duarte High School Band Director Richard Torres.
Longoria, a local resident for about 4 years, met Torres a few years ago at a Duarte car wash the band director had organized to help pay for band instruments and other needed items for music students.
“Richard Torres is a great hands-on guy who was there on a Saturday washing cars alongside his students,” Longoria recalls. “That kind of dedication deserves the help of those of us who want to support these students who are our neighbors.”
Longoria and Torres talked for a while at the car wash, and exchanged information, knowing eventually they’d find a way to work together to help Duarte’s young musicians, Longoria says.
Due to budget cuts, and limited resources, as is the case with many school music programs across the state and country, Duarte Unified School District doesn’t offer a lot of music programs for students until they get into middle school, where Rich Torres also teaches.
“Rich is starting many of the kids off from nothing. But, he puts everything he can into teaching the kids about good music,” Longoria says.
Torres says he and the Duarte Falcon Boosters are constantly looking for ways to raise funds for the growing instrumental music program at Duarte High School.
“Besides the day to day expenses of having a music program, we are trying to raise money for a few specific things,” he says. “First, we are looking to buy more instruments for the students to use … specifically marimbas, vibraphones, tubas, and French horns.”
Torres’ second goal for his music program is to fund the purchase of a 20-foot trailer to use in transporting equipment to competitions and performances. “It has been a struggle to get our group to competitions without the necessary transportation equipment,” he says.
Bringing in an internationally known recording artist as part of a Duarte High music concert is a first, Torres says.
“I am always trying to find ways to expose my students to great music, great performers, and great performances. Working with David will be such an exciting experience, not only for myself but for my students,” he says, adding, “To play with such an acclaimed artist as David
Longoria will definitely be a memorable experience for all of the performers. It really puts into perspective the work these students put into their craft; that their work can lead to great successes in life like David has experienced. My students can’t wait to perform with him!”
The Duarte High School Spring Concert is at 7 p.m., May 31, at Duarte Performing Arts Center, 401 Highland Ave., Duarte. Cost is $10 for adults and $5 for students with ID.
To learn more, on the web: davidlongoria.comyoutube.com/davidlongoria twitter/Instagram: @davidlongoria7

-Courtesy Photo

2013 Mount Wilson Trail Race – activities for all

admin — Mon, 20 May 2013 23:27:56 +0000

The 2013 Mount Wilson Trail marks the 105th anniversary of the 2nd oldest trail race in California! The sold-out race takes off Saturday, May 25 at 7:30 am. If you are not running the race there is still plenty to enjoy in Kersting Court including vendor booths, the Beer Garden, MWTR souvenirs and the Kids’ Fun Run.
MWTR Pasta Feed Dinner – May 24, 2013
All are welcome to enjoy the Pre-Race pasta dinner provided by Zugo’s Café on Friday, May 24 from 5:30pm – 7:00pm in Kersting Court. The dinner costs $7.50 with partial proceeds benefiting the Sierra Madre Search and Rescue team. A video of the 2012 race will be on display as a well as footage of runners on the mountain. In addition, Mount Wilson Trail Race souvenirs will be available for purchase. Souvenirs for sale include diner style mugs, beanies, visors, car decals, bottle openers, socks, sweatshirts, and past race shirts. For more information call 626-355-5278.
MWTR Kids’ Fun Run – May 25, 2013: The Kids’ Fun Run is absolutely FREE!
Don’t miss the 8th annual Kids’ Fun Run sponsored by the Sierra Madre Community Foundation and CATZ. The Kids’ Fun Run is an absolutely free event for youth 3-12 years of age. The Kid’s Fun Run begins at 7:45 a.m. on Saturday, May 25. Youth have the opportunity to run up and down Baldwin Avenue and finish under the same banner as MWTR runners! Youth 3-6 years of age run a ½ mile course, while youth 7-12 run the full mile. All participants must sign up with a parent or guardian beginning at 7:00 a.m. in Kersting Court. The first 250 youth to sign up receive a free T-shirt and participation ribbon compliments of the Sierra Madre Community Foundation.
MWTR Beer Garden – May 25, 2013
The Beer Garden will be held in Kersting Court during the Mount Wilson Trail Race from 9:00 am to 11:30am. Grab a beer after the race with friends. The Beer Garden is sponsored by Mission Brewery and Uinta Brewery with all proceeds benefiting Sierra Madre Search and Rescue.
MWTR Vendors in Kersting Court – May 25, 2013
Various vendors will be on display in Kersting Court for all to enjoy. 2013 Vendors include Run With Us, Team CrossFit Academy, Sierra Madre Community Foundation, HealthCare Partners, Methodist Hospital, Lantern Cycleworks, Mt. Wilson Trail History, Sierra Madre Historical Preservation Society, Joe Pacilio-Century 21, Here to Serve, San Gabriel Valley Municipal Water District, Medal Racks by Monica Cortes, Jewelry by Jill Liston, Mount Wilson Trail Race Souvenirs, Budincich Chiropractic Clinic, and Arcadia Radiology.
For information on any of these events, please contact the Community Services Department at 626.355.5278.

-Photo by Terry Miller

Calculating the real retirement number

admin — Mon, 20 May 2013 23:24:08 +0000

The “million dollar” question many of those preparing for retirement ask themselves is simply stated but not necessarily easy to answer – “how much money do I need to save to secure a comfortable retirement?” In some circles, this is referred to as “the number” – that magical figure that tells pre-retirees how prepared they may be.
A recent survey from Ameriprise Financial found that working Americans ages 50-70 with at least $100,000 in investable assets estimated that what they needed to comfortably retire was, on average, $930,000.*
But what does that number really mean? How important is it? What assumptions must you make to arrive at a number – and how many rapidly changing factors impact your number? Preparing for retirement is about much more than arriving at a number, but some calculation is necessary.
Calculate your retirement expenses
When determining how much you’ll need to save for retirement, it’s helpful to think in terms of how much income you’ll need to withdraw to cover expenses. But projecting future spending is an inexact science at best. Some expenses might go away (mortgage, FICA taxes, retirement plan contributions), but you may also have more time and energy to spend money on the things you need and want to do in retirement. There are also expenses that could greatly increase in retirement like medical costs.
Using your current spending habits as a starting point, draw up a realistic list of anticipated living costs in retirement. There are two primary categories to review in this regard:
Essential expenses
These are the required costs associated with daily living – food, shelter, utilities, transportation, insurance (health, life, long-term care) and taxes – that most likely will persist throughout retirement.
Lifestyle expenses
This is the “fun” part of retirement – interests that you want to pursue such as golfing, travel, owning a vacation property or starting a business. To make these lifestyle choices a reality, enough money needs to be in place to finance them. But separating out lifestyle expenses from required expenses can help you prioritize using funds from your nest egg too quickly and jeopardizing your long-term financial security. Note that spending on lifestyle needs can be adjusted as needed throughout retirement, as these are considered discretionary expenses.
Match assets to expenses
Rather than trying to assess whether a single lump sum amount is sufficient to meet income needs in retirement, a more practical approach may be to match specific assets (or sources of income) to various expenses.
The highest priority is the essential expenses category. Your goal should be to enter retirement with a virtual guarantee that required living costs are going to be met without interruption no matter how long you live. There are two clear sources of guaranteed income for retirement: Social Security and a defined benefit plan – when available. Of course if you’re still far from retirement, Social Security shouldn’t necessarily be viewed as a long-term guaranteed source of income due to potential changes as budget discussions unfold in Washington. If these income sources don’t produce enough income to meet required expenses over time, additional income could be generated in another way such as an annuity providing a guaranteed income stream. Note that using this approach, future income is not subject to the variability of the markets1.
Your remaining available assets can be used to fund lifestyle expenses. You may choose to invest this money more actively with a strategy of drawing down assets over time using a sustainable withdrawal rate.
A true number may be elusive, but using this process, you may have a better sense of what your ultimate savings goal is. It may be useful to set multiple goals – or “numbers” – to reach enough to cover essential expenses and then lifestyle expenses. Beyond these goals, you might also consider the amount you’ll need to cover unexpected expenses in retirement and to leave a legacy.
Planning financially for retirement can be complex. Taking the appropriate steps to calculate your retirement income needs is a great first step, but with an economic and political environment that is constantly evolving, it can become even more complicated as you near retirement. Consider working with a financial professional who can help you work toward your short- and long-term goals.

Jean D. Koehler is a Financial Advisor with Ameriprise Financial Services, Inc. in Arcadia, Ca. She specializes in fee-based financial planning and asset management strategies and has been in practice for 12 years. To contact her, call 626-254-0455, 55 E. Huntington Drive, #340, Arcadia, CA 91006 or http://www.ameripriseadvisors.com/jean.d.koehler.
* The Retirement Check-In® survey was created by Ameriprise Financial utilizing survey responses from 1,000 employed Americans ages 50-70. All respondents have investable assets of at least $100,000 (including employer retirement plans, but not real estate) and are planning to retire at some point. The survey was commissioned by Ameriprise Financial, Inc. and conducted via telephone interviews by Koski research from October 31- November 14, 2012. The survey was conducted among a targeted sample of households. Cell phones were approximately 25 percent of the sample. The margin of error is +/- 3 percentage points.
1 However, inflation risk may remain, depending to some extent on the features of the specific annuity.
Annuities are not government or FDIC insured. All guarantees are based solely on the continued claims-paying ability of the issuing company.
Ameriprise Financial cannot guarantee future financial results.
Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC.
© 2013 Ameriprise Financial, Inc. All rights reserved.
File # 657903

Mike Gatto’s bill to help open more dog parks passes assembly local government committee

admin — Mon, 20 May 2013 23:22:35 +0000

Assemblyman Mike Gatto’s (D-Los Angeles) bill to help local governments create dog parks for their residents passed the Assembly Local Government Committee on Wednesday with a unanimous, bipartisan vote of 8-0. The idea for the bill came from Laura Friedman, a Glendale City Councilmember, who expressed to Gatto that cities would open more dog parks, but for the liability concerns.
“I approached Assemblyman Gatto in the fall about how to help the City of Glendale afford a dog park for our residents,” said Friedman. “One of the biggest issues has always been protecting the city from liability concerns, I am glad to see Mr. Gatto tackling this problem for Glendale and other cities.”
Gatto’s AB 265 addresses uncertainty that cities and counties face when operating dog parks by limiting liability and protects them from litigants who claim, for example, that they were unaware of the potential dangers (i.e., dog bites) that can occur at such parks. While some laws and legal rulings already limit the liability of cities and counties with regards to parks and public spaces, such limitations have never been codified with specific regard to dog parks, causing many local governments to pass on the parks until the law, and their potential financial liability, is more certain.
Burbank City Councilman Jess Talamantes explained the importance of providing certainty for decision makers. “As a Councilman, I must be responsible with the city’s public finances and ensure that Burbank is protected from liability. Assemblyman Gatto’s bill provides greater certainty that Burbank’s potential future investment in a dog park will not come back to bite us.”
AB 265’s Republican Co-author, Assemblyman Brian Maienschein (R-San Diego), who served for eight years on the San Diego City Council, expressed similar sentiments, saying “this bill would have made my life significantly easier when I was on the San Diego City Council and trying to site a dog park.”
“Dog parks help build safer and stronger communities by providing a public space for neighbors to interact while training and socializing their dogs,” said Assemblyman Gatto. “We should not allow liability concerns to be a major barrier to creating these valuable spaces, especially in small- and medium-sized cities that cannot afford to self-insure.”
Jennifer Fearing of The Humane Society of the United States echoed the social importance of dog parks, especially for animal lovers with physical ailments. “Dog parks enable senior citizens and people with disabilities, who cannot always walk their dogs, a safe alternative,” said Fearing. “The Humane Society is glad for an opportunity to support a bill with the noble goal of nurturing the human-animal bond.”
There is precedent for the state stepping in to limit liability for the public good, especially for the use of public resources that come with some inherent danger. In 1997, the state imposed limited liability under certain circumstances for cities that open skate parks. State lawmakers reasoned that more recreation opportunities were needed, but that skateboarding is inherently dangerous, and should be done at the users’ risk and without massive liability for cities and their taxpayers.
“By offering our communities more certainty on this issue, I believe we can help make more dogs parks available in our neighborhoods, improving the lives of dog lovers and our canine companions,” said Gatto.

Los Angeles resident sentenced to 88 months imprisonment

admin — Mon, 20 May 2013 23:21:18 +0000

Andrea Lorraine Avery, 46, of Los Angeles was sentenced to 88 months’ imprisonment, three years’ supervised release and ordered to pay $2,883,401.62 in restitution.
In May 2011, six defendants were charged by a federal grand jury in connection with the scheme. In addition to Andrea Avery, Kirkland Charles, William Earl Gordon, Annita Hawes, and James Arthur Booker have already been sentenced. The remaining defendant, Bill James Releford, is scheduled to be sentenced in June 2013.
According to the evidence presented at trial, Avery and her co-defendants operated a scheme to defraud financial institutions by using stolen identities of people with good credit scores to establish business lines of credit and then used the money for personal expenses. Avery and her associates carried out the fraud by obtaining stolen personal identifying information, including dates of birth, Social Security numbers, credit profiles, and driver’s license numbers, to complete fraudulent applications for business lines of credit to various banks. Once the applications were approved by the banks, funds were deposited into corporate bank accounts that were linked to the credit lines, usually in the amount of $100,000 each. The defendants liquidated the credit lines by issuing checks payable to the defendants and their companies, often for their personal use.
Over the course of the scheme, Avery operated numerous shell companies, directly receiving 33 checks totaling approximately $225,000. As evidenced at trial, Avery also used others involved in the scheme to cash checks for her and provided her with the profits. The evidence also demonstrated that she demanded that she receive approximately 15 to 20 percent from each fraudulent credit line.
At trial, Avery was found to be the mastermind who directed and controlled the entire fraud scheme that netted her and her co-schemers millions of dollars. Between 1998 and 2005, Avery directed others in the opening and draining of dozens of different credit lines. Based upon the 76 lines of credit presented at trial, the fraud resulted in a total actual loss of approximately $2,883,401.62.

Monterey Park Police arrest alleged child predator

admin — Mon, 20 May 2013 23:19:25 +0000

Monterey Park Police Investigators arrested a 25 year old male who allegedly traveled to Monterey Park for the purpose of engaging in a lewd act with a minor. Suspect Dwight Naulton Bryan, 25, of Los Angeles, was booked at Monterey Park City Jail on Saturday, May 11, 2013. He was arrested by detectives when he arrived at a city park where he arranged to meet with the victim.
Investigators believe that the suspect met the victim by using Internet social networking websites and texting. Due to the suspect’s use of the Internet as a method for luring victims, it is unknown if there are additional children who may be victims of this individual. Anyone with additional information about this suspect is encouraged to contact the Monterey Park Police Department at 626-307-1236.
The arrest of Mr. Bryan is the most recent in a series of several similar cases that have been reported to the Monterey Park Police Department in recent months.
Arrests have been made in similar cases involving young female victims and adult males who met via social networking websites. Police investigators were successful in making arrests of the adult male suspects and obtaining felony charges through the Los Angeles County District Attorney’s Office.
Parents of teenagers and pre-teen children are encouraged to maintain open communication with their children and to monitor computer and cell phone activities. Unfortunately, the Internet provides child predators with direct access to unsuspecting children and teens through e-mail, texting, instant messaging, social networking, and chat rooms.

Relaxing at the Hyatt on the American Riviera

admin — Mon, 20 May 2013 23:14:03 +0000

Santa Barbara is often called the American Riviera. With its wonderful beaches, perfect weather and iconic mission-styled architecture, it is easy to see why. And with resorts like the historic Hyatt Santa Barbara encapsulating this distinctive Californian charm, it is also easy to see why a friend and I had such a great time on a recent visit.
Our getaway began when we checked into the 171-room Hyatt, which was originally built in 1931 and recently underwent a multi-million renovation. We then took an elevator to our comfortable 2nd-floor suite overlooking the Pacific Ocean. Boasting two queen beds and a 37” flat screen TV, the spacious 300-sq-ft room also came with a refrigerator, a shower-tub combo with Portico spa amenities, and was replete with bright decor and original artwork to enhance the Santa Barbara mood.
The room was also highlighted by a step-out balcony, overlooking the pool and the beach directly across the street. From this perch, we relaxed on deck chairs, sipped Bloody Mary’s, and watched boats bob in the sunset.
When not on the balcony, we lounged by the pool and soaked in the Jacuzzi, or walked across the street to the beach. In fact, during our February visit, the weather was so nice that we actually jumped in the ocean and body surfed. After the swim w walked back to the Hyatt and sat by the big outdoor fireplace next to the pool. While warming-up, we admired the rocky outline of Anacapa Island, clearly visible a few miles offshore.
For dinner, we discovered the Hyatt’s signature restaurant, Bistro Eleven Eleven, located on the first floor, facing the beach. The restaurant’s décor mixes mission-styled arches, low-hanging beams and intricate chandeliers with herringbone vaulted ceilings, hardwood floors and bamboo chairs, to create an inviting and interesting atmosphere.
The bistro serves contemporary American cuisine with California flair. “Modern and comfortable, our restaurant blends the relaxation of California cuisine with an ocean view,” says the hotel.
Our meal began with Pacific crab cakes with avocado relish, plantain chips and microgreens; chicken tortilla soup with avocado and pico de gallo; and a crispy Caesar salad with anchovies and parmesan cheese. For the main course I had an incredible plate of grilled day boat scallops, with sautéed spinach; and my friend enjoyed filet mignon with shallot, asparagus, tomato and truffle onions. While eating, we drank fine merlot and met Chef Martin Alcala, who explained to us his eclectic Californian menu, which he harvests from a local bounty of fresh vegetables, fruits and meats.
After dinner we walked to the Santa Barbara Pier, which was alive with people and festivities.
The Hyatt also boasts a full-service spa, a state-of-the-art fitness center, a 24-hour business center, and 10,000 sq-ft of meeting / event space with sweeping views of the Pacific Ocean or Santa Ynez Mountains. The property is a walking distance to State St (the city’s Downtown area), a few minutes’ drive from Santa Barbara airport, and 40 minutes from Santa Ynez Wine Country
Hyatt Santa Barbara is located at 1111 East Cabrillo Blvd, Santa Barbara, 93103. For more information and reservations, call (805) 882-1234 or visit: www.santabarbara.hyatt.com.

-Courtesy Photo

Labor Chair Hernández’ statement on Governor’s May revision budget

admin — Mon, 20 May 2013 23:11:26 +0000

Assembly member Roger Hernandez released the following statement after Governor Brown released his May Revision of the 2013-14 state budget:
“California’s economy has been on the path to recovery for some time now, however, we must proceed cautiously as we move towards a sound budget and continue to monitor the effects from the federal sequester, which are still unclear as to the impact to this state. Governor Brown shared plans to help put Californian’s back to work through the revamping of the state’s enterprise zone and hiring credit programs.
I welcome his enthusiasm to work collectively to find a budget that addresses all the needs of Californians. By providing an additional $48 million in CalWORKs job training and subsidized employment opportunities, we are moving towards a road where individuals can provide for their families.
In addition, as Chair of the Committee of Labor and Employment, I look forward in working with Governor Brown and my colleagues to ensure he has the support of the Legislature.”

Alhambra Press 5/20/13

admin — Fri, 17 May 2013 23:28:33 +0000