As Featured In:
As seen on Affiliates of:
M AY 2 01 3 I S S U E
Smart Money News and Facts
Gregory Ricks
504-832-9200
www.gregoryricks.com
If You are Worried About Your Retirement,
You Are Not Alone
Retirement might be years away for you, but you have this persistent
nagging feeling inside. You might even be comparing your financial situation
to specific friends, coworkers, or peers around you. You observe that you are
the less financially prepared for your retirement than the others. You are not
as relaxed about retirement; in fact, you are downright worried and ill prepared
for this stage in your life.
Saturday Mornings from
10:00 am to noon on
99.5 FM WRNO
The self-deprecating thoughts in your head might be chanting, “Just like the
highly educated Mr. Jones over there with a very successful career and a
fantastic financial plan, I could have, I would have, I should have…” I could
have strived for a better job with a higher pay. If I had known foreseen tough
times later on, I would have started saving for my retirement earlier. I should
have contributed more money to my 401k through the years. Stop with this
negative self-talk. Don’t feel like you are alone on your own island of
retirement worry. Although individuals around you might not voice any
concern about their financial security in these “Golden Years”, new studies
indicate that many Americans also feel insecure about their own retirement.
Despite a slow economic recovery, worries about retirement still exist today
among Americans. A strong correlation exists between retirement concern and
education/income levels. These retirement worries appear to be greater among
those individuals with less education and a low income. On the other hand, the
more educated higher paid individuals experience less worry about these
retirement years. A strong correlation also holds true for retirement concerns
among certain age groups. Contrary to previous years, new research indicates
that the baby boomers and those individuals closer to retirement are not the
most concerned about their retirement security. Instead, the younger and
middle aged adults win the award for the age group most concerned about
these retirement years.
So, why is retirement stress so prevalent in the younger generation
now? According the Pew Research Center, a recent analysis of Federal
Reserve data reveals that the reason “retirement concerns have surged among
adults in their late 30s and early 40s is that the average wealth of this group
has fallen at a far greater rate than for any other age group over the past 10
years.” Furthermore, this analysis suggests that the dwindling wealth among
… Continued on Page 5
Page 1
Gregory Ricks & Associates is A Registered Investment Adviser ©2013
2800 Veterans Memorial Blvd, Suite 170, Metairie, LA 70002 • 504-832-9200
Stay Connected with Us!
CAROL’S BIRTHDAY IS
MAY 18th!
Riddles: Answers on Page 5
1. How many bricks does it take to complete a
building made of brick?
This is a picture of our clients, Bob and Letty Loomas, at
Bob’s retirement ceremony from the US Navy. This August,
it will be 40 years since Bob retired after serving 20 years in
the military!
His awards included: Good Conduct Medal (Third Award),
Meritorious Unit Commendation, Armed Forces Expeditionary
Medal, and National Defense Service Medal.
Congratulations to Emily for
making Brother Martin’s
Cheerleading team for her
second year!
2. How many times can you subtract the
number 5 from 25?
3. If you have it, you want to share it. If you
share it, you don’t have it. What is it?
4. Before Mount Everest was discovered, what
was the highest mountain on Earth?
Luke and Gregory had a Great
time at Jesuit’s Bazaar in March!
Page 2
Congratulations to Lance for
being inducted into the National
Junior Honor Society at Brother
Martin with a 4.57 GPA!
Gregory Ricks & Associates is A Registered Investment Adviser ©2013
2800 Veterans Memorial Blvd, Suite 170, Metairie, LA 70002 • 504-832-9200
Total Wealth Authority
William Perry is a New Orleanian and graduate of Tulane
University School of Law, receiving an LL.M. degree in
International Trade, Finance and Banking in 1988. Prior to joining
Lineage Law, William practiced law at one of the largest firms in
New Orleans, representing national, regional, and local companies
in general and business matters, contract litigation, intellectual
property issues, bankruptcy, arbitration, and mediation.
Filial Responsibility: Could I be financially responsible for a parent’s
nursing home bill?
By William J. Perry, J.D., L.L.M.
The national media recently picked up on a rather conspicuous ruling out of the
Superior Court of Pennsylvania in which a son, John Pittas, was held liable for his
elderly mother’s $93,000 nursing home bill. See, Health Care & Ret. Corp. of
America v. Pittas, 2012 PA Super 96 (Pa. Super. Ct., 2012). Can this happen in
Louisiana? The answer - maybe. One Louisiana court held that a son was
responsible for alimony to his mother because he “sports around town in a new
Chrysler.” That doesn’t mean you should trade in your car for a pogo stick. Rather,
if you have a well thought out estate plan in place, you can limit, if not completely
eliminate, the consequences of such an occurrence.
First, if a parent is truly destitute, then they may apply for Medicaid long-term
care coverage. Second, Louisiana provides that the parent—not a third-party
creditor—can recover health care costs from family descendants. Pittas occurred in
Pennsylvania, where “any other person or public body or public agency having any
interest in the care, maintenance or assistance of such indigent person” can make a
claim. In Louisiana, a creative nursing home would have the parent sign over their
rights against the children and grandchildren to then assert it on behalf of the parent.
Tricky, but all it takes is a creative lawyer and a sympathetic court. Finally,
Louisiana has a means-based escape clause. It is not enough that the parent is in
need. The descendant must also be able to pay. The basic legal framework in
Louisiana can be found in three places. La. C.C. Art. 239 establishes reciprocal
duties between parents and illegitimate children. Then, La. C.C. Art 239 provides
that relatives in the direct ascending line are bound to maintain their needy
descendants when it comes to life's basic necessities of food, clothing, shelter, and
health care, and arises only upon proof of inability to obtain these necessities by
other means or from other sources. La. R.S. 13: 4731 establishes the procedures for
asserting and awarding alimony for support from children or grandchildren.
So what can you do to protect your estate from creditors and predators like a
parent’s nursing home? Simple - take steps on behalf of yourself and your family
members to decide on the access and control of your estate—your stuff—through a
comprehensive estate plan. Trust planning in conjunction with a will and
comprehensive powers of attorney can provide the framework to make sure you do
not end up like Mr. Pittas.
Page 3
Traci Bird Kestler and
Stephanie Campani, of Dwell
NOLA Realty specialize in
residential and commercial real
estate. They understand that
property transactions represent
major events in most people’s
lives as well as the importance of
finding just the right home, in
the right neighborhood or finding
the perfect high-profile location
for your business.
Courtland Crouchet, Sr., is the
founder of Courtland A.
Crouchet, Sr., CPA, LLC. He is
a certified public accountant who
has over thirty years of
experience in financial
accounting and organizational
management, specializing in
the design and
implementation of leadership
training programs.
Please call our office at
(504) 832-9200 to meet
with any of our team
members!
Gregory Ricks & Associates is A Registered Investment Adviser ©2013
2800 Veterans Memorial Blvd, Suite 170, Metairie, LA 70002 • 504-832-9200
All About MAY!
Louisiana Festivals:
Bayou Boogaloo – May 17-19
Where: Bayou Saint John Cost: FREE!
Bayou Boogaloo swings on for three days, and stages are set up in
several widely separated locations so the music on one stage doesn't
clash with another. Fest-goers can leisurely stroll about, grab some great
New Orleans signature food items and a cold drink, then go sit by the
bayou and dangle their feet in the water while enjoying the music of
some of the city's top bands. A separate section of the festival site, on the
neutral ground (median) of Jefferson Davis Parkway, is designated for
craft booths where talented artists and artisans display and sell their
works.
New Orleans Wine & Food Experience – May 21-25
Where: French Quarter Cost: FREE!
It's an epicurean delight. A feast for the taste buds. A harmonic
convergence of oenophiles and culinary connoisseurs. It's the New
Orleans Wine and Food Experience and it's happening here in the city of
culinary fame from May 22 through May 25.
Thousands of wine and food lovers are expected to gather here again
as they have done every year since 1992 for this extraordinary event. The
NOWFE spotlights the city's legendary restaurants along with fine wines
from around the globe. It has been named a "Perennial 'Top Ten' Wine
and Food Festival" in Wine Enthusiast magazine and it has received rave
reviews in many other national and international media.
Greek Fest – May 24-26
Where: Holy Trinity Greek Orthodox Cathedral
Cost: $5, Children under 12 Free
Like all other ethnic festivals in New Orleans, the Greek Festival
features music and culinary specialties whose roots go back to the
ancient homeland. As you enter, you may be pleasantly greeted with a
"Kalos Orisate" (ka-los-o-REE-sa-te), meaning "Welcome" in Greek.
From there the lively sounds of Greek music and the wonderful aroma of
Greek food in the air will also greet you.




May History
 May 2, 2011 – Osama bin Laden
is killed by U.S. forces
 May 3, 1951 – The Kentucky
Derby is televised for the first
time
 May 5, 1961 – Alan Shepherd
becomes the first American in
space
 May 10, 1869 – The
Transcontinental railroad is
completed
 May 14, 1998 – Frank Sinatra dies
at age 82
 May 16, 1929 – The first
Academy Awards ceremony is
held
 May 19, 1962 – Marilyn Monroe
sings “Happy Birthday” to
President Kennedy
 May 23, 1934 – Bonnie and Clyde
are ambushed by police and killed
 May 25, 2011 – The Oprah
Winfrey Show airs for the last
time after a 25-year run
 May 27, 1995 – Christopher
Reeve falls from his horse and is
paralyzed from the neck down
 May 30, 1859 – Big Ben rings for
the first time in London
 May 31, 1927 – The last Ford
Model T rolls off the assembly
line
May Checklist:
Map Your Moles: May 6 is Melanoma Monday. Make an appouintment
for a skin cancer checkip or take your own inventory of moles, freckles and
other spots.
Spring for new sunscreen: Sunscreen loses its effectiveness after two or
three years – less if kept in the sun or a hot car.
Stamp out hunger: Saturday May 11th. Nonperishable food left near your
mailbox will be picked up by your letter carrier and distributed to people in
need. Call your post office to confirm its participation in the largest oneday food drive in the US.
Mother’s Day: Sunday May 12. Consider Honoring all the women who
have been important to you – mothers, grandmothers, sisters, aunts, etc.
Page 4
Gregory Ricks & Associates is A Registered Investment Adviser ©2013
2800 Veterans Memorial Blvd, Suite 170, Metairie, LA 70002 • 504-832-9200
Information You Should Know
Continued from Page 1 …
individuals in their 30s and 40s is due to this
age group’s inability to benefit from recovering
stock prices since the recession. Much of this
age group abandoned the stock market entirely
during the recession, and remained out of the
market as prices began to increase.
With this awareness that many other
Americans also worry about retirement,
what can you do with it? Well, first of all,
share your concerns with a financial
advisor/planner if you don’t already have one.
It is never too late to modify a spending/saving
behavior, make a difference in your retirement
future, and what better way to be guided
through the retirement planning process than
by an expert. Second of all, find solace in the
fact that you are not the only person with
retirement worries. Despite a slowly improving
economy, many other Americans also share
your concerns about your retirement especially
now. Lastly, focus on yourself, and not on
other people’s retirement situations around
you. Stop negatively comparing yourself to
others, and beating yourself up for not being as
prepared as you want to be for this stage of life.
You can drain so much of your energy out on
negative thoughts about comparing yourself to
others that you have no energy left to better
yourself and proactively plan for a better
retirement future. So, it’s time to focus on you
now.
Investment Advisory services provided by
Gregory Ricks & Associates
NUMBER$ OF $IGNIFICANCE
1. WORDSMITH - When the White House says they are
“reducing” our nation’s debt by $1.4 trillion over the next
decade with the President’s 4/10/13 plan, in reality they are
projecting our debt to increase by $5.27 trillion by 2023 instead
of growing by $6.68 trillion as is the estimate in the “baseline”
projection (source: White House).
2. PEANUTS - The mandatory 30% tax rate on household
income above $1 million (aka the “Buffett Rule”) is projected to
raise just $53 billion in new tax revenue over 10 years (source:
White House).
3. STOP SMOKING - President Obama’s proposed increase in
federal tobacco taxes raises more new tax revenue ($78 billion)
over the next decade than does the “Buffett Rule” ($53 billion)
(source: White House).
4. OVERSPENDING - Our nation’s outstanding debt, $16.433
trillion on 12/31/12, rose to $16.771 trillion as of 3/31/13, an
increase of $3.8 billion a day for the first 3 months of 2013
(source: Treasury Department).
5. I’LL DO FINE - Only 1 out of every 6 “baby boomers” (17%)
that are working today believes that he/she will need to
accumulate at least $1 million in order to maintain a
comfortable retirement. 2,000 “baby boomers” born during the
years 1946-1964 were surveyed in October 2012 for this study
(source: TD Ameritrade).
6. AT HOME - At the end of 1991, there were 59.8 million families
that owned a home and 33.4 million families that rented a home
or an apartment. At the end of 2011 (i.e., 20 years later and the
most recent year for which data is available), there were 76.1
million families that owned a home, i.e., an increase of +27%,
and 38.8 million families that rented, i.e., an increase of +16%
(source: Department of Housing and Urban Development).
Make sure to tune into “Winning at Life” on Saturday
Mornings. Below is a schedule of our May Guests!
May 4: William Perry, Estate Planning Attorney
(Member of our Wealth Management Team)
May 11: Courtland Crouchet, CPA
(Member of our Wealth Management Team)
May 18: Dwell Nola Real Estate, Traci Bird Kestler
and Stephanie Campani
(Members of our Wealth Management Team)
Answers to riddles on page 2
1. Only one – the last one.
2. Once. After the first
calculation, you will be
subtracting 5 from 20, then 5
from 15, and so on.
3. A secret.
4. Mount Everest
May 25: Dwayne Stein, Cross Country Mortgage Inc.
Sales Manager
Page 5
Gregory Ricks & Associates is A Registered Investment Adviser ©2013
2800 Veterans Memorial Blvd, Suite 170, Metairie, LA 70002 • 504-832-9200
The back page …
Chicken Cordon Bleu II

3499 Reviews and 5 Stars on allrecipes.com
Ingredients:










6 skinless, boneless chicken breast halves
6 slices of Swiss cheese
6 slices of ham
3 tablespoons all-purpose flour
1 teaspoon paprika
6 tablespoons butter
½ cup dry white wine
1 teaspoon chicken bouillon granules
1 tablespoon cornstarch
1 cup heavy whipping cream
Directions:



Pound chicken breasts if they are too thick. Place a cheese and ham slice on each breast within 1/2 inch
of the edges. Fold the edges of the chicken over the filling, and secure with toothpicks. Mix the flour
and paprika in a small bowl, and coat the chicken pieces.
Heat the butter in a large skillet over medium-high heat, and cook the chicken until browned on all
sides. Add the wine and bouillon. Reduce heat to low, cover, and simmer for 30 minutes, until chicken
is no longer pink and juices run clear.
Remove the toothpicks, and transfer the breasts to a warm platter. Blend the cornstarch with the cream
in a small bowl, and whisk slowly into the skillet. Cook, stirring until thickened, and pour over the
chicken. Serve warm.
Have a Great Recipe???
If you have a special recipe that you love to cook or have a family recipe that has been passed down from
generation to generation, PLEASE send it to our office so we can be sure to share it! You might even see it
in our next newsletter! [email protected]
Follow Us And Stay Connected On
Our Social Media Sites!!!
Become our friend on FACEBOOK:
www.facebook.com/gregoryricksandassociates
Stay updated with our BLOG:
www.gregoryricks/blog
Follow us on TWITTER:
www.twitter.com/gregoryricks
Connect with us on LINKEDIN:
www.linkedin.com/in/gregoryricks
GREGORY RICKS AND ASSOCIATES IS A REGISTERED INVESTMENT ADVISER. INFORMATION PRESENTED
IS FOR EDUCATONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR
THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES.
INVESTMENTS INVOLVE RISK AND UNLESS OTHERWISE STATED, ARE NOT GUARANTEED. BE SURE TO
FIRST CONSULT WITH A QUALIFIED FINANCIAL ADVISER AND/OR TAX PROFESSIONAL BEFORE
IMPLEMENTING ANY STRATEGY DISCUSSED HERIN. Page 6
Gregory Ricks & Associates is A Registered Investment Adviser ©2013
2800 Veterans Memorial Blvd, Suite 170, Metairie, LA 70002 • 504-832-9200
Retirement Planning:
The 10 most Tax-Friendly States for
Retirees
(And the 10 Least Friendly)
The following ten states impose some of the lowest taxes
on retirees in the US, reports Kiplinger’s Personal
Finance. All of these exempt Social Security benefits
from taxation (and some impose no state income tax at
all). Many of them exclude government and military
pensions from income taxes, and some exempt private
pensions, too. A few offer blanket exclusions up to a
specific dollar amount of retirement income from a wide
variety of sources. Property taxes were also a factor in
the equation. Here, the ten most tax-friendly states,
starting with the friendliest …
1. Alaska
2. Nevada
3. Wyoming
4. Mississippi
5. Georgia
6. Alabama
7. South Carolina
8. Louisiana
9. Delaware
10. Pennsylvania
The 10 least friendly states for retirees: The following
states are stingy with tax breaks for retirees …
1. Connecticut
2. Vermont
3. Rhode Island
4. Montana
5. Minnesota
6. Nebraska
7. Oregon
8. California
9. New Jersey
10. New York
For more information on your state, go to
www.Kiplinger.com/tools/retiree_map.