Words from the Chair By Roger Rioux

If you know of any recent retirees who may not be aware of the organization, let them know about us and how they can join by contacting 
us through the website: www.unumretirees.org or contacting Steve Bailey at 846-6648 or sebailey@maine.rr.com 

Our Annual Meeting was held on September 24 at the Italian Heritage Center with 100 people attending. Steve Bailey provided the
Treasure’s report. We have sufficient funds in the bank to continue funding the picnic and lunches without charging dues as we have 
over the last several years. 

A major part of our mission is to encourage volunteerism. Twenty-six of our members reported almost 10,000 volunteer hours ove
the last 12 months. We were late in asking for the hours so we are sure the total is actually much larger. 

The board was reelected by unanimous vote. Thank you board members for you excellent work.

The program was presented by Mark Standen and Griffin Leschefske, estate attorneys. The topic was Estate and Disability Planning. 
I will summarize a few points as the presentation lasted over one hour. 

They discussed wills, trusts and assets not governed by wills. If you have not reviewed your estate plan in the last few years, you may
want to do so as there have been some changes in the law and your situation may have changed as well. 

If you own property in multiple states, there are ways to avoid the complications of probate in more than one state by using a trust. 
Also state estate taxes can differ significantly from the federal. For example the federal exclusion is $5,250,000 and Maine’s is 
$2,000,000. Florida currently has no estate tax. 

They discussed the importance of naming a power of attorney and using an advanced directive to insure your wishes are known 
and enforceable. Also you should consider planning for long term care if the need arises. At minimum a discussion with family is 
important to make sure your wishes are known.

There was a lengthy discussion about gifts. This is an excerpt from the IRS web site: 

Gift Tax

                The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full 
value, in return. The tax applies whether the donor intends the transfer to be a gift or not.

                The gift tax applies to the transfer by gift of any property. You make a gift if you give property (including money), or 
the use of or income from property, without expecting to receive something of at least equal value in return. If you sell somethin
at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

                You can give as many people as you want $14,000 per year without reporting the gift on your income tax report. If you
 give over $14,000 to one individual, you will need to report it on your income tax report and it will count towards the $5,250,000
 lifetime exclusion. You and your spouse may each give $14,000 without needing to report the gift. 

                Caution: If you give real estate, the person receiving the property will pick up your basis for paying capital gains if they
sell the property. If you bought property for $30,000, the person(s) receiving the property will pay capital gains on the difference 
between the selling price and $30,000. For example, if they sell the property for $200,000, the capital gains tax would be based on 
$170,000.  If the property passes through you estate, there is no tax because the new basis is the value of the property at the time
of death. 

Pictures from the 2013 Unum Retiree Annual Meeting 

. Betty Cushman, Bertha Cadigan, Martha Murphy, Dianne Hannaford.	Jackie Harmon Hodgdon, Sandy Utterstrom, Jean Thomas, Al Utterstrom
Julie Mayo, Judy Hall, Lorraine Cragin, Gail McIntire	.  Kathy Doughty, Walter Doughty, John Burnell, Al Poirier
Jim Bourke, Anne Andrews, Ann Bourke, , Mark Andrews, Linda Martel	Gladys Yankowsky, Barbara Brown (guest), Pam Libby
.  Joe Theriault, Connie Theriault, Betty Cyr, Ethel Ennis, Kay Joyce,     Margaret Scott	.  Dick Goulet, Bob Profenno, Dick Curry
George Barker, Connie Jewett, MaryAnn Lacombe, Dick Goulet,  Renda McDonald	Roger Rioux, Ann Waecker
Beverly Dahms, Bea Osterberg, Susan Brackett	Dick MacWilliams, Norma MacWilliams, Steve Bailey, Jennifer Sturzenberger
Wally Crowell, Lisa Crowell	Roger Rioux welcoming retiree attendees
.  Guest Speakers Griffin Leschefske and Mark Standen

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