MEETING OF AUGUST 1, 2002
By: Wyatt Allen
Editor - Steve GruberBeginnings:
After the initial Pledge of Allegiance and a rendition of "You Are My Sunshine" as encouraged by JOHN SYLVESTER, JAN SCHROEDER shared a thought for the day, written by her father, that all of us could probably related to at one time or another. Simply, JAN wanted to resign as an adult and return to a simpler time as a child when concepts as responsibility and accountability were not part of our vocabulary. JAN gave us plenty of reasons why we might be strongly tempted to do more than just daydream about being a kid again. Adult life certainly does come with its challenges but then again, it has its rewards to. (I still remember my neighbor's words, "He/she who dies with the most toys wins!")
Announcements:
Membership: Pres. MARY announced the departures of three Los Altos Rotary Club members: CINDIE EBERHARDT (moved to central coast area), MARK SANDOVAL (conflict with meeting times) and ALAN SWANSON (moved to St. Helena) have all announced their resignations. Thank you CINDIE, MARK, and ALAN for all your respective service to Rotary and efforts on behalf of our community.
Sister Cities: MARGE BRUNO announced a few openings remain for a Sister Cities trip to Syktyvkar, Komi Republic, Russia during October 3-12, 2002. There will be home stays while in Syktyvkar and Russian-style hotels in Moscow and St. Petersburg. If interested, contact DOROTHY DICKSON dicksons@ix.netcom.com.
"Rotator" the old fashioned way. MARY asked for a volunteer to print and mail the eighteen issues of our weekly "Rotator" that still need to be mailed. If you have the technology and the time, the eighteen readers who have no other means to receive this stellar and scholarly newsletter will certainly be appreciative.
Alpha Omega: Thanks to JOAN ROSSELLE who volunteered to coordinate our club's efforts to support the Alpha Omega program. Please let JAN know if you can be of assistance to those in our area who need the help and caring the most.
Five-Minute Talks: Pres. MARY informed us that we would be continuing these talks, especially now that the club has grown and it isn't getting any easier to get to know one another. Seek out anyone wearing a red badge that is not familiar to you so, well, he or she isn't unfamiliar to you any longer.
Membership Recognition:
Pres. MARY offered opportunities for members to volunteer for recognition before she turns the fining (oops, rather "recognition,") back to the Membership Committee. A number of members proudly made announcements that lighted their purses or wallets:
DAN DUTTON (missed July), STEVE SHEPHERD (Chamber Golf Tournament, wife's birthday), JOAN ROSSELL (daughters college graduation and birthday), MATT CABOT (son engaged), KAILIS CHIDAMBARUM (anniversary), DICK HENNING also anniversary), MEL KAHN (son's marriage…though he asked to take up a collection to defray those costs!), JOHN MOSS (birthday and anniversary), JAN SCHROEDER(breast cancer walk), PAT MILLAR (also breast cancer walk) and SAM HARDING (son Daniel graduated, and has a job, and has an apartment!). KAILAS become the third member to become a "STAR" (following the lead of BAIDRA PROCHNOW and BUD OLIVER) to reach the $100 fine (oh yeah, "recognition") level.
Pres. MARY asked what seemed like a third of the club to stand. They were all fined for having this in common; they are all classified as "Babyboomers" (those having been born between 1946 and 1964.
KAREN FOX heard from the Russian exchange student, ALEXAI, the other day from St. Petersburg Russia. When asked if he was any different after his year attending Los Altos High School, his mother stated that he, "Now speaks Russian with an accent!" Hey, a number of us speak English with an accent and we haven't even been out of the country!
And today's speaker:
FRANCIS LA POLL introduced JOHN HOPKINS, a member of San Jose Rotary and our speaker for today. FRANCIS spoke of JOHN as the "Dean of Estate Planners in Santa Clara County." JOHN talked about, "The Rise and Fall (and Stall) of the Estate Tax." We learned that the Estate Tax (or "Death" Tax as it has been not so affectionately known) has been around 205 years. Up until WWI, it was enacted to raise funds to pay for wartime efforts. I guess someone had the forethought to
realize that as our country aged and matured and supposedly become more responsible, it would be increasingly prone to fight for what we think is right. It is said that nothing is certain but death and taxes, or in this case, it seems to be one and the same.
President Bush ("W" that is) fulfilled one of his campaign policies, or at least it appears that way for a short period of time. He convinced Congress to nominally reduce the rate of tax and increase the amount of a deceased person's estate exempt from the death tax until 2010. For those that pass away and leave an estate, things could be gradually better for your heirs through 2010. However, nothing is forever, especially any law that Congress enacts regarding generation of taxes. Knowing the government's penchant for spending far more than it gains in tax revenue, a repeal of any tax source only spurs efforts to increase it in others areas.In other words, stay tuned. The current, or any future, members of Congress will make changes. Just how soon, how often, and how it will impact how much of your future estate is to be taxed at what rate remains to be seen. So, you see, to make plans to sign off in 2010 to maximize the gain your heirs will receive under the present estate tax definitions will likely go for naught because Congress will not be able to leave it alone.
John's parting remarks warned us not focus on how to leave material value to the next generation, but concentrate on passing your legacy, values and relationships that are much more important and financial statement assets. It should always be more difficult for Congress to find a way to tax our non-financial assets and they will be of greater value to the generations to follow.
To summarize, we already know we can't make it out of this life alive. However, your government will likely prove that not only can you not take it with you but it will also be difficult to leave anything of any significant balance sheet value to anyone except the government itself! (Sorry if this all sounds too depressing!)
Programs and Events
August
August 8 - John Busterud: Author & Rotarian from Palo Alto University Club, "Below The Salt: How the 90th Division Struck Gold and Treasure in a Nazi Salt Mine in WWII"
August 15 - Michael Kirst, "School Funding"
August 22 - Carl Guardino: President & CEO of Silicon Valley Manufacturing Group, "Silicon Valley: State of the Valley and the Economy"
August 29 - Joyce Friedrichs: Education Director for Biz World, "Teaching Business & Entrepreneurship To Kids"
"Information in this newsletter is intended for the exclusive use of the members of the Rotary Club of Los Altos to facilitate the work of the club and to promote club fellowship. It is not to be used for any commercial or outside, unrelated, non-profit purposes. No publication of material in this newsletter should occur without the express permission of the club President or the Editor of the Rotator."Copyright 2002 The Los Altos Rotary Club
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