Jerry F. Nichols is a stellar example of continuing to work and support his community long after many have retired.At age 79, he continues to serve as full-time executive vice president of Brown & Brown Insurance and financial representative for Northwestern Mutual. Also, for many decades, Nichols has quietly set an inspiring example through philanthropy, dedicated to improving the lives of children and working adults in Southwest Florida.Combining his career success and philanthropy is something Nichols was recognized for five times by the Northwestern Mutual Financial Network. Nichols was also named a Junior Achievement Hall of Fame Laureate, which honors influential, visionary leaders who have significantly impacted the educational landscape for youth in Southwest Florida in entrepreneurship, work readiness and financial literacy.Late last year, Nichols solidified this commitment to the community by making the first major donation to Healthcare Networks capital campaign. This donation will support the construction of the nonprofit organizations planned 20,000-square-foot health center in the Orangetree area of Golden Gate Estates, ensuring essential access to affordable healthcare for the community.The Orangetree area has grown over 75% in the last several years, which makes the lack of healthcare services alarming, said Jamie Ulmer, Healthcare Network president and CEO. Jerrys continued support of our mission is a testament to his generosity and commitment to making Collier County a healthier place for everyone.Located in northeastern Collier County between Ave Maria and Golden Gate, the planned health center is projected to provide care to nearly 30,000 patients in its first year. The array of comprehensive services will include pediatrics, adult and senior care, obstetrics and gynecology, dental care, x-ray and lab, behavioral health counseling and a drive-thru pharmacy.I believe health care is vital to keeping any community thriving, Nichols said. Everyone should have access to essential primary care services. Supporting the construction of the new health center means that Orangetree residents, including vulnerable children and seniors, have access to affordable and comprehensive care without needing to leave their own community.In 2018, Nichols received Healthcare Networker of the Year Award for his pivotal role in supporting the improvement of pediatric care in Collier County for thousands of area children. Then, he was recognized as the lead donor for the Nichols Community Health Center, a 50,000-square-foot primary health care facility in the heart of the Golden Gate community that opened in 2020. This center significantly enhanced essential healthcare services for the largest underserved population in Collier County. Along with the Nichols Pediatric Center at the YMCA of Collier County, it reinforces Nichols vision of making quality healthcare accessible to all children and their families in Southwest Florida.Nichols has not only made financial contributions but has also dedicated his time to numerous causes, primarily focusing on local children and education. Some of the many not-for-profit organizations supported by him include the Boys and Girls Club of Collier County, Junior Achievement of Southwest Florida, the Community Foundation of Collier County, the Ronald McDonald House of SWFL, and Healthcare Networks Ronald McDonald Care Mobile. In addition, Nichols provides support to various Lee Health programs, including Golisano Childrens Hospital, Golisano Childrens Health Center in Naples, and Golisanos Pediatric Behavioral Health Center in Bonita Springs.  I have focused my efforts and financial support on organizations that have an impact on childrens lives through education, access to health care, and safe environments that help them grow and develop into their full potential, Nichols said. When children arent healthy, theyre not reaching their full potential.   Healthcare Network is actively seeking contributions for its capital campaign with the goal of raising $15 million. Community support is pivotal to achieving this goal and ensuring that every resident in Collier County has access to essential primary care services. Visit HealthcareSWFL.org to learn more about Healthcare Network's mission and contribute to the capital campaign. By Gabrielle OBoyle, director of public relations and marketing, Healthcare Network

PaperworkPaperworkWhat Should I keep? Sorting through the paperwork of a deceased loved one is a daunting task. It is important to know what to keep and what to discard. Here are some helpful tips.  Deeds, Titles and Vehicle RegistrationsDeeds and titles to property may not be obvious on the face of the document so it is important to read everything carefully. Keep anything that has a legal description (Lots and Blocks or Metes and Bounds), a vehicle identification number (VIN), contains the word title, deed of trust or warranty deed.  ReceiptsSome property does not have a title such as a tractor, farm equipment or certain recreational equipment. In such cases, keep the purchase receipts for this type of property. It will be useful if there is a question about ownership, the value of the property or the date it was purchased.  Bank RecordsSave all bank records and statements. These will be valuable if a dispute arises about ownership of an account, payments or distributions made from the account and to whom. Shred unused checks.  Retirement AccountsSave all statements and records pertaining to the decedents individual retirement accounts (IRAs), 401(k) plans or pension plans.  Life Insurance PoliciesSave all life insurance policies.  Social Security Paperwork and Earning StatementsSave information about the decedents Social Security account or earning statements.  Cancel the Decedents Credit Card Accounts Nowadays, identity theft is a huge issue. Contact Experian, Equifax and TransUnion to report the death of your loved one. Request the credit report be flagged as Deceased. Being proactive prevents a lot of hassle later on.  Cancel all credit cards in the deceased persons name. Also, there may be questions about the credit card purchase of certain items or property. Save credit card statements until probate of the decedents estate is complete.  Documents that contain the decedents Social Security NumberIf you find any documents with the decedents Social Security Number and you make a determination that the documents are not going to be saved, make sure it all gets shredded.  Tax RecordsKeep the decedents tax records. There may be a question about real property valuation, exemption or other issues that can be resolved by information in a tax return.   Loan PaperworkKeep all loan paperwork including loans on property or a loan the decedent made to a relative, friend, individual or organization. This may show that there is outstanding debt or money owed to the decedents estate.  Business AgreementsSometimes people have business agreements that have been documented in writing. Such agreements may contain a succession plan, what should happen with business equipment or property, or what should happen upon the death of a business partner.  Military RecordsSave all military records just in case there are benefits owed to a survivor such as a spouse, dependent child or disabled child. Some benefits are dependent upon verification of military service during war time which occurred prior to the advent of computer records. This includes photographs taken during wartime.  Birth and Marriage CertificatesSave all birth and marriage certificates. Again, for certain benefits for survivors, such certificates may be needed.  Timeframe for Keeping PaperworkIt is advisable to keep these potentially important documents until the estate of the decedent is settled, at a minimum. Otherwise keep them at least seven years and longer if possible, especially if real estate is involved.  Contact Your AttorneyYour attorney will ask you pertinent questions and give you advice about what records to keep.  You should also review your own estate plan documents to make sure they are up to date and reflect your current wishes.  This article was written by Donna A. Schuyler, Attorney, who practices in the areas of estate planning, elder law, guardianship, and probate. Donna Schuyler Law, PLLC; elderlawboise.com. Phone 208-344-1947

People often ask our law firm about taxes, and we understand their concern. We appreciate they dont want to pay any more money in taxes, and we certainly dont want to give the government any more money. We are sure many people feel they would prefer to give the money to their kids. That is why its important for you to know more about the four death taxes that apply to Pennsylvania residents. Only three of the taxes apply in other states, but Pennsylvania also has inheritance tax. The four taxes I want you to know about, with regard to your estate plan, are the Federal Estate tax, the Pennsylvania Inheritance tax, the Capital Gains tax and the Secure Act. The Federal Estate TaxThe Federal Estate Tax does not apply to middle-class Americans. The current exemption allows for you to die with up to $12.9 million each. That would be $26 million for a married couple. Everybody asks about federal estate tax  because in the 1990s, the lifetime exemption was below 1 $million. As a result, many people were affected in the 90s. Fortunately since then the exemption allowance has been increased.The Pennsylvania Inheritance TaxThe Pennsylvania death tax is an inheritance tax, owed by the people inheriting the money. Your relationship to the person who passed away, determines the amount of tax you pay. When you leave money to your descendants, including your kids and grandkids, they will pay 4.5% tax. Leaving money to your ascendants such as your parents or grandparents is also 4.5% tax.If you dont have kids, and you leave money to your siblings, they will pay 12% tax. Leaving money to anyone else, including nieces, nephews, friends or neighbors, requires they pay 15% inheritance tax. This is substantial amount of tax to pay. However, to avoid your heirs paying any tax, you have to give up control of your money, which I advise my clients not to do. Pennsylvania inheritance tax rates for siblings or nieces and nephews, is discriminatory. Essentially, we are also discriminating against couples who cant have children. This is particularly relevant in families where a couple without children, who wants to leave money to their nieces or nephews. It doesnt seem fair that the inheritance tax rate is 15%.Rather Pay Inheritance Tax Than Capital Gains TaxThere is this idea among seniors, who think that putting their house in their kids name to save their kid paying 4.5% inheritance tax, is a good idea. What they dont realize is that it is preferable to pay the Pennsylvania inheritance tax, compared to paying capital gains tax. I believe that if your child is going to inherit $100,000, he can afford to pay the 4.5% inheritance tax. You should not have to be concerned about saving him 4.5%.Capital Gains TaxA capital gains tax is due upon the sale of an asset that has grown in value. If dad bought his primary residence for $100,000 and he sells it for $300,000, the gain of $200,000 is largely exempt from capital gains tax. If dad gives the house to his son, his kid owns it for $100,000. Assuming that dad has to go to the care home a few years later, his son sells the house to pay for dads care. Since the house is not the sons primary residence, he has to recognize a $200,000 capital gain. The same principle applies to rental properties if they are not the primary residence of the person selling the property. Essentially, this family made a $54,000 tax mistake, given that the rate of capital gains tax is 18%.If you leave assets in your estate until you pass away, and it is held in a trust, your kid inherits the assets at date of death. While your child will pay Pennsylvanias inheritance tax which will be $13,500, the stepped up basis is applied. This means that the house that Dad bought for $100,000, is now worth $300,000. His son has inherited the house for the date of death value, which is $300,000. He is allowed to sell it for $300,000 without having to pay the capital gains tax. The Secure ActAnother tax you need to know about is the Secure Act, which passed in October of 2019 and became law in January of 2020. This is the biggest tax hike against the middle class.Most middle class Americans have all of their money in home equity and retirement accounts. If you have a retirement account, an IRA, or a 401k, this Secure Act will affect you.Before the Secure Act was implemented, if my dad passes away, leaving me his retirement account, it becomes my retirement account, known as the inherited IRA. This meant that money could stay in the stock market with tax deferred growth for several decades. I would need to take distributions at regular intervals, but most of the money would stay in the fund. Since the Secure Act, the rules have changed significantly. Now, when you pass away and you leave your retirement account to your kid, he has to pull all the money out of the account, within 10 years. This means that one loses out on many decades of tax deferred growth. In addition, if you inherit the money when you are 55, you are likely still working and paying high income tax. Now you have to add your dads 401k which means youll be paying even more income tax.Let Us Help YouIf you want to learn more about how to protect yourself and your legacy, come to one of our Three Secrets Workshops. Call 724-564-6615 to register.