The Kansas City Star from Kansas City, Missouri • 15

1 1 yr' 'X '4' -L -r ilpveniie millidttfrpn)' Cist of the tinack -v ---v vVAJ Jrf itonal event can be 'at frbmo ini while wd lover her is obt out only yy- j'- i I oTliis prbjectwiHi pay forseCT -SAoc to the conipany three i Gralfopv: Iheo-Iuteraaiidiial 1 ofikaals saymg they made tbe cbr-: porationfeeLwtlcoint shitejnegft ihg torthBproposnd NASCAR track In' Kioas CjtyKari i Kansas mpstfysitthigfcyyay money $7i5roiilionih local lnfoa and i in amihiitmentftfiromutitir tiet Xv central charactet a Kansas farm girl1- ted car 'not thbse littlered shoes she Wcre'" here he said fitting hatdfthrirbonstituenta? Jbe people adriire" most business arpedplc like yoiir peo you hrt negotiatc touGrahant SaidKansas and Kansas City John ap International 1- Spcedway Corp executive said the rcproortttiDtt vduld askNASCAR tp jbdok a Winston Horace at lh6 track forthe first yearThe Nation aj ssociatiofl for Stock Car Auto Raeng which' oversee jtheWin- std Gup series and others -is--'' efcfocdbytbe Bill FrknceJr family Thjfamily controls publicly traded International Speedway giving the (DoUarffgufowan In tnlUipnM) Project costs kind swetfisitipn $181 Jrndt OivsitelnfreuntnictOr Off-site infraMnxrpiiAS TOTALCSaSt $1969 Project i ncar-ccrtapity of--g Interna events Internationa The cotinty will own the track Kansas did that They cut a good Hayii siud million in bohds pnperty pverthe life of the bonds deal for you and a good deiu foe wotdd'be issued tqpay for much of which wpllbci20 tp 30 yeairs -de- us1? V- he jject lnternational Spced- pending bri the fmaiajgreemcn Gfaham said his compsipy way js to pw' annual lease pay- Hays said When the bHonds are tially had pfefcrred a site north of inenb 0f $48 million to St5 nul- jAid off the tracks ownership will State and south of ParaUel Pau'k-lion wcr the life of the braids The- transfer to lnternational Speedway way but the willingness of itate lease paymepts and state sales The details of how that will work and local governments to makeim-: taxes generated at the track would are tp be worked but by the provements on the new site made cover the bohd paymentv lawyers the deal work Kansas did fh: They cut a good KAREN SCOTTUm 8 nr A' CHV y-M More newsaboyt NASCAR can be found on the Web Gd to 77w she at I kaxisascitycbm 1 lOth Street would be iboved to the west of the tik throifgh the track property On and off tamj he added added tb 1-70 at'T 1C road New Jersey Avepuewould be built between 98th Street Und State Under 1-435 A roadway would be added east of the track- property ipnontraf-: and parallel to 1-435 to sip fic onto the interstates Mpney for much of the workis -to Coirie frpm tire Mate: Lt Gov Gary Sherrer said it wasappropri- ate pr KiuM' jfonivest mvipadi: ways Heemphasized thatthe state nr' "Cash fronijjnternatk Speedway $556 State-issuojJ bonds State highway Kanisastpt 'Transportation economic' devetophwrit junds' $L0 'State tax credits $i2 State economic 'V Incentive Local Street iv -i matching Local utility 6 TOTAL -NASCAR SpSetlway afooexpectsJp- hold Othfe events including Indy car motoitycle and truck racing jGtovernmcnt and speedwayofij- dais congratulated oneanothef on negotiating a fair deal for all par- tie'butDennis M-Hays adminis the recently unified Wyandotte County and Kansas Qty Kah government cautioned nfterthe news conference that the agreement was hot finals fThd proposed trackwohlddis- plaiX36jirig-fari fbur busincsseaThe businesses are a Fast-food restaurant liquor store a1 convenience store and a motel Puhlin' hearings' for affected property owpers will be at pm Oct 15 at the County Fairgrounds and p- 0ct 21 at Piper High School v-' beensurprised tp'find: Wdgen generate ht yisi-4 mil1 lion to the economy The track evetftualF cpnld' be acrommpdate 1 50000 spectators tv itsdriginal seuing capacity bi: a viy pood questkxr because aomd individuals may not need a tost for their purposes indud-ino estate lax planning There are attaf natives As I read your question and situation there does not appear to be a problem wifli federal estate tax main your assets down to concern 4a to your kids as smoothly and inexpensively (avoidg probate) as possible A living trust is stii a vary good option but it does taka more legal drafting arid asset jetj- deadv-berteficiaries' real estate deeds) lL? wSa wat rvrin" aMma During your lifetime the successor own- ere mot cause a debttebe attached to foe proper because' unfikS Jrtint ten-1 ants theyhave no ownership Werpercur- 'renfly Their creditors cannot attach or jdoud tfie tfffo for any way The Successor owners (inducting their spouses) are not required to sign off on any deeds Those stoefo wW pass' dfosctly to the desig- nates avpidng probate administration testilimportant lo have a wil particular- ly fpr any assats hot ratified or later- lT IIU1 I OliUOU VI MI S5RSSSS ConwuJtatiori with me to 'discuss the Tfl Credits an) rapnng soon and wfli have rtarga mcoma tax JfabHlty dua to kwaatmant and paitaloivInconiaL It wil) ba compoundad whan' lataft to' draw from my IRA plana Savaral financial planners hava auggested Lpw Incofna Housing Tax Credits What makes these programs any dUh from the crash and bum rant ofthaigeffa? --r-1' bNv v- ''Vi ding to be ettectiyiti Creating a Joint ency by addkv a name to the account exposes' you to potential ptobleme an those accoUnte or deede A credjtpr ofco-owner can attach a joint- account- The Oral property owner must on a deed to sett or reft nance even lhough the spouse's name 1) The' lax laws Aitowed for that'While people arC concerned Board of Cbomusaoneivand the would get Its investment back with being treated equhabiy they r' International Speedway bbjud of tlvOug taxea goinkted fey the are wiping to make die sacrifice be- dinri Marinoviich said it was project before it even opened cauwjhey understand Jhe ecpTr 'hoppd that theirvapproyals tqpldLv isnot a giveayiThis is nomio benefit to the community conby theend of November tb mvesfbeht Sherrtr saids Hays Y-yV: Key to theireement analyiusshowedwe iJjtentalive agteement which t6' get' Would get everythmg- hack during wUi reached in 60 days of Mgotia- MjQOO spectator vehicles in and construction tbJavvysfi thp icmt foerjtemgrirefor thenmjot -Shereer tiur'iRlubiiild detads on fmandng and other eveflti Todo thb and to ntakethe benefit aH Kansans by drsrwing in sues to be worked out Mafinovich track wprk Stare 'A new revenue and taxes and by the public-review enue would be moved tp the iroith boosting the profile pfoSess it will go to the Onified 'arotmd the track property and wiP demonstrate Uuftnai the doctor or hospital HowevarK nursing home care becomes necessary it ta custodial cars rather than skUted cate that we are likely To require 'Cuatodhl care is ttle type of care we recaive whan 4M need' assistance with aedvities of daily living such as bathing dressing and 1 eating In fact 95 qf SI miming home patients receive custodial care Unfortunately Medteareand Medicare Suoctemerrts DQ NOT pay tor custocSal 'care Long-term 'care insurance is the only 'Coverage that pays ter custodial riursina home cans and as At aob wo have a 43 chance bf "requiring hursinahome we grow older toe odds hificantly Currently you can expect the average coet for a nursing hoine Kansas SlOOper stay in toe Kansas you ebout your asseto froth the help you maintain-ypur of care and assure quality care by altowing JfoU to choose your Own pfon of care and where you tocfive your cafe Long-term tare insurance plans pay for nursifig home care assfotod flying tadl'ity care hpme health cafe ana than 100 wide offering long-term caminsurance and the costs and benefits can be qufte disparate Retirement Worries ly leveraged- property allowed knrestme to accelerate huge write- bffe This meant substantial write offs eariy 'todays depreciation ached- ule for real estate investments is sthught fine depreciation- over 31 5 years Thw creates a reduction in the amount' of write-offs clamed for deoredation yyr uuauiai i' 2V The 80h tax shelters allowed for a 2 to 1 or 3 to write off against ALL INCOME Arior to 1987 any fosses generated by an irwestmem fo real estate couid generate against income from any source This meant th at t4n (VW Iriunntmnnt nni ilrl nm ang indomafgaihfoM Untitatfons Lc from investments Kke estate Dartnersliios coirtd Wmirerw wwwni Innnmn rtfiirim' frini' income ano gains irum ntenta After 187the abb real--only offset like invest- the above scenario manta After the above scenario wafe phased out overTyears ooukfndt use all of your writeoffs over 5 years yoq were stuck with' them unless you invested in mvided passive gains sasi ng fe an example rif aainsJofbet bv Dasave fosses of the gWPae vitarw wj inwfwvv iwvwvii iv A I'-ii 1 ones potsnr lax gitsw 3) Many foes involved added to coi-tve nes Though afi of tt lecrifve Bruce Kallmeyer' of Kallmeyer Associates specializes 41-: long-term care insurance as' ah Independent broker representing 15 different Insw-ance companies He has presented the tbpic of- lohg-tehn tare for the Money Wise Personal Finance Fair Attorney at Law Financial Planning) the -Haaito 922 WaJnut Street Suite 900 'v Underwriters Association and various Commerce Trust Building ofoer companies hospitals' groups arid associations Foir information on tong-term cafe insurance or FREE noibbiigalibn cosf analysis please feel free to eall of write: IC Snwe Kaffmeyar MBA KaWmayerAsaocfatea 13010 Steama St Overland ParfoKS 66213 (913)681-1055 options ayaiiabte to you of your goals assets the estate plan which iinumtHOB (SUYlt! IfQtHI) nsi UtRliRUtfiB Q(I1D (RMBBIS (0 'JOIBe Offer tfifir mate gifts SanKgBgflBaggga iWtw £rmamsm MSKH5 fosses boosted the value of the writeoffs they -drained the economics of these programs Why? Because they hhi REDUCED- THE'COST BASIS OF THE PROGRAMS andcresfod a nefr ative capital account valueof 31000Q Thiswodd be considered PHANTOM INCOME toe amount of $10000 at the Sale of the property and be foxed sri the investors current rate 41 Lastly these fox shelters' existed when repl estate was appreciating at real rates of 8 fo 10 Investors expected a return OP their investment A you are now entering what can be with return ON their irivestment of 'the most rewarding years of your 8 to 10iri addition to the tax write- lives If you plan property People are offs This-created a tidy package (hat Jiving longer and you may be in retke-iBduced income foxes substantially: ment for as tong as yoiur working had a potential to offer-growth anp freed ix cash that wouldhave goneto Unde Sam Biggest Mistakes Ql am concerned about my future retirementl Thelfo thatfox shelters DiD work IrSrs that gminparfoenough and had the foresight to reinvest their tax "iwessed substantial majority oftoe sumed as it increased income as well and ItyVESTABLE KaSdtsK income AUfo sihce the ertoomfos of the properties Were drained and the A report called 'The need $11838267 (assuming 4- QtUonJ the return ON their investihents inflation ahnualV)of income at age Jls- investors dfo-nol see toe 8to iO'9Q just up with inflation pe whi matarig retiring dea-retorotoreK throne' loofed enher-way a $30000 sions Thrsrepprt we toese bf the biggest surprises remains income today would only have toe hnancfol- questions about Irfe after with an income of $30000 you will he Answers to 48 rentem estate ptanning After a review firstwnaklerations should bekeeping upwito inflmiorv padiaiiariy ifyoUare xrithoseeartyretiree's we are Wovrv of loday Whf you will have 35 years irr retire- merit This means foat'if you start out buying power of $7vl88(aSsumng 4 inflation annually) thirty-five years from now C' many things prepare for a have a book- yotHtlil asti Isaier risk Common Wito Your PacfoPP Aseoctetet (913) 341-1618 LfneSuite 103 Prelrte Ytitage KS 66208 (Securfffee offered through VSR aj A' rrancm miyicii niCf Long-Term Care Insurance We recentty found out that a y' friend of oura muet pay 33000 per month ior her nursing home Carol Wa -thought Madlcara or Medtoare Supptonwite Dflkft for nurilng hovno sretr-: A Medicara 'and -Me JM'' SwntoiMW-Mi ctoafoned to WdtiVh is wotybktelfomosivowhan goto we go to etm otutBssoi dm!) (tnui 09ncOBD dhtiRiiiftiU fl QMiaQtOKaosi Whenthe properties are eltoer soidbr pisposed of toe investora ebuid see a itUbsfontial tax bill brought about will lO QfBF seemed so Mr away Is now right around toe corner Have eccurtiuiat-ed enough money to Uve for the mt of my tite without working? Can 't ba as flnanctalty saewretan or twenty years after retirement as I am today? wilt I make a financial mistake from which I can haver recover? Canyou answer myquestkxis inptain -V- A SS? -M2L from toose who have all ready worked their tough way through If you aretnmking about ni snrt (or if Rjtfoft the report js you expect to receive a from your retirement pfon yours free for the asking from your retirement Reading 48 Questions is an important step for you in ensuring that you havent forgotten something This list of questions can help ybu'be certain you have carefully thought through your owh retirement process The foxtof-the report deafowitha wide range if subjects but is written in piain language that easy fo read and understand'' Tq receive your' copy' of 48 Questfons' call my office at 932-715t (X 800-800- 31 39jnd we will be happy to matt it to mSS advice -of an 'investment cpnsuttant AIso teach a free workshop bri retiremeilt planning topics tterfoUse this te my spectafty fhe pfjid work: Shop wifi' be cond ucted fo morrih Here U-'y DATE: Thursday October 23 1997 -TIME: LOCATION: Holiday Inn Crowne Ptaza -r- MO Douglw Sdnlor Vico Preaidant Fahnestock A Co kip 4717 Grand Avanuo KaftaaaCtly MO 1M32151 600300-9139 MambarNYSESIPC ifoi Kmtei Cfo 3M te'ete jafowiii tefiir Vi tfuough-recapture of'the acbelerated-deprecfotion This will tie Ih the form of a ThaMom Income mentioned previ- prosperous retirement ously This means foose toat fofoe let available thatcan help $(XX) write off on a $10 OOO iweSt- (t ean help you: ment cotild see a fox liability ori'-foei difference between the investment eifo toe lose fotote case $10000! If ypu pave made such an investment -please fafl for details on how to deter- mine Where you stand In our nefo article we WiN contrast toe Low Income SmSSKitiSaS-- ssrs The MastarsQroup Ind 5201 Johnson Suite 231 MtsiibnkS (913) 362-6383 1-8-21 9-9643 Securities offered by VSR Hnanctel Setyfoee Incj Member NASOfStPC Tis is bnty oine of foe you need to consider to iscrMM yovr iiKarnc cut back as year tans- Maka Vow acsfin tact Ralaca year ravastmaal is palled The I0: Most Msfokes VoU CaffMake py pan V': Peck snd 7830 Staff 0S AvoidProbJite-POD Accounts Beneficiiary Oeedis idi 65 yeera okL Vridowed with Mo adult married chtidren1 have' baanfabout tivlng (ntatabutfoeyaeam axpenchre formal with MtruateeNand my 1 aaeete would have to ba rattled to maka a work Thia la all fob comobcated-Towir 1 aw wvr wi a im ap ww mwp yniwrmieyw a wwn my houaa outright and haw financial waste (lank accounts atocka and mute-: alfunds)of approximately 1 00oai)utf want to add my kkto' namaa onto tha foat houea and accounla teil I wwtokl flat acted toad to pmbtemk Are Mre vim Ofni sccoura 10 ivoki praoowj 'y-'r i (' 4 7 -I A fv -v -iv i A 4'.