2018-02-21, Daniel Payne, Do You Need A Trust?

Today’s invocation was read by Kristi Granados from the lyrics of a song by MXPX entitled “Invitation to Understanding” in honor of this month’s theme of World Understanding.  President Lya Jordan led the Pledge of Allegiance and we all sang “You’re a Grand Ole Flag” (led by Jim Maxon). 

Christopher Dulany introduced Mary Lee Shelton as Ted’s guest (apparently the short-term memory loss suffered by Lya last week has rotated to Ted!)  Larry Candelaria was a guest of the club for the last time as he was inducted by Kristi G. and Jim M. as a new member later in the meeting.  Bobby Rankin brought his grandson, John Davis, who has come down from Springer, NM, for a visit.  John Hernández introduced his care-giver, Rosalie, who was subbing for Gonzalo today.  Our only student guest for February, Kaci Hoel, returned this week. 

Speaking of John Hernández, his happy bucks were Mighty Glad to Ge Here!  Patty Groth and Lya both had happy dollars due to the recent contribution to the Foundation by Diana Davidson for scholarships.  Jay Jordan’s happy dollars were because Lya let him pick out the Star Wars sneakers they contributed for Soles 4 Souls.  Mark Santiago is happy that one of Patty’s favorite bands is Judas Priest.  She also told a story of attending the Rio Grande Rotary club meeting and being asked “Is is the truth?”  Ask her about it!  Steve Loman is celebrating his 51st wedding anniversary on the 25th and was plenty happy about that.

With great pleasure, Kristi Granados and Jim Maxon inducted Larry Candelaria as our newest Rotary Club member.  Jim is Larry’s sponsor.  Larry gave us a glimpse into his past and we look forward to hearing the rest of his classification talk.  Welcome to Larry!

The Program

Daniel Payne, CRPS, is a wealth advisor at First American Bank.  He joined the bank in September 2015 but is no stranger to the financial world.  He received his bachelor degree in finance from NMSU and began his career in Deming with H&R Block.  He is passionate about helping customers understand their finances and plan for their future. 

Daniel began the program with the question – do I need a trust?  Probably!  But a trust is not a one-size-fits-all environment.  He presented the differences between revocable and irrevocable trusts and what happens if you should die without a trust:  1) avoid probate and thereby retain privacy and 2) forces you to get organized.  Cons of having a trust:  1) it can be a big hassle and will most likely take an attorney to write it up, 2) you must put your assets into the trust, and 3) IT FORCES YOU TO GET ORGANIZED!

So, who do you pick for a trustee?  Someone you trust!  Someone who has financial expertise!  Someone willing to act as the trustee!  You can act as your own trustee while you are alive or you can have someone else (like a bank).  While you are alive, the bank/trust company can help with managing investments, paying bills, helping with buying a vehicle (so you won’t be taken for a ride!), and setting up a way to control funds after your death. 

Why use a professional instead of a trusted family member or friend?  They have the expertise and are an impartial, neutral third party.  This last part is particularly important if you have a blended family, a family member acting as a caregiver, or still have children at home. 

Several members pointed out their experiences with and without a trust upon the death of their loved ones.  The bottom line – you might not think you need a trust but your heirs will appreciate it if you have one in place.  Life after your death is so much simpler. 

Thank you Daniel for reminding us all of the need for a trust. 

After the Program

The happy dollar/fine can collected $69 for school projects; the raffle pot was $67 this week.  Kaci Hoel had the winning ticket and pulled an ace.  She donated the $20 to the Soles 4 Souls project.

The meeting ended with the Four-Way Test. 

<prior week   following week>

Guests of Rotarians

Guest 

Host

Larry Candelaria

club

John Davis

Bobby Rankin

Visiting Rotarians

Rotarian

Home Club

Mary Lee Shelton

Juárez Campestre

Student Guests

Guest

School

Kaci Hoel

Centennial

Make-ups

Rotarian

Date

Club

Patty Groth

2/20/18

Rio Grande

Submitted by Kristi GranadosKristi Granados