October 2021 ABA Zoom Meeting Notes

ABA Monthly Members Meeting – October 2021

 

Called to Order:  Scott Rennie for Sally Reid 11:35am

  • In Attendance:
    • *Don Bradley – Macley Auto Group
    • Priscilla Roberts – Westside Community Church
    • Karen Bolin – Edward Jones
    • Jim Doane – TVWD
    • Kody Harris – WCSO Community Outreach
    • Brenda Bartlett – (Here for Commissioner Fai)
    • MK – Agape Community Insurance 
    • *Scott Rennie –  Schmidt and Yee 
    • Henry Hesbson – Pamplin Media  

*Members of 2021 ABA Board 

  • Updates from Commissioner Fai’s office
  • Group Discussion – As we enter the 4th quarter, have you started planning for the end of the year?  If so, what are some of your goals?
    • Don Bradley – still facing the same challenges faced all year, so nothing has changed much  Trying to find inventory, financial aspect remains the same as it has the past 7 months or so.  Supply chain shortages are affecting him as well.  Would like to end the year with 25 cars on the lot, but the goal is down to 20 and he currently has 15.  Same goals as previous years, just more difficult to achieve this year
    • Priscilla Roberts – Planning for seminars through GriefShare.  October 30th 2-4pm, holding a seminar called “Surviving the Holidays.”  You can register in advance or just show up,  the seminar will focus on helping to get through the changes and loss brought on by Covid.  The Food Brigade is ramping up getting ready for Thanksgiving and Christmas.  Scott asks what foods are particularly wanted during the holidays, Priscilla will check with Kevin and June.  Financial donations are always warmly received.
    • Karen Bolin – Planning for 4th quarter and into next year.  Financial Planners plan all the time.  Trying to determine who they serve best.  Sometimes this means having to let people move accounts to other locations.  
      • Contacted by the Salvation Army about being a Bell Ringer, and wonders if ABA Members would be interested in taking it on?  
      • Family Peace Center/Family Justice Center – does  ABA want to take on some clients and offer food baskets/gift baskets?  
      • Wondering about having an ABA Holiday online event.  Thinking about how holidays will be different and the same given the changing situations with the pandemic. 
    • Kody Harris – focusing on presentations to groups.  Beaver Acres will be “Shop with a Cop” group this year.  Last year Westside Food Brigade was able to donate food boxes to each family “Shop With a Cop” served (15 families).  Again this year they unfortunately cannot shop with the kids and will have to shop from lists and have a drive through party pickup.  
    • MK – Planning for the end of the year and heading into 2022 looking at staff implementation.  Challenge is in finding that staff.  Looking to expand into other lines of business.  Needs extra staff to be successful.  Staffing is top priority.  Seeing lots of High School kids pass by each day and is looking for ways to engage them
    • Jim Doane – Looking at the Willamette Supply Program, lots of construction will be going  on.  New Fish Screens going in on intake off of Willamette.  Launched a mandatory vaccination policy for TVWD employees (with exceptions for health or profound religious beliefs).  Has not had any fatalities at TVWD, but Hillsboro has lost someone who was unvaccinated due to Covid.  There have been a couple employees of TVWD who have been vaccinated and have caught Covid but have survived.  New water rates go into effect Nov 1.
    • Henry Hebson – Thanks ABA for the sponsor of their “heroes” acknowledgement section of the paper.  Trying to get more media coverage in Aloha.  Hired a sports reporter for Aloha.  Looking for sponsors for that section of paper as well.  Coming out with a holiday guide.  
  • Treasurer’s Report – $1339.00 in the bank
  • Members Report – 40 Current Members, 33 paid in 2021
  • Presentation Topic:  Protections to have in place to cover in the event of the death or a hostile separation from a key employee
    • Levels of Employees
      • Owners
      • Executive Level Employees (General Manager)
      • Highly Skilled/Professional (Licensed) 
    • The following should also be included:
      • Bylaws
      • Shareholders  Agreement
      • LLC – Operating Agreement
    • You need  to have documentation of what happens should the company sell, or an employee die
      • Involuntary release of claims
      • In the event of death or bankruptcy typically someone else gets the employee or shareholders interest  in the company.  
        • You can dictate what happens with shares in order to protect the company
    • Keyman Insurance – Insurance policy on owners of a company.  When one owner dies, their funds go to the other owners ideally to allow for other owners to purchase out the deceased’s interest.  
    • Can set up contractual insurance policies on employees
    • You need to think about who will step into your shoes if you are not there.  
    • If you are a solo practitioner attorney in Oregon you need to have it pre-determined who will take on your business and clients if you were to pass away.  
    • You will want to make sure you have access to business email and passwords to prevent a disgruntled employee from taking over.  
      • Make sure it is known you own those pages and they are just an administrator.  
    • Power of Attorney – Principal – Agent relationship ends when principal dies.  Make sure you trust who you assign this role to, they are given a lot of power.  You can limit what they are allowed to manage.  
    • Advanced Directives – You appoint someone to communicate with your physician to direct treatment in the event you are unable to do so.  When a patient can not speak for themselves they likely need life support and are unable to communicate their wishes.  
      • Tube feeding, and dialysis, are often examples of this.  
      • Situations can arise with strokes, bad auto accidents, illness (for example, Covid) 
      • You can spell out your desires, for example a visit from a spiritual leader, visits from children, etc, anything you really want (feet rubbed while tube is pulled) if you want them to take someone you trust’s advice before making changes, etc. 
    • DNR is only for hospitals
    • Question:  Is the co owner on a bank account the same as a joint owner?  Yes.  (There can also be authorized signers but that person does not own it.  If you are an authorized signer rather than a joint owner, that authorization dies when the owner dies)  
    • Question – Do these principles apply across state lines?  Yes, to the extent that they do not violate that state’s laws.  
    • Power of Attorney can be the executor of estate but you need to fill out two forms for this
    • Wills and Trusts
      • Will has to go through probate, in Oregon this is a largely administrative process.  Less court involvement in Oregon than in other states.  Probates generally do NOT go to court in Oregon.  Standard probate proceeding takes 6-12 months depending on complexity  
      • Trust gives protection from probate preceding.  
        • Trust creates an entity that holds your property.  When you die you don’t hold property, the trust does.  The trustee is appointed to manage the distribution and does not involve the court.  
        • Trusts are advantageous if you have a taxable estate.  
      • With a will, you can name a person with authority to execute the will.  You can also state where your funds and assets go, where the remainder (what is left over once things are sold and liquidated) goes, and can preserve assets for future distribution.  
      • Transfer to Minors Act.  You can override this through a trust 
        • Can dictate that your kid does not get their funds until a specific age
      • If you do not have a will it goes to your spouse then kids then parents then siblings….  However with a will you can come up with your own distribution.
      • If you die without a will the person who takes over your estate has to obtain a bond, this can cost 1500 -5000 depending on the value of estate.  
      • Question:  What is the average cost of will or trust?  
        • A simple will can be $500 a complex will with denotations for christies and differing groups can be closer to $1500 +
        • Scott will look into available aid to reduce cost and report back to the group
      • Will creation process:
        • Scott sends out a form to fill out to give a good base for what will be discussed and what needs are.  Meetings can be 20 min to an hour.  
      • You should reevaluate wills after significant changes 
      • Estate planning is the easiest and lowest cost option 
      • Letters Testamentary 
        • Needed for a full probate, this allows you to be the personal representative for someone, to take funds from one account and open a trust account, and to settle debts.  
        • This does not make you personally liable for the errors of the estate unless you personally cause it.  No liability.  
      • Oregon Health Plan / Medicaid can collect back money from the estate.
      • If you have funds you want to give as a charitable donation, dictate it to  come from your IRA
        • pick a percentage not a value as the value of your estate changes.  
      • A “Small Estate” is considered less than $250,000 “real property”
      • Estate Planning is ever changing, reevaluate constantly
    • Keyman Insurance can also apply to disability 
    • Power of Attorney 
      • you should sit down and make sure you understand exactly what is involved. 
      • POA has to adjust based on what is required or established at financial institutions.
    • Writing checks for an estate account is the best way to create a paper trail for the executor.  
  • The ABA will meet through Zoom through the end of the year
  • Next month is our ABA Board Election!!

 

Adjourned 1:30pm