It’s a family Affair!

BOB SHAPIRO HAD BEEN A CLIENT OF PADUCAH BANK FOR SOME TIME, but on one particular occasion when he was leaving the bank after visiting with his private banking representative, he encountered George Shaw.

“We had just established Paducah Financial Consultants as a part of Paducah Bank’s comprehensive Wealth Management Department, when I ran into Bob,” George remembers. “I’d known Bob as a businessman in the community and we began to talk about our new investment firm here within the bank.”

Bob indicated that he was looking for a commitment from an investment advisor that would provide him and his family the kind of time and attention he felt they deserved. As the conversation expanded and Bob mentioned the need to set up a college fund for his daughter, Lily, George responded without reservation that Bob was in just the right place.

familyAffair“Our Wealth Management team, consisting of Paducah Financial Consultants, Private Banking, and Trust services, provides ease of access and convenience that few banking institutions can offer,” George adds. “Our promise of total commitment to Bob’s investment management, his history with the quality of our products, and the total access to everyone who was involved with his financial needs was just the impetus for him to bring all his banking and investment business to Paducah Bank. His wife, Robyn, also enjoys both a personal and professional relationship with us as well. It’s become a complete family affair. It’s very satisfying to know that we can make both the Shapiro’s private and professional financial planning and management efficient and effective.”

PADUCAH FINANCIAL CONSULTANTS
The peak of financial performance for clients Bob, Robyn and Lily Shapiro

Bob Shapiro has overcome some serious obstacles in his life. Choosing Paducah Financial Consultants to manage his daughter’s college fund portfolio wasn’t one of them.

TO CELEBRATE HIS ENTRY INTO THE DECADE he turned 50, Bob Shapiro decided to climb to the highest point in each of the 50 states. During the last nine years, he’s scaled 49 of them.
The first 45 peaks necessitated outings ranging from minor walk-ups to extended backpacking trips. The last four summits, Mt. Hood in Oregon, Mt. Ranier in Washington, Granite Peak in Montana, and Gannett Peak in Wyoming, are fully glaciated and require mountaineering skills utilizing ropes, ice ax and crampons.

That leaves Denali in Alaska, which at 20,320 feet, is the highest mountain in North America and the coldest major mountain on earth.

“I’m in my second season of debating whether to even attempt it,” reflects Bob. “It’s a huge commitment, involving six months of rigorous conditioning, thousands of dollars in gear and guide services and three weeks of climbing on the mountain under some of the planet’s most extreme conditions. The chances of someone my age reaching the summit are far less than 50%. To risk my life against such odds has, for the first time since the dream began, given me pause to reconsider.”

But even if that one last Alaskan peak doesn’t get bagged, Bob leaves a legacy of accomplishments that very few can claim. However, there is yet another person in Paducah who may give it a try and that’s Bob and Robyn Shapiro’s daughter, 11-year-old Lily.

bobShapiro“Little did I know when I set this goal a decade ago that I might have to do many of these mountains twice,” Bob proclaims. “Lily has caught high-point fever and, to date, made it to the top of 22 states. She is one of the youngest to scale Humphrey Peak {12,633 ft.} in Arizona,” he reflects. “She was six at the time and when she reached the top, after five hours of grueling climbing, a group of young climbers on the summit gave her a standing ovation. It was one of the proudest moments of my life and I realized that Lily did indeed have ‘the right stuff.’ She recently climbed to the summit of Mount Elbert in Colorado, which at 14,433 feet is the second highest mountain in the continental United States.”

Although reaching this pinnacle of success in her youth will probably look really good on Lily’s college applications (not to mention the fodder it will provide her on her entrance essay), Bob thought it prudent to plan ahead for the financial end of her educational investment.

“I decided to sign up early for Social Security,” Bob remembers, “and when I went to the office, the representative asked me if I had any dependents under 19 years of age. I told her I had an 8-year-old daughter and asked why she wanted to know.”

Bob was told that dependents under 19 are eligible for a monthly Social Security benefit. “That was the one and only time being an older father had paid off !”

So Bob decided to contact George Shaw at Paducah Financial Consultants to create a portfolio using Lily’s income as an investment in a future college fund.

George recommended a 529 education account, which Bob agreed seemed to fit the need perfectly. The monthly amount can be direct deposited into the bank from the Social Security Administration and is tax-free if used for her college education. Lily also has a trust fund, administered by Paducah Bank Trust Officer Lesa Barks, which the investment team manages as well.

“I have a lot of confidence in George,” Bob says. “He’s done an outstanding job with the investments of both funds and our personal accounts as well. I feel really comfortable with everyone at Paducah Bank. We have periodic reviews to make sure we’re doing what’s best with the investments. And George doesn’t hesitate to tell me when adjustments need to be made.”

Between the Trust Department, Paducah Financial Consultants, and Wealth Management team, who all work to support Bob and Robyn’s personal and professional finances, there is no problem that can’t be handled expeditiously, Bob believes.

“Knowing that your family’s future financial well being is in such competent hands is a source of great comfort. Everyone is so easily accessible, so quick to respond,” Bob concludes, “whether I’m here in town or on some mountaintop.”


FEATURES of A 529 COLLEGE SAVINGS PLAN


Tax advantages. Earnings can grow tax-free. And withdrawals for qualified higher education expenses are free from federal tax. Tuition, room and board, and required books and supplies are all qualified higher education expenses.


Can be used for any accredited college, not just schools in the state that sponsors your plan. Includes undergraduate, graduate, post-graduate and technical training.


Up to $12,000 a year in contributions allowed ($24,000 for married couples) without gift-tax consequences. Or, under a special election, up to $60,000 ($120,000 for married couples) can be contributed at one time by accelerating five years’ worth of contributions. Any additional contributions made during the next four years will reduce the taxpayer’s lifetime gift-tax exemption of $1 million.


No income limits. You can contribute no matter how much you earn.


Ability to save for anyone—your child or grandchild, a niece or nephew, a friend or yourself. You can even change beneficiaries within the same family.


Control of assets. You decide when to make withdrawals. You can move your assets once a year or when you change beneficiaries.


Call George Shaw today at 575.6636 to ask how you can begin saving for college with a 529 savings plan.