Ledger-Dispatch

By Helen Bonner=20

Jackson attorney Gwendolyn Christeson, = left, and=20 financial advisor Danelle Dix were the guest speakers at Wednesday = afternoon's workshop on financial and estate planning in Sutter=20 Creek.

Photo by: Helen Bonner

Though geared for women, Wednesday's = two-hour=20 workshop brought dozens of women and men of all ages.

Photo by: Helen=20 Bonner
Unsettling economic times brought a = large and=20 attentive audience of both men and women to the Sutter Creek Community = Building=20 on Wednesday, when the Amador branch of the AAUW presented a free = program on=20 practical financial and estate planning, "especially for = women."

The=20 American Association of University Women put up two local experts for = the=20 two-hour session to address practical issues for people of all ages, = with=20 particular focus on concerns for women.

Elderly members of the = audience=20 wanted to know how they could make limited pensions cover escalating = costs or=20 protect threatened nest eggs. Younger people wanted help saving money, = and still=20 others wanted to know how to manage rising health care costs for their = aging=20 parents or get advice on how to send their children to = college.

Led by=20 financial adviser Danelle Dix and Jackson attorney Gwendolyn Christeson, = the=20 presentations focused on two areas: Planning a financial future and = making the=20 most of legal strategies to do so.

Both speakers, with practical=20 anecdotes, focused on the concerns of women. Statistics show 90 percent = of women=20 - single, widowed or divorced - are responsible for their own finances, = but only=20 30 percent have enough information or training to understand today's = financial=20 complexities. A survey by Oppenheimer Funds showed half of the women = surveyed do=20 not participate in a retirement savings plan.

When Dix asked for = a show=20 of hands of how many had retirement plans, few went up. "Early is good, = but It=20 is never too late," she reminded them.

"Though women are gaining = more of=20 a presence in the work force and are earning more than ever, they know = less=20 about investing than men," Dix said. "Even so, those who do invest make = fewer=20 mistakes than men. Men won't ask for directions," she laughed, "and they = tend to=20 hold onto what should be let go."

Dix, an adviser with the = Martell branch=20 of Edward Jones Investment Advisors and former CFR at Sutter Amador = Hospital,=20 handed out user-friendly workbooks and a "Woman's Guide to Money = Matters"=20 pamphlet that participants could follow. Among subjects covered were = planning=20 for retirement, elder-care expenses and how to beat that old savings = destroyer -=20 inflation - which she demonstrated is closer to 3 percent than the often = claimed=20 2 percent.

Dix's advice was to budget each month for new or = changing=20 expenses. "Savings should be part of that budget," she said. "A couple = of=20 hundred dollars a month earning interest can add up to thousands in a = few years.=20 If budget shortfalls are discovered early, you can find places to cut = before you=20 get into serious debt."

She believes kids 16 and younger should = be taught=20 to put aside monthly savings.

Christeson, who specializes in = estate=20 planning, litigation of wills and trusts, and all aspects of = conservatorships,=20 discussed the differences between a will and a trust.

"A trust is = entered=20 into and effective while you are living; a will becomes effective after = your=20 death," she explained.

Questions from the audience ranged from = the simple=20 to the complex.

Christeson took one from an attendee asking the=20 difference between a health care directive and power of attorney. "The = health=20 care directive is only effective if you become incapacitated," = Christeson said.=20 "A power of attorney is just for financial matters."

"Do you need = an=20 attorney to draw up a will or a trust?" she was asked. "No, but there = are legal=20 consequences, so it's helpful," she replied.

Asked when a will = goes to=20 probate, Christeson explained, "Suppose a husband dies, leaving some of = his=20 money in a bank but not entered in his will. The wife will have to go to = probate=20 court to get it - expensive and time consuming. One reason why trusts = are=20 popular is to keep the estate out of the courts. If there is no will or = trust,=20 the court, not you, determines who the heirs will be. The costs for = probate can=20 be excessive and can still result in children fighting over their=20 inheritance."

Christeson made available the Guide for Seniors and = the=20 Law, covering senior caregivers, Medicare, elder abuse and other=20 topics.

Future AAUW events will be the AAUW 40th Anniversary and=20 Chocolate Exchange on Feb. l2; a Helping Women Survive and Thrive = workshop on=20 March l8; and the annual AAUW Home Tour on April l8. For more = information,=20 contact Lani Chapman at 245-6052 or Carol Campbell at 296-3408.

Helen Bonner
Ledger Dispatch Contributor=20