Volume 15 | Issue 2 | Spring 2013
In this issue:
- Leadership Letter: “Yes!” to Retirement
- Estate Planning Changes…Now What?
- Knoxville Zoo Zoofari 2013
- Community Spotlight: Helen Ross McNabb
- Tax Tips: Retire Here…Please!
- Employee Promotions
- TTC Recipe: Phoebe’s Pasta Salad
- Employee Spotlight
We’re starting to say “Yes!” Many of you have attended our retirement plan services luncheons and have heard me talk about some new regulation. Others may have attended meetings where I have been introduced by Sharon Pryse as ‘the guy who says, “We can’t do that.”‘ There are times that I would like to say yes but the darned ol’ Department of Labor and Internal Revenue Service won’t let me. More and more, though, I am able to say yes. Yes to what? Yes to the question, “Do I have enough money to retire?” It is not just me saying yes, but my colleagues as well. Read More.
Estate Planning Changes…Now What?
For the last 10+ years, estate planners have complained that the federal estate tax exemptions were temporary and after 2010, no one knew what to expect, making planning for clients quite challenging. Well, after a couple of extensions, we finally have “permanent” estate tax law. Congress has passed a $5M federal exemption per person (increased for inflation, with $5.25M for 2013). Additionally, portability is now permanent. Portability refers to the ability to transfer unused exemption from the first to die spouse’s estate to the surviving spouse for use in his or her estate. For example, as of 2013, a couple with $10.5M can leave everything to each other (no trusts, no complicated legal documents), and the surviving spouse should have enough exemption to cover the entire estate! Read More.
Knoxville Zoo Zoofari 2013
This year’s theme for the Knoxville Zoo’s Zoofari was Endangered Liasons. The Trust Company was proud to be a presenting co-sponsor along with Boyd’s Jig and Reel again this year. This is the Knoxville Zoo’s primary annual fundraising event and if you haven’t been you should mark your calendar for next year!
For more details about this event, click here.
Community Spotlight: Helen Ross McNabb
Mergers Mean More Doors, More Access
The Trust Company is always pleased to share a client’s success story. Since 1992, The Trust Company has had the pleasure of handling The Helen Ross McNabb Center’s retirement plan as well as offering personal financial advice to the individual employees. We have spent many years watching the organization flourish in our community and proudly share their most recent news of expansion.
On April 1, The Helen Ross McNabb Center (HRMC) completed its mergers with Fortwood Center, Inc. of Chattanooga and YES, Inc. of Morristown. Both mergers will support and strengthen behavioral health and social services provided in East Tennessee. Read More.
Tax Tips: Retire Here…Please!
A recent report prepared by Bankrate named Tennessee as the most retiree-friendly state. Tennessee’s natural beauty, climate, low cost of living, and low tax burden contributed to the ranking, and it appears state leaders are eager to do their part to keep Tennessee in the pole position.
In May, Governor Haslam signed two tax relief measures that should help the state maintain retiree favorability and potentially attract new retirees to the state. The first measure affects all citizens and lowers the state sales tax on groceries from 5.25% to 5%. The second measure seems to be more squarely aimed at retirees as it increases the TN Hall tax exemption for taxpayers over 65 to $59,000 for joint filers and $33,000 for single filers. This is the third increase in the senior exemption in as many years. Read More.
Nita Stiles – VP, Operations
Nita has been with The Trust Company (TTC) since 1995. She continues to provide great leadership to the Operations group which works hard to process the high volume of transactions that are generated by our Personal Trust clients. She provides a tremendous amount of support internally and to our clients.
Denise Ledden – VP, Retirement Plan Services Operations
Denise has been with TTC since 1995. She successfully leads our 15 retirement plan services staff who manage areas of customer service, daily processing and compliance. Their efforts ensure efficient plan operation for thousands of plan participants serviced by our three East Tennessee offices.
Chris Bowles – Information Technology Officer
Chris joined TTC in 2003 and has been the IT backbone ever since. He continues to provide the expertise needed to work with not only our ever-growing group of employees, but also our third party resources.
Nathan Woods – Trust Officer
In 2 ½ short years, Nathan has shown a commitment to TTC through his continued education both internally and formally. He recently passed his CFP exam and will officially earn his CFP designation in October while continuing to support Susie Hauk’s team including the Johnson City office.
Phoebe’s Pasta Salad
contributed by Phoebe Jaeger, Paul’s wife.
1 lb. pasta (penne, rotini, or bow-tie)
1 ½ C. shredded cheese (Colby or Cheddar)
1 C. shredded Parmesan cheese
1 bunch broccoli florets
1 small carton tomatoes (about 10 oz.)
½ C. shredded carrots
½ C. green onion
16 oz. Italian dressing
¾ C. grated Parmesan
¾ C. Hellmann’s mayonnaise
Cook the pasta, then rinse in cold water and drain. Mix pasta, vegetables, and cheese. Refrigerate to keep cool. Mix the dressing ingredients in a separate bowl and refrigerate. Finally mix the dressing with the pasta, cheese, vegetables 15 minutes before serving.
Hint: If you need to take this salad in a cooler, put the pasta and vegetables in two 1-gallon Ziploc bags and the dressing in a 1-quart jar. Take your bowl and two large spoons and mix on site.
Lindsay Cates, Marketing Coordinator
Lindsay has recently joined The Trust Company as our new Marketing Coordinator. She previously served as Marketing Director for Worldwide Equipment, a regional equipment dealer in Knoxville. Read More.