News: The Northwest Voice

Beneficiaries of Your Retirement Accounts Can Be More Taxed Than You Think

Beneficiaries of Your Retirement Accounts Can Be More Taxed Than You Think

Inheriting IRA or 401(k) proceeds from a friend or relative can be a potentially huge windfall, but it can also be a sizable tax headache. For both the giver and the recipient, it’s worth getting some advice.

Bank accounts, stocks, real estate and life insurance proceeds generally pass to heirs free of income tax. However, inherited retirement benefits can be a different story. Beneficiaries have to pay ordinary income tax on distributions from 401(k) plans and traditional IRAs after they are inherited. (You don’t see the same problem with Roth IRAs – their benefits can be free of income tax to your heirs if all tax requirements are met.)

A financial planning pro’s or an experienced tax advisor can work with you based on your personal tax and estate circumstances to determine an inheritance strategy that is best for you. Some general guidelines:

Spouses are the first stop: Federal law dictates that your surviving spouse must be the primary beneficiary of your 401(k) plan benefit unless your spouse signs a waiver to redirect those funds. Even with a traditional IRA, naming the spouse as the primary beneficiary may be an appropriate option. Should the surviving spouse have his or her own IRA, this approach would allow them to simply roll over the assets from the decedent’s IRA into their own. Furthermore, if the surviving spouse is significantly younger than the deceased, the surviving spouse would receive the added benefit of stretching out distributions from the IRA until he or she turns 70 1/2. The stretch-out allows the assets to continue to grow on a tax- deferred basis, thereby maximizing asset value and delaying any income tax due.

When might you want to rethink a spousal beneficiary? When the surviving spouse’s estate is expected to be large enough to exceed the applicable exclusion amount for federal and state estate taxes. The applicable exclusion amount after allowable expenses is $2 million in 2008 and above $3.5 million in 2009. It should also be noted that in addition to federal estate tax, many states impose a state tax on estates with considerably lower asset levels (often anything over $1,000,000). Proper estate planning may alleviate this issue.

What about non-spousal beneficiaries? Today, non-spouse beneficiaries may be able to roll over all or a part of inherited 401(k) benefits to an inherited IRA. A recent change in IRS regulations still requires non-spousal heirs to withdraw a minimum amount from Inherited IRA assets every year, but it’s based on the age of the recipient rather than the age of the decedent.

Establishing a Stretch IRA: Due to recent changes in the minimum distribution law, taxpayers may now establish IRAs designed to stretch out the time period over which a non-spouse beneficiary (i.e. child) is required to take minimum distributions from an inherited IRA. Proper use of this vehicle will allow for continued growth of tax-deferred earnings over multiple generations and can have a substantial impact on the future value of the family portfolio.

Naming trusts or charities as beneficiaries. Placing IRA assets in trust can have substantial advantages but can be complex. It should only be considered after receiving tax advice from a tax professional. It is particularly important to get tax advice related to this issue. Trusts can be complex instruments with which to pass assets, and even though naming a charity as one’s primary beneficiary will not affect distributions in your lifetime, it could affect the tax consequences for non-charitable beneficiaries who are sharing the same asset upon your death.

The moral to this: If you have a larger retirement account or are the beneficiary of one. How this money is handled as it passes to your heirs is important to understand. After all, do you want your family or the IRS to be the main beneficiary?

Andy Barkate CCPS, CRPS is the President of California Retirement Plans & College², a local Retirement & College Planning firm, with offices in Bakersfield, Lancaster and Ridgecrest.. Your questions and comments are welcome at, 661-631-4355, 760-371-2115, 800-914-6837 or e-mail abarkate@calretirement.com

California State University campuses now accepting applications for freshmen

The priority application period for students intending to enter a California State University campus as first-time freshmen in fall 2009 is open now through Nov. 30. Prospective students are strongly encouraged to apply immediately in order to be admitted to their preferred campus.

Challenges brought on by California’s current budget shortfall are forcing the CSU to maintain enrollment levels and, as a result, an early application will help students to have a better chance of entering the CSU campus of their choice.

At least six of the CSU’s 23 campuses will close freshmen admissions on Nov. 30, including Fullerton, Long Beach, Pomona, San Diego, San Luis Obispo and Sonoma. Additional campuses may also close admissions categories for certain majors or programs beginning Nov. 30.

Applications for admission to California State University, Bakersfield will be accepted through March 1, 2009.

“We cannot emphasize enough the importance of the application deadlines for potential freshmen,” said Steve Watkin, CSUB’s director of student outreach. “We want to be sure all first-time freshmen wishing to enroll next fall quarter have the opportunity to do so, but they must apply soon.”

Students planning to attend a CSU campus as first-time freshmen next fall should visit [ http://www.csumentor.edu ]www.csumentor.edu for information and to complete the online application.

The application deadlines do not apply to fully eligible upper division transfer students, international students and non-resident students.

For additional information about CSUB’s application process, please contact the Admissions and Records Office at (661) 654-3036.

Welcome Back Potter

The Gaslight Melodrama lights up with Halloween colors as they open their new show "Welcome Back Potter".

AUTISM WORKSHOP: OCCUPATIONAL THERAPY IN THE HOME

On Saturday, October 18, the Kern Autism Network will present “Occupational Therapy in the Home,” a workshop led by Debi Hazel. The workshop will be held at the Kern County Superintendent of Schools office, 1300 - 17^th Street, Room 1A, in Bakersfield, from 8:15 a.m. until noon.

Debi Hazel, M.S., OTR/L, SWC, SIPT #2251, has been an occupational therapist in Bakersfield since 1994. She received her Bachelor of Science and Masters of Science in occupational therapy at San Jose State University. Her MS Thesis specialized in the development of a program for school aged students that incorporated an integrated approach with school personnel, family and student involvement.

Prior to working in the public schools full time, Ms. Hazel worked in a variety of settings in the community, including medical and home health settings with both adults and children.

She has worked in pediatrics since 1998 and in Kern County public schools since 2000. She is certified for the SIPT (Sensory Integration and Praxis) and holds her Advance Practice certification in Feeding and Swallowing. Ms. Hazel currently works at KCSOS as an occupational therapist. She is passionate about the work she does and the students she serves.

This workshop is for parents, teachers and those working with autistic individuals. Topics will include strategies to help your child integrate their sensory needs with functional activities at home or with the family; and ways to modify, enhance or add functional activities routinely done at home to help meet your child’s needs.

Registration begins at 8:15 a.m. and the presentation starts at 9 a.m. This workshop is free to all families with children on the autism spectrum. Seating is limited and reservations are required. Refreshments will be served. To register to attend, contact Ramona Puget at 661-588-4235 or email kernautism@gmail.com.

The Kern Autism Network provides support, awareness, information and education to families, professionals and the public throughout Kern County. The Kern Autism Network is a chapter of the Autism Society of America. For more information, visit our website at www.kernautism.org.

Kern Autism Network

www.kernautism.org
661 588-4235

Kern County Fair Pictures of the Greynolds Family

CSUB partners with UC Irvine and UC Berkeley for national study, receives $10.4 million grant

At a national news conference this morning, the National Institute of Child Health and Human Development announced that California State University, Bakersfield has been selected to partner with University of California, Berkeley, University of California, Irvine, and University of Chicago’s National Opinion Research Center to participate in a nationwide study designed to improve the health and well-being of children. The universities will receive $14.5 million over five years for the research, with CSUB receiving $10.4 million.

The National Children’s Study is the largest study to be conducted on the effects of environmental and genetic factors on child and human health in the United States. The study will follow a representative sample of 100,000 children from before birth to age 21, seeking information to prevent and treat some of the nation’s most pressing health problems, including autism, birth defects, diabetes, heart disease and obesity.

Kern is one of 105 counties nationwide to be included in the study, with nine of these in California.

“This study represents a golden opportunity for CSU Bakersfield to participate in high-level health research and strengthen our engagement with the community as well as with top-rated scientists at the University of California,” said CSUB President Horace Mitchell. “We believe this project will bring resources to identify health challenges in Kern County and improve the well-being of residents here and throughout the nation.”

Participation by CSUB and Kern County in the project stems from long-standing relationships Mitchell has with both UC campuses.

“I was contacted by Jim Swanson, who is principal investigator for the study and a former colleague. He inquired about CSUB’s interest in participating in this landmark research and including Kern County in the study,” Mitchell said. “There was no question that we wanted to contribute to the effort. Research of this magnitude with these premiere research institutions reflects the increasing recognition of the excellence of our faculty and academic programs. This will have a direct benefit on our community.”

Swanson expressed his excitement about the long-term collaborations that will develop between the UC campuses and CSUB. “I have enjoyed working over the last two years with Bob Horton, Peggy Leapley and Julio Blanco at CSUB and Asa Bradman at UC Berkeley on the study proposal. Without them, this grant wouldn’t have happened for Kern County. Their interest and work has been tremendous and they have been willing to do whatever is necessary to make this project a reality,” he added.

University officials submitted an extensive proposal that detailed project objectives and collaborative relationships with partners such as Kern County Department of Public Health, Kern Medical Center, First 5 Kern, and the Kern County Network for Children. CSUB also received broad support from myriad regional medical care providers and the Kern County Board of Supervisors.

“Planning for this project has involved developing extensive support among many organizations and individuals. I am privileged to work with people so committed to the well being of their community,” said Asa Bradman, who will help lead the Kern County portion of the study from the Center for Children’s Environmental Health Research at UC Berkeley.

Locally, the principal investigator for the study will be Peggy Leapley, who recently retired from CSUB as chair of the nursing department but will continue working on this project. She will work closely with Bradman.

“This was a highly competitive process and this study has the potential to influence health care decisions for generations. This is a 25-year longitudinal study. It’s size and scope are unprecedented,” Leapley said. “On campus, the research will be tremendous for our nursing students who will have a hands-on opportunity to learn about public health and how it impacts nursing.”

Medical and technical staff from the Kern County Department of Public Health and Kern Medical Center will be actively involved in the study. Eugene Kercher, chief medical officer at KMC, was acknowledged as instrumental in the success of the proposal.

“We are grateful for the hard work and support of CSUB, UC Berkeley, UC Irvine and Kern County community groups who have worked together to make this important project possible,” said Portia Choi, director of Maternal, Child and Adolescent Health for the Kern County Department of Public Health. “The Board of Supervisors and virtually every large hospital and medical provider supported this study. This was a true community partnership effort. Public Health is grateful for this opportunity and we look forward to the impact it will have on our community.”

Study researchers hope to gain insight into the genesis of important health issues by examining environmental factors such as air, water, and house dust; what children eat; how they are cared for; the safety of their neighborhoods; and how often they see a doctor. Findings from the study will provide the basis for new disease prevention strategies, health and safety guidelines, and potential new treatments and cures for diseases. Planning for the local portion of the study will begin immediately and approximately 1,000 Kern County participants will be enrolled by early 2011.

The National Children’s Study is led by a consortium of federal agencies: the U.S. Department of Health and Human Services—including the National Institute of Child Health and Human Development, the National Institute of Environmental Health Sciences, and the Centers for Disease Control and Prevention—and the Environmental Protection Agency.

For more information about the National Children’s Study, see the official website at [ http://www.nationalchildrensstudy.gov ]www.nationalchildrensstudy.gov.

For information about the study locally, contact Leapley at (661) 654-2650; Choi at (661) 868-0461; or Bradman at (510) 643-3023 or [ mailto:abradman@berkeley.edu ]abradman@berkeley.edu.

When Seasons Change… Little Feet Repeat

What mom among us is not contemplating when to weed through closets and drawers eliminating the warm weather shorts and tank tops only to replace them with jeans, long sleeve shirts, coats and hoodies from the attic storage tubs. Typically, by October cool weather is here to stay and I debate and procrastinate on which day to spend among the piles of children's clothing, weeding through what to keep for next year and what to eliminate. My usually dilemma involves one of piles. I can never decide how many piles to make. My thought is there are too many choices: donate to goodwill, pass on to family/friends, too small, too big, save for siblings, E-Bay, and even the trash.

I have been accused of having an over abundance of clothing for each of my 3 children. My excuse is they grow out of it so fast. I can't keep up with the rate or growth over time. The real reason for the overflowing closets in our house is my favorite shopping challenge, finding a steal. Hunting for a deal has become an addiction of mine I do admit. I often try to scour the sale racks at the end of one season in hopes of scooping up a deal for the next. Currently, in my kids closets there are things for this fall bought at the beginning of summer on super sale. Occasionally, this does backfire. I do mistakenly predict an incorrect size for my growing tikes and loose out on a bargain purchased, and even worse I have forgotten about my steals tucked away in the closet and missed my window of opportunity for wear-ability.

For several years now my best option for out of commission attire has been selling it on-line. I have mastered the E-Bay way of doing things and have been satisfied with my gains; empty closets and some change in my pocket. This year I am excited to pursue a new opportunity, Little Feet Repeats is a local consignment sale. Since it is here it town not, only do I get to avoid visiting the post office every other day to ship out this shirt and that pair of shoes (especially during the holiday season), but there are no pictures to hassle with either.

I am often inspired by stay-at-home mom's turned entrepreneurs. Recently, I had the opportunity to meet one such mom here locally. Karla McCoy, the brains and the braun behind, Little Feet Repeats. She has seen her vision grow year to year and her enthusiasm for this event is contagious. This consignment opportunity trumps on-line hassles in a blink. This year I have begun to tackle the closets and have acquired a substantial collection of attire that no longer meets the needs of my children. The process is quite simple. Register on-line, enter inventory, tag and price items, drop them off at the sale location, and wait for a check to come in the mail. There are several perks and incentives built into the system, opportunities to earn a greater percentage, charity causes, and volunteer positions. There is even a first time mom’s presale event! I am also thrilled at the opportunity to sharpen my bargain hunting skills. I can not wait to see what deals I can find as a shopper at this event. There is no better place to find exactly what you are looking for. Now is the time to tackle the out of season, out of style, out of fit, clothing abundance in our possession. Don’t procrastinate a minute longer, join me and other moms in our pledge to “clean out the closets” in time for the upcoming event. The next sale is set for October 24^th -26^th at Golden State Mall (old Montgomery Wards Bldg) 3201 F Street. For more information on this event visit www.littlefeetrepeats.com

BOOK LAUNCH

Barnes and Nobles will be hosting Peg Connelly as she launches her latest children's book, A Madman Hunts for Bigfoot, on Saturday, October 11, from noon to 4pm. This is a sequel to If The Forest is Silent, Beware! and both books were written for middle grade readers. Drop by and pick up your autographed copy.

North Beardsley Salutes Our Country

As some readers may know, local radio station KUZZ broadcasts students reciting the flag salute on Friday mornings. Staff and students North Beardsley Elementary school recently had the opportunity to be heard throughout Bakersfield doing just that - not once, but twice!

On September 17th, a representative from the country music station came to the school and recorded the nearly 600 patriotic youngsters recite the Pledge of Allegiance. These primary students were so impressive that KUZZ broadcast the pledge that Friday, as well as the following Friday.

God Bless America, and God Bless the staff and students at North Beardsley Elementary!

Happy 30th Birthday

Happy 30th Birthday to a wonderful daughter, Annalisa (Petersen) Garcia. Hope your day is a Great One.

FREE Health & Family Fitness Fun Day this Sunday!

The Northwest Voice wants you and your family to have fun & get fit this weekend at our inaugural Health & Family Fitness Fun Day taking place on Sunday, Oct. 5 from 11 a.m. to 3 p.m. at Liberty Park on the corner of Brimhall & Jewetta.

This FREE community event hosted by NOR and Terrio-Therapy Fitness you can:

Experience football speed and agility camps performed by former Fresno State and Bakersfield Blitz Wide Receiver and current TERRIO EDGE Co-Manger Eric Mahanke
Go through basketball technique seminars performed by former BHS Varsity Girls Basketball Coach and current TERRIO EDGE Co-Manager Cassaundra Boston
Receive baseball hitting instructions performed by Travis DeBont, hitting instructor at the TERRIO EDGE
Show the men in your life who's boss with the Women's Adventure Boot Camp!
Meet Dr. Kyle Mortensen, a local dentist, who will be available to answer questions about your dental health, and he's giving away custom whitening trays (a $400 prize).
Dance along to performances by the NOR Cheerleaders and Jazzercise
Check out martial arts action by Order of the Dragon

And, of course, you'll have a chance to win LOTS OF FREE PRIZES including memberships to 24 Hour Fitness!

Come see our Northwest Voice team and spin our FREE prize wheel to win FREE Northwest Voice prizes!!

Don't miss the FREE Health & Family Fitness Fun Day!!!

PUBLIC INVITED TO GET A “TASTE OF SCOUTING”

These days Scouting is about a whole lot more than just tying knots. The Southern Sierra Council, Boy Scouts of America invites families to Sport Chalet at 5200 Stockdale Highway in Bakersfield on Saturday, October 18, 2008 anytime from 10 a.m. to 5 p.m. to get a “Taste of Scouting” and see just how far the program has come since it started in 1910 in the United States.

During the day, there will be continuous activities for the entire family to enjoy and take part in including the U.S. Army Climbing Wall, U.S. Army Simulator, Salvation Army Emergency Communications Van, Monkey Bridge and more. Since the day of this event coincides with the annual BSA shortwave radio event entitled “Jamboree On The Air” or J.O.T.A., local Ham Radio operators will be on site with their equipment and will allow the public to talk with Scouts and Scouters throughout the United States and around the world. There will also be an internet version of this event called Jamboree On The Internet (J.O.T.I.) for those wishing to “blog” with Scouts throughout the country.

There will also be Fly Fishing demonstrations where scouts will demonstrate how to tie fish knots, talk about fish/wildlife management and equipment demonstrations by the Kern Flyfishers.

Any Cub Scout age boy whose parents sign him up in Cub Scouts on October 18^th will receive his own FREE Pinewood Derby Car Kit. These new Cub Scouts are encouraged to bring their finished cars back to the Council Pinewood Derby Race on March 14^th and race them in the heat associated with their age group. Pinewood Derby kits will be picked up by local pack leaders and issued to each new Cub Scout at a later pack or den meeting.

The entire day is free to the public. The Southern Sierra Council will have a recruiting table where families can sign up their Cub Scout (1^st through 5^th grade boys), Boy Scout (completed 5^th grade and is at least 10 years old or is age 11 but not yet 18 years old) or Venture Scout age boy or girl (at least 14 and completed the 8^th grade or 15 years of age but not yet 21). The pro-rated registration fee for all programs is $3.00 per member good through December of 2008. There will be a list of available units, contact names, phone numbers and times of meetings to assist parents with finding the right unit for their child. For additional information, contact the Southern Sierra Council, Boy Scouts of America at 661-325-9036 or the event chairman Ray Bays at 661-599-9030.

Come see why Scouting is a whole lot more than tying knots. It’s about building character, developing valuable skills, and having fun!

Fun at the Kern County Fair

ATTENTION: ELEMENTARY SCHOOL TEACHERS

ATTENTION ELEMENTARY SCHOOL TEACHERS

As a local author of five children’s books I would like to offer my services to visit your classroom and read to your students from one of my books. I do have some disabilities and need to be able to get to the classroom without having to walk too far. If you wish to put two or more classes together, that would be fine. I usually stay 40 minutes or so and will be happy to answer any questions your students might have. If I can spark an interest in reading, writing or help children use their imaginations I will have accomplished my goal. I do have flyers that can be sent home to parents before my visit so they might purchase books in advance and I can then autograph them for the students after I read. I have two books of short stories for children from two to twelve and three novels for middle grade readers. You can view them on my web site, www.grannywrites4kids.com For every 5 books I sell, I will donate one of my books to your classroom. If you have any questions, or wish to set up a date for me to read to your class you may contact me by e-mail, mispegg@aol.com or phone me at 399-0423.

Kern County Animal Shelter Adoption Day Oct 4th

The Kern County Animal Shelter a long with the Friends Foundation, will be holding an adoption day. Saturday Oct 4th at PetCo on Rosedale hwy..

From 10am to 3pm.. They will be holding these adoption day, there every first Saturday of the month..

If you are looking for your next dog or puppy,, Please come and have a look around...

Remember when looking for your next pet, Please try your local shelters and rescue groups...

Please help find these loving pets forever homes...

Eddy