Letter: Bernard Will Work Hard as Mayor

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To the Editor:

I am writing this letter in support of Tom Bernard's candidacy for the mayor of North Adams. I have had the pleasure of working with Tom on community-based initiatives for the past nine years, including partnerships involving MCLA and the city as well as business development groups, which eventually grew into the North Adams Chamber of Commerce.

I have continually been impressed with his ability to approach challenging issues with a balanced perspective. Tom was always a reliable resource who provided insightful, competent and intelligent information that was the result of his commitment to doing his homework about the relevant issues.

Tom's skill set is a complimentary balance of intellect and a solid work ethic. This skill set is transferable to the office of the mayor, as he will research the issues with a thoughtful approach and a perspective that facilitates solutions to serve the best interest of the city. He is a principled leader who provides a competent, detailed approach to problem-solving and is able to roll up his sleeves and do the work that is involved in getting results. Tom's broad range of educational endeavors and professional experience has enhanced his ability to be fair minded, hardworking and solutions-focused.

I am optimistic about Tom's ability to lead this city with a keen understanding of its history and its heritage, while being able to incorporate the economic and cultural opportunities that hold so much promise for the city that we all love and call home. Tom has the competencies, intellect, perspective and experience to serve as the next mayor of our city. I believe in Tom and I know how hard he will work for all of the residents of North Adams.

I ask that you please join me on Tuesday November 7 and vote Tom Bernard for the mayor of North Adams. Thank you.

Mike Boland
North Adams, Mass.

 

 

 

 

 

 


Tags: election 2017,   


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Be careful when naming beneficiaries

You might not have thought much about beneficiary designations — but they can play a big role in your estate planning.
 
When you purchase insurance policies and open investment accounts, such as your IRA, you'll be asked to name a beneficiary, and, in some cases, more than one. This might seem easy, especially if you have a spouse and children, but if you experience a major life event, such as a divorce or a death in the family, you may need to make some changes — because beneficiary designations carry a lot of weight under the law.
 
In fact, these designations can supersede the instructions you may have written in your will or living trust, so everyone in your family should know who is expected to get which assets. One significant benefit of having proper beneficiary designations in place is that they may enable beneficiaries to avoid the time-consuming — and possibly expensive — probate process.
 
The beneficiary issue can become complex because not everyone reacts the same way to events such as divorce — some people want their ex-spouses to still receive assets while others don't. Furthermore, not all the states have the same rules about how beneficiary designations are treated after a divorce. And some financial assets are treated differently than others.
 
Here's the big picture: If you've named your spouse as a beneficiary of an IRA, bank or brokerage account, insurance policy, will or trust, this beneficiary designation will automatically be revoked upon divorce in about half the states. So, if you still want your ex-spouse to get these assets, you will need to name them as a non-spouse beneficiary after the divorce. But if you've named your spouse as beneficiary for a 401(k) plan or pension, the designation will remain intact until and unless you change it, regardless of where you live.
 
However, in community property states, couples are generally required to split equally all assets they acquired during their marriage. When couples divorce, the community property laws require they split their assets 50/50, but only those assets they obtained while they lived in that state. If you were to stay in the same community property state throughout your marriage and divorce, the ownership issue is generally straightforward, but if you were to move to or from one of these states, it might change the joint ownership picture.
 
Thus far, we've only talked about beneficiary designation issues surrounding divorce. But if an ex-spouse — or any beneficiary — passes away, the assets will generally pass to a contingent beneficiary — which is why it's important that you name one at the same time you designate the primary beneficiary. Also, it may be appropriate to name a special needs trust as beneficiary for a family member who has special needs or becomes disabled. If this individual were to be the direct beneficiary, any assets passing directly into their hands could affect their eligibility for certain programs.
 
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