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                                                                                   ExcEllEncE - For your FuturE - ExcEllEncE                                                                  ExcEllEncE, FEbruary 6, 2008/




                                          ExcEllEncE                                                                                                                                                  February 6, 2008

                                                                                                                                                                                                            week three
                                                                                                                                                                                                            Section one
                                                                                                                                                                                                            Four Pages




                                                                               a    busInEss and EconoMIc ForEcast.
                                                                                                                                                                                 Want to be a
               Make your later years                                                                                                                                             millionaire?




golden
                                                                                                                                                                                 At age 25:
                                                                                                                                                                                    If you save
                                                                                                                                                                                    $150/month, you will

                                                                                                            How to save for                                                      be a millionaire by age 66.
                                                                                                                                                                                    $200/month, you will
                                                                                                                                                                                 be a millionaire by age 63.
                                                                                                            retirement when you’re                                                  $400/month, you will be a
                                                                                                                                                                                 millionaire by age 56.
                                                                                                                                                                                 If you:
                                                                                                            barely making ends meet                                                 Cut down eating out and save $50 per month;
                                                                                                                                                                                    Make coffee at home instead of buying it and
                                                                                                                                                                                 save $50 per month;
                                                                                                                                                                                    Cut down clothing spending and save $100
                                                                                                                                                                                 per month;
                                  By Abbey Woodcock                                                                                                                                 Go to fewer movies, save $30 per month;


B
                                                                                                                                                                                    Pay off credit cards and save $150 per month;
         ills on the counter will always seem more pressing than your                                                                                                               Then, invest it for a 10 percent rate of return:
         financial status 15, 20 or even 40 years down the road. It’s                                                                                                               By reducing your spending, you will save
difficult to think about saving when you can barely pay what                                                                                                                     $4,560 each year. If you invest this amount, you’ll
you owe today. The benefits of putting aside something,                                                                                                                          accumulate $77,841 in 10 years and $2,942,833
even it’s a small amout, however, are worth taking a sec-                                                                                                                        at retirement.
ond look at.                                                                                                                                                                     Savings by making coffee at home
                                                                                                                                                                                     Average annual savings - $600
Saving early:                                                                                                                                                                        Savings after ten years - $10,242
   Although not all investors believe that retirement
savings should start as young as possible, most do and                                                                                                                               Value at retirement - $387,215
here’s some reasons why:                                                                                                                                                         Savings by eating out less
                                                                                                                                                                                     Average annual savings - $600
   At a young age (age 25, we’ll say), you have more                                                                                                                                 Savings after ten years - $10,242
time for your money to grow. With IRAs, mutual funds                                                                                                                                 Value at retirement - $387,215
and 401Ks, time is often worth more than money. Even                                                                                                                             Savings by buying fewer clothes
a modest amount will grow over time and be worth more                                                                                                                                Average annual savings - $1,200
than bigger investments down the road.                                                                                                                                               Savings after ten years - $20,484
   Debt doesn’t go away. People replace old credit cards with                                                                                                                        Value at retirement - $774,430
new ones and rent with bigger mortgages. Although it’s obviously                                                                                                                 Savings by going to fewer movies
easier to save when you have more expendable income, if you get in                                                                                                                   Average annual savings - $360
the habit of saving even a small percentage, you will carry those habits                                                                                                                     Savings after ten years - $6,145
through and save more later.                                                                                                                                                                          Value at retirement -
   Although it’s true that you will save the bulk of your retirement                                                                                                                                      $232,329
income when you are older, that shouldn’t be a reason to avoid sav-                                                                                                                                       Savings by paying off
ing now. All that could happen is you save more by starting                                                                                                                                               credit cards
earlier and what’s wrong with having more money at                                                                                                                                                          Average annual savings
retirement?                                                                                                                                                                                                 - $1,800
   If your employer offers 401K matching, it’s like                                                                                                                                                            Savings after ten
free money. You could double your investment                                                                                                                                                                years     - $30,727
just by what the employer matches. The reasons                                                                                                                                                                 Value at retirement
for taking that deal are self-explanatory.                                                                                                                                                                - $1,161,644
                                                                                                                                                                                                       Total Savings by
Alternate view:                                                                                                                                                                                       reducing spending
   Not all investors think alike and while                                                                                                                                                              Average annual savings
“save often, save early” is the current invest-                                                                                                                                                - $4,560
ing mantra, some investors urge young                                                                                                                                                                Savings after ten years -
people to stop and look at all of the fac-
                                                                                                                                                                                                    $77,841
tors before putting aside large chunks
                                                                                                                                                                                                       Value at retirement -
of money. One such expert is Luther
                                                                                                                                                                                                  $2,942,833
Conant, president of Conant-Jones
Financial Services in East Syracuse.                                                                                                                                                All figures are based on a 10 percent return on
   “I’m a contrarian to the popu-                                                                                                                                                investment and retirement at age 65.
lar beliefs about investing,”
he said “Many publications
today tell you to start saving
for retirement before you are
out of diapers, but I tell a lot
of my clients not to worry about
retirement savings until they are
around 35.”
   Conant doesn’t say that if you
can save, you shouldn’t, but that
young people may want to save for
other goals first.
    Please see Retirement on page 2                                                ChuCk wAInwrIGhT




                                                                                            I   n s I d E      E   x c E l l E n c E          :

                ElEgancE        and                                                                     caMbs                                                                  dErMody,
          coMpassIon coME                                                                             law FIrM                                                                    burkE
                  togEthEr to                                                                         dIscussEs                                                                & brown:
               rEvolutIonIzE                                                                    thE topIc oF                                                                    hElpIng
               sEnIor carE at                                                                    rEvocablE                                                                     busInEssEs
            thE athEnaEuM                                                                    lIvIng trusts.                                                                   grow and
             oF skanEatElEs.                                                                     sEE pagE 3                                                                       prospEr.
                  sEE pagE 4                                                                                                                                                   sEE   pagE   4




     MIllEr InsurancE agEncy......................................2                caMbs law FIrM.......................................................3   dErMody, burkE & brown....................................4
     aaa InsurancE.........................................................3       athEnaEuM oF skanEatElEs.....................................4           hIscock & barclay..................................................4
2 / ExcEllEncE, FEbruary 6, 2008                                                                                                     ExcEllEncE - For your FuturE - ExcEllEncE


                                                                                                                               Miller Agency uses hands-on approach
                                                                                                                                  With so many insurance agencies             Currently, the agency represents       public, especially when it comes to       and service for our clients’ unique



         ExcEllEncE
                                                                                                                               around to choose from, it can be a          10 property and casualty companies        price. Cost is an important consid-       situations.
                                                                                                                               daunting task to decide which one           and more than 20 life and health          eration for many clients.                     The Miller Agency pays particular
                                                                                                                               to put your trust in. Some agencies         insurance companies.                          “What people don’t realize is         attention to the financial strength of
                                                                                                                               specialize in one type of coverage,            In addition to agent representa-       that the promise of a low premium         the companies they represent.
                                                                                                                               but not another. The Miller Agency          tion, the Miller Agency also acts as      may also result in a loss of coverage         There’s a lot turmoil in the indus-
                                                                                                                               deals with business, home, auto,            a broker in procuring the necessary       a person was getting before without       try today, with some companies get-
                           a   busInEss and EconoMIc ForEcast.                                                                 health and life insurance; they are         insurance program for a client when       realizing it,” Miller said.               ting into financial trouble and there
                                    Is a supplEMEnt to:                                                                        able to provide and assist their clients    the appropriate coverage is not avail-        “Many of these offers are too ge-     will probably be more consolidation
                                                                                                                               with all of their insurance needs.          able from their own companies.            neric, too black and white,” Maloff       in the coming year.
                         EaglE nEwspapErs                                                                                         Approximately 75 percent of the             Coverage and limits of protection      said. “There’s a lot of fine print or         Miller’s clients are placed in a
             590 FIrEstonE drIvE, syracusE, n.y. 3206                                                                        agency’s business is derived from           vary from company to company and          gray areas that only an insurance         company that’s right for their long-
          phonE: (35) 434-8889                                          Fax: (35) 434-8883                                   commercial property and casualty            between policies. In commercial           expert would know to look for and         term needs.
   ▼ prEsIdEnt:                                                      ▼   baldwInsvIllE MEssEngEr
                                                                                                                               accounts, including professional of-        insurance, these must often be            be able to understand. As long as             The Miller Agency is their client’s
   rIchard kEEnE                                                                                                               fices, retailers, transportation com-       negotiated with a company. The            the person doesn’t have a claim, he       resource for insurance and financial
                                                                     ▼   caMIllus advocatE
   ▼ vIcE prEsIdEnt:                                                                                                           panies, schools and small to mid-size       insurance agent must be able to           may never know the difference in          services, working with them as their
   John McIntyrE                                                         canastota bEE-Journal
                                                                     ▼
                                                                                                                               contractors. While the other 25             shop for the best coverage and price      coverages, and assume he’s saving         needs change.
   ▼ gEnEral ManagEr:                                                    cazEnovIa rEpublIcan
                                                                     ▼
                                                                                                                               percent comes from personal lines,          for the client.                           money.”                                       They offer clients a choice of
   davId tylEr
                                                                     ▼chIttEnango-brIdgEport                                   property, casualty and financial               “The consumer has to realize that          During the last decade, judicial      insurance plans and programs, with
   ▼ advErtIsIng dIrEctor:
                                                                     tIMEs                                                     services.                                   they are unique people with needs.        interpretations have created the          one-stop shopping for a full range of
   taMI grashoF
   ▼ nEw MEdIa dIrEctor:                                             ▼   cIty EaglE                                               The agency’s founder, Hy Miller,         When it comes to professional             need for insurance companies to in-       products—home, auto, business, life,
   danIEl lovEll                                                     ▼   dEwItt tIMEs                                          started the agency more than 55             services, a consumer must regard          crease premium or create additional       health and disability.
   ▼ classIFIEd ads dIrEctor:

   JulIE galvIn                                                      ▼   FayEttEvIllE EaglE bullEtIn                           years ago. Hard work and a superior         himself as important enough to            “fine print” relating to insurance            The commercial insurance divi-
   ▼ MarkEtIng dIrEctor:                                             ▼haMIlton               and      MorrIsvIllE              knowledge of insurance has carried          seek out professional advice,” Maloff     contract limitations and/or exclu-        sion also offers engineering and loss
   gEoFF stIckEl                                                     trIbunE                                                   the agency forward since its incep-         said. “We offer a hands-on approach       sions. The adversarial relationship       control services, premium financ-
   ▼ ExEcutIvE EdItor:
                                                                     ▼   lIvErpool rEvIEw                                      tion. Dedication has allowed the            and accessibility when our clients        between claimants and defendants,         ing and assistance with the audit
   gary catt
                                                                         MarcEllus obsErvEr                                    agency to expand into on of the             need our advice.”                         and judicial determinations contin-       process.
   ▼ ManagIng EdItor:
                                                                     ▼

   JEnnIFEr wIng                                                     ▼north syracusE                                           largest locally owned and indepen-             The Miller Agency follows up to        ues daily and results in the escalation       The Miller Agency has chosen
   ▼ cIrculatIon ManagEr:                                            star-nEws                                                 dent insurance agencies in Central          make sure their clients are satisfied,    of costs and diminution of insurance      to continue operating the “old-fash-
   lorI nEwcoMb                                                                                                                New York.                                   have all of their questions answered      protection for the consumer.              ioned way,” with a commitment to
                                                                     ▼   skanEatElEs prEss
   ▼ hEad prEssMan:
                                                                         solvay-gEddEs ExprEss
                                                                                                                                  Miller is still active in the business   and to make sure they know that               The Miller Agency’s first prior-      customer service. The type of client
   al clutE                                                          ▼

   ▼ covEr dEsIgn:
                                                                                                                               and his son, Robert, who is currently       employees at the Miller Agency are        ity is finding the most appropriate       who gravitates to their organization
                                                                     ▼   onEIda prEss
   JEnnIFEr wIng                                                                                                               president of the company, joined the        only a phone call away if a client        insurance coverage for their clients      is looking for that special, one-on-
                                                                                                                               firm in 1972.                               needs them.                               at a reasonable cost.                     one personal care. And that is what
                                        www.cnylInk.coM
                                                                                                                                  Jon Maloff, the current vice                Price is not always the best indica-       As an independent insurance           the Miller Agency will continue to
                                                                                                                               president and treasurer, joined the         tion of a “good deal” on insurance,       agency, the Miller Agency has the         provide.
                                                                                                                               agency in 1981. The agency is at            Miller said. He sees the Internet and     ability to place insurance with a va-         For more information about the
                                                                                                                               7000 E.Genesee St. in the Lyndon            national advertising as having an         riety of companies, resulting in the      Miller Agency, call 446-5444.
                                                            Your news, on your time...                                         Office Park.                                increasing influence on the general       best combination of coverage, price

                                                      cnylink.com
                                                                                                                               Retirement                      From page 1

                                                                                                                                   “Don’t sacrifice today’s living for something that will happen in 40
                                                                                                                               years,” he said.                                                                      The Compromise:
                                                                                                                                   He urges young couples to save for a second car or a home before                      So what do you do? Save now or save later?
                                                                                                                                                                                                                         Well, it doesn’t have to be so black and white.
       We can help keep your                                                                                                   “locking up” a large portion of income in retirement accounts. However,
                                                                                                                               he does say that putting a portion of money aside in an employer-matched                  You can save while also enjoying the things you need today. Even a
                                                                                                                                                                                                                     little savings goes a long way when it comes to retirement. Make your
       rates from going up just
                                                                                                                               401K is extremely beneficial, so should be taken advantage of.
                                                                                                                                   “Put in one or two percent of your income in your 401K, whatever                  retirement mantra, “Start small but start now.” You don’t have to put
                                                                                                                               amount is necessary to pick up the employer-match. Beyond that, don’t                 aside huge chunks of income at age 25, but by putting aside a small
       because of an accident.                                                                                                 put a lot of extra in the 401K or an IRA,” he said.                                   amount, that amount will grow over time, which will benefit you now
                                                                                                                                   But after looking at the reasons to save early, why does Conant and               and later. But the question may not be what to do, but how to do it.
                                                                                                                               other financial planners urge the opposite?
                                                                                                                                   Racking up credit card debts because you can’t pay your bills will                Ways to make it easier:
                            Get Accident Forgiveness today. Only Allstate
                            offers this added protection starting the day you                                                  counteract whatever you put into an account. Whatever you will be                         Research: Once you get the facts, you’ll have a better idea of what’s
                            sign up for Your Choice Auto®. Call us now to find                                                 earning from investments, you will be paying in credit card interest. So,             right for you. Talk to your employer about the 401K they offer. If they
                            out more.                                                                                          if you can’t afford what you need to live, use that money for your bills              don’t offer a 401K or any sort of matching, talk to a bank or investment
                                                                                                                               instead of putting aside.                                                             company. Someone will sit down with you and go through the options.
                                                                                                                                   If you put aside too much, you are essentially “locking up” that money.           These companies know that you won’t be saving a huge chunk of money
                                                                                                                               When a real emergency does happen and you need extra money, with-                     at this time in your life, but will help you figure out what you can afford
   Don Laxton                                                                                                                                                                                                        and the pros and cons of investing.
   315-484-0300                                                                                                                drawing the money will cost huge amounts in fees and penalties.
                                                                                                                                   Seventy-five percent of the retirement income earned by the average                   Have it deducted automatically. If you don’t, you run the risk of using
   Don Laxton Agency, Inc.                                                                                                     person by age 65 was earned and acquired after age 50. It is at this age,             the money you planned on saving for an “emergency.” These matters,
   5425 W. Genesee Street                                                                                                                                                                                            although pressing now, will not seem so when you look at your account in
   Camillus NY 13031
                                                                                                                               most people’s bills decrease and their income is at its highest, so don’t
                                                                                                                               panic if at age 30 you don’t have much put aside.                                     10 years and wonder where the money is you planned on being there.
                                                                                                                                   A home and a second house will benefit you more at this stage in                      If you get a raise or a bonus, save a portion of it before you get used
                                                                                                                               your life than money in the bank. If you put aside money for these                    to that income. As your pay increases, so does your standard of living
                                                                                                                               things, once you achieve them you will have created a habit of saving                 and bills. Don’t get used to having some of that extra money and odds
   Pay your Allstate insurance bill here                                                                                       and also be able to enjoy your life now. You can then begin to think                  are, you won’t miss it as much as you think.
                                                                                                                               about retirement and since you are used to saving, you will be better at                  Pick one or more of the savings ideas on the sidebar or create your
  Feature is optional and subject to terms, conditions and availability. Safe Driving Bonus won’t apply after an accident.
  Patent pending.Allstate Property and Casualty Insurance Company: Northbrook, IL. © 2007 Allstate Insurance                   putting aside retirement funds.                                                       own. Just doing one or two of those things could earn big payouts.
  Company




                                      Attention Members:
                                      Now you can get even lower rates
                                                                                                                                                                                                 Get the facts.
                                            on Auto Insurance.                                                                                                               Are you confused about your estate planning needs?
                                                                                                                                                                             Do you understand the difference between Revocable and Irrevocable
                                                                                                                                                                             Living Trusts? Are you wondering what type of estate or business plan
                                                                                                                                                                             is right for you? Are you searching for a law firm you can trust to work
                                                                                                                                                                             with your family in the event of an emergency?

                                                                                                                                                                             Contact estate planning attorney Denise P. Cambs.
                                                                                                                                                                             With nearly 23 years of experience in the areas of
                                                                                                                                                                             Wills, Living Trusts, estate planning, elder law,
                                                                                                                                                                             business and retirement planning, Denise has the
                                                                                                                                                                             knowledge and experience to guide you in the right
                                                                                                                                                                             direction. Contact The Cambs Law Firm at
                                                                                                                                                                             315.484.1200, or visit www.cambslaw.com
                                                                                                                                                                             for more information.
           Switch to the peace of mind, reliable service and quality coverage only AAA Insurance
             can deliver. Plus, save up to 10% when you insure your home and auto together.
                                                                                                                                                                             When results are critical to your family or business needs and to
                                  ciceRo                                           dewitt                                       liveRpool                                    your financial future, count on The Cambs Law Firm, LLP to
                               dennis guerin                                    anthony davis                                Jennifer degrace                                provide you with the information you need to plan successfully.
                            315-452-3282 x4416                                315-446-3134 x226                                315-453-5917

                                                                                                                                                                                   THE CAMBS LAW FIRM, LLP
                                                                                                                                                                                           5701 W. Genesee Street u Camillus, NY 13031-1280
                                                                                                                                                                                             Ph.: 315-484-1200 u web: www.cambslaw.com
       Roadside assistance                                                insuRance                                  tRavel               MeMbeR savings                                    Call for a free copy of current estate planning materials.
                                                                                       ExcEllEncE - For your FuturE - ExcEllEncE                                                                 ExcEllEncE, FEbruary 6, 2008/3



One size does not fit all when it comes to insurance policies
    When is the last time you reviewed your insurance policies? According       to have the right coverage for your individual situation. AAA Insurance         rent life situation,” said Weber. “Your insurance agent should recognize
to the Insurance Information Institute, close to 32 million households          agents work one-on-one with their customers to develop customized poli-         your specific needs and tailor your policy to meet those needs.” In
in the U.S. own insurance policies that aren’t right for them. Reviewing        cies to meet each person’s lifestyle and individual coverage needs.             effect, your insurance needs may change over time, and it’s important
your insurance annually is a great way to protect your valuable assets and          For example, a single college student renting their first apartment has     for your agent to know of any life changes, so they can recommend the
make sure you have the coverage that’s right for you and your family.           different needs than a family of four with three cars and a new home.           appropriate coverage, as well as offer any additional discounts that you
You may even qualify for new discounts, or coverage enhancements that           A college student most likely has one vehicle to be insured, with them-         may qualify for.
you might not have been aware of.                                               selves as the only driver on the policy, and a renters insurance policy to         In 2006, AAA began selling auto and home insurance to members
    “AAA Insurance recommends that you review your coverage every year          cover any personal belongings kept in their apartment. On the other             throughout Western and Central New York and began offering water-
with your agent to make sure you have the coverage you need,” said David        hand, a family of four has to have an auto insurance policy to cover            craft, recreational vehicle, snowmobile and motorcycle coverage in late
Weber, Vice President of AAA Members Insurance Agency. “Your agent              each vehicle and all the drivers of those vehicles. Additionally, the fam-      2007. Today, AAA Insurance has 19 licensed agents located in AAA
is knowledgeable on the latest coverage options and discounts available         ily will have a homeowners insurance policy to cover their house and            Travel and Insurance Centers throughout the region. If you’re interested
to you, so you may be able to save additional money.”                           all of their belongings within the home. Homeowners insurance also              in meeting with an AAA insurance agent to review your current policies
    It is important for consumers to understand the auto or home insur-         includes liability protection to cover your personal assets. The family         or obtain a no-obligation quote, visit AAA.com for a listing of agents
ance policies they are purchasing, and what they mean, in case of an            may also have an umbrella insurance policy, which provides additional           in your area.
accident or loss. Too often, consumers carry less coverage than needed          liability coverage above and beyond the limits of their current auto and
in order to save money on their insurance premium. Unfortunately, one           home insurance policies.
size does not fit all when it comes to insurance policies; so it is critical        “Every customer has different insurance needs based on their cur-



 Why a Revocable Living Trust?
       By Denise P. Cambs, Esq.         Wills only take effect when you         – since many banks and financial
                                        die. Living trusts are funded while     institutions are hesitant to accept
   Recently, a married couple           the client is alive, and a properly-    even the most carefully-drafted
came to me to discuss their plan-       drafted living trust can therefore      durable power of attorney, based
ning needs. The facts presented         serve as a virtual “road map” to gov-   on recent reported incidents of
were not unusual to my estate           ern both the lifetime management        abuse. For example, banks and
planning practice: The husband          of assets in the event of disability,   financial institutions fear that if
and wife owned their residence in       and the post-death distribution of      they accept a durable power of
New York State plus a Florida vaca-     assets after the client’s death.        attorney which later turns out to
tion home. They had cash savings           The lifetime management com-         have been forged, and if accounts               Denise P. Cambs, Esq.
and investments in joint names in       ponent to Revocable Living Trust        were debited or assets changed in
addition to separate IRA accounts.                                                                                      from the primary trustee (who is
                                        planning is especially important        reliance on that document, then
Their planning goals were to take                                                                                       typically the client and original
                                        because individuals are more likely     the financial institution might be
care of each other first, and to                                                                                        account holder) to the named suc-
                                        to become incapacitated than they       liable for any losses which the ac-
ensure that the ultimate distribu-                                                                                      cessor trustee in emergency situa-
                                        are to die prematurely. In fact, one    count holder suffered at the hands
tion to their adult children on the                                                                                     tions, unlike the durable power
                                        could almost consider Revocable         of the forger. As a result, some
death of the surviving spouse was                                                                                       of attorney, which sometimes
                                        Living Trust planning as a form         financial institutions now require
accomplished in a tax-effective and                                                                                     involves a disruptive process.
                                        of “responsibility planning,” since     all durable powers of attorney to be
efficient way.                                                                                                             Living trusts can also be cus-
                                        the process of creating a Revocable     recorded with the county clerk’s of-
   When they first came to me,                                                                                          tomized in a way which durable
                                        Living Trust requires the client to     fice and certified before the docu-
the husband and wife both had                                                                                           powers of attorney often can’t. For
                                        carefully consider who will assume      ment will be accepted, and nearly
wills which provided first for the                                                                                      example, where a client has a long-
                                        responsibility for legal, financial,    all financial institutions require
surviving spouse and then for the                                                                                       standing professional relationship
                                        tax and similar decisions if the cli-   the durable power of attorney to
children in equal shares. However,                                                                                      with an accountant or investment
                                        ent becomes disabled to the point       be pre-approved by their legal de-
                                                                                                                        advisor, the client’s living trust
their assets were widely scattered,
and there was no “disability plan”
                                        where he or she can no longer
                                        meaningfully participate in the
                                                                                partment before the named agent
                                                                                can implement transactions on the
                                                                                                                        agreement can expressly state that
                                                                                                                        those professional relationships
                                                                                                                                                                     It’s Never Too
in place to ensure that those assets
would be properly managed if the
husband or wife became prema-
                                        decision-making process.
                                           A comprehensive estate plan
                                                                                client’s behalf. Again, this is not
                                                                                the most efficient way to proceed
                                                                                                                        are to remain intact in the event
                                                                                                                        of the client’s disability, thereby
                                                                                                                                                                     Early to Plan
                                        therefore ensures that the client se-   in an emergency situation.
turely disabled.                                                                                                        assuring that the client’s trusted
                                        lects appropriate individuals (or in        On the other hand, as the name                                                                           Our Trusts & Estates Practice has
   Because the husband and wife                                                                                         advisors will continue to provide
                                        certain cases, a bank trust depart-     implies, a Revocable Living Trust is                                                                         experienced attorneys who handle
owned real estate outside of New                                                                                        guidance to the named successor
                                        ment) to oversee matters in a way       a “living” document which is cre-                                                                            personal and business clients with
York and they had savings and                                                                                           trustee.                                       Trusts &
                                        which is consistent with the client’s   ated and funded while the client                                                                             comprehensive services enabling you
investments in addition to their                                                                                           More importantly, where a cli-               Estates
                                        intentions. The Revocable Living        is competent. The trust agreement
                                                                                                                        ent has no suitable family members                                   and your heirs to properly plan for
IRA accounts, they were good can-       Trust Agreement then serves as a        is therefore readily accepted by
                                                                                                                        to take over in an emergency, the                                    the future. Our attorneys handle
didates for Revocable Living Trust      form of written instruction, pro-       financial institutions, and client
planning. By re-titling their Florida                                                                                   client can familiarize himself of                                    estate planning, including wills, trusts
                                        viding the successor trustee with       accounts are re-titled to the trust                                                      Contact
vacation home to a Revocable Liv-                                                                                       herself with bank trust depart-                                      and Advance Directive documents,
                                        guidance and direction as to the        name as part of the “trust fund-                                                    Frederick S. Marty
ing Trust, we could avoid the need                                                                                      ments and financial institutions             800.727.2131            plus business succession planning,
                                        client’s investment philosophies        ing” process. As such, the client’s
for a “secondary” or “ancillary”                                                                                        which offer fiduciary (i.e. trustee)                                 Elderlaw services and more. It’s never
                                        and overall estate planning goals.      records with each financial institu-
probate proceeding in the state of                                                                                      services, as part of the trust draft-                                too late–or too early–to make your
                                           Without a Revocable Living           tion are updated to include refer-
Florida when the husband and wife                                                                                       ing process, so that a bank trust de-                                plans. Give us a call and see what we
                                        Trust, individuals may rely on          ences to the primary and successor
were both gone. By similarly avoid-                                                                                     partment or financial institution                                    can do for you.
                                        durable powers of attorney to pro-      trustee(s) who are named in the
ing probate in New York State, the                                                                                      might then be named as successor
                                        tect their interests in the event of    living trust agreement.
size and distribution of the clients’                                                                                   trustee to take over only when
                                        disability. In fact, we recommend           Since client assets are deemed to
future estate would remain private,                                                                                     necessary. On the other hand, it is
                                        durable powers of attorney as a         be “owned” by the living trust, and
rather than becoming part of the                                                                                        not possible to name a bank trust                  albany     boston metro buffalo new york
                                        matter of course for our clients.       because the identity of the succes-
court’s public records.                                                                                                 department or financial institu-                rochester     syracuse toronto washington, d.c.
                                        However, the durable power of           sor trustee(s) is already part of the
   Privacy and probate avoidance                                                                                        tion as agent on a durable power
                                        attorney is not always as effective     client’s records, a properly funded                                                 One Park Place / 300 South State St. / Syracuse / New York 13202
are not the only possible benefits to                                                                                   of attorney, even in those instances
                                        as a Revocable Living Trust – par-      Revocable Living Trust generally                                                                       www.hiscockbarclay.com
Revocable Living Trust planning.                                                                                        where the client has no suitable
                                        ticularly in emergency situations       ensures a seamless transition
                                                                                                                             Please see Cambs on page 4



                                                                                                                                              5
             When you                                         At the Miller Agency,
                                                              our first priority is making                                       rting
                                                                                                                                       at $299

        want to protect                                       sure you have the right
                                                              protection for the way you
                                                                                                                              Sta
                                                                                                                                                                     The Athenaeum
                                                                                                                                                                          of
        your business,
           your family,
                                                              work and live. We take
                                                              pride in our high service                                                                               Skaneateles
                                                              standards, and every member                                                                                       Where elegance and
          and yourself,                                       of our team works for you.                                                                                    compassion come together to
              you need                                        Call us today and find
                                                              out how we at Miller can
                                                                                                                                                                              revolutionize senior care...
         someone who                                          provide the finest
                                                                                                                                                                                                 
                                                                                                                                                                       Our Mission is to personalize and provide the

         works as hard                                        insurance protection for
                                                              you, your family and
                                                                                                                                                                       highest quality of care and services to meet
                                                                                                                                                                      your individual needs today, tomorrow, and in

             as you do.                                                                                                                                                the future, delivered with dignity, thoughtful-




                                                                                                                                                                                      
                                                              your business.                                                                                                   ness, and respect at all times.
                                                                                                                                                                            The Athenaeum of Skaneateles
                                                                                                                                                                                150 East Genesee Street
                                                                                                                                                                             Skaneateles, New York 13152
                                                              Miller                                                                                                    www.the-athenaeum-of-skaneateles.com

                                                              Agency
                                                                                                                                                                                     315-685-1400
                                                                                                                                                                                                
                                                              of New York, Inc.
                                                                                                                                                                            Celebrate Life at
                                  Jon M. Maloff, CPCU
                                       Robert I. Miller
                                                              7000 East Genesee Street
                                                              P.O. box 929, Fayetteville, NY 13066                                                                     The Athenaeum of Skaneateles
                                                              (315) 446-5444
                                                                                                                                               CMYK

4 / ExcEllEncE, FEbruary 6, 2008                                                           ExcEllEncE - For your FuturE - ExcEllEncE



The Athenaeum of Skaneateles…                                                                                                                Hiscock & Barclay, LLP:
 Where elegance and compassion come together to revolutionize senior care                                                            Estate planning requires specificity, organization
   The mission of The Athenaeum                                                           ● Weekly housekeeping, laun-                         By Sarah Hall                                                  Such a move is advantageous in cases
of Skaneateles “is to personalize                                                    dry and linen service;                                                                                               where you wish for those assets to be
and provide the highest quality                                                           ● Transportation to area ap-              It’s a fact of life: Eventually, we all die.                          transferred immediately instead of be-
of care and services to meet your                                                    pointments;                                When that day comes, for the sake of                                      ing held up while the will makes its way
individual needs today, tomor-                                                            ● Invigorating daily exercise         our loved ones, it’s important to have a                                  through the court system. But often,
row and in the future, delivered                                                     programs;                                  plan in place for the disposition of our                                  that’s not the intent of the decedent.
with dignity, thoughtfulness and                                                          ●In-house spiritual director;         assets.                                                                       Wettlaufer gave the following ex-
respect at all times.”                                                                    ● Engaging musical perfor-                Catherine Wettlaufer, an attorney                                     ample: Let’s say you want to insure your
   Located in a large antebellum-                                                    mances;                                    with Hiscock & Barclay, LLP, in Buffalo,                                  money at the bank, but your banker
style house at 150 East Genesee                                                           ●Academic lecture series;             believes it’s critical for that plan to be                                tells you that you can only do so up to
St. in Skaneateles, the Athenaeum                                                         ● Social and family theme             well-organized and specific. Wettlaufer                                   a certain amount. If you put a child’s
was constructed by MCK Building                                                      nights;                                    is a graduate of Mount Holyoke College                                    name on the account as well, you can
Associates, the company which                                                             ●Community outings;                   and received her law degree from SUNY                                     bypass that requirement. However, if you
constructed the Mirbeau Inn &                                                             ●Classical and modern art ap-         Buffalo. In her nearly 25 years of practice,                              pass away, that money will automatically
                                                                                                                                                                                 Catherine wettlaufer
Spa in 2000. The Athenaeum is                                                        preciation;                                she has focused on trust and estate admin-                                go to that child, even if that wasn’t your
a premier new senior residence                                                            ● Case management, and                istration, business succession planning and tax matters original intent.
operated by Peregrine Health Man-                                                         ● A luxurious spa and salon.          for individuals, families and businesses.                       “That’s why it’s important [when planning your es-
agement Co.                                                                               The goal at the Athenaeum is              In the time that she’s been practicing, Wettlaufer tate] to have someone to coordinate all of these things,”
   It is home to 14 units available The focus is on the residents at to “Celebrate life…where every day                         noted that there have been many changes. This year Wettlaufer said. “You need a point person to go over all
for seniors 65 and older and each The Athenaeum.                                     our goal is to intellectually, physi-      promises to bring more of the same.                         of these things with you and your team – your lawyer,
unit includes its own private bath                                                   cally and spiritually enhance the life         “Traditionally, estate planning has not been effected your accountant, your financial adviser, your banker,
and offers adult living services and                                                        experience of our seniors in a      by national politics,” she said. “But with the national your stockbroker – and avoid any problems.”
activities.                                                                                    culturally and historically      election this year, the Bush tax cuts are set to expire.        Spelling out your intent is crucial, Wettlaufer said.
   Included in those ser-                                                                           rich community.”            That impacts the estate tax world.”                         If you don’t, it’s possible for your survivors to get tied
vices and activities are:                                                                                The Athenaeum              Wettlaufer said the new administration will have to up in litigation.
   ● Compassionate                                                                                     will also tailor per-    decide whether to do away with the cuts or to institute         “Over the last five years or so, I’ve seen an uptick
personal care assis-                                                                                    sonal services and      a similar or new policy. Under the current plan, an in the amount of litigation surrounding estates,” she
tance;                                 Shop for Your Sweetheart’                                        care to match the       inheritance of up to $3.5 million can pass free of the said. “Part of it is the way America has changed. We’re
   ●     Specially                  The Athenaeum of Skaneateles will offer a “Shop for                  needs of each in-      estate tax; she said she expects a program to reduce that willing to challenge everything, and the phrase ‘I’m
trained and dedi-                Your Sweetheart” event from 10 a.m. to 2 p.m. Tuesday                   dividual, and coor-    amount would be difficult.                                  going to call my lawyer’ is overused.”
                                  Feb. 12, with everything you could need for Valentine’s
cated staff 24 hours                                                                                    dinates home care           “I’m no seer,” Wettlaufer said, “but I think any move       But the main reason, she said, and the lesson that
                                 Day for that special someone under one roof. Available
a day;                          for purchase will be gifts from fine shops and restaurants              and outside agency      backward would be highly unpopular.”                        should be taken from all of this litigation is that people
   ● An emergency                 including The Chocolate Pizza Company of Marcellus,                  services in order to         Changes have taken place on the local front, as have to be very specific about their wishes when draft-
call system;                     rosalie’s Cucina, handcrafted Greeting Cards by Sharon              allow the residents “to    well. New York state recently added a transfer-on-death ing wills and trusts. In some cases, Wettlaufer said,
   ● Medication su-            Mau, Mirbeau Inn & Spa, Mindy’s Jewelry Designs by Mindy             remain longer in the        statute, which permits the transfers of assets upon an failure to do so can result in litigation as people wrangle
pervision;                        Trevisani, Snake Oil Glassworks and handmade Glass              home they have grown          account holder’s death to named beneficiaries.              over the true intent of the wording in a will or trust.
                                               Bead Jewelry by Janet Calipari.
   ● Three chef-prepared                                                                        to love and trust.”                 “If you have joint accounts or assets with, say, a          “In the past, many people relied on their lawyer to
gourmet meals;                                                                                   For more information call      child as the beneficiary, those assets will be transferred translate their wishes,” Wettlaufer said. “They didn’t
   ● Catered private dinners                                                             685-1400 or visit the-athenaeum-       directly to them,” Wettlaufer said. “They don’t have to carefully read the document to make sure everything
available;                                                                           of-skaneateles.com.                        go through probate.”                                        was spelled out the way they wanted it to be.”




Dermody, Burke & Brown helps businesses grow, prosper
             By Sarah Hall                hands-on approach that allows             on succession planning. According          Strategic Partnerships
                                          them to focus and leave the details       to the Small Business Administra-             That focus on the full range of
    Founded in 1956, Dermody,             to us.”                                   tion, 24 million family businesses         possibilities extends to DB&B’s as-
Burke & Brown, CPAs, LLC                     The firm serves an array of            account for 89 percent of business         sociations. The firm has a national
(DB&B) is the largest locally             industries including governmen-           tax returns, and employ more than          and an international presence so it
owned CPA and business advisory           tal, manufacturing, construction,         62 percent of the workforce.               can offer options and connections
firm in Central New York, with            healthcare and professional service           “There’s going to be a big             to its wide variety of clients.
over 100 employees and offices            firms. This all-inclusive approach        trend in the next five to 10 years            DB&B is associated with PKF
in Syracuse, New Hartford and             means clients get all their needs         of turning over the business reins         North America, a national associa-
Auburn.                                   met by one source who knows               to the next generation as baby             tion of 97 independently owned
    “We’re traditional in that we         their business from many differ-          boomers continue to retire,” said          accounting firms throughout
offer auditing, accounting and            ent angles.                               Bernie Corbishley, Managing                North America.
taxation services, but what makes            “Our goal is to provide financial      Partner of DB&B. “Closely held                “This affiliation allows us to
us original is we couple those            advice and business strategies so         family-owned businesses have               offer our clients the resources
services with added value areas           that an owner, CEO or CFO has             unique concerns and accounting             normally associated with national
of specialization such as manage-         the freedom to do what they do            requirements. The finances of the          accounting firms without the
ment and sales training, employee         best – run a business,” Gorney            business and the family are often          overhead costs and billing struc-
benefits and personal financial           said. “We take that burden off of         highly entwined.” In its 50+ years,        tures associated with those firms”
planning,” said Pennie Gorney of          them.”                                    DB&B has come to understand                Corbishley added.                       From left to right: Abbey Horning, Marketing; Katherine Sarenski,
DB&B. “This all-inclusive culture                                                   the particular dynamics of the fam-           The firm also has international      CPA; Bernard Corbishley, CPA, Managing Partner; John Tartaglia,
is especially important because 75        Helping Clients See The Big                                                          connections through PKF Inter-          CPA, Partner; Kurt Ohliger, CPA, Partner.
                                                                                    ily-owned business and has a full
percent of our clients are privately      Picture                                   team of professionals on hand to           national which offers a global          business landscape to clients that         “Our ultimate goal is help busi-
held companies. They need high-              More frequently, DB&B is help-         sit down with owners and discuss           standard of quality and provides        want to take their business or ser-      nesses grow and prosper.” stated
quality service by experts with a         ing its clients look ahead and focus      their goals.                               knowledge of the international          vices overseas.                          Corbishley.

                                                                                                                               Cambs             From page 3

                                                                                                                               family members to choose from.          care costs that were not otherwise       offered guidance to the named suc-
   WE’RE THERE FOR YOUR BUSINESS                                                                                                  After considering their options,     covered by insurance. The hus-           cessor trustees, while at the same


         27HOURSADA ,Y
                                                                                                                               the husband and wife referenced at      band and wife carefully considered       time protecting their interests and
                                                                                                                               the beginning of this article opted     the role and responsibility of their     saving administrative costs.
                                                                                                                               to proceed with Revocable Living        successor trustee(s) and they made           Denise P. Cambs, Esq., has more than



              YS
          8 DA AWEEK,
                                                                                                                               Trust planning. The Revocable           thoughtful and deliberate deci-          23 years of experience as an estate plan-
                                                                                                                               Living Trust Agreement created for      sions. At the end of the process, my     ning attorney, and she is owner/partner
                                                                                                                               them addressed some unique fam-         clients were comfortable knowing         of The Cambs Law Firm, LLP. The
                                                                                                                                                                                                                Cambs Law Firm is conveniently located


          1    YS
         4 6 DA A YEAR.
                                                                                                                               ily issues, and included language       that their wishes would be carried
                                                                                                                                                                                                                at 5701 W. Genesee St. in Camillus. Call
                                                                                                                               to protect the surviving spouse’s       out to the letter because of a Re-       484-1200 or visit cambslaw.com for more
                                                                                                                               inheritance from exposure to third      vocable Living Trust Agreement           information and to request an introductory
                                                                                                                               party claims, including long-term       which embodied their wishes and
                     (OR AT LEAST, IT’LL SEEM LIKE THAT)                                                                                                                                                        estate planning packet.




                                                                                                                                                  Plis Funeral Home, Inc.
     With over 100 employees in 3 offices, you’ll be amazed at our unwavering commitment to aiding your bottom line.
        In fact, it will feel like we’re always there: keeping you apprised of current issues, advising on key business
         decisions, guiding you through every stage of growth. Seventy-five percent of our clients are privately held
     businesses, and with every one of them, DB&B strives to become an integral part of the team. Not just at tax time,
             but all the time. And don’t let the headline worry you — we’re actually quite good with numbers.                                James M. Plis Jr.                                                     James M. Plis

                                                      THINKING. ADAPTING. ADVISING.
                                                      FOR THE LONGEVITY OF YOUR BUSINESS.

                                                                                                                                                                                                      “Continuing
           Auburn • New Hartford • Syracuse
               315.471.9171 dbbllc.com
                                                                                                                                                                                                          the
                                                                                                                                                                                                       Tradition”
                                                                                                                                         We encourage your questions about Pre-Planning, Medicaid & SSI readiness.

                                                                                                                                           33 North Street • Marcellus, New York 13108
                                                                                                                                                                         315-673-2017

				
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