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A 1035 Exchange, know the facts 

by Jayson Cohen American Legacy Solutions

A common problem faced by insurance and annuity holders relates to a need to upgrade to a better financial option without paying taxes on gains earned on the old policy. There are many legitimate reasons for wanting to upgrade. AAFMAA recommends a 1035 exchange to accomplish this objective. A 1035 exchange has a complicated set of rules established by the tax code that must be followed to qualify this exchange as a nontaxable event. Based on the complexity of the tax code and limitations placed on these exchanges, it is highly recommended that you seek the advice of a tax professional before moving forward to avoid possible tax complications.

Factors to Consider When Exchanging A Life Insurance Product

The main thing you must remember is that no cash can change hands for this exchange to legally qualify as a tax-free 1035 exchange. A life insurance policy can be traded for another life insurance product. The tax code also allows for the exchange of a life insurance product for an annuity. This type of transaction is referred to as a replacement. In all tax-free exchanges, the policyholder must remain the same.

It is prudent to exercise caution before moving forward with a 1035 exchange. Not all exchanges are tax-free. Remember that in the case of life insurance policies, if you surrender your policy early, you may incur surrender charges and taxes. Before any definite decisions are made, you need to research the marketplace to determine whether you are insurable. Your health status and age will significantly impact the cost and availability of a new life insurance policy.

What to Consider When Upgrading Your Annuity

When making a change from an old annuity to a new one in a 1035 exchange, you won’t have to pay taxes on your earnings. Immediate Annuities reminds clients that while your taxes can be deferred, it is important to realize that you still may have to pay surrender fees and penalties depending on the terms of your current contract.

After the exchange takes place, then you are free to change ownership. To qualify as a 1035 exchange, an old annuity can only be exchanged for a new one. An annuity product can’t be exchanged for a life insurance product to comply with the strict requirements.

General 1035 Exchange Guidelines

You can exchange multiple old contracts for a single new contract. The IRS code does not limit the number of old contracts that can be traded for a single new contract. This fact opens the door to many possibilities. As mentioned above, the rule about ownership consistency must be followed naming the same owner on all policies. For accounting and tax purposes the adjusted basis of the new contract will be calculated by totaling the adjusted basis amounts of all contracts exchanged.

Conclusion

There is a practical reason 1035 exchanges are so popular. Deferring taxes as long as possible is always a priority. There is no reason to feel trapped in your current life insurance or annuity contracts by tax ramifications. By using a 1035 exchange, you can take advantage of better alternatives while still deferring taxes.

Sources:

https://www.immediateannuities.com/1035-annuity-exchanges/

https://www.aafmaa.com/Decision-Center/Tools-Forms-Resources/1035-Exchange

http://www.finra.org/investors/1035-exchanges

Ventura College presents “Dreamers Set Your Course” events

Ventura College will host Dreamers Set Your Course, a series of free and safe events for the community to learn about resources available for undocumented students. Topics to be discussed include the Ventura College admissions process, financial aid information, support services for students, and community resources available for undocumented students. The events are free and open to the public.

Ventura College continues to stand with the Chancellor’s Office in aiming to reassure students that our campuses will remain safe, welcoming places for students of all backgrounds to learn and we are happy to provide this forum educating Dreamers on Ventura College resources.

The events will be hosted at local high schools to encourage students from K-12 to attend college. It is important to remind the community that higher education is possible and of the valuable resources available to make the dream of higher education a reality.

Thursday, September 13, 2018 – Santa Paula High School Cafeteria – 6:00—8:00pm

Thursday, September 20, 2018 – Ventura High School Cafeteria – 6:30—8:30pm

Wednesday, September 26, 2018 – Fillmore High School Library – 6:00—8:00pm

For more information please visit: venturacollege.edu/dreamers or if you have any questions, please contact Wendolyne Lopez, Financial Aid Specialist/ AB540 Liaison at [email protected] or (805) 289-6574 or Joseph Cordero, Student Outreach Specialist at [email protected] or 805 289-6584.

Ventura Shellfish Enterprise site selection

by Oscar Peña, General Manager

On September 12, at 7:00PM the Ventura Port District Board of Port Commissioners will convene in Open Session at the Four Point Sheraton Ballroom, 1050 Schooner Drive, for its Regular Meeting.

One of the items on the agenda of special interest to the public is the Ventura Shellfish Enterprise (VSE) Site Selection Process. The Board of Port Commissioners will receive an Informational Report on the proposed site in federal waters approximately 3.53 miles from shore, northwest of the Ventura Harbor in the Santa Barbara Channel.

District staff and Seth J. Theuerkauf, Ph.D. with the National Oceanic and Atmospheric Administration (NOAA) will provide the Board of Port Commissioners with information about two alternatives for site selection in federal waters. This agenda item is on the District’s website for your review at www.venturaharbor.com.

The public is invited to receive information on the Ventura Shellfish Enterprise site selection process and provide public comment.

The project consists of twenty 100-acre plots (total of 2,000 acres) located in open federal waters of the Santa Barbara Channel northwest of Ventura Harbor. The closest distance from the growing area to the City of Ventura city limit is 4.5 miles and approximately 4 miles from the Ventura Harbor. The sites will be used for growing the Mediterranean mussel (Mytilus galloprovincialis) via submerged long lines.

VSE Site Selection

The project was initially proposed to be located in waters of the State of California, i.e., within the 3-mile limit. The Ventura Port District, in collaboration with its key participants undertook extensive site selection public outreach that culminated in the decision to instead locate the project in federal waters so as to minimize conflicts with commercial halibut trawlers based in Ventura and Santa Barbara Harbors. NOAA’s National Ocean Service staff undertook a second siting study focused on federal waters proximate to Ventura Harbor.

The siting analysis represents an objective, data-driven approach to identify the locations within federal waters with the highest compatibility with the proposed project. The results of this siting analysis identify two alternative sites proximate to Ventura Harbor given equal consideration of existing use conflicts, including:

Clearwater at Riverpark invites local community to honor Active Aging Week with Wellness Festival

Adopting a dog can be part of a wellness lifestyle.

Clearwater at Riverpark invites local community to honor Active Aging Week with Wellness Festival

Clearwater at Riverpark is hosting a community event on Saturday, September 29th from 11 to 3 pm to advocate for Active Aging Week. Festivities will embody Clearwater at Riverpark’s Empowered Living philosophy that encourages residents to pursue their passions through a wellness lifestyle.

Active Aging Week influences millions of people every year during the last week of September to spread awareness for the International Council on Active Aging® (ICAA). Highlighting the benefits of active living in adults over 50 years old; this weeklong campaign puts a spotlight on all areas of life —physical, social, spiritual, emotional, intellectual, vocational and environmental. Individuals worldwide participate in various ways to experience wellness activities for older adults while creating a supportive environment.

“The Wellness Festival is intended to inspire our residents and the greater community.” said Britt Martin, lifestyle director of Clearwater at Riverpark. “I’m excited about Active Aging Week. There are many ways to live a healthy, vibrant lifestyle and offering a community wellness festival where the older active adults can explore on their own, puts the power in their hands to choose what is best for them.”
The event is open to the public and there is no charge to attend. Guests will appreciate the beneficial and healthful choices at Clearwater at Riverpark’s Wellness Festival, such as:

  • A mindful market of local, homemade, and wellness focused product
  • Community vendors
  • Dogs to adopt from C.A.R.L. organization
  • Healthy food trucks
  • Wellness speakers
  • Giveaways

In addition, throughout the week residents of Clearwater at Riverpark can engage in on-site activities aligned with Active Aging Week by dedicating each day to a dimension of wellness from their Empowered Living program. The exclusive schedule offers a beach clean-up, meditation journey nutritional class, tai chi session and more.

Space is limited. To reserve your space or learn more, please call 805.366.3446 or email [email protected] Clearwater at Riverpark is located at 750 Clyde River Place in Oxnard.

Clearwater Living® is committed to providing the most superior customer service and living experiences that celebrates individual relevance, from our residents and their families to our family of associates.  Clearwater is growing through strategic acquisitions, development and operational management of senior living communities throughout the western United States. Every Clearwater Living community includes cutting-edge technologies and care practices that improve the daily lives of residents. To learn more about Clearwater Living, visit ClearwaterLiving.com.

Also Baby’s Badass Burgers Food truck will be there on September 14th and October 12th from 11:30am-2:30pm.

Could boosting lymphatic function combat age-related cognitive decline?

Findings could point to a new possible target for preventing or delaying age-related symptoms.

by National Institute on Aging

Scientists only recently discovered lymphatic vessels in the brain that remove cellular debris and other waste. Now, new NIA-supported research published in Nature on July 25 suggests these vessels could play a role in age-related cognitive decline and Alzheimer’s disease.

Researchers from the University of Virginia, Charlottesville, studied the performance of lymphatic vessels in the brains of mice and the drainage of cerebral spinal fluid (CSF) from blood vessels into the lymph nodes—also known as the brain’s waste-removal system.

Using methods that impaired the function of the lymphatic vessels in younger mice resulted in decreased drainage of large molecules from CSF into lymph nodes, reduced flow of CSF in certain areas of the brain involved in learning and memory, and reduced spatial learning and memory abilities.

Researchers compared the function of lymphatic vessels in younger and older mice. They found that in older mice, lymphatic vessels were narrower, and large molecules did not drain out of the CSF into the lymph nodes as well. Using a method to boost lymphatic function in older mice resulted in improved cognitive function.

Researchers also found that impairing brain lymphatic vessels in mouse models of Alzheimer’s disease led to higher levels of amyloid-beta deposits in the tissue covering the brain as the mice aged. Abnormal buildup of the protein amyloid-beta is a factor in Alzheimer’s disease. The researchers’ findings in the mouse models were mirrored in postmortem analysis on the brains of nine people who had Alzheimer’s disease.

According to the researchers, determining whether altering lymphatic vessels in people would have similar benefit to what was seen in the mouse models requires further study, but these initials findings could point to a new possible target for preventing or delaying age-related cognitive decline and Alzheimer’s disease.

Reference: Da Mesquita S, et al. Functional aspects of meningeal lymphatics in ageing and Alzheimer’s disease. Nature. 2018 Jul 25. doi: 10.1038/s41586-018-0368-8. [Epub ahead of print].

Ventura County Watershed Protection District announces community meeting

On Wednesday, Sept. 26, Ventura County Public Works Agency’s Watershed Protection District will hold a community meeting to share the latest developments and anticipated path for the Ventura River Levee (VR-1) Rehabilitation Project.

The Ventura River Levee (VCWPD VR-1, FEMA ID No. 53) consists of bank protection and other improvements intended to provide flood protection for areas along the river such as residential and recreational properties in low-lying areas behind the levee structure within the floodplain of the Ventura River in the City of San Buenaventura in Ventura County.  The VR-1 levee system will ultimately protect 759 homes and structures in Ventura County. The project begins at its downstream end at the Pacific Ocean and extends upstream along the Ventura River to its upstream end downstream of Caňada de San Joaquin. The overall length of the levee is approximately 2.65 miles, with an embankment height up to 10 feet above natural ground on the landward side

Designed by the U.S Army Corp of Engineers in 1949, the VR-1 levee system is now owned and maintained by Ventura County Watershed Protection District. As of 2009, it was determined that the VR-1 levee system does not meet FEMA Levee Certification standards, and requires rehabilitation to repair VR-1 levee deficiencies.

VR-1 requires bank protection and other improvements designed to provide flood protection for approximately 2.65 miles along the Ventura River that will ultimately protect 759 homes and structures in Ventura County.

“The VR-1 community meeting serves to educate the general public of the current rehabilitation project, and offers a platform for our community members to ask questions and provide valuable feedback about project’s direct impact on Ventura County residents,” said Glenn Shephard, Director of Ventura County Watershed Protection District.

Wednesday, Sept. 26 at 6:30 p.m.
Bell Arts Factory-Janet Addison Community Room, 432 North Ventura Ave.

Keep going! Stay motivated to be active

Exercising by dancing can be interesting and enjoyable.

Physical activity is a great way for older adults to gain substantial health benefits and maintain independence. To make physical activity a routine habit, choose activities and exercises that are fun, motivate you, and keep you interested.

Keep It Going

If you can stick with an exercise routine or physical activity for at least 6 months, it’s a good sign that you’re on your way to making physical activity a regular habit. Choose activities:

  • You enjoy and believe you’ll benefit from
  • You can fit into your schedule
  • You can do safely and correctly
  • That are affordable
  • That includes friends or family
  • Keep It Positive
  • Set realistic goals, regularly check your progress, and celebrate your accomplishments. These will help keep you on track.
  • Keep Your Eye on the Prize
  • Focus on the benefits of regular exercise and physical activity:
  • Greater ease doing daily tasks
  • More energy to do the things you enjoy most
  • Improved health
  • Better outlook on life
  • Find Activities You Enjoy

Some people like to walk on a treadmill at the gym. Others find that kind of activity boring. The key to sticking with exercise is to make it interesting and enjoyable.

Be creative. Do things you enjoy but pick up the pace. Do all four types of exercise—endurance, strength, balance, and flexibility. The variety helps keep things interesting!

Try some new activities to keep your interest alive. Let these suggestions inspire you to choose physical activities that match your interests!

  • Love music?
  • Take dancing lessons.
  • Sign up for an aerobics or dance class.
  • Walk briskly or jog and listen to your favorite tunes.
  • Enjoy the outdoors?
  • Play catch with your grandchildren or fetch with your dog.
  • Go hiking or rock climbing.
  • Grab a paddle and go canoeing.
  • Like being with others?
  • Join a soccer or basketball league.
  • Make friends in an exercise class.
  • Organize a walking group with friends or coworkers.
  • Want to be on your own?
  • Swim laps.
  • Spend an hour at the driving range.
  • Bike around your neighborhood.
  • Use an exercise video at home.
  • Feel the need to multitask?
  • Lift weights while you watch TV.
  • Do balance exercises while waiting in line.
  • Walk on a treadmill while you listen to an audio book.

Keep Track of Your Progress

The best way to stay motivated is to measure and celebrate your successes. You can find easy-to-use progress forms on the Go4Life website. Use these forms to:

  • Set and revisit your goals
  • Make an exercise and physical activity plan that works for you
  • Track your daily physical activity
  • Find new ways to increase your physical activity
  • Update your exercise plan as you progress

Why having a Medicare Advantage Plan may make sense

by Rick Beavin, California Market President, Humana

Health benefits can be confusing to navigate, particularly as you become eligible for additional support services. While most Americans 65 and older—or those who qualify due to disability—are eligible for Medicare, some may also be eligible for MediCal, California’s Medicaid program, based primarily on financial need. Individuals who fit into both categories are known as dual eligible, according to the Centers for Medicare & Medicaid Services (CMS).

How do I know if I’m dual eligible?

While dual eligibility does not apply to every Medicare beneficiary, 10.8 million people nationwide are fully or partially dual eligible. It’s important to note that eligibility for Medicare and Medi-Cal are determined separately.

When it comes to Medicare, according to CMS, of the more than 5.6 million Medicare beneficiaries in California, 87 percent are eligible due to age (65 and older), while the remaining 13 percent are eligible due to disability.

When it comes to Medicaid, the income qualifications for Medi-Cal assistance vary, so visit Medicaid.gov or contact your local Medi-Cal office at 1-800-541-5555 to see if you might be eligible.

Why would a Medicare Advantage plan be a good option if I am dual eligible?

If you are dual eligible, signing up for a Medicare Advantage plan can make receiving care more accessible than having traditional Medicare, alone. And, if you are dual eligible, you can sign up for a Medicare Advantage plan once per calendar quarter between January and September, not just during the Annual Enrollment Period (Oct. 15-Dec. 7). Many areas offer Medicare Advantage plans with a $0 premium.

Here’s how having a Medicare Advantage plans over traditional Medicare can help dual eligible individuals make the most of their benefits:

Access to dedicated doctor/provider network.

Having a Medicare Advantage Plan means the Medicare Advantage plan becomes your primary health plan for receiving care. These plans typically provide you with a network of doctors and health care providers. Doctors and health care providers know that working with Medicare Advantage plans means their patients will have care coordination and other benefits available through the plan.

It’s important to note that Medicare and Medi-Cal are two entirely different programs that operate under different guidelines; they were not designed to work together. Because of this, your doctor and health care providers may need to coordinate payment for services with both your Medicare Advantage plan and Medi-Cal.

The availability of additional benefits.

Medicare Advantage plans often include extra benefits as part of the plan such as dental, vision, and an over-the-counter drug allowance. Many times you will also have access to a fitness benefit that offers free gym membership and access to fitness classes. At the same time, these plans may have simplistic benefit designs that may minimize costs. For example, some Medicare Advantage plans have a $0 copay for doctor visits and $0 or low copays for specialist visits.

Care coordination.

A Medicare Advantage plan can offer coordination of your care. This may be especially important if you have one or more chronic conditions, such as diabetes or congestive heart failure. As an example, plans may offer skilled care managers who can help you get the care or services you need at the right time and place. This can include services such as helping you understand and follow your physician’s recommended treatment plan, managing transitions between hospital visits and home, connecting you to resources for food, and helping you get access to necessary prescription drugs and medical equipment.

Receiving the care you deserve as a dual eligible individual may be challenging. Signing up for a Medicare Advantage plan is one way to potentially help you get the care coordination and additional benefits you need, all in one plan.

Friends of the Santa Clara River celebrates 25 years with Silver Streams Gala Celebration

by Candice Meneghin, Friends of the Santa Clara River Board Member

Friends of the Santa Clara was formed in 1993 with the mission of protecting and preserving the biological and cultural resources of the Santa Clara River Watershed, which spans Ventura and Los Angeles Counties. The Friends have promoted all aspects of river health, including public outreach, water quality monitoring, wetland restoration, opposition to floodplain development, and advocating for the protection of several threatened and endangered species that call this watershed home. On Sunday September 16, we will be celebrating the Friends’ 25th Silver Streams Anniversary Gala and Fundraiser at Rancho Camulos in Piru from 3:30-6:30p.m.

Come immerse yourself in the heart of the Santa Clara River Watershed its beauty and its history, with appetizers and sustainably grown eats from our own Santa Clara River valley. Enjoy local wines and beers while perusing the silent auction. Meander beneath the majestic river valley mountain views to live music. We invite our friends – new and old, and watershed community members to come share in our history and learn about our future endeavors. Your support will make possible our ongoing efforts to preserve the natural and cultural heritage of this magnificent river for future generations. Tickets are available at https://fscr.org/25th-anniversary/.

We will be honoring our founder and outgoing board chair, Ron Bottorff as he hands over the chairmanship to Jim Danza after 25 years of service. We will also be celebrating the work of several watershed Champions that include: Ventura County Supervisor’s Steve Bennett and Linda Parks for their instrumental role as co-authors of the Ventura County Save Open Space and Agricultural Resources initiative, and its recent extension until 2050. SOAR is a series of voter initiatives that require a vote of the people before agricultural land or open space areas can be rezoned for development. Dr. John Puglisi, Superintendent of the Rio School District, for the new Rio Del Sol STEAM school on the banks of the Santa Clara River. The goal of the school is to integrate the STEAM framework into all Common Core subject to engage students in authentic learning experiences. We believe these opportunities foster a stewardship ethos in our community and give rise to the next generation of Friends on the Santa Clara River. Paolo Perrone, Trust for Public Lands, for the acquisition of the 51.4-acre Robin’s Nest property in Acton, CA, in the San Gabriel Mountains and 864 acres of Temescal Ranch, a 6,006 acre site, more than nine square miles of hillside terrain east of Lake Piru, that straddles the Ventura County line to the west and Los Padres National Forest land to the north. Two streams on the Temescal Ranch property drain into Piru Creek and ultimately the Santa Clara River downstream. The protection of these properties will allow for the restoration of land which contains tributaries, creeks, and the Santa Clara River, one of the few remaining free-flowing riparian systems in southern California.

Read our summer newsletter, Watershed News at: https://mailchi.mp/0827f9ac69a4/friends-of-the-santa-clara-river-watershed-news-summer-2018?e=945ee1de94. More information on Friends of the Santa Clara River can be found at www.fscr.org.